VPE: 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.
VPE
Largest movements
- Receivables within one year -€21,082
down €21,082 (-15.2%), from €138,847 to €117,764
of which Trade receivables: -€27,611
- Cash -€5,253
down €5,253 (-98.8%), from €5,316 to €63
mainly Tax, wage and social debts (-€21,144) and Investment in fixed assets (net) (-€4,075)
- Tax, wage and social debts -€21,144
down €21,144 (-51.4%), from €41,133 to €19,989
- Trade debts -€2,863
down €2,863 (-20.8%), from €13,736 to €10,873
- Accrued charges and deferred income -€2,770
down €2,770 (-92.3%), from €3,000 to €230
- Gross operating margin -€30,339
down €30,339 (-82.8%), from €36,636 to €6,297
- Taxes -€14,060
down €14,060 (-76.6%), from €18,345 to €4,285
- Other operating charges -€1,920
down €1,920 (-55.7%), from €3,451 to €1,530
- Financial income +€1,497
up €1,497 (+26.4%), from €5,664 to €7,161
- Financial charges -€957
down €957 (-23.0%), from €4,153 to €3,196
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 | €152,394 | €126,856 | -€25,539 | -16.8% |
| Fixed assets | 21/28 | €8,163 | €9,029 | +€866 | +10.6% |
| Tangible fixed assets | 22/27 | €8,023 | €8,889 | +€866 | +10.8% |
| Furniture and vehicles | 24 | - | €4,029 | +€4,029 | |
| Other tangible fixed assets | 26 | €8,023 | €4,860 | -€3,163 | -39.4% |
| Financial fixed assets | 28 | €140 | €140 | = | 0.0% |
| Current assets | 29/58 | €144,232 | €117,827 | -€26,405 | -18.3% |
| Amounts receivable within one year | 40/41 | €138,847 | €117,764 | -€21,082 | -15.2% |
| Trade receivables | 40 | €27,611 | €0 | -€27,611 | -100.0% |
| Other amounts receivable | 41 | €111,236 | €117,764 | +€6,529 | +5.9% |
| Cash at bank and in hand | 54/58 | €5,316 | €63 | -€5,253 | -98.8% |
| Deferred charges and accrued income | 490/1 | €69 | €0 | -€69 | -100.0% |
| Total equity and liabilities | 10/49 | €152,394 | €126,856 | -€25,539 | -16.8% |
| Equity | 10/15 | €94,525 | €95,764 | +€1,239 | +1.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €19,912 | €19,912 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €18,052 | €18,052 | = | 0.0% |
| Profit (loss) carried forward | 14 | €68,414 | €69,652 | +€1,239 | +1.8% |
| Amounts payable | 17/49 | €57,869 | €31,092 | -€26,777 | -46.3% |
| Amounts payable within one year | 42/48 | €54,869 | €30,862 | -€24,007 | -43.8% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €13,736 | €10,873 | -€2,863 | -20.8% |
| Suppliers | 440/4 | €13,736 | €10,873 | -€2,863 | -20.8% |
| Taxes, remuneration and social security | 45 | €41,133 | €19,989 | -€21,144 | -51.4% |
| Taxes | 450/3 | €41,133 | €19,989 | -€21,144 | -51.4% |
| Accrued charges and deferred income | 492/3 | €3,000 | €230 | -€2,770 | -92.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,593 | €3,209 | +€616 | +23.8% |
| Other operating charges | 640/8 | €3,451 | €1,530 | -€1,920 | -55.7% |
| Gross operating margin | 9900 | €36,636 | €6,297 | -€30,339 | -82.8% |
| Operating profit (loss) | 9901 | €30,592 | €1,558 | -€29,034 | -94.9% |
| Financial income | 75/76B | €5,664 | €7,161 | +€1,497 | +26.4% |
| Recurring financial income | 75 | €5,664 | €7,161 | +€1,497 | +26.4% |
| Financial charges | 65/66B | €4,153 | €3,196 | -€957 | -23.0% |
| Recurring financial charges | 65 | €4,153 | €3,196 | -€957 | -23.0% |
| Profit (loss) for the period before taxes | 9903 | €32,103 | €5,523 | -€26,580 | -82.8% |
| Income taxes | 67/77 | €18,345 | €4,285 | -€14,060 | -76.6% |
| Profit (loss) for the period | 9904 | €13,759 | €1,239 | -€12,520 | -91.0% |
| Profit (loss) for the period to be appropriated | 9905 | €13,759 | €1,239 | -€12,520 | -91.0% |
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 4 October 2026 via checked.be.