VIPAR: 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.
VIPAR
Largest movements
- Receivables within one year +€38,366
up €38,366 (+24.5%), from €156,546 to €194,911
of which Other amounts receivable: +€183,218
- Cash +€23,587
up €23,587 (+44.3%), from €53,298 to €76,885
mainly Net result for the year (+€81,670) and Other debts (+€73,526)
- Tangible fixed assets -€20,937
down €20,937 (-7.8%), from €266,764 to €245,827
of which Furniture and vehicles: -€10,768
- Other debts +€73,526
up €73,526 (+902.8%), from €8,144 to €81,670
- Debts after one year -€27,168
down €27,168 (-16.7%), from €162,730 to €135,562
- Gross operating margin +€57,936
up €57,936 (+76.5%), from €75,698 to €133,634
- Taxes +€8,266
up €8,266 (+62.1%), from €13,306 to €21,573
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 | €478,593 | €520,326 | +€41,734 | +8.7% |
| Fixed assets | 21/28 | €266,764 | €245,827 | -€20,937 | -7.8% |
| Tangible fixed assets | 22/27 | €266,764 | €245,827 | -€20,937 | -7.8% |
| Land and buildings | 22 | €186,738 | €177,063 | -€9,675 | -5.2% |
| Plant, machinery and equipment | 23 | €1,627 | €1,133 | -€494 | -30.4% |
| Furniture and vehicles | 24 | €40,899 | €30,131 | -€10,768 | -26.3% |
| Other tangible fixed assets | 26 | €37,500 | €37,500 | = | 0.0% |
| Current assets | 29/58 | €211,829 | €274,499 | +€62,671 | +29.6% |
| Amounts receivable within one year | 40/41 | €156,546 | €194,911 | +€38,366 | +24.5% |
| Trade receivables | 40 | €144,852 | €0 | -€144,852 | -100.0% |
| Other amounts receivable | 41 | €11,694 | €194,911 | +€183,218 | +1566.8% |
| Cash at bank and in hand | 54/58 | €53,298 | €76,885 | +€23,587 | +44.3% |
| Deferred charges and accrued income | 490/1 | €1,985 | €2,703 | +€718 | +36.2% |
| Total equity and liabilities | 10/49 | €478,593 | €520,326 | +€41,734 | +8.7% |
| Equity | 10/15 | €272,424 | €272,424 | = | 0.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €270,424 | €270,424 | = | 0.0% |
| Distributable reserves | 133 | €270,424 | €270,424 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €206,169 | €247,902 | +€41,734 | +20.2% |
| Amounts payable after more than one year | 17 | €162,730 | €135,562 | -€27,168 | -16.7% |
| Financial debts | 170/4 | €162,730 | €135,562 | -€27,168 | -16.7% |
| Amounts payable within one year | 42/48 | €39,414 | €110,420 | +€71,006 | +180.2% |
| Current portion of amounts payable after more than one year | 42 | €26,140 | €27,168 | +€1,028 | +3.9% |
| Trade debts | 44 | €387 | €26 | -€361 | -93.3% |
| Suppliers | 440/4 | €387 | €26 | -€361 | -93.3% |
| Taxes, remuneration and social security | 45 | €4,742 | €1,556 | -€3,186 | -67.2% |
| Taxes | 450/3 | €1,742 | €1,556 | -€186 | -10.7% |
| Remuneration and social security | 454/9 | €3,000 | €0 | -€3,000 | -100.0% |
| Other amounts payable | 47/48 | €8,144 | €81,670 | +€73,526 | +902.8% |
| Accrued charges and deferred income | 492/3 | €4,025 | €1,920 | -€2,105 | -52.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,356 | €22,608 | +€252 | +1.1% |
| Other operating charges | 640/8 | €1,075 | €1,719 | +€644 | +59.9% |
| Gross operating margin | 9900 | €75,698 | €133,634 | +€57,936 | +76.5% |
| Operating profit (loss) | 9901 | €52,267 | €109,307 | +€57,040 | +109.1% |
| Financial income | 75/76B | €1 | €603 | +€603 | +113707.5% |
| Recurring financial income | 75 | €1 | €603 | +€603 | +113707.5% |
| Financial charges | 65/66B | €7,827 | €6,668 | -€1,159 | -14.8% |
| Recurring financial charges | 65 | €7,827 | €6,668 | -€1,159 | -14.8% |
| Profit (loss) for the period before taxes | 9903 | €44,441 | €103,243 | +€58,802 | +132.3% |
| Income taxes | 67/77 | €13,306 | €21,573 | +€8,266 | +62.1% |
| Profit (loss) for the period | 9904 | €31,135 | €81,670 | +€50,536 | +162.3% |
| Profit (loss) for the period to be appropriated | 9905 | €31,135 | €81,670 | +€50,536 | +162.3% |
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 30 September 2026 via checked.be.