VP Invest: what changed
What changed
VP Invest
NACE 68.110, Buying and selling of own real estate
filed annual accounts (NBB)
Net result for the year
-€52,138
2024 · €254,414-€306,552
Equity
€1.3m
2024 · €1.4m-€52,138
Cash
€23,935
2024 · €21,051+€2,885
Balance sheet total
€30.2m
2024 · €20.5m+€9.6m
Largest movements
Assets
- Stocks and contracts +€3.4m
up €3.4m (+59.1%), from €5.8m to €9.1m
- Receivables after one year +€3.0m
up €3.0m (+102%), from €2.9m to €5.9m
- Tangible fixed assets +€2.4m
up €2.4m (+42.1%), from €5.7m to €8.0m
of which Land and buildings: +€2.5m
- Receivables within one year +€573,116
up €573,116 (+19.0%), from €3.0m to €3.6m
of which Other amounts receivable: +€369,084
Equity and liabilities
- Debts after one year +€8.7m
up €8.7m (+47.0%), from €18.5m to €27.1m
of which Other amounts payable: +€5.0m
- Advances received +€640,000
new in 2025: €640,000
- Accrued charges and deferred income +€351,864
up €351,864 (+172%), from €205,167 to €557,031
Income statement
- Gross operating margin -€368,899
down €368,899 (-51.0%), from €723,079 to €354,181
- Financial income +€337,429
up €337,429 (+130%), from €259,032 to €596,461
- Financial charges +€178,563
up €178,563 (+38.7%), from €461,830 to €640,393
- Depreciation +€135,819
up €135,819 (+105%), from €129,658 to €265,478
- Taxes -€32,370
down €32,370 (-98.9%), from €32,718 to €349
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€254,414
Gross operating margin
-€368,899
Staff costs
-€14,753
Depreciation
-€135,819
Write-downs
+€5,119
Other operating charges
+€24,412
Other operating items
-€7,847
Financial income
+€337,429
Financial charges
-€178,563
Taxes
+€32,370
Result 2025
-€52,138
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€6.1m
Investment
-€2.7m
Financing
+€8.8m
Cash 2024
€21,051
From operations (derived)
-€6.1m
Net result for the year
-€52,138
Depreciation
+€265,478
Receivables after one year
-€3.0m
Stocks and contracts
-€3.4m
Receivables within one year
-€573,116
Deferred charges and accrued income
-€252,280
Trade debts
-€74,169
Smaller working-capital items
+€3,791
Advances received
+€640,000
Accrued charges and deferred income
+€351,864
Investment (derived)
-€2.7m
Investment in fixed assets (net)
-€2.8m
Current investments
+€98,121
Financing
+€8.8m
Debts after one year
+€8.7m
Current portion of long-term debt
+€96,400
Short-term financial debts
+€94
Cash 2025
€23,935
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €20,531,226 | €30,171,073 | +€9.6m | +47.0% |
| Fixed assets | 21/28 | €7,370,323 | €9,915,588 | +€2.5m | +34.5% |
| Tangible fixed assets | 22/27 | €5,662,468 | €8,048,274 | +€2.4m | +42.1% |
| Land and buildings | 22 | €5,554,307 | €8,025,688 | +€2.5m | +44.5% |
| Furniture and vehicles | 24 | €28,891 | €22,586 | -€6,305 | -21.8% |
| Assets under construction and advance payments | 27 | €79,270 | €0 | -€79,270 | -100% |
| Financial fixed assets | 28 | €1,707,855 | €1,867,314 | +€159,459 | +9.3% |
| Current assets | 29/58 | €13,160,904 | €20,255,486 | +€7.1m | +53.9% |
| Amounts receivable after more than one year | 29 | €2,907,920 | €5,873,660 | +€3.0m | +102% |
| Other amounts receivable | 291 | €2,907,920 | €5,873,660 | +€3.0m | +102% |
| Stocks and contracts in progress | 3 | €5,750,568 | €9,149,250 | +€3.4m | +59.1% |
| Stocks | 30/36 | €5,750,568 | €9,149,250 | +€3.4m | +59.1% |
