VPG: 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.
VPG
Largest movements
- Tangible fixed assets -€36,020
down €36,020 (-9.2%), from €392,251 to €356,231
of which Land and buildings: -€33,700
- Receivables within one year -€30,199
down €30,199 (-67.3%), from €44,896 to €14,697
of which Trade receivables: -€30,199
- Cash +€21,438
up €21,438 (+39.9%), from €53,694 to €75,132
mainly Depreciation (+€38,571) and Receivables within one year (+€30,199)
- Reserves -€45,000
down €45,000 (-38.4%), from €117,303 to €72,303
of which Distributable reserves: -€45,000
- Other debts +€25,647
up €25,647 (+87.7%), from €29,239 to €54,886
- Tax, wage and social debts -€11,077
down €11,077 (-48.7%), from €22,739 to €11,662
- Profit (loss) carried forward -€10,829
down €10,829 (-29.4%), from €36,801 to €25,972
- Gross operating margin -€28,250
down €28,250 (-45.4%), from €62,158 to €33,907
- Taxes -€9,972
down €9,972 (-98.4%), from €10,133 to €161
- Depreciation +€4,146
up €4,146 (+12.0%), from €34,425 to €38,571
- Financial income -€769
down €769 (-63.8%), from €1,204 to €436
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 | €500,726 | €456,010 | -€44,716 | -8.9% |
| Fixed assets | 21/28 | €395,251 | €359,231 | -€36,020 | -9.1% |
| Tangible fixed assets | 22/27 | €392,251 | €356,231 | -€36,020 | -9.2% |
| Land and buildings | 22 | €376,766 | €343,065 | -€33,700 | -8.9% |
| Furniture and vehicles | 24 | €13,686 | €10,066 | -€3,620 | -26.5% |
| Other tangible fixed assets | 26 | €1,800 | €3,100 | +€1,300 | +72.2% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €105,475 | €96,779 | -€8,696 | -8.2% |
| Amounts receivable within one year | 40/41 | €44,896 | €14,697 | -€30,199 | -67.3% |
| Trade receivables | 40 | €44,896 | €14,697 | -€30,199 | -67.3% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €53,694 | €75,132 | +€21,438 | +39.9% |
| Deferred charges and accrued income | 490/1 | €6,885 | €6,950 | +€65 | +0.9% |
| Total equity and liabilities | 10/49 | €500,726 | €456,010 | -€44,716 | -8.9% |
| Equity | 10/15 | €434,104 | €378,275 | -€55,829 | -12.9% |
| Contributions | 10/11 | €280,000 | €280,000 | = | 0.0% |
| Capital | 10 | €280,000 | €280,000 | = | 0.0% |
| Issued capital | 100 | €280,000 | €280,000 | = | 0.0% |
| Reserves | 13 | €117,303 | €72,303 | -€45,000 | -38.4% |
| Non-distributable reserves | 130/1 | €28,000 | €28,000 | = | 0.0% |
| Legal reserve | 130 | €28,000 | €28,000 | = | 0.0% |
| Distributable reserves | 133 | €89,303 | €44,303 | -€45,000 | -50.4% |
| Profit (loss) carried forward | 14 | €36,801 | €25,972 | -€10,829 | -29.4% |
| Amounts payable | 17/49 | €66,622 | €77,735 | +€11,113 | +16.7% |
| Amounts payable within one year | 42/48 | €62,017 | €74,785 | +€12,768 | +20.6% |
| Trade debts | 44 | €10,039 | €8,237 | -€1,802 | -17.9% |
| Suppliers | 440/4 | €10,039 | €8,237 | -€1,802 | -17.9% |
| Taxes, remuneration and social security | 45 | €22,739 | €11,662 | -€11,077 | -48.7% |
| Taxes | 450/3 | €22,739 | €11,662 | -€11,077 | -48.7% |
| Other amounts payable | 47/48 | €29,239 | €54,886 | +€25,647 | +87.7% |
| Accrued charges and deferred income | 492/3 | €4,605 | €2,950 | -€1,655 | -35.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,425 | €38,571 | +€4,146 | +12.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €4,797 | €4,890 | +€93 | +1.9% |
| Gross operating margin | 9900 | €62,158 | €33,907 | -€28,250 | -45.4% |
| Operating profit (loss) | 9901 | €22,936 | -€9,554 | -€32,490 | |
| Financial income | 75/76B | €1,204 | €436 | -€769 | -63.8% |
| Recurring financial income | 75 | €1,204 | €436 | -€769 | -63.8% |
| Financial charges | 65/66B | €1,413 | €1,549 | +€136 | +9.7% |
| Recurring financial charges | 65 | €1,413 | €1,549 | +€136 | +9.7% |
| Profit (loss) for the period before taxes | 9903 | €22,727 | -€10,668 | -€33,395 | |
| Income taxes | 67/77 | €10,133 | €161 | -€9,972 | -98.4% |
| Profit (loss) for the period | 9904 | €12,594 | -€10,829 | -€23,423 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,594 | -€10,829 | -€23,423 |
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 10 October 2026 via checked.be.