VIPACK: 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.
What changed
VIPACK
NACE 46.471, Wholesale trade
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€89,938
2024 · €12,634+€77,304
Equity
€2.5m
2024 · €2.4m+€89,938
Cash
€301,629
2024 · €245,636+€55,994
Balance sheet total
€5.0m
2024 · €4.7m+€230,519
Largest movements
Assets
- Stocks and contracts +€542,227
up €542,227 (+22.8%), from €2.4m to €2.9m
- Receivables within one year -€219,431
down €219,431 (-25.0%), from €878,984 to €659,553
of which Trade receivables: -€262,427
- Tangible fixed assets -€141,790
down €141,790 (-11.8%), from €1.2m to €1.1m
of which Plant, machinery and equipment: -€150,564
- Cash +€55,994
up €55,994 (+22.8%), from €245,636 to €301,629
mainly Receivables within one year (+€219,431) and Depreciation (+€206,956)
Equity and liabilities
- Trade debts -€228,953
down €228,953 (-22.7%), from €1.0m to €781,361
- Short-term financial debts +€182,405
up €182,405 (+57.4%), from €317,595 to €500,000
of which Credit institutions: +€182,405
- Debts after one year +€122,650
up €122,650 (+23.1%), from €531,872 to €654,522
- Profit (loss) carried forward +€89,938
up €89,938 (+4.0%), from €2.2m to €2.3m
- Current portion of long-term debt +€53,658
up €53,658 (+31.8%), from €168,568 to €222,226
Income statement
- Turnover -€7.8m
no longer reported in 2025 (was €7.8m)
- Goods and materials -€4.3m
no longer reported in 2025 (was €4.3m)
of which Purchases: -€3.8m
- Services and other goods -€2.7m
no longer reported in 2025 (was €2.7m)
- Gross operating margin +€851,722
new in 2025: €851,722
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.
Result 2024
€12,634
Turnover
-€7.8m
Other operating income
-€50,262
Goods and materials
+€4.3m
Services and other goods
+€2.7m
Staff costs
+€41,271
Depreciation
+€4,545
Other operating charges
-€130
Other operating items
+€855,566
Financial income
+€21,107
Financial charges
+€34,209
Taxes
-€3,214
Result 2025
€89,938
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.
From operations
-€242,583
Investment
-€60,135
Financing
+€358,712
Cash 2024
€245,636
From operations (derived)
-€242,583
Net result for the year
+€89,938
Depreciation
+€206,956
Stocks and contracts
-€542,227
Receivables within one year
+€219,431
Deferred charges and accrued income
+€1,449
Trade debts
-€228,953
Tax, wage and social debts
+€841
Other debts
+€9,980
Investment (derived)
-€60,135
Investment in fixed assets (net)
-€60,135
Financing
+€358,712
Debts after one year
+€122,650
Current portion of long-term debt
+€53,658
Short-term financial debts
+€182,405
Cash 2025
€301,629
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,747,077 | €4,977,596 | +€230,519 | +4.9% |
| Fixed assets | 21/28 | €1,234,574 | €1,087,753 | -€146,821 | -11.9% |
| Intangible fixed assets | 21 | €33,302 | €28,271 | -€5,032 | -15.1% |
| Tangible fixed assets | 22/27 | €1,201,272 | €1,059,483 | -€141,790 | -11.8% |
| Plant, machinery and equipment | 23 | €1,136,551 | €985,987 | -€150,564 | -13.2% |
| Furniture and vehicles | 24 | €64,722 | €73,495 | +€8,774 | +13.6% |
| Current assets | 29/58 | €3,512,503 | €3,889,843 | +€377,340 | +10.7% |
| Stocks and contracts in progress | 3 | €2,380,582 | €2,922,809 | +€542,227 | +22.8% |
| Stocks | 30/36 | €2,380,582 | €2,922,809 | +€542,227 | +22.8% |
| Goods purchased for resale | 34 | €2,380,582 | - | -€2.4m | |
| Amounts receivable within one year | 40/41 | €878,984 | €659,553 | -€219,431 | -25.0% |
| Trade receivables | 40 | €812,555 | €550,128 | -€262,427 | -32.3% |
| Other amounts receivable | 41 | €66,430 | €109,425 | +€42,995 | +64.7% |
| Cash at bank and in hand | 54/58 | €245,636 | €301,629 | +€55,994 | +22.8% |
| Deferred charges and accrued income | 490/1 | €7,301 | €5,852 | -€1,449 | -19.8% |
