VPK SERVICES: 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.
What changed
VPK SERVICES
NACE 70.100, Activities of head offices
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€6.5m
2024 · €9.1m-€2.6m
Equity
€158.9m
2024 · €157.4m+€1.5m
Cash
€63.8m
2024 · €81.9m-€18.1m
Balance sheet total
€580.0m
2024 · €573.2m+€6.8m
Largest movements
Assets
- Receivables within one year +€26.9m
up €26.9m (+29.8%), from €90.2m to €117.1m
of which Other amounts receivable: +€26.8m
- Cash -€18.1m
down €18.1m (-22.1%), from €81.9m to €63.8m
mainly Receivables within one year (-€26.9m) and Other debts (-€13.7m)
Equity and liabilities
- Current portion of long-term debt +€25.0m
new in 2025: €25.0m
- Other debts -€13.7m
down €13.7m (-12.9%), from €106.9m to €93.1m
- Debts after one year -€13.4m
down €13.4m (-5.1%), from €263.1m to €249.7m
- Short-term financial debts +€10.0m
up €10.0m (+24.1%), from €41.6m to €51.6m
of which Other loans: +€13.0m
Income statement
- Financial income -€6.6m
down €6.6m (-24.6%), from €26.7m to €20.1m
of which Financial income: -€7.5m
- Financial charges -€1.9m
down €1.9m (-13.3%), from €14.5m to €12.6m
- Taxes -€1.2m
down €1.2m (-39.2%), from €3.1m to €1.9m
of which Taxes: -€1.2m
- Other operating income +€1.1m
up €1.1m (+15.6%), from €7.2m to €8.3m
- Staff costs +€1.1m
up €1.1m (+30.6%), from €3.5m to €4.6m
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.
Result 2024
€9.1m
Turnover
+€479
Other operating income
+€1.1m
Services and other goods
+€779,135
Staff costs
-€1.1m
Depreciation
+€12,051
Write-downs
+€2,113
Other operating charges
-€38
Financial income
-€6.6m
Financial charges
+€1.9m
Taxes
+€1.2m
Result 2025
€6.5m
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.
From operations
-€34.7m
Investment
€0
Financing
+€16.6m
Cash 2024
€81.9m
From operations (derived)
-€34.7m
Net result for the year
+€6.5m
Depreciation
+€2,300
Receivables after one year
+€1.3m
Receivables within one year
-€26.9m
Deferred charges and accrued income
+€692,140
Trade debts
-€562,424
Tax, wage and social debts
-€154,035
Other debts
-€13.7m
Accrued charges and deferred income
-€1.8m
Financing
+€16.6m
Debts after one year
-€13.4m
Current portion of long-term debt
+€25.0m
Short-term financial debts
+€10.0m
Contributions, distributions and other
-€5.0m
Cash 2025
€63.8m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €573,164,476 | €579,990,961 | +€6.8m | +1.2% |
| Fixed assets | 21/28 | €5,823 | €3,523 | -€2,300 | -39.5% |
| Tangible fixed assets | 22/27 | €5,822 | €3,522 | -€2,300 | -39.5% |
| Furniture and vehicles | 24 | €5,822 | €3,522 | -€2,300 | -39.5% |
| Financial fixed assets | 28 | €1 | €1 | = | 0.0% |
| Affiliated companies | 280/1 | €1 | €1 | = | 0.0% |
| Participating interests | 280 | €1 | €1 | = | 0.0% |
| Current assets | 29/58 | €573,158,653 | €579,987,438 | +€6.8m | +1.2% |
| Amounts receivable after more than one year | 29 | €400,174,267 | €398,861,089 | -€1.3m | -0.3% |
| Other amounts receivable | 291 | €400,174,267 | €398,861,089 | -€1.3m | -0.3% |
| Amounts receivable within one year | 40/41 | €90,204,623 | €117,117,927 | +€26.9m | +29.8% |
| Trade receivables | 40 | €2,421,965 | €2,529,258 | +€107,293 | +4.4% |
| Other amounts receivable | 41 | €87,782,657 | €114,588,669 | +€26.8m | +30.5% |
| Cash at bank and in hand | 54/58 | €81,918,135 | €63,838,933 | -€18.1m | -22.1% |
| Deferred charges and accrued income | 490/1 | €861,628 | €169,489 | -€692,140 | -80.3% |
| Total equity and liabilities | 10/49 | €573,164,476 | €579,990,961 | +€6.8m | +1.2% |
| Equity | 10/15 | €157,438,513 | €158,907,012 | +€1.5m | +0.9% |
| Contributions | 10/11 | €5,000,000 | €5,000,000 | = | 0.0% |
| Capital | 10 | €5,000,000 | €5,000,000 | = | 0.0% |
