VPJ: 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.
VPJ
Largest movements
- Cash +€14,535
up €14,535 (+25.2%), from €57,661 to €72,196
mainly Depreciation (+€15,774) and Tax, wage and social debts (+€15,497)
- Tangible fixed assets +€13,786
up €13,786 (+26.0%), from €53,126 to €66,912
of which Furniture and vehicles: +€13,338
- Receivables within one year +€8,667
up €8,667 (+39.8%), from €21,776 to €30,444
of which Trade receivables: +€10,563
- Tax, wage and social debts +€15,497
up €15,497 (+103%), from €15,108 to €30,605
of which Taxes: +€14,605
- Other debts +€14,655
up €14,655 (+566%), from €2,588 to €17,243
- Reserves +€12,940
new in 2025: €12,940
- Trade debts -€4,342
down €4,342 (-42.8%), from €10,145 to €5,803
- Financial charges +€119,262
up €119,262 (+1,621%), from €7,355 to €126,617
of which Non-recurring financial charges: +€106,346
- Staff costs -€24,739
down €24,739 (-47.1%), from €52,506 to €27,767
- Other operating charges -€18,925
down €18,925 (-87.0%), from €21,756 to €2,831
- Gross operating margin +€18,256
up €18,256 (+10.4%), from €174,713 to €192,969
- Taxes -€15,686
down €15,686 (-69.0%), from €22,730 to €7,044
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 | €139,012 | €177,761 | +€38,749 | +27.9% |
| Fixed assets | 21/28 | €53,126 | €66,912 | +€13,786 | +26.0% |
| Tangible fixed assets | 22/27 | €53,126 | €66,912 | +€13,786 | +26.0% |
| Land and buildings | 22 | €30,914 | €24,272 | -€6,641 | -21.5% |
| Plant, machinery and equipment | 23 | €9,097 | €16,186 | +€7,090 | +77.9% |
| Furniture and vehicles | 24 | €13,116 | €26,454 | +€13,338 | +102% |
| Current assets | 29/58 | €85,886 | €110,849 | +€24,963 | +29.1% |
| Amounts receivable within one year | 40/41 | €21,776 | €30,444 | +€8,667 | +39.8% |
| Trade receivables | 40 | €19,881 | €30,444 | +€10,563 | +53.1% |
| Other amounts receivable | 41 | €1,896 | - | -€1,896 | |
| Cash at bank and in hand | 54/58 | €57,661 | €72,196 | +€14,535 | +25.2% |
| Deferred charges and accrued income | 490/1 | €6,448 | €8,209 | +€1,761 | +27.3% |
| Total equity and liabilities | 10/49 | €139,012 | €177,761 | +€38,749 | +27.9% |
| Equity | 10/15 | €111,171 | €124,110 | +€12,940 | +11.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | - | €12,940 | +€12,940 | |
| Distributable reserves | 133 | - | €12,940 | +€12,940 | |
| Profit (loss) carried forward | 14 | €104,971 | €104,971 | = | 0.0% |
| Amounts payable | 17/49 | €27,841 | €53,651 | +€25,810 | +92.7% |
| Amounts payable within one year | 42/48 | €27,841 | €53,651 | +€25,810 | +92.7% |
| Trade debts | 44 | €10,145 | €5,803 | -€4,342 | -42.8% |
| Suppliers | 440/4 | €10,145 | €5,803 | -€4,342 | -42.8% |
| Taxes, remuneration and social security | 45 | €15,108 | €30,605 | +€15,497 | +103% |
| Taxes | 450/3 | €12,047 | €26,652 | +€14,605 | +121% |
| Remuneration and social security | 454/9 | €3,062 | €3,954 | +€892 | +29.1% |
| Other amounts payable | 47/48 | €2,588 | €17,243 | +€14,655 | +566% |
| Remuneration, social security and pensions | 62 | €52,506 | €27,767 | -€24,739 | -47.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,706 | €15,774 | -€13,932 | -46.9% |
| Other operating charges | 640/8 | €21,756 | €2,831 | -€18,925 | -87.0% |
| Gross operating margin | 9900 | €174,713 | €192,969 | +€18,256 | +10.4% |
| Operating profit (loss) | 9901 | €70,745 | €146,597 | +€75,852 | +107% |
| Financial income | 75/76B | €0 | €3 | +€3 | +16,250% |
| Recurring financial income | 75 | €0 | €3 | +€3 | +16,250% |
| Financial charges | 65/66B | €7,355 | €126,617 | +€119,262 | +1,621% |
| Recurring financial charges | 65 | €7,355 | €20,271 | +€12,916 | +176% |
| Non-recurring financial charges | 66B | - | €106,346 | +€106,346 | |
| Profit (loss) for the period before taxes | 9903 | €63,390 | €19,983 | -€43,406 | -68.5% |
| Income taxes | 67/77 | €22,730 | €7,044 | -€15,686 | -69.0% |
| Profit (loss) for the period | 9904 | €40,660 | €12,940 | -€27,720 | -68.2% |
| Profit (loss) for the period to be appropriated | 9905 | €40,660 | €12,940 | -€27,720 | -68.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.