VP Capital: 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.
What changed
VP Capital
NACE 70.100, Activities of head offices
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€93.1m
2024 · -€8.2m+€101.4m
Equity
€326.5m
2024 · €238.8m+€87.7m
Cash
€114,045
2024 · €83,377+€30,669
Balance sheet total
€386.3m
2024 · €327.1m+€59.2m
Largest movements
Assets
- Receivables within one year +€59.8m
up €59.8m (+116%), from €51.8m to €111.6m
of which Other amounts receivable: +€59.2m
Equity and liabilities
- Profit (loss) carried forward +€81.7m
up €81.7m (+326%), from €25.1m to €106.8m
- Short-term financial debts -€28.9m
down €28.9m (-33.4%), from €86.4m to €57.5m
of which Other loans: -€68.9m
- Reserves +€6.0m
up €6.0m (+19.6%), from €30.3m to €36.3m
of which Non-distributable reserves: +€6.0m
Income statement
- Financial income +€91.1m
up €91.1m (+735%), from €12.4m to €103.6m
of which Financial income: +€101.4m
- Financial charges -€9.9m
down €9.9m (-55.4%), from €17.8m to €7.9m
of which Non-recurring financial charges: -€10.3m
- Turnover +€615,799
up €615,799 (+29.6%), from €2.1m to €2.7m
- Services and other goods +€200,136
up €200,136 (+5.0%), from €4.0m to €4.2m
- Staff costs +€29,441
up €29,441 (+3.1%), from €961,363 to €990,804
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.
Result 2024
-€8.2m
Turnover
+€615,799
Other operating income
+€1,758
Services and other goods
-€200,136
Staff costs
-€29,441
Depreciation
-€20,655
Other operating charges
-€21,826
Financial income
+€91.1m
Financial charges
+€9.9m
Taxes
+€655
Result 2025
€93.1m
raises the resultlowers the result
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.
From operations
+€34.0m
Investment
+€406,920
Financing
-€34.3m
Cash 2024
€83,377
From operations (derived)
+€34.0m
Net result for the year
+€93.1m
Depreciation
+€32,372
Smaller working-capital items
-€60,175
Receivables within one year
-€59.8m
Deferred charges and accrued income
+€332,727
Accrued charges and deferred income
+€350,811
Investment (derived)
+€406,920
Investment in fixed assets (net)
+€46,764
Current investments
+€360,156
Financing
-€34.3m
Short-term financial debts
-€28.9m
Contributions, distributions and other
-€5.4m
Cash 2025
€114,045
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €327,132,885 | €386,311,903 | +€59.2m | +18.1% |
| Fixed assets | 21/28 | €244,971,695 | €244,892,559 | -€79,136 | 0.0% |
| Tangible fixed assets | 22/27 | €70,492 | €57,499 | -€12,993 | -18.4% |
| Plant, machinery and equipment | 23 | - | €6,198 | +€6,198 | |
| Furniture and vehicles | 24 | €62,645 | €6,593 | -€56,052 | -89.5% |
| Leasing and similar rights | 25 | €7,847 | - | -€7,847 | |
| Other tangible fixed assets | 26 | - | €44,708 | +€44,708 | |
| Financial fixed assets | 28 | €244,901,204 | €244,835,060 | -€66,144 | 0.0% |
| Affiliated companies | 280/1 | €243,551,204 | €243,485,060 | -€66,144 | 0.0% |
| Participating interests | 280 | €238,750,951 | €238,750,951 | = | 0.0% |
| Amounts receivable | 281 | €4,800,253 | €4,734,109 | -€66,144 | -1.4% |
| Other financial fixed assets | 284/8 | €1,350,000 | €1,350,000 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €1,350,000 | €1,350,000 | = | 0.0% |
| Current assets | 29/58 | €82,161,190 | €141,419,344 | +€59.3m | +72.1% |
| Amounts receivable after more than one year | 29 | €1,111,305 | €1,222,274 | +€110,969 | +10.0% |
| Other amounts receivable | 291 | €1,111,305 | €1,222,274 | +€110,969 | +10.0% |
| Amounts receivable within one year | 40/41 | €51,771,863 | €111,581,262 | +€59.8m | +116% |
| Trade receivables | 40 | €1,341,214 | €1,978,533 | +€637,319 | +47.5% |
| Other amounts receivable | 41 | €50,430,649 | €109,602,729 | +€59.2m | +117% |
| Current investments | 50/53 | €28,686,502 | €28,326,346 | -€360,156 | -1.3% |
| Own shares | 50 | €14,350,247 | €15,650,237 | +€1.3m | +9.1% |
| Other investments | 51/53 | €14,336,254 | €12,676,108 | -€1.7m | -11.6% |
