VP CONCEPTS & PROJECTS: 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 CONCEPTS & PROJECTS
NACE 55.204, Guest rooms (bed and breakfast)
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€104,710
2024 · €7,040-€111,749
Equity
€501,982
2024 · €606,692-€104,710
Cash
€89,571
2024 · €120,850-€31,279
Balance sheet total
€2.9m
2024 · €3.1m-€255,490
Largest movements
Assets
- Tangible fixed assets -€147,456
down €147,456 (-6.1%), from €2.4m to €2.3m
of which Land and buildings: -€149,980
- Stocks and contracts -€71,034
down €71,034 (-21.6%), from €328,739 to €257,705
Equity and liabilities
- Debts after one year -€612,313
down €612,313 (-39.2%), from €1.6m to €948,143
- Short-term financial debts +€583,824
up €583,824 (+328.2%), from €177,908 to €761,732
- Trade debts -€88,909
down €88,909 (-58.1%), from €153,125 to €64,216
- Reserves -€82,048
down €82,048 (-93.1%), from €88,142 to €6,094
of which Distributable reserves: -€82,048
- Current portion of long-term debt -€54,916
down €54,916 (-29.7%), from €184,723 to €129,807
Income statement
- Gross operating margin -€93,123
down €93,123 (-26.0%), from €357,511 to €264,388
- Depreciation +€10,377
up €10,377 (+6.5%), from €160,450 to €170,828
- Staff costs -€8,748
down €8,748 (-6.3%), from €137,939 to €129,191
- Taxes +€6,086
up €6,086 (+2224.1%), from €274 to €6,360
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
€7,040
Gross operating margin
-€93,123
Staff costs
+€8,748
Depreciation
-€10,377
Other operating charges
-€2,415
Other operating items
-€8,676
Financial income
+€1,551
Financial charges
-€1,370
Taxes
-€6,086
Result 2025
-€104,710
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.
From operations
+€74,905
Investment
-€22,780
Financing
-€83,404
Cash 2024
€120,850
From operations (derived)
+€74,905
Net result for the year
-€104,710
Depreciation
+€170,828
Stocks and contracts
+€71,034
Receivables within one year
+€3,571
Deferred charges and accrued income
+€1,558
Trade debts
-€88,909
Tax, wage and social debts
-€1,216
Other debts
+€19,749
Accrued charges and deferred income
+€3,000
Investment (derived)
-€22,780
Investment in fixed assets (net)
-€22,780
Financing
-€83,404
Debts after one year
-€612,313
Current portion of long-term debt
-€54,916
Short-term financial debts
+€583,824
Cash 2025
€89,571
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,134,241 | €2,878,751 | -€255,490 | -8.2% |
| Fixed assets | 21/28 | €2,423,768 | €2,275,721 | -€148,048 | -6.1% |
| Intangible fixed assets | 21 | €1,776 | €1,184 | -€592 | -33.3% |
| Tangible fixed assets | 22/27 | €2,421,992 | €2,274,537 | -€147,456 | -6.1% |
| Land and buildings | 22 | €2,284,665 | €2,134,685 | -€149,980 | -6.6% |
| Plant, machinery and equipment | 23 | €10,719 | €10,543 | -€176 | -1.6% |
| Furniture and vehicles | 24 | €29 | - | -€29 | |
| Other tangible fixed assets | 26 | €126,579 | €129,308 | +€2,729 | +2.2% |
| Current assets | 29/58 | €710,472 | €603,030 | -€107,442 | -15.1% |
| Stocks and contracts in progress | 3 | €328,739 | €257,705 | -€71,034 | -21.6% |
| Stocks | 30/36 | €328,739 | €257,705 | -€71,034 | -21.6% |
| Amounts receivable within one year | 40/41 | €259,325 | €255,755 | -€3,571 | -1.4% |
