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
- Stocks and contracts -€419,500
down €419,500 (-90.3%), from €464,500 to €45,000
- Receivables within one year +€376,406
up €376,406 (+1176.2%), from €32,001 to €408,407
of which Trade receivables: +€366,936
- Tangible fixed assets +€22,417
up €22,417 (+401.7%), from €5,580 to €27,997
of which Furniture and vehicles: +€24,145
- Cash +€11,801
up €11,801 (+46.4%), from €25,436 to €37,237
mainly Stocks and contracts (+€419,500) and Depreciation (+€10,906)
- Trade debts -€14,360
down €14,360 (-50.0%), from €28,743 to €14,382
- Profit (loss) carried forward +€5,932
up €5,932 (+6.7%), from €88,685 to €94,617
- Gross operating margin -€63,381
down €63,381 (-65.0%), from €97,559 to €34,178
- Taxes -€16,689
down €16,689 (-86.9%), from €19,204 to €2,515
- Depreciation +€5,383
up €5,383 (+97.5%), from €5,522 to €10,906
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 | €529,292 | €520,450 | -€8,842 | -1.7% |
| Fixed assets | 21/28 | €5,580 | €27,997 | +€22,417 | +401.7% |
| Tangible fixed assets | 22/27 | €5,580 | €27,997 | +€22,417 | +401.7% |
| Plant, machinery and equipment | 23 | €3,873 | €2,145 | -€1,729 | -44.6% |
| Furniture and vehicles | 24 | €1,707 | €25,852 | +€24,145 | +1414.8% |
| Current assets | 29/58 | €523,712 | €492,453 | -€31,259 | -6.0% |
| Stocks and contracts in progress | 3 | €464,500 | €45,000 | -€419,500 | -90.3% |
| Contracts in progress | 37 | €464,500 | €45,000 | -€419,500 | -90.3% |
| Amounts receivable within one year | 40/41 | €32,001 | €408,407 | +€376,406 | +1176.2% |
| Trade receivables | 40 | €29,452 | €396,389 | +€366,936 | +1245.9% |
| Other amounts receivable | 41 | €2,549 | €12,018 | +€9,469 | +371.5% |
| Cash at bank and in hand | 54/58 | €25,436 | €37,237 | +€11,801 | +46.4% |
| Deferred charges and accrued income | 490/1 | €1,774 | €1,809 | +€34 | +1.9% |
| Total equity and liabilities | 10/49 | €529,292 | €520,450 | -€8,842 | -1.7% |
| Equity | 10/15 | €233,923 | €239,854 | +€5,932 | +2.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €140,238 | €140,238 | = | 0.0% |
| Distributable reserves | 133 | €140,238 | €140,238 | = | 0.0% |
| Profit (loss) carried forward | 14 | €88,685 | €94,617 | +€5,932 | +6.7% |
| Amounts payable | 17/49 | €295,369 | €280,595 | -€14,774 | -5.0% |
| Amounts payable within one year | 42/48 | €295,369 | €280,595 | -€14,774 | -5.0% |
| Trade debts | 44 | €28,743 | €14,382 | -€14,360 | -50.0% |
| Suppliers | 440/4 | €28,743 | €14,382 | -€14,360 | -50.0% |
| Taxes, remuneration and social security | 45 | €7,526 | €5,745 | -€1,781 | -23.7% |
| Taxes | 450/3 | €7,526 | €5,745 | -€1,781 | -23.7% |
| Other amounts payable | 47/48 | €259,101 | €260,468 | +€1,367 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,522 | €10,906 | +€5,383 | +97.5% |
| Other operating charges | 640/8 | €1,020 | €1,282 | +€262 | +25.7% |
| Non-recurring operating charges | 66A | - | €13,182 | +€13,182 | |
| Gross operating margin | 9900 | €97,559 | €34,178 | -€63,381 | -65.0% |
| Operating profit (loss) | 9901 | €91,017 | €8,808 | -€82,209 | -90.3% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €172 | €362 | +€191 | +110.9% |
| Recurring financial charges | 65 | €172 | €362 | +€191 | +110.9% |
| Profit (loss) for the period before taxes | 9903 | €90,845 | €8,446 | -€82,399 | -90.7% |
| Income taxes | 67/77 | €19,204 | €2,515 | -€16,689 | -86.9% |
| Profit (loss) for the period | 9904 | €71,641 | €5,932 | -€65,709 | -91.7% |
| Profit (loss) for the period to be appropriated | 9905 | €71,641 | €5,932 | -€65,709 | -91.7% |
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 2 October 2026 via checked.be.