VPM 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.
VPM SERVICES
Largest movements
- Tangible fixed assets -€102,235
down €102,235 (-16.5%), from €619,904 to €517,669
of which Plant, machinery and equipment: -€101,243
- Deferred charges and accrued income +€11,985
up €11,985 (+58.4%), from €20,535 to €32,520
- Receivables within one year +€11,428
up €11,428 (+9.8%), from €116,145 to €127,573
of which Other amounts receivable: +€11,712
- Cash -€11,211
down €11,211 (-4.5%), from €250,885 to €239,674
mainly Debts after one year (-€79,184) and Investment in fixed assets (net) (-€52,742)
- Debts after one year -€79,184
no longer reported in 2025 (was €79,184)
- Reserves -€51,456
down €51,456 (-35.4%), from €145,301 to €93,846
- Trade debts +€40,231
up €40,231 (+16.1%), from €249,352 to €289,583
- Staff costs +€160,018
up €160,018 (+20.8%), from €768,555 to €928,573
- Gross operating margin +€94,477
up €94,477 (+9.7%), from €978,426 to €1.1m
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 | €1,039,581 | €949,199 | -€90,382 | -8.7% |
| Fixed assets | 21/28 | €622,444 | €520,209 | -€102,235 | -16.4% |
| Tangible fixed assets | 22/27 | €619,904 | €517,669 | -€102,235 | -16.5% |
| Plant, machinery and equipment | 23 | €614,691 | €513,448 | -€101,243 | -16.5% |
| Furniture and vehicles | 24 | €5,213 | €4,222 | -€992 | -19.0% |
| Financial fixed assets | 28 | €2,540 | €2,540 | = | 0.0% |
| Current assets | 29/58 | €417,137 | €428,989 | +€11,853 | +2.8% |
| Stocks and contracts in progress | 3 | €29,571 | €29,222 | -€349 | -1.2% |
| Stocks | 30/36 | €29,571 | €29,222 | -€349 | -1.2% |
| Amounts receivable within one year | 40/41 | €116,145 | €127,573 | +€11,428 | +9.8% |
| Trade receivables | 40 | €19,630 | €19,346 | -€284 | -1.4% |
| Other amounts receivable | 41 | €96,515 | €108,227 | +€11,712 | +12.1% |
| Cash at bank and in hand | 54/58 | €250,885 | €239,674 | -€11,211 | -4.5% |
| Deferred charges and accrued income | 490/1 | €20,535 | €32,520 | +€11,985 | +58.4% |
| Total equity and liabilities | 10/49 | €1,039,581 | €949,199 | -€90,382 | -8.7% |
| Equity | 10/15 | €465,822 | €414,367 | -€51,456 | -11.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Revaluation surpluses | 12 | €301,929 | €301,929 | = | 0.0% |
| Reserves | 13 | €145,301 | €93,846 | -€51,456 | -35.4% |
| Distributable reserves | 133 | €145,301 | €93,846 | -€51,456 | -35.4% |
| Amounts payable | 17/49 | €573,758 | €534,832 | -€38,926 | -6.8% |
| Amounts payable after more than one year | 17 | €79,184 | - | -€79,184 | |
| Financial debts | 170/4 | €79,184 | - | -€79,184 | |
| Amounts payable within one year | 42/48 | €494,377 | €534,087 | +€39,710 | +8.0% |
| Current portion of amounts payable after more than one year | 42 | €92,299 | €86,333 | -€5,966 | -6.5% |
| Trade debts | 44 | €249,352 | €289,583 | +€40,231 | +16.1% |
| Suppliers | 440/4 | €249,352 | €289,583 | +€40,231 | +16.1% |
| Taxes, remuneration and social security | 45 | €82,480 | €87,144 | +€4,664 | +5.7% |
| Remuneration and social security | 454/9 | €82,480 | €87,144 | +€4,664 | +5.7% |
| Other amounts payable | 47/48 | €70,246 | €71,028 | +€782 | +1.1% |
| Accrued charges and deferred income | 492/3 | €197 | €745 | +€548 | +277.6% |
| Remuneration, social security and pensions | 62 | €768,555 | €928,573 | +€160,018 | +20.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €161,337 | €154,977 | -€6,360 | -3.9% |
| Other operating charges | 640/8 | €20,975 | €21,913 | +€938 | +4.5% |
| Gross operating margin | 9900 | €978,426 | €1,072,903 | +€94,477 | +9.7% |
| Operating profit (loss) | 9901 | €27,559 | -€32,561 | -€60,120 | |
| Financial income | 75/76B | €379 | €294 | -€84 | -22.3% |
| Recurring financial income | 75 | €379 | €294 | -€84 | -22.3% |
| Financial charges | 65/66B | €20,607 | €19,065 | -€1,542 | -7.5% |
| Recurring financial charges | 65 | €20,607 | €19,065 | -€1,542 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | €7,331 | -€51,331 | -€58,663 | |
| Income taxes | 67/77 | €4,344 | €124 | -€4,220 | -97.1% |
| Profit (loss) for the period | 9904 | €2,987 | -€51,456 | -€54,443 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,987 | -€51,456 | -€54,443 |
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 4 October 2026 via checked.be.