VPELT: what changed
VPELT
Largest movements
- Cash -€24,342
down €24,342 (-36.4%), from €66,802 to €42,460
mainly Contributions, distributions and other (-€102,941) and Tax, wage and social debts (-€9,158)
- Tangible fixed assets -€16,812
down €16,812 (-29.4%), from €57,112 to €40,300
of which Furniture and vehicles: -€16,511
- Receivables within one year +€2,679
up €2,679 (+18.5%), from €14,520 to €17,199
- Reserves -€42,096
down €42,096 (-40.8%), from €103,147 to €61,051
- Other debts +€12,485
up €12,485 (+285%), from €4,385 to €16,870
- Tax, wage and social debts -€9,158
down €9,158 (-33.9%), from €26,984 to €17,826
- Gross operating margin +€10,470
up €10,470 (+12.4%), from €84,445 to €94,915
- Taxes +€2,247
up €2,247 (+15.9%), from €14,111 to €16,358
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €139,699 | €101,299 | -€38,400 | -27.5% |
| Fixed assets | 21/28 | €57,152 | €40,340 | -€16,812 | -29.4% |
| Tangible fixed assets | 22/27 | €57,112 | €40,300 | -€16,812 | -29.4% |
| Plant, machinery and equipment | 23 | €1,200 | €899 | -€301 | -25.1% |
| Furniture and vehicles | 24 | €55,912 | €39,401 | -€16,511 | -29.5% |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €82,547 | €60,959 | -€21,588 | -26.2% |
| Amounts receivable within one year | 40/41 | €14,520 | €17,199 | +€2,679 | +18.5% |
| Trade receivables | 40 | €14,520 | €17,199 | +€2,679 | +18.5% |
| Cash at bank and in hand | 54/58 | €66,802 | €42,460 | -€24,342 | -36.4% |
| Deferred charges and accrued income | 490/1 | €1,225 | €1,300 | +€75 | +6.1% |
| Total equity and liabilities | 10/49 | €139,699 | €101,299 | -€38,400 | -27.5% |
| Equity | 10/15 | €106,147 | €64,051 | -€42,096 | -39.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €103,147 | €61,051 | -€42,096 | -40.8% |
| Distributable reserves | 133 | €103,147 | €61,051 | -€42,096 | -40.8% |
| Amounts payable | 17/49 | €33,551 | €37,248 | +€3,696 | +11.0% |
| Amounts payable within one year | 42/48 | €33,551 | €37,248 | +€3,696 | +11.0% |
| Trade debts | 44 | €2,183 | €2,552 | +€369 | +16.9% |
| Suppliers | 440/4 | €2,183 | €2,552 | +€369 | +16.9% |
| Taxes, remuneration and social security | 45 | €26,984 | €17,826 | -€9,158 | -33.9% |
| Taxes | 450/3 | €26,984 | €17,826 | -€9,158 | -33.9% |
| Other amounts payable | 47/48 | €4,385 | €16,870 | +€12,485 | +285% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,697 | €16,812 | +€115 | +0.7% |
| Other operating charges | 640/8 | €810 | €804 | -€6 | -0.7% |
| Gross operating margin | 9900 | €84,445 | €94,915 | +€10,470 | +12.4% |
| Operating profit (loss) | 9901 | €66,937 | €77,298 | +€10,361 | +15.5% |
| Financial income | 75/76B | €0 | €0 | -€0 | -95.7% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -95.7% |
| Financial charges | 65/66B | €103 | €96 | -€7 | -7.0% |
| Recurring financial charges | 65 | €103 | €96 | -€7 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | €66,835 | €77,203 | +€10,368 | +15.5% |
| Income taxes | 67/77 | €14,111 | €16,358 | +€2,247 | +15.9% |
| Profit (loss) for the period | 9904 | €52,724 | €60,845 | +€8,122 | +15.4% |
| Profit (loss) for the period to be appropriated | 9905 | €52,724 | €60,845 | +€8,122 | +15.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.