VIPMAN: 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.
VIPMAN
Largest movements
- Cash +€115,383
up €115,383 (+73.0%), from €158,003 to €273,386
mainly Net result for the year (+€182,878) and Depreciation (+€51,629)
- Receivables within one year +€82,363
up €82,363 (+352.8%), from €23,349 to €105,712
of which Trade receivables: +€55,128
- Tangible fixed assets -€51,629
down €51,629 (-4.4%), from €1.2m to €1.1m
of which Land and buildings: -€45,876
- Reserves +€182,878
up €182,878 (+56.4%), from €324,529 to €507,408
of which Distributable reserves: +€182,878
- Debts after one year -€76,360
down €76,360 (-9.6%), from €797,898 to €721,538
- Tax, wage and social debts +€23,093
up €23,093 (+26.4%), from €87,507 to €110,600
- Trade debts +€17,320
up €17,320 (+202.4%), from €8,556 to €25,876
- Gross operating margin +€38,761
up €38,761 (+12.7%), from €305,239 to €344,000
- Taxes +€16,591
up €16,591 (+22.1%), from €75,197 to €91,788
- Depreciation -€5,961
down €5,961 (-10.4%), from €57,590 to €51,629
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 | €1,357,568 | €1,503,685 | +€146,117 | +10.8% |
| Fixed assets | 21/28 | €1,176,216 | €1,124,587 | -€51,629 | -4.4% |
| Tangible fixed assets | 22/27 | €1,176,216 | €1,124,587 | -€51,629 | -4.4% |
| Land and buildings | 22 | €1,154,355 | €1,108,479 | -€45,876 | -4.0% |
| Plant, machinery and equipment | 23 | €21,586 | €16,109 | -€5,477 | -25.4% |
| Furniture and vehicles | 24 | €275 | €0 | -€275 | -100.0% |
| Current assets | 29/58 | €181,352 | €379,098 | +€197,746 | +109.0% |
| Amounts receivable within one year | 40/41 | €23,349 | €105,712 | +€82,363 | +352.8% |
| Trade receivables | 40 | - | €55,128 | +€55,128 | |
| Other amounts receivable | 41 | €23,349 | €50,584 | +€27,235 | +116.6% |
| Cash at bank and in hand | 54/58 | €158,003 | €273,386 | +€115,383 | +73.0% |
| Total equity and liabilities | 10/49 | €1,357,568 | €1,503,685 | +€146,117 | +10.8% |
| Equity | 10/15 | €379,529 | €562,408 | +€182,878 | +48.2% |
| Contributions | 10/11 | €55,000 | €55,000 | = | 0.0% |
| Reserves | 13 | €324,529 | €507,408 | +€182,878 | +56.4% |
| Tax-exempt reserves | 132 | €618 | €618 | = | 0.0% |
| Distributable reserves | 133 | €323,911 | €506,790 | +€182,878 | +56.5% |
| Amounts payable | 17/49 | €978,039 | €941,278 | -€36,761 | -3.8% |
| Amounts payable after more than one year | 17 | €797,898 | €721,538 | -€76,360 | -9.6% |
| Financial debts | 170/4 | €797,898 | €721,538 | -€76,360 | -9.6% |
| Amounts payable within one year | 42/48 | €180,141 | €216,240 | +€36,099 | +20.0% |
| Current portion of amounts payable after more than one year | 42 | €84,078 | €79,764 | -€4,314 | -5.1% |
| Trade debts | 44 | €8,556 | €25,876 | +€17,320 | +202.4% |
| Suppliers | 440/4 | €8,556 | €25,876 | +€17,320 | +202.4% |
| Taxes, remuneration and social security | 45 | €87,507 | €110,600 | +€23,093 | +26.4% |
| Taxes | 450/3 | €87,507 | €110,600 | +€23,093 | +26.4% |
| Accrued charges and deferred income | 492/3 | - | €3,500 | +€3,500 | |
| Non-recurring operating income | 76A | - | €4,859 | +€4,859 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,590 | €51,629 | -€5,961 | -10.4% |
| Other operating charges | 640/8 | €8,400 | €7,018 | -€1,382 | -16.5% |
| Gross operating margin | 9900 | €305,239 | €344,000 | +€38,761 | +12.7% |
| Operating profit (loss) | 9901 | €239,249 | €285,353 | +€46,104 | +19.3% |
| Financial income | 75/76B | €1,695 | €2,003 | +€308 | +18.2% |
| Recurring financial income | 75 | €1,695 | €2,003 | +€308 | +18.2% |
| Financial charges | 65/66B | €11,077 | €12,690 | +€1,613 | +14.6% |
| Recurring financial charges | 65 | €11,077 | €12,690 | +€1,613 | +14.6% |
| Profit (loss) for the period before taxes | 9903 | €229,867 | €274,667 | +€44,799 | +19.5% |
| Income taxes | 67/77 | €75,197 | €91,788 | +€16,591 | +22.1% |
| Profit (loss) for the period | 9904 | €154,670 | €182,878 | +€28,208 | +18.2% |
| Profit (loss) for the period to be appropriated | 9905 | €154,670 | €182,878 | +€28,208 | +18.2% |
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 8 October 2026 via checked.be.