VIPAG: 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.
VIPAG
Largest movements
- Receivables within one year +€960,851
up €960,851 (+22.2%), from €4.3m to €5.3m
of which Other amounts receivable: +€960,851
- Cash +€161,772
up €161,772 (+990.7%), from €16,329 to €178,101
mainly Net result for the year (+€1.9m) and Current portion of long-term debt (+€600,000)
- Reserves +€1.9m
up €1.9m (+75.3%), from €2.5m to €4.3m
of which Distributable reserves: +€1.9m
- Other debts -€876,247
down €876,247 (-76.3%), from €1.1m to €272,107
- Current portion of long-term debt +€600,000
new in 2025: €600,000
- Accrued charges and deferred income -€550,000
down €550,000 (-100.0%), from €550,000 to €0
- Tax, wage and social debts +€81,626
up €81,626 (+550.0%), from €14,841 to €96,467
- Gross operating margin -€208,730
down €208,730 (-7.9%), from €2.6m to €2.4m
- Taxes -€55,526
down €55,526 (-8.3%), from €667,446 to €611,920
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 | €4,657,323 | €5,750,090 | +€1.1m | +23.5% |
| Fixed assets | 21/28 | €309,426 | €279,571 | -€29,856 | -9.6% |
| Tangible fixed assets | 22/27 | €30,592 | €736 | -€29,856 | -97.6% |
| Furniture and vehicles | 24 | €30,592 | €736 | -€29,856 | -97.6% |
| Financial fixed assets | 28 | €278,834 | €278,834 | = | 0.0% |
| Current assets | 29/58 | €4,347,897 | €5,470,520 | +€1.1m | +25.8% |
| Amounts receivable within one year | 40/41 | €4,331,568 | €5,292,418 | +€960,851 | +22.2% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €4,331,568 | €5,292,418 | +€960,851 | +22.2% |
| Cash at bank and in hand | 54/58 | €16,329 | €178,101 | +€161,772 | +990.7% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €4,657,323 | €5,750,090 | +€1.1m | +23.5% |
| Equity | 10/15 | €2,482,637 | €4,338,275 | +€1.9m | +74.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,464,037 | €4,319,675 | +€1.9m | +75.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €2,464,037 | €4,319,675 | +€1.9m | +75.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €2,174,686 | €1,411,815 | -€762,871 | -35.1% |
| Amounts payable within one year | 42/48 | €1,624,686 | €1,411,815 | -€212,871 | -13.1% |
| Current portion of amounts payable after more than one year | 42 | - | €600,000 | +€600,000 | |
| Trade debts | 44 | €1,260 | €34,117 | +€32,857 | +2608.2% |
| Suppliers | 440/4 | €1,260 | €1,367 | +€107 | +8.5% |
| Bills of exchange payable | 441 | - | €32,750 | +€32,750 | |
| Advances received on contracts in progress | 46 | €460,232 | €409,125 | -€51,107 | -11.1% |
| Taxes, remuneration and social security | 45 | €14,841 | €96,467 | +€81,626 | +550.0% |
| Taxes | 450/3 | €14,841 | €96,467 | +€81,626 | +550.0% |
| Other amounts payable | 47/48 | €1,148,354 | €272,107 | -€876,247 | -76.3% |
| Accrued charges and deferred income | 492/3 | €550,000 | €0 | -€550,000 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,006 | €29,856 | -€151 | -0.5% |
| Other operating charges | 640/8 | €351 | €3,021 | +€2,670 | +761.9% |
| Gross operating margin | 9900 | €2,639,365 | €2,430,634 | -€208,730 | -7.9% |
| Operating profit (loss) | 9901 | €2,609,008 | €2,397,758 | -€211,250 | -8.1% |
| Financial income | 75/76B | €81,208 | €78,466 | -€2,742 | -3.4% |
| Recurring financial income | 75 | €81,208 | €78,466 | -€2,742 | -3.4% |
| Financial charges | 65/66B | €586 | €8,666 | +€8,080 | +1380.0% |
| Recurring financial charges | 65 | €586 | €8,666 | +€8,080 | +1380.0% |
| Profit (loss) for the period before taxes | 9903 | €2,689,630 | €2,467,558 | -€222,072 | -8.3% |
| Income taxes | 67/77 | €667,446 | €611,920 | -€55,526 | -8.3% |
| Profit (loss) for the period | 9904 | €2,022,185 | €1,855,638 | -€166,547 | -8.2% |
| Profit (loss) for the period to be appropriated | 9905 | €2,022,185 | €1,855,638 | -€166,547 | -8.2% |
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 28 September 2026 via checked.be.