VP'S DEVELOPMENT: 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'S DEVELOPMENT
Largest movements
- Receivables after one year -€88,590
down €88,590 (-41.8%), from €212,105 to €123,516
of which Other amounts receivable: -€212,105
- Tangible fixed assets +€26,696
up €26,696 (+16.4%), from €163,274 to €189,971
- Profit (loss) carried forward -€59,044
down €59,044 (-11.7%), from €504,399 to €445,356
- Current portion of long-term debt -€27,991
down €27,991 (-39.2%), from €71,445 to €43,454
- Trade debts +€16,317
up €16,317 (+11.4%), from €142,540 to €158,857
- Depreciation +€36,768
up €36,768 (+455%), from €8,075 to €44,842
- Financial income -€36,241
down €36,241 (-99.5%), from €36,408 to €168
- Financial charges +€17,702
up €17,702 (+190%), from €9,330 to €27,032
- Gross operating margin +€10,701
up €10,701 (+230%), from €4,659 to €15,361
- Other operating charges +€2,093
up €2,093 (+357%), from €586 to €2,679
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 | €1,548,274 | €1,482,367 | -€65,907 | -4.3% |
| Fixed assets | 21/28 | €1,313,274 | €1,339,971 | +€26,696 | +2.0% |
| Tangible fixed assets | 22/27 | €163,274 | €189,971 | +€26,696 | +16.4% |
| Leasing and similar rights | 25 | €163,274 | €189,971 | +€26,696 | +16.4% |
| Financial fixed assets | 28 | €1,150,000 | €1,150,000 | = | 0.0% |
| Current assets | 29/58 | €234,999 | €142,396 | -€92,603 | -39.4% |
| Amounts receivable after more than one year | 29 | €212,105 | €123,516 | -€88,590 | -41.8% |
| Trade receivables | 290 | - | €123,516 | +€123,516 | |
| Other amounts receivable | 291 | €212,105 | - | -€212,105 | |
| Amounts receivable within one year | 40/41 | €7,804 | €11,112 | +€3,308 | +42.4% |
| Trade receivables | 40 | €4,356 | €6,982 | +€2,626 | +60.3% |
| Other amounts receivable | 41 | €3,448 | €4,130 | +€683 | +19.8% |
| Cash at bank and in hand | 54/58 | €3,014 | €1,016 | -€1,998 | -66.3% |
| Deferred charges and accrued income | 490/1 | €12,077 | €6,753 | -€5,324 | -44.1% |
| Total equity and liabilities | 10/49 | €1,548,274 | €1,482,367 | -€65,907 | -4.3% |
| Equity | 10/15 | €641,899 | €582,856 | -€59,044 | -9.2% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €12,500 | €12,500 | = | 0.0% |
| Distributable reserves | 133 | €12,500 | €12,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €504,399 | €445,356 | -€59,044 | -11.7% |
| Investment grants | 15 | €0 | - | = | |
| Amounts payable | 17/49 | €906,374 | €899,511 | -€6,863 | -0.8% |
| Amounts payable after more than one year | 17 | €692,020 | €697,200 | +€5,181 | +0.7% |
| Financial debts | 170/4 | €136,910 | €153,911 | +€17,001 | +12.4% |
| Other amounts payable | 178/9 | €555,110 | €543,290 | -€11,820 | -2.1% |
| Amounts payable within one year | 42/48 | €214,354 | €202,311 | -€12,044 | -5.6% |
| Current portion of amounts payable after more than one year | 42 | €71,445 | €43,454 | -€27,991 | -39.2% |
| Trade debts | 44 | €142,540 | €158,857 | +€16,317 | +11.4% |
| Suppliers | 440/4 | €142,540 | €158,857 | +€16,317 | +11.4% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €370 | - | -€370 | |
| Non-recurring operating income | 76A | €9,000 | - | -€9,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,075 | €44,842 | +€36,768 | +455% |
| Other operating charges | 640/8 | €586 | €2,679 | +€2,093 | +357% |
| Gross operating margin | 9900 | €4,659 | €15,361 | +€10,701 | +230% |
| Operating profit (loss) | 9901 | -€4,001 | -€32,161 | -€28,159 | -704% |
| Financial income | 75/76B | €36,408 | €168 | -€36,241 | -99.5% |
| Recurring financial income | 75 | €36,408 | €168 | -€36,241 | -99.5% |
| Financial charges | 65/66B | €9,330 | €27,032 | +€17,702 | +190% |
| Recurring financial charges | 65 | €9,330 | €27,032 | +€17,702 | +190% |
| Profit (loss) for the period before taxes | 9903 | €23,077 | -€59,025 | -€82,102 | |
| Income taxes | 67/77 | €32 | €19 | -€13 | -41.3% |
| Profit (loss) for the period | 9904 | €23,045 | -€59,044 | -€82,089 | |
| Profit (loss) for the period to be appropriated | 9905 | €23,045 | -€59,044 | -€82,089 |
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 23 October 2026 via checked.be.