VPMED: 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.
VPMED
Largest movements
- Tangible fixed assets -€15,351
down €15,351 (-51.7%), from €29,695 to €14,345
of which Furniture and vehicles: -€12,854
- Deferred charges and accrued income -€9,401
down €9,401 (-16.0%), from €58,847 to €49,445
- Receivables within one year -€7,355
down €7,355 (-21.9%), from €33,602 to €26,247
- Cash -€3,183
down €3,183 (-12.9%), from €24,577 to €21,395
mainly Contributions, distributions and other (-€69,014) and Debts after one year (-€9,846)
- Reserves -€21,944
down €21,944 (-11.4%), from €193,302 to €171,358
of which Distributable reserves: -€21,944
- Debts after one year -€9,846
down €9,846 (-48.9%), from €20,138 to €10,292
- Accrued charges and deferred income -€5,650
down €5,650 (-15.1%), from €37,429 to €31,779
- Gross operating margin -€20,259
down €20,259 (-20.6%), from €98,196 to €77,937
- Taxes -€4,565
down €4,565 (-19.7%), from €23,131 to €18,566
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 | €266,721 | €231,432 | -€35,289 | -13.2% |
| Fixed assets | 21/28 | €29,695 | €14,345 | -€15,351 | -51.7% |
| Tangible fixed assets | 22/27 | €29,695 | €14,345 | -€15,351 | -51.7% |
| Plant, machinery and equipment | 23 | €4,498 | €2,559 | -€1,939 | -43.1% |
| Furniture and vehicles | 24 | €23,524 | €10,670 | -€12,854 | -54.6% |
| Other tangible fixed assets | 26 | €1,673 | €1,116 | -€558 | -33.3% |
| Current assets | 29/58 | €237,026 | €217,087 | -€19,939 | -8.4% |
| Amounts receivable after more than one year | 29 | €120,000 | €120,000 | = | 0.0% |
| Other amounts receivable | 291 | €120,000 | €120,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €33,602 | €26,247 | -€7,355 | -21.9% |
| Other amounts receivable | 41 | €33,602 | €26,247 | -€7,355 | -21.9% |
| Cash at bank and in hand | 54/58 | €24,577 | €21,395 | -€3,183 | -12.9% |
| Deferred charges and accrued income | 490/1 | €58,847 | €49,445 | -€9,401 | -16.0% |
| Total equity and liabilities | 10/49 | €266,721 | €231,432 | -€35,289 | -13.2% |
| Equity | 10/15 | €199,502 | €177,558 | -€21,944 | -11.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €193,302 | €171,358 | -€21,944 | -11.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €191,442 | €169,498 | -€21,944 | -11.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €67,219 | €53,874 | -€13,345 | -19.9% |
| Amounts payable after more than one year | 17 | €20,138 | €10,292 | -€9,846 | -48.9% |
| Financial debts | 170/4 | €20,138 | €10,292 | -€9,846 | -48.9% |
| Amounts payable within one year | 42/48 | €9,652 | €11,803 | +€2,151 | +22.3% |
| Current portion of amounts payable after more than one year | 42 | €9,418 | €9,846 | +€427 | +4.5% |
| Trade debts | 44 | €0 | €1,957 | +€1,957 | |
| Suppliers | 440/4 | €0 | €1,957 | +€1,957 | |
| Taxes, remuneration and social security | 45 | €233 | €0 | -€233 | -100.0% |
| Taxes | 450/3 | €233 | €0 | -€233 | -100.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €37,429 | €31,779 | -€5,650 | -15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,625 | €15,351 | -€275 | -1.8% |
| Other operating charges | 640/8 | €1,198 | €453 | -€745 | -62.2% |
| Non-recurring operating charges | 66A | €1,742 | €0 | -€1,742 | -100.0% |
| Gross operating margin | 9900 | €98,196 | €77,937 | -€20,259 | -20.6% |
| Operating profit (loss) | 9901 | €79,631 | €62,133 | -€17,497 | -22.0% |
| Financial income | 75/76B | €4,618 | €5,032 | +€414 | +9.0% |
| Recurring financial income | 75 | €4,618 | €5,032 | +€414 | +9.0% |
| Financial charges | 65/66B | €1,931 | €1,531 | -€401 | -20.7% |
| Recurring financial charges | 65 | €1,931 | €1,531 | -€401 | -20.7% |
| Profit (loss) for the period before taxes | 9903 | €82,318 | €65,635 | -€16,683 | -20.3% |
| Income taxes | 67/77 | €23,131 | €18,566 | -€4,565 | -19.7% |
| Profit (loss) for the period | 9904 | €59,186 | €47,069 | -€12,117 | -20.5% |
| Profit (loss) for the period to be appropriated | 9905 | €59,186 | €47,069 | -€12,117 | -20.5% |
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 3 October 2026 via checked.be.