VPIV: 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.
VPIV
Largest movements
- Receivables within one year +€861,880
up €861,880 (+16,472%), from €5,232 to €867,113
of which Other amounts receivable: +€621,880
- Short-term financial debts -€4.6m
down €4.6m (-95.8%), from €4.8m to €200,000
- Debts after one year +€4.5m
up €4.5m (+180%), from €2.5m to €7.0m
- Other debts +€580,000
up €580,000 (+11,600%), from €5,000 to €585,000
- Profit (loss) carried forward +€376,969
up €376,969 (+20,075%), from €1,878 to €378,846
- Financial income -€811,554
down €811,554 (-57.5%), from €1.4m to €600,000
of which Non-recurring financial income: -€1.4m
- Financial charges +€333,100
up €333,100 (+5,697%), from €5,847 to €338,947
- Gross operating margin +€139,167
up €139,167, from -€3,251 to €135,916
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 | €9,806,878 | €10,701,391 | +€894,514 | +9.1% |
| Fixed assets | 21/28 | €9,800,000 | €9,800,000 | = | 0.0% |
| Financial fixed assets | 28 | €9,800,000 | €9,800,000 | = | 0.0% |
| Current assets | 29/58 | €6,878 | €901,391 | +€894,514 | +13,006% |
| Amounts receivable within one year | 40/41 | €5,232 | €867,113 | +€861,880 | +16,472% |
| Trade receivables | 40 | - | €240,000 | +€240,000 | |
| Other amounts receivable | 41 | €5,232 | €627,113 | +€621,880 | +11,885% |
| Cash at bank and in hand | 54/58 | €1,645 | €34,279 | +€32,633 | +1,983% |
| Total equity and liabilities | 10/49 | €9,806,878 | €10,701,391 | +€894,514 | +9.1% |
| Equity | 10/15 | €2,501,878 | €2,898,846 | +€396,969 | +15.9% |
| Contributions | 10/11 | €2,400,000 | €2,400,000 | = | 0.0% |
| Capital | 10 | €2,400,000 | €2,400,000 | = | 0.0% |
| Issued capital | 100 | €2,400,000 | €2,400,000 | = | 0.0% |
| Reserves | 13 | €100,000 | €120,000 | +€20,000 | +20.0% |
| Non-distributable reserves | 130/1 | €100,000 | €120,000 | +€20,000 | +20.0% |
| Legal reserve | 130 | €100,000 | €120,000 | +€20,000 | +20.0% |
| Profit (loss) carried forward | 14 | €1,878 | €378,846 | +€376,969 | +20,075% |
| Amounts payable | 17/49 | €7,305,000 | €7,802,545 | +€497,545 | +6.8% |
| Amounts payable after more than one year | 17 | €2,500,000 | €7,000,000 | +€4.5m | +180% |
| Financial debts | 170/4 | €2,500,000 | €7,000,000 | +€4.5m | +180% |
| Amounts payable within one year | 42/48 | €4,805,000 | €802,545 | -€4.0m | -83.3% |
| Financial debts | 43 | €4,800,000 | €200,000 | -€4.6m | -95.8% |
| Credit institutions | 430/8 | €4,800,000 | €200,000 | -€4.6m | -95.8% |
| Trade debts | 44 | - | €17,545 | +€17,545 | |
| Suppliers | 440/4 | - | €17,545 | +€17,545 | |
| Other amounts payable | 47/48 | €5,000 | €585,000 | +€580,000 | +11,600% |
| Other operating charges | 640/8 | €505 | - | -€505 | |
| Gross operating margin | 9900 | -€3,251 | €135,916 | +€139,167 | |
| Operating profit (loss) | 9901 | -€3,756 | €135,916 | +€139,672 | |
| Financial income | 75/76B | €1,411,554 | €600,000 | -€811,554 | -57.5% |
| Recurring financial income | 75 | €15,054 | €600,000 | +€584,946 | +3,886% |
| Non-recurring financial income | 76B | €1,396,500 | - | -€1.4m | |
| Financial charges | 65/66B | €5,847 | €338,947 | +€333,100 | +5,697% |
| Recurring financial charges | 65 | €5,847 | €338,947 | +€333,100 | +5,697% |
| Profit (loss) for the period before taxes | 9903 | €1,401,950 | €396,969 | -€1.0m | -71.7% |
| Profit (loss) for the period | 9904 | €1,401,950 | €396,969 | -€1.0m | -71.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,401,950 | €396,969 | -€1.0m | -71.7% |
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 14 October 2026 via checked.be.