VIPKE: 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.
VIPKE
Largest movements
- Tangible fixed assets -€89,073
down €89,073 (-9.5%), from €938,471 to €849,398
of which Furniture and vehicles: -€53,674
- Cash -€50,565
down €50,565 (-13.4%), from €378,459 to €327,894
mainly Other debts (-€96,821) and Debts after one year (-€81,624)
- Receivables within one year +€43,228
up €43,228 (+492%), from €8,781 to €52,008
of which Trade receivables: +€33,399
- Other debts -€96,821
down €96,821 (-100%), from €96,821 to €0
- Reserves +€92,870
up €92,870 (+15.8%), from €588,170 to €681,040
- Debts after one year -€81,624
down €81,624 (-12.9%), from €631,223 to €549,599
- Gross operating margin -€65,099
down €65,099 (-23.5%), from €276,736 to €211,637
- Taxes -€14,980
down €14,980 (-26.0%), from €57,564 to €42,584
- Depreciation -€10,812
down €10,812 (-16.1%), from €67,150 to €56,338
- Staff costs +€6,542
new in 2025: €6,542
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.
Derived cash bridge
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 | €1,428,635 | €1,331,471 | -€97,164 | -6.8% |
| Fixed assets | 21/28 | €945,481 | €852,202 | -€93,280 | -9.9% |
| Intangible fixed assets | 21 | €7,010 | €2,804 | -€4,206 | -60.0% |
| Tangible fixed assets | 22/27 | €938,471 | €849,398 | -€89,073 | -9.5% |
| Land and buildings | 22 | €857,990 | €823,776 | -€34,214 | -4.0% |
| Plant, machinery and equipment | 23 | €26,564 | €25,378 | -€1,185 | -4.5% |
| Furniture and vehicles | 24 | €53,918 | €244 | -€53,674 | -99.5% |
| Current assets | 29/58 | €483,154 | €479,269 | -€3,884 | -0.8% |
| Stocks and contracts in progress | 3 | €78,768 | €86,162 | +€7,394 | +9.4% |
| Stocks | 30/36 | €61,507 | €63,989 | +€2,482 | +4.0% |
| Contracts in progress | 37 | €17,261 | €22,173 | +€4,912 | +28.5% |
| Amounts receivable within one year | 40/41 | €8,781 | €52,008 | +€43,228 | +492% |
| Trade receivables | 40 | €8,781 | €42,180 | +€33,399 | +380% |
| Other amounts receivable | 41 | €0 | €9,828 | +€9,828 | |
| Cash at bank and in hand | 54/58 | €378,459 | €327,894 | -€50,565 | -13.4% |
| Deferred charges and accrued income | 490/1 | €17,146 | €13,205 | -€3,941 | -23.0% |
| Total equity and liabilities | 10/49 | €1,428,635 | €1,331,471 | -€97,164 | -6.8% |
| Equity | 10/15 | €613,170 | €706,040 | +€92,870 | +15.1% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €588,170 | €681,040 | +€92,870 | +15.8% |
| Distributable reserves | 133 | €588,170 | €681,040 | +€92,870 | +15.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €815,465 | €625,431 | -€190,034 | -23.3% |
| Amounts payable after more than one year | 17 | €631,223 | €549,599 | -€81,624 | -12.9% |
| Financial debts | 170/4 | €631,223 | €549,599 | -€81,624 | -12.9% |
| Amounts payable within one year | 42/48 | €184,242 | €75,832 | -€108,410 | -58.8% |
| Current portion of amounts payable after more than one year | 42 | €55,670 | €45,579 | -€10,091 | -18.1% |
| Trade debts | 44 | €2,557 | €4,479 | +€1,922 | +75.2% |
| Suppliers | 440/4 | €2,557 | €4,479 | +€1,922 | +75.2% |
| Taxes, remuneration and social security | 45 | €29,195 | €25,774 | -€3,420 | -11.7% |
| Taxes | 450/3 | €29,195 | €24,444 | -€4,751 | -16.3% |
| Remuneration and social security | 454/9 | - | €1,330 | +€1,330 | |
| Other amounts payable | 47/48 | €96,821 | €0 | -€96,821 | -100% |
| Remuneration, social security and pensions | 62 | - | €6,542 | +€6,542 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,150 | €56,338 | -€10,812 | -16.1% |
| Other operating charges | 640/8 | €7,153 | €7,371 | +€218 | +3.0% |
| Gross operating margin | 9900 | €276,736 | €211,637 | -€65,099 | -23.5% |
| Operating profit (loss) | 9901 | €202,433 | €141,386 | -€61,047 | -30.2% |
| Financial income | 75/76B | €2,087 | €2,857 | +€770 | +36.9% |
| Recurring financial income | 75 | €2,087 | €2,857 | +€770 | +36.9% |
| Financial charges | 65/66B | €10,027 | €8,789 | -€1,238 | -12.3% |
| Recurring financial charges | 65 | €10,027 | €8,789 | -€1,238 | -12.3% |
| Profit (loss) for the period before taxes | 9903 | €194,493 | €135,454 | -€59,039 | -30.4% |
| Income taxes | 67/77 | €57,564 | €42,584 | -€14,980 | -26.0% |
| Profit (loss) for the period | 9904 | €136,929 | €92,870 | -€44,059 | -32.2% |
| Profit (loss) for the period to be appropriated | 9905 | €136,929 | €92,870 | -€44,059 | -32.2% |
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 15 October 2026 via checked.be.