| Cash at bank and in hand | 54/58 | €83,377 | €114,045 | +€30,669 | +36.8% |
| Deferred charges and accrued income | 490/1 | €508,143 | €175,416 | -€332,727 | -65.5% |
| Total equity and liabilities | 10/49 | €327,132,885 | €386,311,903 | +€59.2m | +18.1% |
| Equity | 10/15 | €238,828,340 | €326,501,254 | +€87.7m | +36.7% |
| Contributions | 10/11 | €183,430,531 | €183,430,531 | = | 0.0% |
| Capital | 10 | €183,430,531 | €183,430,531 | = | 0.0% |
| Issued capital | 100 | €183,430,531 | €183,430,531 | = | 0.0% |
| Reserves | 13 | €30,326,778 | €36,282,563 | +€6.0m | +19.6% |
| Non-distributable reserves | 130/1 | €22,324,518 | €28,280,302 | +€6.0m | +26.7% |
| Legal reserve | 130 | €7,974,271 | €12,630,065 | +€4.7m | +58.4% |
| Own shares acquired | 1312 | €14,350,247 | €15,650,237 | +€1.3m | +9.1% |
| Distributable reserves | 133 | €8,002,260 | €8,002,260 | = | 0.0% |
| Profit (loss) carried forward | 14 | €25,071,031 | €106,788,160 | +€81.7m | +326% |
| Amounts payable | 17/49 | €88,304,545 | €59,810,649 | -€28.5m | -32.3% |
| Amounts payable within one year | 42/48 | €88,304,545 | €59,459,838 | -€28.8m | -32.7% |
| Financial debts | 43 | €86,400,500 | €57,505,000 | -€28.9m | -33.4% |
| Credit institutions | 430/8 | €17,500,000 | €57,505,000 | +€40.0m | +229% |
| Other loans | 439 | €68,900,500 | - | -€68.9m | |
| Trade debts | 44 | €1,046,854 | €1,034,006 | -€12,847 | -1.2% |
| Suppliers | 440/4 | €1,046,854 | €1,034,006 | -€12,847 | -1.2% |
| Taxes, remuneration and social security | 45 | €71,055 | €83,915 | +€12,861 | +18.1% |
| Taxes | 450/3 | €6,161 | €32,838 | +€26,677 | +433% |
| Remuneration and social security | 454/9 | €64,893 | €51,077 | -€13,816 | -21.3% |
| Other amounts payable | 47/48 | €786,136 | €836,917 | +€50,780 | +6.5% |
| Accrued charges and deferred income | 492/3 | - | €350,811 | +€350,811 | |
| Operating income | 70/76A | €2,082,583 | €2,700,140 | +€617,557 | +29.7% |
| Turnover | 70 | €2,079,971 | €2,695,770 | +€615,799 | +29.6% |
| Other operating income | 74 | €2,612 | €4,369 | +€1,758 | +67.3% |
| Operating charges | 60/66A | €4,941,354 | €5,213,412 | +€272,058 | +5.5% |
| Services and other goods | 61 | €3,968,274 | €4,168,410 | +€200,136 | +5.0% |
| Remuneration, social security and pensions | 62 | €961,363 | €990,804 | +€29,441 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,717 | €32,372 | +€20,655 | +176% |
| Other operating charges | 640/8 | - | €21,826 | +€21,826 | |
| Operating profit (loss) | 9901 | -€2,858,772 | -€2,513,272 | +€345,499 | +12.1% |
| Financial income | 75/76B | €12,401,931 | €103,551,376 | +€91.1m | +735% |
| Recurring financial income | 75 | €2,104,827 | €103,551,376 | +€101.4m | +4,820% |
| Income from financial fixed assets | 750 | €277,314 | €100,709,681 | +€100.4m | +36,216% |
| Income from current assets | 751 | €1,424,389 | €2,841,633 | +€1.4m | +99.5% |
| Other financial income | 752/9 | €403,124 | €62 | -€403,062 | -100.0% |
| Non-recurring financial income | 76B | €10,297,104 | - | -€10.3m | |
| Financial charges | 65/66B | €17,781,056 | €7,921,708 | -€9.9m | -55.4% |
| Recurring financial charges | 65 | €7,483,952 | €7,921,708 | +€437,756 | +5.8% |
| Debt charges | 650 | €2,240,024 | €4,162,087 | +€1.9m | +85.8% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €4,459,920 | €3,584,977 | -€874,943 | -19.6% |
| Other financial charges | 652/9 | €784,008 | €174,644 | -€609,364 | -77.7% |
| Non-recurring financial charges | 66B | €10,297,104 | - | -€10.3m | |
| Profit (loss) for the period before taxes | 9903 | -€8,237,896 | €93,116,396 | +€101.4m | |
| Income taxes | 67/77 | €1,163 | €508 | -€655 | -56.3% |
| Taxes | 670/3 | €1,163 | €508 | -€655 | -56.3% |
| Profit (loss) for the period | 9904 | -€8,239,059 | €93,115,888 | +€101.4m | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,239,059 | €93,115,888 | +€101.4m |
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 1 November 2026 via checked.be.