VIPE PROJECTS: 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.
VIPE PROJECTS
Largest movements
- Tangible fixed assets +€443,091
up €443,091 (+88.7%), from €499,320 to €942,411
of which Land and buildings: +€376,427
- Receivables within one year +€15,143
up €15,143 (+43.2%), from €35,090 to €50,233
of which Trade receivables: +€11,000
- Debts after one year +€382,057
up €382,057 (+172.0%), from €222,175 to €604,233
- Other debts +€48,238
up €48,238 (+42.5%), from €113,560 to €161,799
- Current portion of long-term debt +€29,830
up €29,830 (+121.9%), from €24,466 to €54,297
- Financial charges +€12,871
up €12,871 (+173.8%), from €7,405 to €20,275
- Depreciation +€10,901
up €10,901 (+46.8%), from €23,316 to €34,217
- Taxes -€9,491
down €9,491 (-91.6%), from €10,366 to €875
- Gross operating margin -€6,918
down €6,918 (-9.9%), from €70,231 to €63,314
- Other operating charges +€4,536
up €4,536 (+180.4%), from €2,515 to €7,051
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 | €591,696 | €1,049,136 | +€457,440 | +77.3% |
| Fixed assets | 21/28 | €499,320 | €942,411 | +€443,091 | +88.7% |
| Tangible fixed assets | 22/27 | €499,320 | €942,411 | +€443,091 | +88.7% |
| Land and buildings | 22 | €485,729 | €862,156 | +€376,427 | +77.5% |
| Plant, machinery and equipment | 23 | €2,799 | €380 | -€2,420 | -86.4% |
| Furniture and vehicles | 24 | €9,890 | €19,537 | +€9,647 | +97.5% |
| Leasing and similar rights | 25 | €902 | €60,339 | +€59,437 | +6592.1% |
| Current assets | 29/58 | €92,376 | €106,725 | +€14,349 | +15.5% |
| Amounts receivable within one year | 40/41 | €35,090 | €50,233 | +€15,143 | +43.2% |
| Trade receivables | 40 | €35,090 | €46,090 | +€11,000 | +31.3% |
| Other amounts receivable | 41 | €0 | €4,143 | +€4,143 | |
| Cash at bank and in hand | 54/58 | €57,286 | €52,676 | -€4,609 | -8.0% |
| Deferred charges and accrued income | 490/1 | €0 | €3,816 | +€3,816 | |
| Total equity and liabilities | 10/49 | €591,696 | €1,049,136 | +€457,440 | +77.3% |
| Equity | 10/15 | €219,433 | €220,327 | +€895 | +0.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €199,860 | €200,000 | +€140 | +0.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €199,860 | €200,000 | +€140 | +0.1% |
| Profit (loss) carried forward | 14 | €973 | €1,727 | +€755 | +77.6% |
| Amounts payable | 17/49 | €372,263 | €828,809 | +€456,545 | +122.6% |
| Amounts payable after more than one year | 17 | €222,175 | €604,233 | +€382,057 | +172.0% |
| Financial debts | 170/4 | €222,175 | €604,233 | +€382,057 | +172.0% |
| Amounts payable within one year | 42/48 | €150,088 | €224,576 | +€74,488 | +49.6% |
| Current portion of amounts payable after more than one year | 42 | €24,466 | €54,297 | +€29,830 | +121.9% |
| Trade debts | 44 | €822 | €289 | -€534 | -64.9% |
| Suppliers | 440/4 | €822 | €289 | -€534 | -64.9% |
| Taxes, remuneration and social security | 45 | €11,239 | €8,192 | -€3,047 | -27.1% |
| Taxes | 450/3 | €10,239 | €7,192 | -€3,047 | -29.8% |
| Remuneration and social security | 454/9 | €1,000 | €1,000 | = | 0.0% |
| Other amounts payable | 47/48 | €113,560 | €161,799 | +€48,238 | +42.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,316 | €34,217 | +€10,901 | +46.8% |
| Other operating charges | 640/8 | €2,515 | €7,051 | +€4,536 | +180.4% |
| Gross operating margin | 9900 | €70,231 | €63,314 | -€6,918 | -9.9% |
| Operating profit (loss) | 9901 | €44,400 | €22,045 | -€22,355 | -50.3% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €7,405 | €20,275 | +€12,871 | +173.8% |
| Recurring financial charges | 65 | €7,405 | €20,275 | +€12,871 | +173.8% |
| Profit (loss) for the period before taxes | 9903 | €36,996 | €1,770 | -€35,226 | -95.2% |
| Income taxes | 67/77 | €10,366 | €875 | -€9,491 | -91.6% |
| Profit (loss) for the period | 9904 | €26,630 | €895 | -€25,735 | -96.6% |
| Profit (loss) for the period to be appropriated | 9905 | €26,630 | €895 | -€25,735 | -96.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.