VPM: 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.
VPM
Largest movements
- Receivables within one year -€6,596
down €6,596 (-3.5%), from €189,311 to €182,715
of which Trade receivables: -€39,270
- Tangible fixed assets -€4,863
down €4,863 (-16.7%), from €29,123 to €24,260
of which Furniture and vehicles: -€3,826
- Trade debts -€7,013
down €7,013 (-78.0%), from €8,991 to €1,978
- Reserves +€5,270
up €5,270 (+2.7%), from €194,591 to €199,860
- Current portion of long-term debt -€3,711
down €3,711 (-57.0%), from €6,509 to €2,798
- Short-term financial debts -€3,424
down €3,424 (-59.1%), from €5,793 to €2,370
- Debts after one year -€2,581
no longer reported in 2025 (was €2,581)
- Gross operating margin -€6,309
down €6,309 (-23.5%), from €26,875 to €20,566
- Depreciation +€3,190
up €3,190 (+35.5%), from €8,993 to €12,183
- Taxes -€2,850
down €2,850 (-34.5%), from €8,257 to €5,407
- Other operating charges +€1,116
up €1,116 (+39.6%), from €2,817 to €3,934
- Financial income +€974
up €974 (+11.3%), from €8,636 to €9,609
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €218,500 | €207,040 | -€11,459 | -5.2% |
| Fixed assets | 21/28 | €29,188 | €24,325 | -€4,863 | -16.7% |
| Tangible fixed assets | 22/27 | €29,123 | €24,260 | -€4,863 | -16.7% |
| Land and buildings | 22 | €3,989 | €3,191 | -€798 | -20.0% |
| Plant, machinery and equipment | 23 | €957 | €717 | -€239 | -25.0% |
| Furniture and vehicles | 24 | €24,178 | €20,352 | -€3,826 | -15.8% |
| Financial fixed assets | 28 | €65 | €65 | = | 0.0% |
| Current assets | 29/58 | €189,311 | €182,715 | -€6,596 | -3.5% |
| Amounts receivable within one year | 40/41 | €189,311 | €182,715 | -€6,596 | -3.5% |
| Trade receivables | 40 | €39,270 | - | -€39,270 | |
| Other amounts receivable | 41 | €150,041 | €182,715 | +€32,674 | +21.8% |
| Total equity and liabilities | 10/49 | €218,500 | €207,040 | -€11,459 | -5.2% |
| Equity | 10/15 | €194,591 | €199,860 | +€5,270 | +2.7% |
| Reserves | 13 | €194,591 | €199,860 | +€5,270 | +2.7% |
| Distributable reserves | 133 | €194,591 | €199,860 | +€5,270 | +2.7% |
| Amounts payable | 17/49 | €23,909 | €7,180 | -€16,729 | -70.0% |
| Amounts payable after more than one year | 17 | €2,581 | - | -€2,581 | |
| Financial debts | 170/4 | €2,581 | - | -€2,581 | |
| Amounts payable within one year | 42/48 | €21,328 | €7,180 | -€14,148 | -66.3% |
| Current portion of amounts payable after more than one year | 42 | €6,509 | €2,798 | -€3,711 | -57.0% |
| Financial debts | 43 | €5,793 | €2,370 | -€3,424 | -59.1% |
| Credit institutions | 430/8 | €5,793 | €2,370 | -€3,424 | -59.1% |
| Trade debts | 44 | €8,991 | €1,978 | -€7,013 | -78.0% |
| Suppliers | 440/4 | €8,991 | €1,978 | -€7,013 | -78.0% |
| Taxes, remuneration and social security | 45 | €35 | €35 | = | 0.0% |
| Taxes | 450/3 | €35 | €35 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,993 | €12,183 | +€3,190 | +35.5% |
| Other operating charges | 640/8 | €2,817 | €3,934 | +€1,116 | +39.6% |
| Gross operating margin | 9900 | €26,875 | €20,566 | -€6,309 | -23.5% |
| Operating profit (loss) | 9901 | €15,065 | €4,449 | -€10,615 | -70.5% |
| Financial income | 75/76B | €8,636 | €9,609 | +€974 | +11.3% |
| Recurring financial income | 75 | €8,636 | €9,609 | +€974 | +11.3% |
| Financial charges | 65/66B | €1,488 | €1,716 | +€229 | +15.4% |
| Recurring financial charges | 65 | €1,488 | €1,716 | +€229 | +15.4% |
| Profit (loss) for the period before taxes | 9903 | €22,213 | €12,342 | -€9,870 | -44.4% |
| Income taxes | 67/77 | €8,257 | €5,407 | -€2,850 | -34.5% |
| Profit (loss) for the period | 9904 | €13,956 | €6,936 | -€7,020 | -50.3% |
| Profit (loss) for the period to be appropriated | 9905 | €13,956 | €6,936 | -€7,020 | -50.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.