VPdC: 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.
VPdC
Largest movements
- Tangible fixed assets -€32,570
down €32,570 (-13.8%), from €236,330 to €203,760
of which Land and buildings: -€22,933
- Cash -€16,993
down €16,993 (-27.9%), from €60,876 to €43,883
mainly Debts after one year (-€94,871) and Net result for the year (-€37,646)
- Receivables within one year +€15,743
up €15,743 (+255%), from €6,165 to €21,908
of which Trade receivables: +€12,518
- Deferred charges and accrued income -€12,236
down €12,236 (-34.7%), from €35,298 to €23,062
- Debts after one year -€94,871
down €94,871 (-97.3%), from €97,494 to €2,623
of which Other amounts payable: -€63,875
- Other debts +€86,574
up €86,574 (+54.5%), from €158,932 to €245,506
- Profit (loss) carried forward -€37,646
down €37,646 (-708%), from -€5,315 to -€42,961
- Gross operating margin -€36,424
down €36,424 (-66.2%), from €55,062 to €18,638
- Financial charges -€2,636
down €2,636 (-26.0%), from €10,144 to €7,509
- Staff costs -€2,019
down €2,019, from €1,882 to -€137
- Taxes -€1,335
down €1,335 (-9.3%), from €14,325 to €12,990
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 | €338,669 | €292,613 | -€46,056 | -13.6% |
| Fixed assets | 21/28 | €236,330 | €203,760 | -€32,570 | -13.8% |
| Tangible fixed assets | 22/27 | €236,330 | €203,760 | -€32,570 | -13.8% |
| Land and buildings | 22 | €215,287 | €192,353 | -€22,933 | -10.7% |
| Plant, machinery and equipment | 23 | €4,963 | €2,780 | -€2,183 | -44.0% |
| Furniture and vehicles | 24 | €4,246 | €1,504 | -€2,742 | -64.6% |
| Other tangible fixed assets | 26 | €11,834 | €7,123 | -€4,711 | -39.8% |
| Current assets | 29/58 | €102,339 | €88,853 | -€13,486 | -13.2% |
| Amounts receivable within one year | 40/41 | €6,165 | €21,908 | +€15,743 | +255% |
| Trade receivables | 40 | €2,565 | €15,083 | +€12,518 | +488% |
| Other amounts receivable | 41 | €3,600 | €6,825 | +€3,225 | +89.6% |
| Cash at bank and in hand | 54/58 | €60,876 | €43,883 | -€16,993 | -27.9% |
| Deferred charges and accrued income | 490/1 | €35,298 | €23,062 | -€12,236 | -34.7% |
| Total equity and liabilities | 10/49 | €338,669 | €292,613 | -€46,056 | -13.6% |
| Equity | 10/15 | €25,579 | -€12,067 | -€37,646 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €24,694 | €24,694 | = | 0.0% |
| Distributable reserves | 133 | €24,694 | €24,694 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,315 | -€42,961 | -€37,646 | -708% |
| Amounts payable | 17/49 | €313,091 | €304,680 | -€8,410 | -2.7% |
| Amounts payable after more than one year | 17 | €97,494 | €2,623 | -€94,871 | -97.3% |
| Financial debts | 170/4 | €33,619 | €2,623 | -€30,996 | -92.2% |
| Other amounts payable | 178/9 | €63,875 | - | -€63,875 | |
| Amounts payable within one year | 42/48 | €212,535 | €299,096 | +€86,560 | +40.7% |
| Current portion of amounts payable after more than one year | 42 | €30,996 | €30,996 | = | 0.0% |
| Trade debts | 44 | €2,814 | €4,198 | +€1,384 | +49.2% |
| Suppliers | 440/4 | €2,814 | €4,198 | +€1,384 | +49.2% |
| Taxes, remuneration and social security | 45 | €19,792 | €18,395 | -€1,398 | -7.1% |
| Taxes | 450/3 | €19,792 | €15,645 | -€4,148 | -21.0% |
| Remuneration and social security | 454/9 | - | €2,750 | +€2,750 | |
| Other amounts payable | 47/48 | €158,932 | €245,506 | +€86,574 | +54.5% |
| Accrued charges and deferred income | 492/3 | €3,061 | €2,962 | -€100 | -3.3% |
| Remuneration, social security and pensions | 62 | €1,882 | -€137 | -€2,019 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,116 | €32,570 | -€546 | -1.6% |
| Other operating charges | 640/8 | €2,830 | €3,352 | +€522 | +18.5% |
| Gross operating margin | 9900 | €55,062 | €18,638 | -€36,424 | -66.2% |
| Operating profit (loss) | 9901 | €17,234 | -€17,147 | -€34,381 | |
| Financial income | 75/76B | €60 | €0 | -€60 | -99.8% |
| Recurring financial income | 75 | €60 | €0 | -€60 | -99.8% |
| Financial charges | 65/66B | €10,144 | €7,509 | -€2,636 | -26.0% |
| Recurring financial charges | 65 | €10,144 | €7,509 | -€2,636 | -26.0% |
| Profit (loss) for the period before taxes | 9903 | €7,150 | -€24,655 | -€31,806 | |
| Income taxes | 67/77 | €14,325 | €12,990 | -€1,335 | -9.3% |
| Profit (loss) for the period | 9904 | -€7,175 | -€37,646 | -€30,471 | -425% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,175 | -€37,646 | -€30,471 | -425% |
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 16 October 2026 via checked.be.