VCP: what changed
Two financial 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.
VCP
Largest movements
- Cash -€85,694
down €85,694 (-22.8%), from €376,515 to €290,821
mainly Short-term financial debts (-€174,003) and Investment in fixed assets (net) (-€51,331)
- Receivables within one year -€26,203
down €26,203 (-8.4%), from €310,228 to €284,026
of which Trade receivables: -€23,264
- Tangible fixed assets -€14,597
down €14,597 (-6.0%), from €244,982 to €230,385
of which Furniture and vehicles: -€59,359
- Short-term financial debts -€174,003
down €174,003 (-77.1%), from €225,701 to €51,699
- Debts after one year +€48,674
up €48,674 (+59.3%), from €82,078 to €130,752
- Current portion of long-term debt -€17,505
down €17,505 (-12.3%), from €142,285 to €124,779
- Trade debts +€9,659
up €9,659 (+4.7%), from €203,842 to €213,500
- Depreciation -€99,509
down €99,509 (-60.1%), from €165,437 to €65,928
- Gross operating margin -€95,946
down €95,946 (-26.4%), from €363,608 to €267,662
- Staff costs +€5,715
up €5,715 (+3.5%), from €164,959 to €170,674
- Financial charges -€4,624
down €4,624 (-22.1%), from €20,970 to €16,345
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.
Derived cash bridge
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 | €956,029 | €824,196 | -€131,832 | -13.8% |
| Fixed assets | 21/28 | €244,982 | €230,385 | -€14,597 | -6.0% |
| Tangible fixed assets | 22/27 | €244,982 | €230,385 | -€14,597 | -6.0% |
| Land and buildings | 22 | €49,143 | €49,083 | -€60 | -0.1% |
| Plant, machinery and equipment | 23 | €854 | €79,320 | +€78,467 | +9,191% |
| Furniture and vehicles | 24 | €113,549 | €54,190 | -€59,359 | -52.3% |
| Leasing and similar rights | 25 | €81,437 | €47,791 | -€33,645 | -41.3% |
| Current assets | 29/58 | €711,047 | €593,812 | -€117,235 | -16.5% |
| Stocks and contracts in progress | 3 | €15,700 | €15,700 | = | 0.0% |
| Stocks | 30/36 | €15,700 | €15,700 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €310,228 | €284,026 | -€26,203 | -8.4% |
| Trade receivables | 40 | €238,747 | €215,483 | -€23,264 | -9.7% |
| Other amounts receivable | 41 | €71,481 | €68,543 | -€2,938 | -4.1% |
| Cash at bank and in hand | 54/58 | €376,515 | €290,821 | -€85,694 | -22.8% |
| Deferred charges and accrued income | 490/1 | €8,603 | €3,265 | -€5,338 | -62.1% |
| Total equity and liabilities | 10/49 | €956,029 | €824,196 | -€131,832 | -13.8% |
| Equity | 10/15 | €269,436 | €271,543 | +€2,107 | +0.8% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €12,500 | €12,500 | = | 0.0% |
| Distributable reserves | 133 | €12,500 | €12,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €131,936 | €134,043 | +€2,107 | +1.6% |
| Amounts payable | 17/49 | €686,593 | €552,653 | -€133,940 | -19.5% |
| Amounts payable after more than one year | 17 | €82,078 | €130,752 | +€48,674 | +59.3% |
| Financial debts | 170/4 | €82,078 | €130,752 | +€48,674 | +59.3% |
| Amounts payable within one year | 42/48 | €596,040 | €421,901 | -€174,138 | -29.2% |
| Current portion of amounts payable after more than one year | 42 | €142,285 | €124,779 | -€17,505 | -12.3% |
| Financial debts | 43 | €225,701 | €51,699 | -€174,003 | -77.1% |
| Credit institutions | 430/8 | €225,701 | €51,699 | -€174,003 | -77.1% |
| Trade debts | 44 | €203,842 | €213,500 | +€9,659 | +4.7% |
| Suppliers | 440/4 | €203,842 | €213,500 | +€9,659 | +4.7% |
| Taxes, remuneration and social security | 45 | €24,212 | €29,267 | +€5,056 | +20.9% |
| Taxes | 450/3 | €3,348 | €7,422 | +€4,074 | +122% |
| Remuneration and social security | 454/9 | €20,864 | €21,846 | +€982 | +4.7% |
| Other amounts payable | 47/48 | - | €2,656 | +€2,656 | |
| Accrued charges and deferred income | 492/3 | €8,475 | - | -€8,475 | |
| Non-recurring operating income | 76A | - | €3,671 | +€3,671 | |
| Remuneration, social security and pensions | 62 | €164,959 | €170,674 | +€5,715 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €165,437 | €65,928 | -€99,509 | -60.1% |
| Other operating charges | 640/8 | €6,719 | €5,368 | -€1,350 | -20.1% |
| Gross operating margin | 9900 | €363,608 | €267,662 | -€95,946 | -26.4% |
| Operating profit (loss) | 9901 | €26,493 | €25,692 | -€801 | -3.0% |
| Financial income | 75/76B | €2,830 | €182 | -€2,648 | -93.6% |
| Recurring financial income | 75 | €2,830 | €182 | -€2,648 | -93.6% |
| Financial charges | 65/66B | €20,970 | €16,345 | -€4,624 | -22.1% |
| Recurring financial charges | 65 | €20,970 | €16,345 | -€4,624 | -22.1% |
| Profit (loss) for the period before taxes | 9903 | €8,353 | €9,529 | +€1,175 | +14.1% |
| Income taxes | 67/77 | €8,262 | €7,422 | -€840 | -10.2% |
| Profit (loss) for the period | 9904 | €92 | €2,107 | +€2,016 | +2,201% |
| Profit (loss) for the period to be appropriated | 9905 | €92 | €2,107 | +€2,016 | +2,201% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.