VM HIPPIQUE: 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.
VM HIPPIQUE
Largest movements
- Tangible fixed assets +€209,437
up €209,437 (+8.3%), from €2.5m to €2.7m
of which Other tangible fixed assets: +€317,173
- Receivables within one year +€53,532
up €53,532 (+113.0%), from €47,368 to €100,899
of which Trade receivables: +€52,425
- Cash -€49,660
down €49,660 (-58.6%), from €84,718 to €35,058
mainly Investment in fixed assets (net) (-€365,929) and Debts after one year (-€197,500)
- Other debts +€279,921
up €279,921 (+9.6%), from €2.9m to €3.2m
- Debts after one year -€197,500
down €197,500 (-30.4%), from €649,963 to €452,463
- Profit (loss) carried forward +€122,438
up €122,438 (+36.1%), from -€339,018 to -€216,580
- Turnover +€143,001
up €143,001 (+19.1%), from €750,570 to €893,571
- Purchases and services +€83,490
up €83,490 (+18.7%), from €446,382 to €529,872
- Gross operating margin +€59,511
up €59,511 (+19.6%), from €304,188 to €363,699
- Depreciation +€32,335
up €32,335 (+26.0%), from €124,157 to €156,492
- Staff costs +€27,191
up €27,191 (+231.5%), from €11,747 to €38,938
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 | €3,600,030 | €3,840,491 | +€240,461 | +6.7% |
| Fixed assets | 21/28 | €2,568,597 | €2,778,034 | +€209,437 | +8.2% |
| Tangible fixed assets | 22/27 | €2,528,597 | €2,738,034 | +€209,437 | +8.3% |
| Land and buildings | 22 | €1,482,333 | €1,404,210 | -€78,124 | -5.3% |
| Plant, machinery and equipment | 23 | €180,537 | €162,336 | -€18,201 | -10.1% |
| Furniture and vehicles | 24 | €83,546 | €72,134 | -€11,412 | -13.7% |
| Other tangible fixed assets | 26 | €782,181 | €1,099,354 | +€317,173 | +40.5% |
| Financial fixed assets | 28 | €40,000 | €40,000 | = | 0.0% |
| Current assets | 29/58 | €1,031,433 | €1,062,457 | +€31,024 | +3.0% |
| Stocks and contracts in progress | 3 | €895,500 | €926,500 | +€31,000 | +3.5% |
| Stocks | 30/36 | €895,500 | €926,500 | +€31,000 | +3.5% |
| Amounts receivable within one year | 40/41 | €47,368 | €100,899 | +€53,532 | +113.0% |
| Trade receivables | 40 | €47,368 | €99,793 | +€52,425 | +110.7% |
| Other amounts receivable | 41 | - | €1,106 | +€1,106 | |
| Cash at bank and in hand | 54/58 | €84,718 | €35,058 | -€49,660 | -58.6% |
| Deferred charges and accrued income | 490/1 | €3,847 | - | -€3,847 | |
| Total equity and liabilities | 10/49 | €3,600,030 | €3,840,491 | +€240,461 | +6.7% |
| Equity | 10/15 | -€279,018 | -€156,580 | +€122,438 | +43.9% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€339,018 | -€216,580 | +€122,438 | +36.1% |
| Amounts payable | 17/49 | €3,879,048 | €3,997,071 | +€118,023 | +3.0% |
| Amounts payable after more than one year | 17 | €649,963 | €452,463 | -€197,500 | -30.4% |
| Financial debts | 170/4 | €649,963 | €452,463 | -€197,500 | -30.4% |
| Amounts payable within one year | 42/48 | €3,214,540 | €3,525,057 | +€310,516 | +9.7% |
| Current portion of amounts payable after more than one year | 42 | €60,000 | €90,000 | +€30,000 | +50.0% |
| Trade debts | 44 | €231,781 | €227,385 | -€4,396 | -1.9% |
| Suppliers | 440/4 | €231,781 | €227,385 | -€4,396 | -1.9% |
| Taxes, remuneration and social security | 45 | €1,441 | €6,432 | +€4,991 | +346.4% |
| Taxes | 450/3 | €591 | €290 | -€301 | -50.9% |
| Remuneration and social security | 454/9 | €850 | €6,142 | +€5,292 | +622.5% |
| Other amounts payable | 47/48 | €2,921,319 | €3,201,240 | +€279,921 | +9.6% |
| Accrued charges and deferred income | 492/3 | €14,544 | €19,551 | +€5,007 | +34.4% |
| Turnover | 70 | €750,570 | €893,571 | +€143,001 | +19.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €446,382 | €529,872 | +€83,490 | +18.7% |
| Remuneration, social security and pensions | 62 | €11,747 | €38,938 | +€27,191 | +231.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €124,157 | €156,492 | +€32,335 | +26.0% |
| Other operating charges | 640/8 | €11,574 | €36,289 | +€24,715 | +213.5% |
| Gross operating margin | 9900 | €304,188 | €363,699 | +€59,511 | +19.6% |
| Operating profit (loss) | 9901 | €156,710 | €131,980 | -€24,731 | -15.8% |
| Financial income | 75/76B | €239 | €119 | -€120 | -50.1% |
| Recurring financial income | 75 | €239 | €119 | -€120 | -50.1% |
| Financial charges | 65/66B | €17,436 | €9,581 | -€7,855 | -45.1% |
| Recurring financial charges | 65 | €17,436 | €9,581 | -€7,855 | -45.1% |
| Profit (loss) for the period before taxes | 9903 | €139,514 | €122,518 | -€16,996 | -12.2% |
| Income taxes | 67/77 | €76 | €80 | +€4 | +5.2% |
| Profit (loss) for the period | 9904 | €139,438 | €122,438 | -€17,000 | -12.2% |
| Profit (loss) for the period to be appropriated | 9905 | €139,438 | €122,438 | -€17,000 | -12.2% |
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 9 October 2026 via checked.be.