VP28: 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.
VP28
Largest movements
- Current investments +€309,113
up €309,113 (+41.1%), from €751,873 to €1.1m
- Cash +€227,160
up €227,160 (+38.1%), from €596,719 to €823,879
mainly Net result for the year (+€829,849) and Other debts (+€82,606)
- Reserves +€481,300
up €481,300 (+37.6%), from €1.3m to €1.8m
- Other debts +€82,606
up €82,606 (+131.5%), from €62,798 to €145,403
- Tax, wage and social debts -€25,564
down €25,564 (-45.4%), from €56,283 to €30,719
- Financial income +€163,427
up €163,427 (+18.4%), from €887,157 to €1.1m
- Taxes +€42,688
up €42,688 (+12.6%), from €339,395 to €382,083
- Gross operating margin -€30,386
down €30,386 (-13.1%), from €231,420 to €201,034
- Depreciation -€5,114
down €5,114 (-56.1%), from €9,119 to €4,005
- Other operating charges +€3,363
up €3,363 (+11.8%), from €28,552 to €31,915
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 | €1,408,344 | €1,942,871 | +€534,527 | +38.0% |
| Fixed assets | 21/28 | €39,037 | €35,032 | -€4,005 | -10.3% |
| Tangible fixed assets | 22/27 | €39,037 | €35,032 | -€4,005 | -10.3% |
| Land and buildings | 22 | €32,320 | €30,958 | -€1,362 | -4.2% |
| Plant, machinery and equipment | 23 | €384 | €110 | -€274 | -71.3% |
| Furniture and vehicles | 24 | €6,332 | €3,963 | -€2,369 | -37.4% |
| Current assets | 29/58 | €1,369,307 | €1,907,840 | +€538,532 | +39.3% |
| Stocks and contracts in progress | 3 | €5,481 | €0 | -€5,481 | -100.0% |
| Stocks | 30/36 | €5,481 | €0 | -€5,481 | -100.0% |
| Amounts receivable within one year | 40/41 | €1,726 | €4,965 | +€3,238 | +187.6% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €1,726 | €4,965 | +€3,238 | +187.6% |
| Current investments | 50/53 | €751,873 | €1,060,986 | +€309,113 | +41.1% |
| Cash at bank and in hand | 54/58 | €596,719 | €823,879 | +€227,160 | +38.1% |
| Deferred charges and accrued income | 490/1 | €13,508 | €18,010 | +€4,502 | +33.3% |
| Total equity and liabilities | 10/49 | €1,408,344 | €1,942,871 | +€534,527 | +38.0% |
| Equity | 10/15 | €1,281,409 | €1,762,709 | +€481,300 | +37.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €1,280,409 | €1,761,709 | +€481,300 | +37.6% |
| Distributable reserves | 133 | €1,280,409 | €1,761,709 | +€481,300 | +37.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €126,935 | €180,162 | +€53,227 | +41.9% |
| Amounts payable within one year | 42/48 | €126,867 | €178,702 | +€51,836 | +40.9% |
| Trade debts | 44 | €7,786 | €2,580 | -€5,206 | -66.9% |
| Suppliers | 440/4 | €7,786 | €2,580 | -€5,206 | -66.9% |
| Taxes, remuneration and social security | 45 | €56,283 | €30,719 | -€25,564 | -45.4% |
| Taxes | 450/3 | €56,283 | €30,719 | -€25,564 | -45.4% |
| Other amounts payable | 47/48 | €62,798 | €145,403 | +€82,606 | +131.5% |
| Accrued charges and deferred income | 492/3 | €68 | €1,460 | +€1,392 | +2047.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,119 | €4,005 | -€5,114 | -56.1% |
| Other operating charges | 640/8 | €28,552 | €31,915 | +€3,363 | +11.8% |
| Gross operating margin | 9900 | €231,420 | €201,034 | -€30,386 | -13.1% |
| Operating profit (loss) | 9901 | €193,748 | €165,114 | -€28,635 | -14.8% |
| Financial income | 75/76B | €887,157 | €1,050,583 | +€163,427 | +18.4% |
| Recurring financial income | 75 | €887,157 | €1,050,583 | +€163,427 | +18.4% |
| Financial charges | 65/66B | €4,729 | €3,765 | -€964 | -20.4% |
| Recurring financial charges | 65 | €4,729 | €3,765 | -€964 | -20.4% |
| Profit (loss) for the period before taxes | 9903 | €1,076,176 | €1,211,932 | +€135,756 | +12.6% |
| Income taxes | 67/77 | €339,395 | €382,083 | +€42,688 | +12.6% |
| Profit (loss) for the period | 9904 | €736,781 | €829,849 | +€93,068 | +12.6% |
| Profit (loss) for the period to be appropriated | 9905 | €736,781 | €829,849 | +€93,068 | +12.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.