VPA: 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.
VPA
Largest movements
- Receivables within one year -€31,852
down €31,852 (-64.9%), from €49,064 to €17,212
of which Trade receivables: -€33,274
- Cash +€15,555
up €15,555 (+74.3%), from €20,949 to €36,504
mainly Receivables within one year (+€31,852) and Depreciation (+€11,270)
- Tangible fixed assets -€11,270
down €11,270 (-38.4%), from €29,371 to €18,101
of which Leasing and similar rights: -€10,216
- Stocks and contracts +€6,606
up €6,606 (+503.9%), from €1,311 to €7,917
- Deferred charges and accrued income -€1,831
no longer reported in 2025 (was €1,831)
- Other debts -€8,665
down €8,665 (-75.0%), from €11,553 to €2,888
- Debts after one year -€8,343
down €8,343 (-47.5%), from €17,562 to €9,219
- Profit (loss) carried forward -€1,985
new in 2025: -€1,985
- Current portion of long-term debt -€1,934
down €1,934 (-18.8%), from €10,277 to €8,343
- Tax, wage and social debts -€1,069
down €1,069 (-9.4%), from €11,388 to €10,319
of which Taxes: -€5,016
- Gross operating margin -€41,837
down €41,837 (-76.4%), from €54,771 to €12,934
- Taxes -€9,312
no longer reported in 2025 (was €9,312)
- Financial charges +€1,843
up €1,843 (+204.0%), from €903 to €2,746
- Other operating charges -€1,156
down €1,156 (-55.8%), from €2,072 to €916
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 | €103,926 | €81,134 | -€22,792 | -21.9% |
| Fixed assets | 21/28 | €30,771 | €19,501 | -€11,270 | -36.6% |
| Tangible fixed assets | 22/27 | €29,371 | €18,101 | -€11,270 | -38.4% |
| Furniture and vehicles | 24 | €1,353 | €300 | -€1,053 | -77.8% |
| Leasing and similar rights | 25 | €28,017 | €17,801 | -€10,216 | -36.5% |
| Financial fixed assets | 28 | €1,400 | €1,400 | = | 0.0% |
| Current assets | 29/58 | €73,155 | €61,633 | -€11,522 | -15.7% |
| Stocks and contracts in progress | 3 | €1,311 | €7,917 | +€6,606 | +503.9% |
| Stocks | 30/36 | €1,311 | €7,917 | +€6,606 | +503.9% |
| Amounts receivable within one year | 40/41 | €49,064 | €17,212 | -€31,852 | -64.9% |
| Trade receivables | 40 | €48,411 | €15,137 | -€33,274 | -68.7% |
| Other amounts receivable | 41 | €654 | €2,075 | +€1,421 | +217.4% |
| Cash at bank and in hand | 54/58 | €20,949 | €36,504 | +€15,555 | +74.3% |
| Deferred charges and accrued income | 490/1 | €1,831 | - | -€1,831 | |
| Total equity and liabilities | 10/49 | €103,926 | €81,134 | -€22,792 | -21.9% |
| Equity | 10/15 | €49,497 | €47,512 | -€1,985 | -4.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €30,897 | €30,897 | -€0 | 0.0% |
| Distributable reserves | 133 | €30,897 | €30,897 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | - | -€1,985 | -€1,985 | |
| Amounts payable | 17/49 | €54,428 | €33,622 | -€20,806 | -38.2% |
| Amounts payable after more than one year | 17 | €17,562 | €9,219 | -€8,343 | -47.5% |
| Financial debts | 170/4 | €17,562 | €9,219 | -€8,343 | -47.5% |
| Amounts payable within one year | 42/48 | €36,866 | €24,403 | -€12,463 | -33.8% |
| Current portion of amounts payable after more than one year | 42 | €10,277 | €8,343 | -€1,934 | -18.8% |
| Trade debts | 44 | €3,648 | €2,853 | -€795 | -21.8% |
| Suppliers | 440/4 | €3,648 | €2,853 | -€795 | -21.8% |
| Taxes, remuneration and social security | 45 | €11,388 | €10,319 | -€1,069 | -9.4% |
| Taxes | 450/3 | €9,263 | €4,247 | -€5,016 | -54.2% |
| Remuneration and social security | 454/9 | €2,125 | €6,072 | +€3,947 | +185.7% |
| Other amounts payable | 47/48 | €11,553 | €2,888 | -€8,665 | -75.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,272 | €11,270 | -€2 | 0.0% |
| Other operating charges | 640/8 | €2,072 | €916 | -€1,156 | -55.8% |
| Gross operating margin | 9900 | €54,771 | €12,934 | -€41,837 | -76.4% |
| Operating profit (loss) | 9901 | €41,427 | €748 | -€40,679 | -98.2% |
| Financial income | 75/76B | €24 | €13 | -€11 | -46.5% |
| Recurring financial income | 75 | €24 | €13 | -€11 | -46.5% |
| Financial charges | 65/66B | €903 | €2,746 | +€1,843 | +204.0% |
| Recurring financial charges | 65 | €903 | €2,746 | +€1,843 | +204.0% |
| Profit (loss) for the period before taxes | 9903 | €40,548 | -€1,985 | -€42,533 | |
| Income taxes | 67/77 | €9,312 | - | -€9,312 | |
| Profit (loss) for the period | 9904 | €31,236 | -€1,985 | -€33,221 | |
| Profit (loss) for the period to be appropriated | 9905 | €31,236 | -€1,985 | -€33,221 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.