VP TECH: what changed
Two fiscal 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 TECH
Largest movements
- Receivables within one year +€96,800
up €96,800 (+120.3%), from €80,481 to €177,281
of which Trade receivables: +€95,083
- Cash +€8,350
up €8,350 (+43.7%), from €19,117 to €27,467
mainly Debts after one year (+€34,757) and Net result for the year (+€33,510)
- Debts after one year +€34,757
up €34,757 (+115.6%), from €30,056 to €64,813
- Profit (loss) carried forward +€33,510
up €33,510 (+41.3%), from €81,211 to €114,721
- Current portion of long-term debt +€22,268
up €22,268 (+186.6%), from €11,934 to €34,202
- Trade debts +€13,190
new in 2025: €13,190
- Tax, wage and social debts +€6,080
up €6,080 (+27.8%), from €21,883 to €27,963
of which Remuneration and social security: +€8,334
- Gross operating margin +€28,475
up €28,475 (+42.1%), from €67,599 to €96,074
- Staff costs +€21,688
up €21,688 (+456.7%), from €4,749 to €26,437
- Depreciation +€4,961
up €4,961 (+31.9%), from €15,530 to €20,491
- Financial charges +€1,150
up €1,150 (+35.7%), from €3,221 to €4,371
- Other operating charges +€1,051
up €1,051 (+189.0%), from €556 to €1,607
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 | €150,362 | €256,848 | +€106,486 | +70.8% |
| Fixed assets | 21/28 | €49,372 | €49,835 | +€463 | +0.9% |
| Tangible fixed assets | 22/27 | €49,372 | €49,835 | +€463 | +0.9% |
| Plant, machinery and equipment | 23 | €4,258 | €4,394 | +€136 | +3.2% |
| Furniture and vehicles | 24 | €45,114 | €45,441 | +€327 | +0.7% |
| Current assets | 29/58 | €100,990 | €207,013 | +€106,023 | +105.0% |
| Amounts receivable within one year | 40/41 | €80,481 | €177,281 | +€96,800 | +120.3% |
| Trade receivables | 40 | €78,535 | €173,618 | +€95,083 | +121.1% |
| Other amounts receivable | 41 | €1,946 | €3,663 | +€1,717 | +88.2% |
| Cash at bank and in hand | 54/58 | €19,117 | €27,467 | +€8,350 | +43.7% |
| Deferred charges and accrued income | 490/1 | €1,392 | €2,265 | +€873 | +62.7% |
| Total equity and liabilities | 10/49 | €150,362 | €256,848 | +€106,486 | +70.8% |
| Equity | 10/15 | €82,711 | €116,221 | +€33,510 | +40.5% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €81,211 | €114,721 | +€33,510 | +41.3% |
| Amounts payable | 17/49 | €67,651 | €140,627 | +€72,976 | +107.9% |
| Amounts payable after more than one year | 17 | €30,056 | €64,813 | +€34,757 | +115.6% |
| Financial debts | 170/4 | €30,056 | €64,813 | +€34,757 | +115.6% |
| Amounts payable within one year | 42/48 | €37,595 | €75,814 | +€38,219 | +101.7% |
| Current portion of amounts payable after more than one year | 42 | €11,934 | €34,202 | +€22,268 | +186.6% |
| Trade debts | 44 | - | €13,190 | +€13,190 | |
| Suppliers | 440/4 | - | €13,190 | +€13,190 | |
| Taxes, remuneration and social security | 45 | €21,883 | €27,963 | +€6,080 | +27.8% |
| Taxes | 450/3 | €21,156 | €18,902 | -€2,254 | -10.7% |
| Remuneration and social security | 454/9 | €727 | €9,061 | +€8,334 | +1146.4% |
| Other amounts payable | 47/48 | €3,778 | €459 | -€3,319 | -87.9% |
| Non-recurring operating income | 76A | - | €368 | +€368 | |
| Remuneration, social security and pensions | 62 | €4,749 | €26,437 | +€21,688 | +456.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,530 | €20,491 | +€4,961 | +31.9% |
| Other operating charges | 640/8 | €556 | €1,607 | +€1,051 | +189.0% |
| Non-recurring operating charges | 66A | - | €56 | +€56 | |
| Gross operating margin | 9900 | €67,599 | €96,074 | +€28,475 | +42.1% |
| Operating profit (loss) | 9901 | €46,764 | €47,483 | +€719 | +1.5% |
| Financial income | 75/76B | €100 | - | -€100 | |
| Recurring financial income | 75 | €100 | - | -€100 | |
| Non-recurring financial income | 76B | - | €0 | = | |
| Financial charges | 65/66B | €3,221 | €4,371 | +€1,150 | +35.7% |
| Recurring financial charges | 65 | €3,221 | €4,371 | +€1,150 | +35.7% |
| Profit (loss) for the period before taxes | 9903 | €43,643 | €43,112 | -€531 | -1.2% |
| Income taxes | 67/77 | €9,397 | €9,602 | +€205 | +2.2% |
| Profit (loss) for the period | 9904 | €34,246 | €33,510 | -€736 | -2.1% |
| Profit (loss) for the period to be appropriated | 9905 | €34,246 | €33,510 | -€736 | -2.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.