VOPI: 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.
VOPI
Largest movements
- Stocks and contracts +€27,340
up €27,340 (+79.8%), from €34,240 to €61,580
- Cash -€11,888
down €11,888 (-45.1%), from €26,351 to €14,464
mainly Investment in fixed assets (net) (-€29,555) and Debts after one year (-€27,687)
- Tangible fixed assets -€10,327
down €10,327 (-2.0%), from €528,977 to €518,651
of which Land and buildings: -€7,138
- Debts after one year -€27,687
down €27,687 (-7.3%), from €380,117 to €352,430
- Other debts +€23,373
up €23,373 (+25.5%), from €91,785 to €115,158
- Trade debts +€11,041
up €11,041 (+101.0%), from €10,933 to €21,974
- Tax, wage and social debts -€7,963
down €7,963 (-36.7%), from €21,685 to €13,721
- Gross operating margin -€8,948
down €8,948 (-13.5%), from €66,258 to €57,310
- Depreciation -€7,014
down €7,014 (-15.0%), from €46,896 to €39,882
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 | €647,001 | €654,830 | +€7,829 | +1.2% |
| Fixed assets | 21/28 | €528,977 | €518,651 | -€10,327 | -2.0% |
| Tangible fixed assets | 22/27 | €528,977 | €518,651 | -€10,327 | -2.0% |
| Land and buildings | 22 | €504,161 | €497,023 | -€7,138 | -1.4% |
| Plant, machinery and equipment | 23 | €22,156 | €18,490 | -€3,666 | -16.5% |
| Furniture and vehicles | 24 | €2,660 | €3,138 | +€478 | +18.0% |
| Current assets | 29/58 | €118,023 | €136,179 | +€18,156 | +15.4% |
| Stocks and contracts in progress | 3 | €34,240 | €61,580 | +€27,340 | +79.8% |
| Stocks | 30/36 | €34,240 | €61,580 | +€27,340 | +79.8% |
| Amounts receivable within one year | 40/41 | €56,399 | €58,338 | +€1,939 | +3.4% |
| Trade receivables | 40 | €56,249 | €55,794 | -€455 | -0.8% |
| Other amounts receivable | 41 | €151 | €2,544 | +€2,393 | +1589.1% |
| Cash at bank and in hand | 54/58 | €26,351 | €14,464 | -€11,888 | -45.1% |
| Deferred charges and accrued income | 490/1 | €1,033 | €1,797 | +€765 | +74.0% |
| Total equity and liabilities | 10/49 | €647,001 | €654,830 | +€7,829 | +1.2% |
| Equity | 10/15 | €108,678 | €113,424 | +€4,746 | +4.4% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,678 | €13,424 | +€4,746 | +54.7% |
| Amounts payable | 17/49 | €538,323 | €541,406 | +€3,083 | +0.6% |
| Amounts payable after more than one year | 17 | €380,117 | €352,430 | -€27,687 | -7.3% |
| Financial debts | 170/4 | €380,117 | €352,430 | -€27,687 | -7.3% |
| Amounts payable within one year | 42/48 | €158,205 | €186,586 | +€28,380 | +17.9% |
| Current portion of amounts payable after more than one year | 42 | €31,909 | €33,838 | +€1,930 | +6.0% |
| Trade debts | 44 | €10,933 | €21,974 | +€11,041 | +101.0% |
| Suppliers | 440/4 | €10,933 | €21,974 | +€11,041 | +101.0% |
| Advances received on contracts in progress | 46 | €1,894 | €1,894 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €21,685 | €13,721 | -€7,963 | -36.7% |
| Taxes | 450/3 | €21,685 | €13,721 | -€7,963 | -36.7% |
| Other amounts payable | 47/48 | €91,785 | €115,158 | +€23,373 | +25.5% |
| Accrued charges and deferred income | 492/3 | - | €2,390 | +€2,390 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,896 | €39,882 | -€7,014 | -15.0% |
| Other operating charges | 640/8 | €4,483 | €3,933 | -€550 | -12.3% |
| Gross operating margin | 9900 | €66,258 | €57,310 | -€8,948 | -13.5% |
| Operating profit (loss) | 9901 | €14,879 | €13,495 | -€1,384 | -9.3% |
| Financial income | 75/76B | €34 | €388 | +€353 | +1026.9% |
| Recurring financial income | 75 | €34 | €388 | +€353 | +1026.9% |
| Financial charges | 65/66B | €6,638 | €6,680 | +€42 | +0.6% |
| Recurring financial charges | 65 | €6,638 | €6,680 | +€42 | +0.6% |
| Profit (loss) for the period before taxes | 9903 | €8,275 | €7,202 | -€1,073 | -13.0% |
| Income taxes | 67/77 | €2,976 | €2,456 | -€520 | -17.5% |
| Profit (loss) for the period | 9904 | €5,300 | €4,746 | -€553 | -10.4% |
| Profit (loss) for the period to be appropriated | 9905 | €5,300 | €4,746 | -€553 | -10.4% |
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 11 October 2026 via checked.be.