| Trade receivables | 40 | €237,614 | €232,317 | -€5,297 | -2.2% |
| Other amounts receivable | 41 | €21,711 | €23,437 | +€1,726 | +8.0% |
| Cash at bank and in hand | 54/58 | €120,850 | €89,571 | -€31,279 | -25.9% |
| Deferred charges and accrued income | 490/1 | €1,558 | - | -€1,558 | |
| Total equity and liabilities | 10/49 | €3,134,241 | €2,878,751 | -€255,490 | -8.2% |
| Equity | 10/15 | €606,692 | €501,982 | -€104,710 | -17.3% |
| Contributions | 10/11 | €518,550 | €518,550 | = | 0.0% |
| Reserves | 13 | €88,142 | €6,094 | -€82,048 | -93.1% |
| Non-distributable reserves | 130/1 | €6,094 | €6,094 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,094 | €6,094 | = | 0.0% |
| Distributable reserves | 133 | €82,048 | - | -€82,048 | |
| Profit (loss) carried forward | 14 | - | -€22,662 | -€22,662 | |
| Amounts payable | 17/49 | €2,527,548 | €2,376,768 | -€150,780 | -6.0% |
| Amounts payable after more than one year | 17 | €1,560,456 | €948,143 | -€612,313 | -39.2% |
| Financial debts | 170/4 | €1,560,456 | €948,143 | -€612,313 | -39.2% |
| Amounts payable within one year | 42/48 | €953,593 | €1,412,125 | +€458,532 | +48.1% |
| Current portion of amounts payable after more than one year | 42 | €184,723 | €129,807 | -€54,916 | -29.7% |
| Financial debts | 43 | €177,908 | €761,732 | +€583,824 | +328.2% |
| Credit institutions | 430/8 | €177,908 | €761,732 | +€583,824 | +328.2% |
| Trade debts | 44 | €153,125 | €64,216 | -€88,909 | -58.1% |
| Suppliers | 440/4 | €153,125 | €64,216 | -€88,909 | -58.1% |
| Taxes, remuneration and social security | 45 | €21,369 | €20,152 | -€1,216 | -5.7% |
| Taxes | 450/3 | €10,832 | €12,545 | +€1,713 | +15.8% |
| Remuneration and social security | 454/9 | €10,537 | €7,608 | -€2,930 | -27.8% |
| Other amounts payable | 47/48 | €416,468 | €436,218 | +€19,749 | +4.7% |
| Accrued charges and deferred income | 492/3 | €13,500 | €16,500 | +€3,000 | +22.2% |
| Remuneration, social security and pensions | 62 | €137,939 | €129,191 | -€8,748 | -6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €160,450 | €170,828 | +€10,377 | +6.5% |
| Other operating charges | 640/8 | €9,507 | €11,923 | +€2,415 | +25.4% |
| Non-recurring operating charges | 66A | €2,679 | €11,355 | +€8,676 | +323.8% |
| Gross operating margin | 9900 | €357,511 | €264,388 | -€93,123 | -26.0% |
| Operating profit (loss) | 9901 | €46,935 | -€58,908 | -€105,844 | |
| Financial income | 75/76B | €14,468 | €16,019 | +€1,551 | +10.7% |
| Recurring financial income | 75 | €74 | €1,019 | +€945 | +1283.2% |
| Non-recurring financial income | 76B | €14,394 | €15,000 | +€606 | +4.2% |
| Financial charges | 65/66B | €54,090 | €55,460 | +€1,370 | +2.5% |
| Recurring financial charges | 65 | €54,090 | €55,460 | +€1,370 | +2.5% |
| Profit (loss) for the period before taxes | 9903 | €7,313 | -€98,350 | -€105,663 | |
| Income taxes | 67/77 | €274 | €6,360 | +€6,086 | +2224.1% |
| Profit (loss) for the period | 9904 | €7,040 | -€104,710 | -€111,749 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,040 | -€104,710 | -€111,749 |
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 9 October 2026 via checked.be.