VOPA: 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.
VOPA
Largest movements
- Tangible fixed assets +€187,478
up €187,478 (+143%), from €130,783 to €318,261
of which Land and buildings: +€181,574
- Cash +€72,427
up €72,427 (+73.9%), from €98,030 to €170,457
mainly Debts after one year (+€157,067) and Net result for the year (+€122,191)
- Receivables within one year +€18,556
up €18,556 (+11.2%), from €165,087 to €183,643
of which Trade receivables: +€16,922
- Debts after one year +€157,067
up €157,067 (+218%), from €72,205 to €229,272
- Other debts +€91,502
up €91,502 (+76.1%), from €120,229 to €211,731
- Trade debts +€18,690
up €18,690 (+129%), from €14,504 to €33,194
- Current portion of long-term debt +€17,944
up €17,944 (+193%), from €9,290 to €27,234
- Gross operating margin +€27,313
up €27,313 (+16.2%), from €168,530 to €195,842
- Financial charges +€6,868
up €6,868 (+147%), from €4,671 to €11,539
- Taxes +€4,420
up €4,420 (+13.4%), from €32,946 to €37,366
- Depreciation +€3,475
up €3,475 (+19.2%), from €18,144 to €21,618
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 | €398,458 | €677,713 | +€279,255 | +70.1% |
| Fixed assets | 21/28 | €130,783 | €318,261 | +€187,478 | +143% |
| Tangible fixed assets | 22/27 | €130,783 | €318,261 | +€187,478 | +143% |
| Land and buildings | 22 | €108,850 | €290,424 | +€181,574 | +167% |
| Plant, machinery and equipment | 23 | €3,176 | €5,359 | +€2,183 | +68.7% |
| Furniture and vehicles | 24 | €18,757 | €22,478 | +€3,721 | +19.8% |
| Current assets | 29/58 | €267,675 | €359,452 | +€91,777 | +34.3% |
| Amounts receivable within one year | 40/41 | €165,087 | €183,643 | +€18,556 | +11.2% |
| Trade receivables | 40 | €165,087 | €182,009 | +€16,922 | +10.3% |
| Other amounts receivable | 41 | - | €1,634 | +€1,634 | |
| Cash at bank and in hand | 54/58 | €98,030 | €170,457 | +€72,427 | +73.9% |
| Deferred charges and accrued income | 490/1 | €4,558 | €5,352 | +€794 | +17.4% |
| Total equity and liabilities | 10/49 | €398,458 | €677,713 | +€279,255 | +70.1% |
| Equity | 10/15 | €157,761 | €157,761 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €139,161 | €139,161 | = | 0.0% |
| Tax-exempt reserves | 132 | €457 | €457 | = | 0.0% |
| Distributable reserves | 133 | €138,704 | €138,704 | = | 0.0% |
| Amounts payable | 17/49 | €240,696 | €519,952 | +€279,255 | +116% |
| Amounts payable after more than one year | 17 | €72,205 | €229,272 | +€157,067 | +218% |
| Financial debts | 170/4 | €72,205 | €229,272 | +€157,067 | +218% |
| Amounts payable within one year | 42/48 | €168,492 | €290,680 | +€122,188 | +72.5% |
| Current portion of amounts payable after more than one year | 42 | €9,290 | €27,234 | +€17,944 | +193% |
| Trade debts | 44 | €14,504 | €33,194 | +€18,690 | +129% |
| Suppliers | 440/4 | €14,504 | €33,194 | +€18,690 | +129% |
| Taxes, remuneration and social security | 45 | €24,469 | €18,521 | -€5,947 | -24.3% |
| Taxes | 450/3 | €24,469 | €18,521 | -€5,947 | -24.3% |
| Other amounts payable | 47/48 | €120,229 | €211,731 | +€91,502 | +76.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,144 | €21,618 | +€3,475 | +19.2% |
| Other operating charges | 640/8 | €1,777 | €3,128 | +€1,351 | +76.0% |
| Gross operating margin | 9900 | €168,530 | €195,842 | +€27,313 | +16.2% |
| Operating profit (loss) | 9901 | €148,609 | €171,095 | +€22,487 | +15.1% |
| Financial income | 75/76B | €1,250 | - | -€1,250 | |
| Recurring financial income | 75 | €1,250 | - | -€1,250 | |
| Financial charges | 65/66B | €4,671 | €11,539 | +€6,868 | +147% |
| Recurring financial charges | 65 | €4,671 | €11,539 | +€6,868 | +147% |
| Profit (loss) for the period before taxes | 9903 | €145,187 | €159,557 | +€14,369 | +9.9% |
| Income taxes | 67/77 | €32,946 | €37,366 | +€4,420 | +13.4% |
| Profit (loss) for the period | 9904 | €112,242 | €122,191 | +€9,949 | +8.9% |
| Profit (loss) for the period to be appropriated | 9905 | €112,242 | €122,191 | +€9,949 | +8.9% |
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 24 October 2026 via checked.be.