VPH Impact: 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.
VPH Impact
Largest movements
- Tangible fixed assets -€10,948
down €10,948 (-3.2%), from €341,650 to €330,702
of which Furniture and vehicles: -€18,470
- Deferred charges and accrued income +€9,586
up €9,586 (+19.7%), from €48,572 to €58,157
- Receivables within one year +€6,148
up €6,148 (+31.1%), from €19,760 to €25,908
of which Other amounts receivable: +€5,349
- Other debts +€127,436
up €127,436 (+60.1%), from €212,154 to €339,591
- Profit (loss) carried forward -€108,519
down €108,519, from €17,899 to -€90,619
- Debts after one year -€12,909
down €12,909 (-9.1%), from €142,549 to €129,639
- Trade debts -€6,737
down €6,737 (-55.7%), from €12,084 to €5,347
- Tax, wage and social debts +€4,349
up €4,349 (+370.0%), from €1,176 to €5,525
- Gross operating margin -€90,228
down €90,228, from €24,826 to -€65,402
- Depreciation +€4,234
up €4,234 (+14.1%), from €30,060 to €34,295
- Financial charges -€917
down €917 (-10.9%), from €8,406 to €7,489
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 | €410,552 | €414,792 | +€4,240 | +1.0% |
| Fixed assets | 21/28 | €341,650 | €330,702 | -€10,948 | -3.2% |
| Tangible fixed assets | 22/27 | €341,650 | €330,702 | -€10,948 | -3.2% |
| Plant, machinery and equipment | 23 | €2,628 | €1,042 | -€1,586 | -60.4% |
| Furniture and vehicles | 24 | €76,765 | €58,295 | -€18,470 | -24.1% |
| Leasing and similar rights | 25 | €262,257 | €271,365 | +€9,108 | +3.5% |
| Current assets | 29/58 | €68,902 | €84,090 | +€15,188 | +22.0% |
| Amounts receivable within one year | 40/41 | €19,760 | €25,908 | +€6,148 | +31.1% |
| Trade receivables | 40 | €19,131 | €19,929 | +€799 | +4.2% |
| Other amounts receivable | 41 | €629 | €5,978 | +€5,349 | +849.8% |
| Cash at bank and in hand | 54/58 | €570 | €25 | -€545 | -95.6% |
| Deferred charges and accrued income | 490/1 | €48,572 | €58,157 | +€9,586 | +19.7% |
| Total equity and liabilities | 10/49 | €410,552 | €414,792 | +€4,240 | +1.0% |
| Equity | 10/15 | €30,299 | -€78,219 | -€108,519 | |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Capital | 10 | €12,400 | €12,400 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,899 | -€90,619 | -€108,519 | |
| Amounts payable | 17/49 | €380,253 | €493,011 | +€112,759 | +29.7% |
| Amounts payable after more than one year | 17 | €142,549 | €129,639 | -€12,909 | -9.1% |
| Financial debts | 170/4 | €142,549 | €129,639 | -€12,909 | -9.1% |
| Amounts payable within one year | 42/48 | €237,704 | €363,372 | +€125,668 | +52.9% |
| Current portion of amounts payable after more than one year | 42 | €12,291 | €12,909 | +€619 | +5.0% |
| Trade debts | 44 | €12,084 | €5,347 | -€6,737 | -55.7% |
| Suppliers | 440/4 | €12,084 | €5,347 | -€6,737 | -55.7% |
| Taxes, remuneration and social security | 45 | €1,176 | €5,525 | +€4,349 | +370.0% |
| Taxes | 450/3 | €1,176 | €5,525 | +€4,349 | +370.0% |
| Other amounts payable | 47/48 | €212,154 | €339,591 | +€127,436 | +60.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,060 | €34,295 | +€4,234 | +14.1% |
| Other operating charges | 640/8 | €1,635 | €1,051 | -€584 | -35.7% |
| Gross operating margin | 9900 | €24,826 | -€65,402 | -€90,228 | |
| Operating profit (loss) | 9901 | -€6,870 | -€100,748 | -€93,878 | -1366.5% |
| Financial charges | 65/66B | €8,406 | €7,489 | -€917 | -10.9% |
| Recurring financial charges | 65 | €8,406 | €7,489 | -€917 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | -€15,276 | -€108,237 | -€92,961 | -608.5% |
| Income taxes | 67/77 | - | €281 | +€281 | |
| Profit (loss) for the period | 9904 | -€15,276 | -€108,519 | -€93,242 | -610.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,276 | -€108,519 | -€93,242 | -610.4% |
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 8 October 2026 via checked.be.