VO PC: 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.
VO PC
Largest movements
- Cash -€61,269
down €61,269 (-58.9%), from €104,040 to €42,771
mainly Contributions, distributions and other (-€71,825) and Other debts (-€40,421)
- Tangible fixed assets -€10,915
down €10,915 (-8.8%), from €124,672 to €113,757
of which Other tangible fixed assets: -€5,754
- Deferred charges and accrued income +€3,505
up €3,505 (+356%), from €984 to €4,489
- Receivables within one year +€3,454
up €3,454 (+12.5%), from €27,532 to €30,986
of which Other amounts receivable: +€2,039
- Other debts -€40,421
down €40,421 (-87.1%), from €46,433 to €6,012
- Debts after one year -€15,279
down €15,279 (-39.3%), from €38,829 to €23,550
- Tax, wage and social debts -€6,331
down €6,331 (-57.4%), from €11,024 to €4,693
of which Taxes: -€6,331
- Reserves -€3,197
down €3,197 (-2.5%), from €125,511 to €122,314
- Gross operating margin +€2,962
up €2,962 (+3.0%), from €100,117 to €103,079
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 | €257,228 | €192,003 | -€65,225 | -25.4% |
| Fixed assets | 21/28 | €124,672 | €113,757 | -€10,915 | -8.8% |
| Tangible fixed assets | 22/27 | €124,672 | €113,757 | -€10,915 | -8.8% |
| Land and buildings | 22 | €103,175 | €100,676 | -€2,499 | -2.4% |
| Plant, machinery and equipment | 23 | €2,467 | €1,829 | -€638 | -25.8% |
| Furniture and vehicles | 24 | €2,464 | €440 | -€2,024 | -82.1% |
| Other tangible fixed assets | 26 | €16,567 | €10,812 | -€5,754 | -34.7% |
| Current assets | 29/58 | €132,556 | €78,245 | -€54,310 | -41.0% |
| Amounts receivable within one year | 40/41 | €27,532 | €30,986 | +€3,454 | +12.5% |
| Trade receivables | 40 | €23,047 | €24,462 | +€1,415 | +6.1% |
| Other amounts receivable | 41 | €4,485 | €6,524 | +€2,039 | +45.5% |
| Cash at bank and in hand | 54/58 | €104,040 | €42,771 | -€61,269 | -58.9% |
| Deferred charges and accrued income | 490/1 | €984 | €4,489 | +€3,505 | +356% |
| Total equity and liabilities | 10/49 | €257,228 | €192,003 | -€65,225 | -25.4% |
| Equity | 10/15 | €144,111 | €140,914 | -€3,197 | -2.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €125,511 | €122,314 | -€3,197 | -2.5% |
| Distributable reserves | 133 | €125,511 | €122,314 | -€3,197 | -2.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €113,117 | €51,088 | -€62,028 | -54.8% |
| Amounts payable after more than one year | 17 | €38,829 | €23,550 | -€15,279 | -39.3% |
| Financial debts | 170/4 | €38,829 | €23,550 | -€15,279 | -39.3% |
| Amounts payable within one year | 42/48 | €74,288 | €27,538 | -€46,749 | -62.9% |
| Current portion of amounts payable after more than one year | 42 | €15,005 | €15,279 | +€274 | +1.8% |
| Trade debts | 44 | €1,826 | €1,555 | -€271 | -14.8% |
| Suppliers | 440/4 | €1,826 | €1,555 | -€271 | -14.8% |
| Taxes, remuneration and social security | 45 | €11,024 | €4,693 | -€6,331 | -57.4% |
| Taxes | 450/3 | €11,024 | €4,693 | -€6,331 | -57.4% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €46,433 | €6,012 | -€40,421 | -87.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,193 | €12,390 | +€197 | +1.6% |
| Other operating charges | 640/8 | €1,549 | €1,292 | -€256 | -16.5% |
| Gross operating margin | 9900 | €100,117 | €103,079 | +€2,962 | +3.0% |
| Operating profit (loss) | 9901 | €86,375 | €89,397 | +€3,021 | +3.5% |
| Financial income | 75/76B | €13 | €20 | +€7 | +48.4% |
| Recurring financial income | 75 | €13 | €20 | +€7 | +48.4% |
| Financial charges | 65/66B | €1,193 | €1,154 | -€39 | -3.2% |
| Recurring financial charges | 65 | €1,193 | €1,154 | -€39 | -3.2% |
| Profit (loss) for the period before taxes | 9903 | €85,196 | €88,262 | +€3,066 | +3.6% |
| Income taxes | 67/77 | €18,796 | €19,635 | +€839 | +4.5% |
| Profit (loss) for the period | 9904 | €66,400 | €68,628 | +€2,228 | +3.4% |
| Profit (loss) for the period to be appropriated | 9905 | €66,400 | €68,628 | +€2,228 | +3.4% |
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 16 October 2026 via checked.be.