VantagePoint: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
VantagePoint
Largest movements
- Receivables after one year -€32,600
down €32,600 (-11.1%), from €293,600 to €261,000
- Receivables within one year +€28,915
up €28,915 (+44.2%), from €65,427 to €94,341
of which Trade receivables: +€19,715
- Deferred charges and accrued income +€9,898
up €9,898 (+31.8%), from €31,080 to €40,978
- Cash -€8,852
down €8,852 (-26.6%), from €33,231 to €24,379
mainly Debts after one year (-€30,000) and Receivables within one year (-€28,915)
- Current investments +€8,370
new in 2025: €8,370
- Reserves +€64,727
up €64,727 (+33.7%), from €191,853 to €256,580
- Debts after one year -€30,000
down €30,000 (-18.3%), from €164,000 to €134,000
- Tax, wage and social debts -€25,948
down €25,948 (-50.0%), from €51,921 to €25,973
of which Taxes: -€27,798
- Staff costs +€38,351
up €38,351 (+721.9%), from €5,313 to €43,664
- Gross operating margin +€27,272
up €27,272 (+24.4%), from €111,797 to €139,068
- Taxes -€7,198
down €7,198 (-20.7%), from €34,718 to €27,520
- Financial charges +€5,086
up €5,086 (+78.5%), from €6,477 to €11,563
- Financial income -€2,375
down €2,375 (-19.2%), from €12,395 to €10,020
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €425,279 | €432,471 | +€7,192 | +1.7% |
| Fixed assets | 21/28 | €1,941 | €3,403 | +€1,461 | +75.3% |
| Tangible fixed assets | 22/27 | €1,862 | €3,324 | +€1,461 | +78.5% |
| Furniture and vehicles | 24 | €1,862 | €1,349 | -€513 | -27.6% |
| Other tangible fixed assets | 26 | - | €1,975 | +€1,975 | |
| Financial fixed assets | 28 | €79 | €79 | = | 0.0% |
| Current assets | 29/58 | €423,338 | €429,069 | +€5,731 | +1.4% |
| Amounts receivable after more than one year | 29 | €293,600 | €261,000 | -€32,600 | -11.1% |
| Other amounts receivable | 291 | €293,600 | €261,000 | -€32,600 | -11.1% |
| Amounts receivable within one year | 40/41 | €65,427 | €94,341 | +€28,915 | +44.2% |
| Trade receivables | 40 | €59,298 | €79,013 | +€19,715 | +33.2% |
| Other amounts receivable | 41 | €6,129 | €15,328 | +€9,199 | +150.1% |
| Current investments | 50/53 | - | €8,370 | +€8,370 | |
| Cash at bank and in hand | 54/58 | €33,231 | €24,379 | -€8,852 | -26.6% |
| Deferred charges and accrued income | 490/1 | €31,080 | €40,978 | +€9,898 | +31.8% |
| Total equity and liabilities | 10/49 | €425,279 | €432,471 | +€7,192 | +1.7% |
| Equity | 10/15 | €198,054 | €262,781 | +€64,727 | +32.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €191,853 | €256,580 | +€64,727 | +33.7% |
| Distributable reserves | 133 | €191,853 | €256,580 | +€64,727 | +33.7% |
| Profit (loss) carried forward | 14 | €1 | €1 | = | 0.0% |
| Amounts payable | 17/49 | €227,225 | €169,690 | -€57,535 | -25.3% |
| Amounts payable after more than one year | 17 | €164,000 | €134,000 | -€30,000 | -18.3% |
| Other amounts payable | 178/9 | €164,000 | €134,000 | -€30,000 | -18.3% |
| Amounts payable within one year | 42/48 | €61,301 | €34,411 | -€26,890 | -43.9% |
| Trade debts | 44 | €9,380 | €8,438 | -€941 | -10.0% |
| Suppliers | 440/4 | €9,380 | €8,438 | -€941 | -10.0% |
| Taxes, remuneration and social security | 45 | €51,921 | €25,973 | -€25,948 | -50.0% |
| Taxes | 450/3 | €49,039 | €21,241 | -€27,798 | -56.7% |
| Remuneration and social security | 454/9 | €2,882 | €4,732 | +€1,850 | +64.2% |
| Accrued charges and deferred income | 492/3 | €1,924 | €1,279 | -€645 | -33.5% |
| Remuneration, social security and pensions | 62 | €5,313 | €43,664 | +€38,351 | +721.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,450 | €868 | -€582 | -40.1% |
| Other operating charges | 640/8 | €639 | €745 | +€107 | +16.7% |
| Gross operating margin | 9900 | €111,797 | €139,068 | +€27,272 | +24.4% |
| Operating profit (loss) | 9901 | €104,395 | €93,790 | -€10,605 | -10.2% |
| Financial income | 75/76B | €12,395 | €10,020 | -€2,375 | -19.2% |
| Recurring financial income | 75 | €12,395 | €10,020 | -€2,375 | -19.2% |
| Financial charges | 65/66B | €6,477 | €11,563 | +€5,086 | +78.5% |
| Recurring financial charges | 65 | €6,477 | €11,563 | +€5,086 | +78.5% |
| Profit (loss) for the period before taxes | 9903 | €110,312 | €92,247 | -€18,066 | -16.4% |
| Income taxes | 67/77 | €34,718 | €27,520 | -€7,198 | -20.7% |
| Profit (loss) for the period | 9904 | €75,594 | €64,727 | -€10,867 | -14.4% |
| Profit (loss) for the period to be appropriated | 9905 | €75,594 | €64,727 | -€10,867 | -14.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.