Vipeco: 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.
Vipeco
Largest movements
- Tangible fixed assets -€40,991
down €40,991 (-9.2%), from €443,541 to €402,549
of which Other tangible fixed assets: -€26,940
- Cash -€29,019
down €29,019 (-61.9%), from €46,906 to €17,887
mainly Net result for the year (-€40,840) and Debts after one year (-€24,382)
- Profit (loss) carried forward -€40,840
new in 2025: -€40,840
- Debts after one year -€24,382
down €24,382 (-7.1%), from €343,082 to €318,700
of which Financial debts: -€24,382
- Tax, wage and social debts -€8,473
down €8,473 (-98.4%), from €8,614 to €141
- Other debts +€8,415
up €8,415 (+81.0%), from €10,390 to €18,805
- Gross operating margin -€54,268
down €54,268 (-79.4%), from €68,351 to €14,082
- Depreciation +€5,093
up €5,093 (+14.0%), from €36,345 to €41,437
- Taxes -€4,729
down €4,729 (-97.1%), from €4,869 to €141
- Financial charges +€975
up €975 (+10.4%), from €9,408 to €10,383
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 | €496,479 | €427,204 | -€69,274 | -14.0% |
| Fixed assets | 21/28 | €443,541 | €402,549 | -€40,991 | -9.2% |
| Tangible fixed assets | 22/27 | €443,541 | €402,549 | -€40,991 | -9.2% |
| Plant, machinery and equipment | 23 | €2,093 | €1,616 | -€477 | -22.8% |
| Furniture and vehicles | 24 | €41,187 | €27,613 | -€13,574 | -33.0% |
| Other tangible fixed assets | 26 | €400,261 | €373,321 | -€26,940 | -6.7% |
| Current assets | 29/58 | €52,938 | €24,655 | -€28,283 | -53.4% |
| Amounts receivable within one year | 40/41 | €5,131 | €6,095 | +€965 | +18.8% |
| Trade receivables | 40 | - | €726 | +€726 | |
| Other amounts receivable | 41 | €5,131 | €5,369 | +€239 | +4.7% |
| Cash at bank and in hand | 54/58 | €46,906 | €17,887 | -€29,019 | -61.9% |
| Deferred charges and accrued income | 490/1 | €902 | €673 | -€229 | -25.4% |
| Total equity and liabilities | 10/49 | €496,479 | €427,204 | -€69,274 | -14.0% |
| Equity | 10/15 | €105,724 | €64,884 | -€40,840 | -38.6% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €99,724 | €99,724 | = | 0.0% |
| Distributable reserves | 133 | €99,724 | €99,724 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€40,840 | -€40,840 | |
| Amounts payable | 17/49 | €390,755 | €362,320 | -€28,435 | -7.3% |
| Amounts payable after more than one year | 17 | €343,082 | €318,700 | -€24,382 | -7.1% |
| Financial debts | 170/4 | €318,326 | €293,944 | -€24,382 | -7.7% |
| Other amounts payable | 178/9 | €24,756 | €24,756 | = | 0.0% |
| Amounts payable within one year | 42/48 | €47,673 | €43,620 | -€4,053 | -8.5% |
| Current portion of amounts payable after more than one year | 42 | €23,745 | €24,426 | +€681 | +2.9% |
| Trade debts | 44 | €4,924 | €249 | -€4,676 | -95.0% |
| Suppliers | 440/4 | €4,924 | €249 | -€4,676 | -95.0% |
| Taxes, remuneration and social security | 45 | €8,614 | €141 | -€8,473 | -98.4% |
| Taxes | 450/3 | €8,614 | €141 | -€8,473 | -98.4% |
| Other amounts payable | 47/48 | €10,390 | €18,805 | +€8,415 | +81.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,345 | €41,437 | +€5,093 | +14.0% |
| Other operating charges | 640/8 | €2,283 | €2,961 | +€678 | +29.7% |
| Gross operating margin | 9900 | €68,351 | €14,082 | -€54,268 | -79.4% |
| Operating profit (loss) | 9901 | €29,723 | -€30,316 | -€60,039 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €9,408 | €10,383 | +€975 | +10.4% |
| Recurring financial charges | 65 | €9,408 | €10,383 | +€975 | +10.4% |
| Profit (loss) for the period before taxes | 9903 | €20,315 | -€40,699 | -€61,014 | |
| Income taxes | 67/77 | €4,869 | €141 | -€4,729 | -97.1% |
| Profit (loss) for the period | 9904 | €15,446 | -€40,840 | -€56,285 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,446 | -€40,840 | -€56,285 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.