| Issued capital | 100 | €5,000,000 | €5,000,000 | = | 0.0% |
| Reserves | 13 | €6,886,000 | €6,886,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,886,000 | €6,886,000 | = | 0.0% |
| Legal reserve | 130 | €6,886,000 | €6,886,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €145,552,513 | €147,021,012 | +€1.5m | +1.0% |
| Amounts payable | 17/49 | €415,725,962 | €421,083,949 | +€5.4m | +1.3% |
| Amounts payable after more than one year | 17 | €263,105,554 | €249,684,604 | -€13.4m | -5.1% |
| Financial debts | 170/4 | €263,105,554 | €249,684,604 | -€13.4m | -5.1% |
| Credit institutions | 173 | €235,000,000 | €210,000,000 | -€25.0m | -10.6% |
| Other loans | 174 | €28,105,554 | €39,684,604 | +€11.6m | +41.2% |
| Amounts payable within one year | 42/48 | €150,440,854 | €171,009,043 | +€20.6m | +13.7% |
| Current portion of amounts payable after more than one year | 42 | - | €25,000,000 | +€25.0m | |
| Financial debts | 43 | €41,565,579 | €51,595,021 | +€10.0m | +24.1% |
| Credit institutions | 430/8 | €6,264,704 | €3,244,205 | -€3.0m | -48.2% |
| Other loans | 439 | €35,300,875 | €48,350,816 | +€13.0m | +37.0% |
| Trade debts | 44 | €967,554 | €405,129 | -€562,424 | -58.1% |
| Suppliers | 440/4 | €967,554 | €405,129 | -€562,424 | -58.1% |
| Taxes, remuneration and social security | 45 | €1,046,927 | €892,892 | -€154,035 | -14.7% |
| Taxes | 450/3 | €487,757 | €350,403 | -€137,354 | -28.2% |
| Remuneration and social security | 454/9 | €559,170 | €542,489 | -€16,681 | -3.0% |
| Other amounts payable | 47/48 | €106,860,794 | €93,116,001 | -€13.7m | -12.9% |
| Accrued charges and deferred income | 492/3 | €2,179,554 | €390,302 | -€1.8m | -82.1% |
| Operating income | 70/76A | €8,658,685 | €9,782,363 | +€1.1m | +13.0% |
| Turnover | 70 | €1,475,908 | €1,476,387 | +€479 | 0.0% |
| Other operating income | 74 | €7,182,777 | €8,305,976 | +€1.1m | +15.6% |
| Operating charges | 60/66A | €8,748,436 | €9,024,337 | +€275,901 | +3.2% |
| Services and other goods | 61 | €5,240,571 | €4,461,436 | -€779,135 | -14.9% |
| Remuneration, social security and pensions | 62 | €3,490,124 | €4,559,287 | +€1.1m | +30.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,351 | €2,300 | -€12,051 | -84.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,113 | - | -€2,113 | |
| Other operating charges | 640/8 | €1,277 | €1,315 | +€38 | +3.0% |
| Operating profit (loss) | 9901 | -€89,750 | €758,025 | +€847,776 | |
| Financial income | 75/76B | €26,723,312 | €20,147,503 | -€6.6m | -24.6% |
| Recurring financial income | 75 | €26,723,312 | €19,181,171 | -€7.5m | -28.2% |
| Income from current assets | 751 | €25,549,600 | €17,981,451 | -€7.6m | -29.6% |
| Other financial income | 752/9 | €1,173,712 | €1,199,720 | +€26,008 | +2.2% |
| Non-recurring financial income | 76B | - | €966,332 | +€966,332 | |
| Financial charges | 65/66B | €14,494,234 | €12,567,918 | -€1.9m | -13.3% |
| Recurring financial charges | 65 | €14,494,234 | €12,567,918 | -€1.9m | -13.3% |
| Debt charges | 650 | €12,395,942 | €9,739,347 | -€2.7m | -21.4% |
| Other financial charges | 652/9 | €2,098,292 | €2,828,571 | +€730,280 | +34.8% |
| Profit (loss) for the period before taxes | 9903 | €12,139,328 | €8,337,610 | -€3.8m | -31.3% |
| Income taxes | 67/77 | €3,074,822 | €1,869,112 | -€1.2m | -39.2% |
| Taxes | 670/3 | €3,074,822 | €1,869,321 | -€1.2m | -39.2% |
| Tax adjustments and reversals of tax provisions | 77 | - | €209 | +€209 | |
| Profit (loss) for the period | 9904 | €9,064,506 | €6,468,498 | -€2.6m | -28.6% |
| Profit (loss) for the period to be appropriated | 9905 | €9,064,506 | €6,468,498 | -€2.6m | -28.6% |
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 6 October 2026 via checked.be.