VPA FOREST: 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 FOREST
Largest movements
- Receivables within one year +€50,563
up €50,563 (+62.0%), from €81,535 to €132,098
of which Trade receivables: +€45,739
- Tangible fixed assets -€9,267
down €9,267 (-83.8%), from €11,053 to €1,786
- Profit (loss) carried forward +€34,348
new in 2025: €34,348
- Trade debts +€18,735
up €18,735 (+43.9%), from €42,679 to €61,413
- Advances received -€10,074
down €10,074 (-75.9%), from €13,266 to €3,191
- Other debts -€9,990
down €9,990 (-99.9%), from €9,999 to €8
- Tax, wage and social debts +€9,263
up €9,263 (+129%), from €7,155 to €16,418
- Gross operating margin +€36,687
up €36,687 (+161%), from €22,719 to €59,406
- Taxes +€6,022
up €6,022 (+153%), from €3,937 to €9,958
- Other operating charges +€5,735
up €5,735 (+3,558%), from €161 to €5,896
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 | €92,748 | €135,029 | +€42,281 | +45.6% |
| Fixed assets | 21/28 | €11,053 | €2,511 | -€8,542 | -77.3% |
| Intangible fixed assets | 21 | - | €725 | +€725 | |
| Tangible fixed assets | 22/27 | €11,053 | €1,786 | -€9,267 | -83.8% |
| Furniture and vehicles | 24 | €11,053 | €1,786 | -€9,267 | -83.8% |
| Current assets | 29/58 | €81,695 | €132,517 | +€50,823 | +62.2% |
| Amounts receivable within one year | 40/41 | €81,535 | €132,098 | +€50,563 | +62.0% |
| Trade receivables | 40 | €80,565 | €126,304 | +€45,739 | +56.8% |
| Other amounts receivable | 41 | €970 | €5,794 | +€4,823 | +497% |
| Cash at bank and in hand | 54/58 | €159 | €420 | +€260 | +163% |
| Total equity and liabilities | 10/49 | €92,748 | €135,029 | +€42,281 | +45.6% |
| Equity | 10/15 | €19,650 | €53,997 | +€34,348 | +175% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €17,650 | €17,650 | = | 0.0% |
| Distributable reserves | 133 | €17,650 | €17,650 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €34,348 | +€34,348 | |
| Amounts payable | 17/49 | €73,098 | €81,032 | +€7,933 | +10.9% |
| Amounts payable within one year | 42/48 | €73,098 | €81,032 | +€7,933 | +10.9% |
| Trade debts | 44 | €42,679 | €61,413 | +€18,735 | +43.9% |
| Suppliers | 440/4 | €42,679 | €61,413 | +€18,735 | +43.9% |
| Advances received on contracts in progress | 46 | €13,266 | €3,191 | -€10,074 | -75.9% |
| Taxes, remuneration and social security | 45 | €7,155 | €16,418 | +€9,263 | +129% |
| Taxes | 450/3 | €7,155 | €16,418 | +€9,263 | +129% |
| Other amounts payable | 47/48 | €9,999 | €8 | -€9,990 | -99.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,542 | €8,542 | = | 0.0% |
| Other operating charges | 640/8 | €161 | €5,896 | +€5,735 | +3,558% |
| Gross operating margin | 9900 | €22,719 | €59,406 | +€36,687 | +161% |
| Operating profit (loss) | 9901 | €14,016 | €44,968 | +€30,952 | +221% |
| Financial income | 75/76B | €355 | €100 | -€255 | -71.8% |
| Recurring financial income | 75 | €355 | €100 | -€255 | -71.8% |
| Financial charges | 65/66B | €732 | €762 | +€30 | +4.1% |
| Recurring financial charges | 65 | €732 | €762 | +€30 | +4.1% |
| Profit (loss) for the period before taxes | 9903 | €13,638 | €44,306 | +€30,667 | +225% |
| Income taxes | 67/77 | €3,937 | €9,958 | +€6,022 | +153% |
| Profit (loss) for the period | 9904 | €9,702 | €34,348 | +€24,646 | +254% |
| Profit (loss) for the period to be appropriated | 9905 | €9,702 | €34,348 | +€24,646 | +254% |
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 17 October 2026 via checked.be.