VP INVEST: 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 INVEST
Largest movements
- Receivables within one year +€64,008
up €64,008 (+99.8%), from €64,137 to €128,145
of which Trade receivables: +€35,401
- Financial fixed assets +€41,000
up €41,000 (+12.5%), from €327,500 to €368,500
- Cash +€37,844
up €37,844 (+157%), from €24,056 to €61,900
mainly Debts after one year (+€231,652) and Depreciation (+€5,693)
- Stocks and contracts +€29,920
up €29,920 (+24.7%), from €121,171 to €151,091
- Tangible fixed assets +€21,537
up €21,537 (+522%), from €4,127 to €25,664
of which Furniture and vehicles: +€17,552
- Debts after one year +€231,652
up €231,652 (+71.8%), from €322,853 to €554,505
- Other debts -€21,963
down €21,963 (-16.2%), from €135,513 to €113,550
- Reserves -€11,275
down €11,275 (-38.0%), from €29,706 to €18,431
- Trade debts -€11,256
down €11,256 (-65.1%), from €17,302 to €6,046
- Staff costs +€24,774
new in 2025: €24,774
- Financial charges +€12,739
up €12,739 (+773%), from €1,649 to €14,388
- Gross operating margin -€10,428
down €10,428 (-23.7%), from €43,936 to €33,508
- Taxes -€9,375
no longer reported in 2025 (was €9,375)
- Depreciation +€4,201
up €4,201 (+282%), from €1,492 to €5,693
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €546,005 | €738,442 | +€192,437 | +35.2% |
| Fixed assets | 21/28 | €334,988 | €396,789 | +€61,801 | +18.4% |
| Intangible fixed assets | 21 | €3,361 | €2,625 | -€736 | -21.9% |
| Tangible fixed assets | 22/27 | €4,127 | €25,664 | +€21,537 | +522% |
| Plant, machinery and equipment | 23 | €4,127 | €8,111 | +€3,985 | +96.6% |
| Furniture and vehicles | 24 | - | €17,552 | +€17,552 | |
| Financial fixed assets | 28 | €327,500 | €368,500 | +€41,000 | +12.5% |
| Current assets | 29/58 | €211,017 | €341,653 | +€130,636 | +61.9% |
| Stocks and contracts in progress | 3 | €121,171 | €151,091 | +€29,920 | +24.7% |
| Stocks | 30/36 | €121,171 | €151,091 | +€29,920 | +24.7% |
| Amounts receivable within one year | 40/41 | €64,137 | €128,145 | +€64,008 | +99.8% |
| Trade receivables | 40 | €50,235 | €85,637 | +€35,401 | +70.5% |
| Other amounts receivable | 41 | €13,902 | €42,508 | +€28,607 | +206% |
| Cash at bank and in hand | 54/58 | €24,056 | €61,900 | +€37,844 | +157% |
| Deferred charges and accrued income | 490/1 | €1,653 | €517 | -€1,136 | -68.7% |
| Total equity and liabilities | 10/49 | €546,005 | €738,442 | +€192,437 | +35.2% |
| Equity | 10/15 | €30,206 | €18,931 | -€11,275 | -37.3% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €29,706 | €18,431 | -€11,275 | -38.0% |
| Distributable reserves | 133 | €29,706 | €18,431 | -€11,275 | -38.0% |
| Amounts payable | 17/49 | €515,799 | €719,512 | +€203,713 | +39.5% |
| Amounts payable after more than one year | 17 | €322,853 | €554,505 | +€231,652 | +71.8% |
| Financial debts | 170/4 | €322,853 | €554,505 | +€231,652 | +71.8% |
| Amounts payable within one year | 42/48 | €191,618 | €164,774 | -€26,844 | -14.0% |
| Current portion of amounts payable after more than one year | 42 | €29,428 | €32,641 | +€3,213 | +10.9% |
| Trade debts | 44 | €17,302 | €6,046 | -€11,256 | -65.1% |
| Suppliers | 440/4 | €17,302 | €6,046 | -€11,256 | -65.1% |
| Taxes, remuneration and social security | 45 | €9,375 | €12,537 | +€3,162 | +33.7% |
| Taxes | 450/3 | €9,375 | €10,258 | +€883 | +9.4% |
| Remuneration and social security | 454/9 | - | €2,280 | +€2,280 | |
| Other amounts payable | 47/48 | €135,513 | €113,550 | -€21,963 | -16.2% |
| Accrued charges and deferred income | 492/3 | €1,328 | €232 | -€1,096 | -82.5% |
| Remuneration, social security and pensions | 62 | - | €24,774 | +€24,774 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,492 | €5,693 | +€4,201 | +282% |
| Other operating charges | 640/8 | €1,715 | €1,073 | -€642 | -37.4% |
| Gross operating margin | 9900 | €43,936 | €33,508 | -€10,428 | -23.7% |
| Operating profit (loss) | 9901 | €40,729 | €1,967 | -€38,762 | -95.2% |
| Financial income | 75/76B | €1 | €1,146 | +€1,145 | +176,166% |
| Recurring financial income | 75 | €1 | €1,146 | +€1,145 | +176,166% |
| Financial charges | 65/66B | €1,649 | €14,388 | +€12,739 | +773% |
| Recurring financial charges | 65 | €1,649 | €14,388 | +€12,739 | +773% |
| Profit (loss) for the period before taxes | 9903 | €39,081 | -€11,275 | -€50,356 | |
| Income taxes | 67/77 | €9,375 | - | -€9,375 | |
| Profit (loss) for the period | 9904 | €29,706 | -€11,275 | -€40,981 | |
| Profit (loss) for the period to be appropriated | 9905 | €29,706 | -€11,275 | -€40,981 |
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 22 October 2026 via checked.be.