VIPA: 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.
VIPA
Largest movements
- Current investments -€847,988
down €847,988 (-88.3%), from €960,293 to €112,305
- Cash +€183,157
up €183,157 (+103.7%), from €176,625 to €359,782
mainly Current investments (+€847,988) and Other debts (+€158,823)
- Receivables within one year -€65,221
down €65,221 (-31.6%), from €206,176 to €140,955
of which Other amounts receivable: -€109,592
- Reserves -€903,998
down €903,998 (-70.6%), from €1.3m to €376,016
- Other debts +€158,823
new in 2025: €158,823
- Tax, wage and social debts +€21,593
up €21,593 (+710.1%), from €3,041 to €24,634
- Gross operating margin +€51,430
up €51,430, from -€1,160 to €50,270
- Financial income +€43,840
up €43,840 (+141.8%), from €30,909 to €74,748
- Taxes +€41,066
up €41,066 (+477.2%), from €8,606 to €49,672
- Staff costs -€796
new in 2025: -€796
- Depreciation -€704
down €704 (-18.6%), from €3,786 to €3,083
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 | €1,350,345 | €617,211 | -€733,134 | -54.3% |
| Fixed assets | 21/28 | €7,251 | €4,168 | -€3,083 | -42.5% |
| Intangible fixed assets | 21 | €2,388 | €1,045 | -€1,343 | -56.2% |
| Tangible fixed assets | 22/27 | €4,862 | €3,123 | -€1,739 | -35.8% |
| Plant, machinery and equipment | 23 | €308 | €0 | -€308 | -100.0% |
| Furniture and vehicles | 24 | €4,555 | €3,123 | -€1,431 | -31.4% |
| Current assets | 29/58 | €1,343,094 | €613,042 | -€730,051 | -54.4% |
| Amounts receivable within one year | 40/41 | €206,176 | €140,955 | -€65,221 | -31.6% |
| Trade receivables | 40 | €73,153 | €117,524 | +€44,370 | +60.7% |
| Other amounts receivable | 41 | €133,023 | €23,431 | -€109,592 | -82.4% |
| Current investments | 50/53 | €960,293 | €112,305 | -€847,988 | -88.3% |
| Cash at bank and in hand | 54/58 | €176,625 | €359,782 | +€183,157 | +103.7% |
| Total equity and liabilities | 10/49 | €1,350,345 | €617,211 | -€733,134 | -54.3% |
| Equity | 10/15 | €1,299,350 | €395,352 | -€903,998 | -69.6% |
| Contributions | 10/11 | €19,336 | €19,336 | = | 0.0% |
| Reserves | 13 | €1,280,014 | €376,016 | -€903,998 | -70.6% |
| Distributable reserves | 133 | €1,280,014 | €376,016 | -€903,998 | -70.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €50,995 | €221,859 | +€170,864 | +335.1% |
| Amounts payable within one year | 42/48 | €50,995 | €221,859 | +€170,864 | +335.1% |
| Trade debts | 44 | €47,954 | €38,401 | -€9,552 | -19.9% |
| Suppliers | 440/4 | €47,954 | €38,401 | -€9,552 | -19.9% |
| Taxes, remuneration and social security | 45 | €3,041 | €24,634 | +€21,593 | +710.1% |
| Taxes | 450/3 | €3,041 | €24,634 | +€21,593 | +710.1% |
| Other amounts payable | 47/48 | - | €158,823 | +€158,823 | |
| Remuneration, social security and pensions | 62 | - | -€796 | -€796 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,786 | €3,083 | -€704 | -18.6% |
| Other operating charges | 640/8 | €1,723 | €2,186 | +€463 | +26.9% |
| Gross operating margin | 9900 | -€1,160 | €50,270 | +€51,430 | |
| Operating profit (loss) | 9901 | -€6,669 | €45,797 | +€52,466 | |
| Financial income | 75/76B | €30,909 | €74,748 | +€43,840 | +141.8% |
| Recurring financial income | 75 | €30,909 | €74,748 | +€43,840 | +141.8% |
| Financial charges | 65/66B | €317 | €557 | +€240 | +75.7% |
| Recurring financial charges | 65 | €317 | €557 | +€240 | +75.7% |
| Profit (loss) for the period before taxes | 9903 | €23,922 | €119,989 | +€96,066 | +401.6% |
| Income taxes | 67/77 | €8,606 | €49,672 | +€41,066 | +477.2% |
| Profit (loss) for the period | 9904 | €15,317 | €70,317 | +€55,000 | +359.1% |
| Profit (loss) for the period to be appropriated | 9905 | €15,317 | €70,317 | +€55,000 | +359.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.