VNP: 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.
VNP
Largest movements
- Receivables within one year -€19,681
down €19,681 (-55.7%), from €35,355 to €15,674
of which Trade receivables: -€22,102
- Cash -€15,113
down €15,113 (-25.6%), from €59,079 to €43,965
mainly Contributions, distributions and other (-€60,000) and Debts after one year (-€38,487)
- Other debts +€49,539
up €49,539 (+360%), from €13,745 to €63,284
- Debts after one year -€38,487
down €38,487 (-31.7%), from €121,459 to €82,972
- Tax, wage and social debts -€24,064
down €24,064 (-100%), from €24,064 to €0
of which Taxes: -€22,364
- Reserves -€18,070
down €18,070 (-13.2%), from €136,556 to €118,486
- Trade debts -€3,866
down €3,866 (-95.3%), from €4,055 to €190
- Taxes +€2,389
up €2,389 (+19.9%), from €12,032 to €14,421
- Gross operating margin +€1,291
up €1,291 (+2.1%), from €61,765 to €63,056
- Financial charges -€716
down €716 (-10.7%), from €6,681 to €5,965
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 | €318,575 | €284,419 | -€34,156 | -10.7% |
| Fixed assets | 21/28 | €223,898 | €223,898 | = | 0.0% |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €223,898 | €223,898 | = | 0.0% |
| Current assets | 29/58 | €94,676 | €60,520 | -€34,156 | -36.1% |
| Amounts receivable within one year | 40/41 | €35,355 | €15,674 | -€19,681 | -55.7% |
| Trade receivables | 40 | €32,387 | €10,285 | -€22,102 | -68.2% |
| Other amounts receivable | 41 | €2,968 | €5,389 | +€2,421 | +81.6% |
| Cash at bank and in hand | 54/58 | €59,079 | €43,965 | -€15,113 | -25.6% |
| Deferred charges and accrued income | 490/1 | €242 | €881 | +€639 | +263% |
| Total equity and liabilities | 10/49 | €318,575 | €284,419 | -€34,156 | -10.7% |
| Equity | 10/15 | €137,556 | €119,486 | -€18,070 | -13.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €136,556 | €118,486 | -€18,070 | -13.2% |
| Distributable reserves | 133 | €136,556 | €118,486 | -€18,070 | -13.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €181,018 | €164,933 | -€16,086 | -8.9% |
| Amounts payable after more than one year | 17 | €121,459 | €82,972 | -€38,487 | -31.7% |
| Financial debts | 170/4 | €121,459 | €82,972 | -€38,487 | -31.7% |
| Amounts payable within one year | 42/48 | €59,528 | €81,961 | +€22,432 | +37.7% |
| Current portion of amounts payable after more than one year | 42 | €17,664 | €18,487 | +€823 | +4.7% |
| Trade debts | 44 | €4,055 | €190 | -€3,866 | -95.3% |
| Suppliers | 440/4 | €4,055 | €190 | -€3,866 | -95.3% |
| Taxes, remuneration and social security | 45 | €24,064 | €0 | -€24,064 | -100% |
| Taxes | 450/3 | €22,364 | €0 | -€22,364 | -100% |
| Remuneration and social security | 454/9 | €1,700 | €0 | -€1,700 | -100% |
| Other amounts payable | 47/48 | €13,745 | €63,284 | +€49,539 | +360% |
| Accrued charges and deferred income | 492/3 | €31 | €0 | -€31 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €401 | €0 | -€401 | -100% |
| Other operating charges | 640/8 | €487 | €740 | +€252 | +51.8% |
| Non-recurring operating charges | 66A | €7,500 | €0 | -€7,500 | -100% |
| Gross operating margin | 9900 | €61,765 | €63,056 | +€1,291 | +2.1% |
| Operating profit (loss) | 9901 | €53,377 | €62,316 | +€8,939 | +16.7% |
| Financial income | 75/76B | €13 | €0 | -€13 | -100% |
| Recurring financial income | 75 | €13 | €0 | -€13 | -100% |
| Financial charges | 65/66B | €6,681 | €5,965 | -€716 | -10.7% |
| Recurring financial charges | 65 | €6,681 | €5,965 | -€716 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | €46,709 | €56,351 | +€9,642 | +20.6% |
| Income taxes | 67/77 | €12,032 | €14,421 | +€2,389 | +19.9% |
| Profit (loss) for the period | 9904 | €34,677 | €41,930 | +€7,253 | +20.9% |
| Profit (loss) for the period to be appropriated | 9905 | €34,677 | €41,930 | +€7,253 | +20.9% |
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 20 October 2026 via checked.be.