| Total equity and liabilities | 10/49 | €4,747,077 | €4,977,596 | +€230,519 | +4.9% |
| Equity | 10/15 | €2,402,002 | €2,491,940 | +€89,938 | +3.7% |
| Contributions | 10/11 | €153,600 | €153,600 | = | 0.0% |
| Capital | 10 | €153,600 | €153,600 | = | 0.0% |
| Issued capital | 100 | €153,600 | €153,600 | = | 0.0% |
| Reserves | 13 | €15,360 | €15,360 | = | 0.0% |
| Non-distributable reserves | 130/1 | €15,360 | €15,360 | = | 0.0% |
| Legal reserve | 130 | €15,360 | €15,360 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,233,042 | €2,322,980 | +€89,938 | +4.0% |
| Amounts payable | 17/49 | €2,345,075 | €2,485,657 | +€140,581 | +6.0% |
| Amounts payable after more than one year | 17 | €531,872 | €654,522 | +€122,650 | +23.1% |
| Financial debts | 170/4 | €531,872 | €654,522 | +€122,650 | +23.1% |
| Credit institutions | 173 | €531,872 | - | -€531,872 | |
| Amounts payable within one year | 42/48 | €1,809,465 | €1,827,397 | +€17,931 | +1.0% |
| Current portion of amounts payable after more than one year | 42 | €168,568 | €222,226 | +€53,658 | +31.8% |
| Financial debts | 43 | €317,595 | €500,000 | +€182,405 | +57.4% |
| Credit institutions | 430/8 | €317,595 | €500,000 | +€182,405 | +57.4% |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €1,010,314 | €781,361 | -€228,953 | -22.7% |
| Suppliers | 440/4 | €1,010,314 | €781,361 | -€228,953 | -22.7% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €57,687 | €58,528 | +€841 | +1.5% |
| Taxes | 450/3 | €0 | €4,486 | +€4,486 | |
| Remuneration and social security | 454/9 | €57,687 | €54,042 | -€3,645 | -6.3% |
| Other amounts payable | 47/48 | €255,301 | €265,282 | +€9,980 | +3.9% |
| Accrued charges and deferred income | 492/3 | €3,738 | €3,738 | = | 0.0% |
| Operating income | 70/76A | €7,816,039 | - | -€7.8m | |
| Turnover | 70 | €7,765,776 | - | -€7.8m | |
| Other operating income | 74 | €50,262 | - | -€50,262 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Operating charges | 60/66A | €7,619,126 | - | -€7.6m | |
| Goods for resale, raw materials and consumables | 60 | €4,252,091 | - | -€4.3m | |
| Purchases | 600/8 | €3,820,409 | - | -€3.8m | |
| Change in stocks: decrease (increase) | 609 | €431,682 | - | -€431,682 | |
| Services and other goods | 61 | €2,687,897 | - | -€2.7m | |
| Remuneration, social security and pensions | 62 | €457,303 | €416,031 | -€41,271 | -9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €211,501 | €206,956 | -€4,545 | -2.1% |
| Other operating charges | 640/8 | €3,701 | €3,831 | +€130 | +3.5% |
| Non-recurring operating charges | 66A | €6,633 | €2,788 | -€3,845 | -58.0% |
| Gross operating margin | 9900 | - | €851,722 | +€851,722 | |
| Operating profit (loss) | 9901 | €196,913 | €222,115 | +€25,202 | +12.8% |
| Financial income | 75/76B | €240 | €21,347 | +€21,107 | +8792.0% |
| Recurring financial income | 75 | €240 | €21,347 | +€21,107 | +8792.0% |
| Income from current assets | 751 | €12 | - | -€12 | |
| Other financial income | 752/9 | €228 | - | -€228 | |
| Financial charges | 65/66B | €183,566 | €149,357 | -€34,209 | -18.6% |
| Recurring financial charges | 65 | €183,566 | €149,357 | -€34,209 | -18.6% |
| Debt charges | 650 | €36,228 | - | -€36,228 | |
| Other financial charges | 652/9 | €147,339 | - | -€147,339 | |
| Profit (loss) for the period before taxes | 9903 | €13,587 | €94,105 | +€80,518 | +592.6% |
| Income taxes | 67/77 | €953 | €4,167 | +€3,214 | +337.2% |
| Taxes | 670/3 | €25,000 | - | -€25,000 | |
| Tax adjustments and reversals of tax provisions | 77 | €24,047 | - | -€24,047 | |
| Profit (loss) for the period | 9904 | €12,634 | €89,938 | +€77,304 | +611.9% |
| Profit (loss) for the period to be appropriated | 9905 | €12,634 | €89,938 | +€77,304 | +611.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.