VPNK: 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.
VPNK
Largest movements
- Receivables within one year -€49,051
down €49,051 (-87.3%), from €56,157 to €7,106
of which Trade receivables: -€48,471
- Cash +€34,334
up €34,334 (+144.6%), from €23,745 to €58,080
mainly Receivables within one year (+€49,051) and Depreciation (+€34,952)
- Tangible fixed assets -€30,452
down €30,452 (-9.7%), from €314,138 to €283,685
- Trade debts -€34,024
down €34,024 (-76.4%), from €44,511 to €10,487
- Debts after one year -€25,860
down €25,860 (-11.8%), from €218,514 to €192,654
- Profit (loss) carried forward +€20,610
up €20,610, from -€20,447 to €163
- Reserves -€19,000
down €19,000 (-30.2%), from €62,860 to €43,860
of which Distributable reserves: -€19,000
- Other debts +€11,861
up €11,861 (+19.6%), from €60,445 to €72,307
- Gross operating margin +€42,675
up €42,675 (+193.5%), from €22,057 to €64,732
- Financial charges +€1,331
up €1,331 (+37.4%), from €3,556 to €4,887
- Other operating charges -€947
down €947 (-20.8%), from €4,558 to €3,611
- Depreciation +€696
up €696 (+2.0%), from €34,256 to €34,952
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 | €399,157 | €356,235 | -€42,922 | -10.8% |
| Fixed assets | 21/28 | €314,138 | €283,685 | -€30,452 | -9.7% |
| Tangible fixed assets | 22/27 | €314,138 | €283,685 | -€30,452 | -9.7% |
| Land and buildings | 22 | €232,919 | €219,120 | -€13,799 | -5.9% |
| Plant, machinery and equipment | 23 | €40,998 | €29,179 | -€11,819 | -28.8% |
| Furniture and vehicles | 24 | €40,221 | €35,386 | -€4,834 | -12.0% |
| Current assets | 29/58 | €85,020 | €72,550 | -€12,470 | -14.7% |
| Amounts receivable within one year | 40/41 | €56,157 | €7,106 | -€49,051 | -87.3% |
| Trade receivables | 40 | €55,571 | €7,101 | -€48,471 | -87.2% |
| Other amounts receivable | 41 | €586 | €6 | -€580 | -99.0% |
| Cash at bank and in hand | 54/58 | €23,745 | €58,080 | +€34,334 | +144.6% |
| Deferred charges and accrued income | 490/1 | €5,117 | €7,364 | +€2,247 | +43.9% |
| Total equity and liabilities | 10/49 | €399,157 | €356,235 | -€42,922 | -10.8% |
| Equity | 10/15 | €48,613 | €50,223 | +€1,610 | +3.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €62,860 | €43,860 | -€19,000 | -30.2% |
| 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 | €61,000 | €42,000 | -€19,000 | -31.1% |
| Profit (loss) carried forward | 14 | -€20,447 | €163 | +€20,610 | |
| Amounts payable | 17/49 | €350,545 | €306,012 | -€44,533 | -12.7% |
| Amounts payable after more than one year | 17 | €218,514 | €192,654 | -€25,860 | -11.8% |
| Financial debts | 170/4 | €218,514 | €192,654 | -€25,860 | -11.8% |
| Amounts payable within one year | 42/48 | €131,693 | €111,029 | -€20,664 | -15.7% |
| Current portion of amounts payable after more than one year | 42 | €26,584 | €27,216 | +€632 | +2.4% |
| Trade debts | 44 | €44,511 | €10,487 | -€34,024 | -76.4% |
| Suppliers | 440/4 | €44,511 | €10,487 | -€34,024 | -76.4% |
| Taxes, remuneration and social security | 45 | €152 | €1,019 | +€866 | +568.3% |
| Taxes | 450/3 | €152 | €1,019 | +€866 | +568.3% |
| Other amounts payable | 47/48 | €60,445 | €72,307 | +€11,861 | +19.6% |
| Accrued charges and deferred income | 492/3 | €338 | €2,329 | +€1,991 | +589.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,256 | €34,952 | +€696 | +2.0% |
| Other operating charges | 640/8 | €4,558 | €3,611 | -€947 | -20.8% |
| Gross operating margin | 9900 | €22,057 | €64,732 | +€42,675 | +193.5% |
| Operating profit (loss) | 9901 | -€16,756 | €26,168 | +€42,925 | |
| Financial charges | 65/66B | €3,556 | €4,887 | +€1,331 | +37.4% |
| Recurring financial charges | 65 | €3,556 | €4,887 | +€1,331 | +37.4% |
| Profit (loss) for the period before taxes | 9903 | -€20,312 | €21,282 | +€41,594 | |
| Income taxes | 67/77 | €152 | €671 | +€519 | +340.4% |
| Profit (loss) for the period | 9904 | -€20,465 | €20,610 | +€41,075 | |
| Profit (loss) for the period to be appropriated | 9905 | -€20,465 | €20,610 | +€41,075 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.