VDPA: 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.
VDPA
Largest movements
- Intangible fixed assets -€27,500
down €27,500 (-10.4%), from €263,322 to €235,822
- Cash -€21,065
no longer reported in 2025 (was €21,065)
mainly Trade debts (-€68,093) and Tax, wage and social debts (-€17,292)
- Receivables within one year -€8,126
down €8,126 (-23.7%), from €34,277 to €26,151
of which Trade receivables: -€15,879
- Trade debts -€68,093
down €68,093 (-30.7%), from €221,714 to €153,621
- Tax, wage and social debts -€17,292
down €17,292 (-72.8%), from €23,746 to €6,454
- Reserves +€14,473
up €14,473 (+30.2%), from €47,893 to €62,366
- Current portion of long-term debt +€11,538
up €11,538 (+143%), from €8,058 to €19,596
- Debts after one year -€8,467
down €8,467 (-59.0%), from €14,347 to €5,880
- Gross operating margin -€29,679
down €29,679 (-36.0%), from €82,426 to €52,747
- Depreciation +€16,208
up €16,208 (+122%), from €13,269 to €29,477
- Taxes -€12,125
down €12,125 (-62.8%), from €19,301 to €7,176
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 | €327,758 | €270,760 | -€56,998 | -17.4% |
| Fixed assets | 21/28 | €270,412 | €240,935 | -€29,477 | -10.9% |
| Intangible fixed assets | 21 | €263,322 | €235,822 | -€27,500 | -10.4% |
| Tangible fixed assets | 22/27 | €7,090 | €5,113 | -€1,977 | -27.9% |
| Plant, machinery and equipment | 23 | €5,816 | €3,986 | -€1,830 | -31.5% |
| Other tangible fixed assets | 26 | €1,274 | €1,127 | -€147 | -11.5% |
| Current assets | 29/58 | €57,346 | €29,825 | -€27,521 | -48.0% |
| Amounts receivable within one year | 40/41 | €34,277 | €26,151 | -€8,126 | -23.7% |
| Trade receivables | 40 | €34,205 | €18,326 | -€15,879 | -46.4% |
| Other amounts receivable | 41 | €72 | €7,825 | +€7,753 | +10,768% |
| Cash at bank and in hand | 54/58 | €21,065 | - | -€21,065 | |
| Deferred charges and accrued income | 490/1 | €2,004 | €3,674 | +€1,670 | +83.3% |
| Total equity and liabilities | 10/49 | €327,758 | €270,760 | -€56,998 | -17.4% |
| Equity | 10/15 | €59,893 | €74,366 | +€14,473 | +24.2% |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Reserves | 13 | €47,893 | €62,366 | +€14,473 | +30.2% |
| Distributable reserves | 133 | €47,893 | €62,366 | +€14,473 | +30.2% |
| Amounts payable | 17/49 | €267,865 | €196,394 | -€71,471 | -26.7% |
| Amounts payable after more than one year | 17 | €14,347 | €5,880 | -€8,467 | -59.0% |
| Financial debts | 170/4 | €14,347 | €5,880 | -€8,467 | -59.0% |
| Amounts payable within one year | 42/48 | €253,518 | €190,514 | -€63,004 | -24.9% |
| Current portion of amounts payable after more than one year | 42 | €8,058 | €19,596 | +€11,538 | +143% |
| Financial debts | 43 | - | €8,171 | +€8,171 | |
| Credit institutions | 430/8 | - | €8,171 | +€8,171 | |
| Trade debts | 44 | €221,714 | €153,621 | -€68,093 | -30.7% |
| Suppliers | 440/4 | €221,714 | €153,621 | -€68,093 | -30.7% |
| Taxes, remuneration and social security | 45 | €23,746 | €6,454 | -€17,292 | -72.8% |
| Taxes | 450/3 | €23,746 | €6,454 | -€17,292 | -72.8% |
| Other amounts payable | 47/48 | - | €2,672 | +€2,672 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,269 | €29,477 | +€16,208 | +122% |
| Gross operating margin | 9900 | €82,426 | €52,747 | -€29,679 | -36.0% |
| Operating profit (loss) | 9901 | €69,157 | €23,270 | -€45,887 | -66.4% |
| Financial income | 75/76B | - | €221 | +€221 | |
| Recurring financial income | 75 | - | €221 | +€221 | |
| Financial charges | 65/66B | €1,963 | €1,842 | -€121 | -6.2% |
| Recurring financial charges | 65 | €1,963 | €1,842 | -€121 | -6.2% |
| Profit (loss) for the period before taxes | 9903 | €67,194 | €21,649 | -€45,545 | -67.8% |
| Income taxes | 67/77 | €19,301 | €7,176 | -€12,125 | -62.8% |
| Profit (loss) for the period | 9904 | €47,893 | €14,473 | -€33,420 | -69.8% |
| Profit (loss) for the period to be appropriated | 9905 | €47,893 | €14,473 | -€33,420 | -69.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.