Vpoint: 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.
Vpoint
Largest movements
- Cash -€122,549
down €122,549 (-38.3%), from €320,253 to €197,704
mainly Contributions, distributions and other (-€464,405) and Investment in fixed assets (net) (-€80,557)
- Financial fixed assets +€80,557
up €80,557 (+65.8%), from €122,417 to €202,974
- Tangible fixed assets -€6,578
down €6,578 (-7.6%), from €86,139 to €79,560
of which Other tangible fixed assets: -€3,610
- Reserves -€250,920
down €250,920 (-100.0%), from €250,920 to €0
of which Distributable reserves: -€250,920
- Other debts +€236,960
up €236,960 (+138.1%), from €171,559 to €408,518
- Profit (loss) carried forward -€51,610
down €51,610 (-45.5%), from €113,485 to €61,875
- Tax, wage and social debts +€20,245
up €20,245 (+45.3%), from €44,723 to €64,968
of which Taxes: +€21,595
- Gross operating margin +€88,105
up €88,105 (+62.6%), from €140,667 to €228,772
- Taxes +€29,117
up €29,117 (+102.7%), from €28,358 to €57,474
- Depreciation -€7,238
down €7,238 (-52.4%), from €13,816 to €6,578
- Other operating charges +€3,061
up €3,061 (+277.4%), from €1,103 to €4,165
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 | €602,173 | €559,439 | -€42,735 | -7.1% |
| Fixed assets | 21/28 | €208,556 | €282,535 | +€73,979 | +35.5% |
| Tangible fixed assets | 22/27 | €86,139 | €79,560 | -€6,578 | -7.6% |
| Land and buildings | 22 | €42,181 | €40,576 | -€1,606 | -3.8% |
| Furniture and vehicles | 24 | €17,642 | €16,280 | -€1,363 | -7.7% |
| Other tangible fixed assets | 26 | €26,315 | €22,705 | -€3,610 | -13.7% |
| Financial fixed assets | 28 | €122,417 | €202,974 | +€80,557 | +65.8% |
| Current assets | 29/58 | €393,617 | €276,904 | -€116,714 | -29.7% |
| Amounts receivable after more than one year | 29 | €10,323 | €11,923 | +€1,600 | +15.5% |
| Other amounts receivable | 291 | €10,323 | €11,923 | +€1,600 | +15.5% |
| Amounts receivable within one year | 40/41 | €62,381 | €66,617 | +€4,236 | +6.8% |
| Trade receivables | 40 | €46,641 | €66,617 | +€19,976 | +42.8% |
| Other amounts receivable | 41 | €15,740 | €0 | -€15,740 | -100.0% |
| Cash at bank and in hand | 54/58 | €320,253 | €197,704 | -€122,549 | -38.3% |
| Deferred charges and accrued income | 490/1 | €660 | €659 | -€1 | -0.2% |
| Total equity and liabilities | 10/49 | €602,173 | €559,439 | -€42,735 | -7.1% |
| Equity | 10/15 | €383,005 | €80,475 | -€302,530 | -79.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €250,920 | €0 | -€250,920 | -100.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €250,920 | €0 | -€250,920 | -100.0% |
| Profit (loss) carried forward | 14 | €113,485 | €61,875 | -€51,610 | -45.5% |
| Amounts payable | 17/49 | €219,169 | €478,964 | +€259,795 | +118.5% |
| Amounts payable within one year | 42/48 | €219,169 | €478,964 | +€259,795 | +118.5% |
| Current portion of amounts payable after more than one year | 42 | - | €3,200 | +€3,200 | |
| Trade debts | 44 | €2,887 | €2,277 | -€610 | -21.1% |
| Suppliers | 440/4 | €2,887 | €2,277 | -€610 | -21.1% |
| Taxes, remuneration and social security | 45 | €44,723 | €64,968 | +€20,245 | +45.3% |
| Taxes | 450/3 | €38,723 | €60,318 | +€21,595 | +55.8% |
| Remuneration and social security | 454/9 | €6,000 | €4,650 | -€1,350 | -22.5% |
| Other amounts payable | 47/48 | €171,559 | €408,518 | +€236,960 | +138.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,816 | €6,578 | -€7,238 | -52.4% |
| Other operating charges | 640/8 | €1,103 | €4,165 | +€3,061 | +277.4% |
| Gross operating margin | 9900 | €140,667 | €228,772 | +€88,105 | +62.6% |
| Operating profit (loss) | 9901 | €125,748 | €218,029 | +€92,281 | +73.4% |
| Financial income | 75/76B | €323 | €1,816 | +€1,493 | +461.8% |
| Recurring financial income | 75 | €323 | €1,816 | +€1,493 | +461.8% |
| Financial charges | 65/66B | €272 | €496 | +€224 | +82.5% |
| Recurring financial charges | 65 | €272 | €496 | +€224 | +82.5% |
| Profit (loss) for the period before taxes | 9903 | €125,799 | €219,349 | +€93,550 | +74.4% |
| Income taxes | 67/77 | €28,358 | €57,474 | +€29,117 | +102.7% |
| Profit (loss) for the period | 9904 | €97,441 | €161,875 | +€64,433 | +66.1% |
| Profit (loss) for the period to be appropriated | 9905 | €97,441 | €161,875 | +€64,433 | +66.1% |
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 29 September 2026 via checked.be.