VIPA Management: 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.
VIPA Management
Largest movements
- Tangible fixed assets +€58,954
up €58,954 (+273.3%), from €21,569 to €80,524
of which Furniture and vehicles: +€59,520
- Current investments +€15,941
up €15,941 (+31.9%), from €50,000 to €65,941
- Deferred charges and accrued income +€13,632
up €13,632 (+227.2%), from €6,000 to €19,632
- Receivables within one year +€3,210
up €3,210 (+26.2%), from €12,253 to €15,463
of which Other amounts receivable: +€2,711
- Cash -€2,423
down €2,423 (-65.4%), from €3,708 to €1,284
mainly Investment in fixed assets (net) (-€66,619) and Tax, wage and social debts (-€17,121)
- Debts after one year +€48,938
new in 2025: €48,938
- Reserves +€41,229
up €41,229 (+61.2%), from €67,370 to €108,599
- Tax, wage and social debts -€17,121
down €17,121 (-98.3%), from €17,421 to €300
- Current portion of long-term debt +€11,351
new in 2025: €11,351
- Trade debts +€2,929
up €2,929 (+74.8%), from €3,918 to €6,847
- Gross operating margin -€46,481
down €46,481 (-42.7%), from €108,925 to €62,444
- Taxes -€11,083
down €11,083 (-47.1%), from €23,533 to €12,450
- Depreciation -€7,331
down €7,331 (-48.9%), from €14,996 to €7,665
- Other operating charges -€1,748
down €1,748 (-80.4%), from €2,174 to €426
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 | €93,530 | €182,844 | +€89,314 | +95.5% |
| Fixed assets | 21/28 | €21,569 | €80,524 | +€58,954 | +273.3% |
| Tangible fixed assets | 22/27 | €21,569 | €80,524 | +€58,954 | +273.3% |
| Plant, machinery and equipment | 23 | €1,417 | €851 | -€566 | -39.9% |
| Furniture and vehicles | 24 | €20,152 | €79,673 | +€59,520 | +295.4% |
| Current assets | 29/58 | €71,961 | €102,321 | +€30,360 | +42.2% |
| Amounts receivable within one year | 40/41 | €12,253 | €15,463 | +€3,210 | +26.2% |
| Trade receivables | 40 | €12,253 | €12,753 | +€499 | +4.1% |
| Other amounts receivable | 41 | - | €2,711 | +€2,711 | |
| Current investments | 50/53 | €50,000 | €65,941 | +€15,941 | +31.9% |
| Cash at bank and in hand | 54/58 | €3,708 | €1,284 | -€2,423 | -65.4% |
| Deferred charges and accrued income | 490/1 | €6,000 | €19,632 | +€13,632 | +227.2% |
| Total equity and liabilities | 10/49 | €93,530 | €182,844 | +€89,314 | +95.5% |
| Equity | 10/15 | €68,570 | €109,799 | +€41,229 | +60.1% |
| Contributions | 10/11 | €1,200 | €1,200 | = | 0.0% |
| Reserves | 13 | €67,370 | €108,599 | +€41,229 | +61.2% |
| Distributable reserves | 133 | €67,370 | €108,599 | +€41,229 | +61.2% |
| Amounts payable | 17/49 | €24,960 | €73,045 | +€48,085 | +192.6% |
| Amounts payable after more than one year | 17 | - | €48,938 | +€48,938 | |
| Financial debts | 170/4 | - | €48,938 | +€48,938 | |
| Amounts payable within one year | 42/48 | €24,960 | €24,107 | -€853 | -3.4% |
| Current portion of amounts payable after more than one year | 42 | - | €11,351 | +€11,351 | |
| Trade debts | 44 | €3,918 | €6,847 | +€2,929 | +74.8% |
| Suppliers | 440/4 | €3,918 | €6,847 | +€2,929 | +74.8% |
| Taxes, remuneration and social security | 45 | €17,421 | €300 | -€17,121 | -98.3% |
| Taxes | 450/3 | €17,421 | €300 | -€17,121 | -98.3% |
| Other amounts payable | 47/48 | €3,621 | €5,609 | +€1,988 | +54.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,996 | €7,665 | -€7,331 | -48.9% |
| Other operating charges | 640/8 | €2,174 | €426 | -€1,748 | -80.4% |
| Gross operating margin | 9900 | €108,925 | €62,444 | -€46,481 | -42.7% |
| Operating profit (loss) | 9901 | €91,755 | €54,353 | -€37,402 | -40.8% |
| Financial income | 75/76B | €94 | €319 | +€225 | +240.0% |
| Recurring financial income | 75 | €94 | €319 | +€225 | +240.0% |
| Financial charges | 65/66B | €87 | €160 | +€73 | +84.7% |
| Recurring financial charges | 65 | €87 | €160 | +€73 | +84.7% |
| Profit (loss) for the period before taxes | 9903 | €91,762 | €54,512 | -€37,250 | -40.6% |
| Income taxes | 67/77 | €23,533 | €12,450 | -€11,083 | -47.1% |
| Profit (loss) for the period | 9904 | €68,229 | €42,062 | -€26,167 | -38.4% |
| Profit (loss) for the period to be appropriated | 9905 | €68,229 | €42,062 | -€26,167 | -38.4% |
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 11 October 2026 via checked.be.