VP ELEC: 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.
VP ELEC
Largest movements
- Receivables within one year +€83,336
up €83,336 (+55.8%), from €149,272 to €232,609
of which Trade receivables: +€119,641
- Cash -€64,702
down €64,702 (-37.4%), from €173,035 to €108,333
mainly Contributions, distributions and other (-€244,102) and Investment in fixed assets (net) (-€103,777)
- Tangible fixed assets +€57,748
up €57,748 (+8.9%), from €650,040 to €707,788
of which Land and buildings: +€75,000
- Other debts +€193,697
up €193,697 (+384.3%), from €50,404 to €244,102
- Reserves -€174,338
down €174,338 (-39.0%), from €447,224 to €272,886
- Debts after one year +€16,038
up €16,038 (+3.9%), from €412,308 to €428,347
- Gross operating margin +€97,872
up €97,872 (+19.8%), from €495,026 to €592,898
- Staff costs +€52,932
up €52,932 (+18.5%), from €285,697 to €338,629
- Financial charges +€28,451
up €28,451 (+38.6%), from €73,672 to €102,123
- Depreciation -€11,143
down €11,143 (-19.5%), from €57,172 to €46,029
- Taxes +€7,389
up €7,389 (+34.9%), from €21,183 to €28,572
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 | €1,098,586 | €1,169,913 | +€71,327 | +6.5% |
| Fixed assets | 21/28 | €650,090 | €707,838 | +€57,748 | +8.9% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €650,040 | €707,788 | +€57,748 | +8.9% |
| Land and buildings | 22 | €480,908 | €555,908 | +€75,000 | +15.6% |
| Plant, machinery and equipment | 23 | €51,268 | €45,321 | -€5,947 | -11.6% |
| Furniture and vehicles | 24 | €107,161 | €98,704 | -€8,456 | -7.9% |
| Leasing and similar rights | 25 | €1,544 | €0 | -€1,544 | -100.0% |
| Other tangible fixed assets | 26 | €9,160 | €7,855 | -€1,305 | -14.2% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €448,496 | €462,076 | +€13,580 | +3.0% |
| Amounts receivable after more than one year | 29 | €73,500 | €73,500 | = | 0.0% |
| Other amounts receivable | 291 | €73,500 | €73,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €149,272 | €232,609 | +€83,336 | +55.8% |
| Trade receivables | 40 | €88,412 | €208,054 | +€119,641 | +135.3% |
| Other amounts receivable | 41 | €60,860 | €24,555 | -€36,305 | -59.7% |
| Cash at bank and in hand | 54/58 | €173,035 | €108,333 | -€64,702 | -37.4% |
| Deferred charges and accrued income | 490/1 | €52,689 | €47,634 | -€5,055 | -9.6% |
| Total equity and liabilities | 10/49 | €1,098,586 | €1,169,913 | +€71,327 | +6.5% |
| Equity | 10/15 | €459,624 | €285,286 | -€174,338 | -37.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €447,224 | €272,886 | -€174,338 | -39.0% |
| Distributable reserves | 133 | €447,224 | €272,886 | -€174,338 | -39.0% |
| Provisions and deferred taxes | 16 | €64,677 | €72,569 | +€7,892 | +12.2% |
| Provisions for liabilities and charges | 160/5 | €64,677 | €72,569 | +€7,892 | +12.2% |
| Environmental obligations | 163 | €64,677 | €72,569 | +€7,892 | +12.2% |
| Amounts payable | 17/49 | €574,285 | €812,058 | +€237,773 | +41.4% |
| Amounts payable after more than one year | 17 | €412,308 | €428,347 | +€16,038 | +3.9% |
| Financial debts | 170/4 | €412,308 | €428,347 | +€16,038 | +3.9% |
| Amounts payable within one year | 42/48 | €160,686 | €382,016 | +€221,330 | +137.7% |
| Current portion of amounts payable after more than one year | 42 | €46,008 | €53,177 | +€7,169 | +15.6% |
| Trade debts | 44 | €12,725 | €22,282 | +€9,557 | +75.1% |
| Suppliers | 440/4 | €12,725 | €22,282 | +€9,557 | +75.1% |
| Taxes, remuneration and social security | 45 | €51,548 | €62,455 | +€10,907 | +21.2% |
| Taxes | 450/3 | €11,391 | €21,611 | +€10,220 | +89.7% |
| Remuneration and social security | 454/9 | €40,156 | €40,844 | +€688 | +1.7% |
| Other amounts payable | 47/48 | €50,404 | €244,102 | +€193,697 | +384.3% |
| Accrued charges and deferred income | 492/3 | €1,291 | €1,696 | +€405 | +31.3% |
| Non-recurring operating income | 76A | - | €7,035 | +€7,035 | |
| Remuneration, social security and pensions | 62 | €285,697 | €338,629 | +€52,932 | +18.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,172 | €46,029 | -€11,143 | -19.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €6,292 | €7,892 | +€1,600 | +25.4% |
| Other operating charges | 640/8 | €2,843 | €3,577 | +€734 | +25.8% |
| Non-recurring operating charges | 66A | €1,041 | - | -€1,041 | |
| Gross operating margin | 9900 | €495,026 | €592,898 | +€97,872 | +19.8% |
| Operating profit (loss) | 9901 | €141,982 | €196,771 | +€54,790 | +38.6% |
| Financial income | 75/76B | €3,996 | €3,688 | -€308 | -7.7% |
| Recurring financial income | 75 | €3,996 | €3,688 | -€308 | -7.7% |
| Financial charges | 65/66B | €73,672 | €102,123 | +€28,451 | +38.6% |
| Recurring financial charges | 65 | €73,672 | €102,123 | +€28,451 | +38.6% |
| Profit (loss) for the period before taxes | 9903 | €72,305 | €98,336 | +€26,031 | +36.0% |
| Income taxes | 67/77 | €21,183 | €28,572 | +€7,389 | +34.9% |
| Profit (loss) for the period | 9904 | €51,122 | €69,764 | +€18,642 | +36.5% |
| Profit (loss) for the period to be appropriated | 9905 | €51,122 | €69,764 | +€18,642 | +36.5% |
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 10 October 2026 via checked.be.