| Amounts receivable within one year | 40/41 | €3,021,560 | €3,594,676 | +€573,116 | +19.0% |
| Trade receivables | 40 | €158,380 | €362,411 | +€204,031 | +129% |
| Other amounts receivable | 41 | €2,863,180 | €3,232,264 | +€369,084 | +12.9% |
| Current investments | 50/53 | €1,286,254 | €1,188,134 | -€98,121 | -7.6% |
| Cash at bank and in hand | 54/58 | €21,051 | €23,935 | +€2,885 | +13.7% |
| Deferred charges and accrued income | 490/1 | €173,551 | €425,831 | +€252,280 | +145% |
| Total equity and liabilities | 10/49 | €20,531,226 | €30,171,073 | +€9.6m | +47.0% |
| Equity | 10/15 | €1,396,540 | €1,344,402 | -€52,138 | -3.7% |
| Contributions | 10/11 | €1,350,000 | €1,350,000 | = | 0.0% |
| Reserves | 13 | €46,540 | €0 | -€46,540 | -100% |
| Distributable reserves | 133 | €46,540 | €0 | -€46,540 | -100% |
| Profit (loss) carried forward | 14 | - | -€5,598 | -€5,598 | |
| Amounts payable | 17/49 | €19,134,686 | €28,826,672 | +€9.7m | +50.7% |
| Amounts payable after more than one year | 17 | €18,468,285 | €27,142,292 | +€8.7m | +47.0% |
| Financial debts | 170/4 | €8,407,935 | €12,050,336 | +€3.6m | +43.3% |
| Other amounts payable | 178/9 | €10,060,350 | €15,091,956 | +€5.0m | +50.0% |
| Amounts payable within one year | 42/48 | €461,234 | €1,127,349 | +€666,115 | +144% |
| Current portion of amounts payable after more than one year | 42 | €266,853 | €363,253 | +€96,400 | +36.1% |
| Financial debts | 43 | €75,371 | €75,465 | +€94 | +0.1% |
| Other loans | 439 | €75,371 | €75,465 | +€94 | +0.1% |
| Trade debts | 44 | €106,880 | €32,711 | -€74,169 | -69.4% |
| Suppliers | 440/4 | €106,880 | €32,711 | -€74,169 | -69.4% |
| Advances received on contracts in progress | 46 | - | €640,000 | +€640,000 | |
| Taxes, remuneration and social security | 45 | €12,130 | €11,564 | -€566 | -4.7% |
| Taxes | 450/3 | €2,786 | €1,702 | -€1,084 | -38.9% |
| Remuneration and social security | 454/9 | €9,344 | €9,862 | +€518 | +5.5% |
| Other amounts payable | 47/48 | - | €4,356 | +€4,356 | |
| Accrued charges and deferred income | 492/3 | €205,167 | €557,031 | +€351,864 | +172% |
| Non-recurring operating income | 76A | €176,732 | €52,447 | -€124,285 | -70.3% |
| Remuneration, social security and pensions | 62 | €32,804 | €47,557 | +€14,753 | +45.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €129,658 | €265,478 | +€135,819 | +105% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,270 | €2,151 | -€5,119 | -70.4% |
| Other operating charges | 640/8 | €63,417 | €39,005 | -€24,412 | -38.5% |
| Non-recurring operating charges | 66A | - | €7,847 | +€7,847 | |
| Gross operating margin | 9900 | €723,079 | €354,181 | -€368,899 | -51.0% |
| Operating profit (loss) | 9901 | €489,930 | -€7,857 | -€497,787 | |
| Financial income | 75/76B | €259,032 | €596,461 | +€337,429 | +130% |
| Recurring financial income | 75 | €259,032 | €596,461 | +€337,429 | +130% |
| Financial charges | 65/66B | €461,830 | €640,393 | +€178,563 | +38.7% |
| Recurring financial charges | 65 | €461,830 | €640,393 | +€178,563 | +38.7% |
| Profit (loss) for the period before taxes | 9903 | €287,132 | -€51,790 | -€338,921 | |
| Income taxes | 67/77 | €32,718 | €349 | -€32,370 | -98.9% |
| Profit (loss) for the period | 9904 | €254,414 | -€52,138 | -€306,552 | |
| Profit (loss) for the period to be appropriated | 9905 | €254,414 | -€52,138 | -€306,552 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.