VPPLUS: what changed
Two financial 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.
VPPLUS
Largest movements
- Receivables after one year +€397,866
new in 2025: €397,866
- Tangible fixed assets +€298,902
up €298,902 (+5.7%), from €5.2m to €5.5m
of which Land and buildings: +€240,737
- Cash +€144,748
up €144,748 (+98.4%), from €147,113 to €291,861
mainly Depreciation (+€483,408) and Debts after one year (+€368,157)
- Debts after one year +€368,157
up €368,157 (+62.4%), from €590,113 to €958,270
- Accrued charges and deferred income +€350,180
new in 2025: €350,180
- Revaluation surpluses -€212,175
down €212,175 (-15.1%), from €1.4m to €1.2m
- Reserves +€197,735
up €197,735 (+8.4%), from €2.4m to €2.5m
of which Non-distributable reserves: +€212,175
- Other debts +€127,689
up €127,689 (+8.2%), from €1.6m to €1.7m
- Depreciation +€53,871
up €53,871 (+12.5%), from €429,537 to €483,408
- Gross operating margin +€40,017
up €40,017 (+8.4%), from €475,574 to €515,592
- Taxes -€5,505
down €5,505 (-8.1%), from €67,912 to €62,406
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 | €5,347,101 | €6,193,653 | +€846,552 | +15.8% |
| Fixed assets | 21/28 | €5,198,942 | €5,497,844 | +€298,902 | +5.7% |
| Tangible fixed assets | 22/27 | €5,198,942 | €5,497,844 | +€298,902 | +5.7% |
| Land and buildings | 22 | €5,158,189 | €5,398,927 | +€240,737 | +4.7% |
| Plant, machinery and equipment | 23 | €22,071 | €56,684 | +€34,614 | +156.8% |
| Furniture and vehicles | 24 | €18,682 | €42,233 | +€23,551 | +126.1% |
| Current assets | 29/58 | €148,159 | €695,809 | +€547,650 | +369.6% |
| Amounts receivable after more than one year | 29 | - | €397,866 | +€397,866 | |
| Trade receivables | 290 | - | €397,866 | +€397,866 | |
| Amounts receivable within one year | 40/41 | €1,046 | €6,082 | +€5,036 | +481.5% |
| Other amounts receivable | 41 | €1,046 | €6,082 | +€5,036 | +481.5% |
| Cash at bank and in hand | 54/58 | €147,113 | €291,861 | +€144,748 | +98.4% |
| Total equity and liabilities | 10/49 | €5,347,101 | €6,193,653 | +€846,552 | +15.8% |
| Equity | 10/15 | €2,976,935 | €2,928,445 | -€48,490 | -1.6% |
| Contributions | 10/11 | €814,606 | €814,606 | = | 0.0% |
| Revaluation surpluses | 12 | €1,406,117 | €1,193,941 | -€212,175 | -15.1% |
| Reserves | 13 | €2,351,620 | €2,549,354 | +€197,735 | +8.4% |
| Non-distributable reserves | 130/1 | €2,262,886 | €2,475,061 | +€212,175 | +9.4% |
| Other | 1319 | €2,262,886 | €2,475,061 | +€212,175 | +9.4% |
| Tax-exempt reserves | 132 | €88,734 | €74,293 | -€14,441 | -16.3% |
| Profit (loss) carried forward | 14 | -€1,595,408 | -€1,629,457 | -€34,049 | -2.1% |
| Provisions and deferred taxes | 16 | €44,615 | €37,179 | -€7,436 | -16.7% |
| Deferred taxes | 168 | €44,615 | €37,179 | -€7,436 | -16.7% |
| Amounts payable | 17/49 | €2,325,551 | €3,228,028 | +€902,477 | +38.8% |
| Amounts payable after more than one year | 17 | €590,113 | €958,270 | +€368,157 | +62.4% |
| Financial debts | 170/4 | €590,113 | €958,270 | +€368,157 | +62.4% |
| Amounts payable within one year | 42/48 | €1,735,438 | €1,919,578 | +€184,140 | +10.6% |
| Current portion of amounts payable after more than one year | 42 | €158,743 | €213,148 | +€54,405 | +34.3% |
| Trade debts | 44 | €3,234 | €17,776 | +€14,542 | +449.7% |
| Suppliers | 440/4 | €3,234 | €17,776 | +€14,542 | +449.7% |
| Taxes, remuneration and social security | 45 | €12,713 | €217 | -€12,496 | -98.3% |
| Taxes | 450/3 | €12,713 | €217 | -€12,496 | -98.3% |
| Other amounts payable | 47/48 | €1,560,748 | €1,688,437 | +€127,689 | +8.2% |
| Accrued charges and deferred income | 492/3 | - | €350,180 | +€350,180 | |
| Non-recurring operating income | 76A | €578 | €11,393 | +€10,815 | +1870.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €429,537 | €483,408 | +€53,871 | +12.5% |
| Other operating charges | 640/8 | €10,010 | €12,349 | +€2,339 | +23.4% |
| Gross operating margin | 9900 | €475,574 | €515,592 | +€40,017 | +8.4% |
| Operating profit (loss) | 9901 | €36,028 | €19,835 | -€16,193 | -44.9% |
| Financial income | 75/76B | €905 | €986 | +€82 | +9.0% |
| Recurring financial income | 75 | €905 | €986 | +€82 | +9.0% |
| Financial charges | 65/66B | €11,235 | €14,340 | +€3,105 | +27.6% |
| Recurring financial charges | 65 | €11,235 | €14,340 | +€3,105 | +27.6% |
| Profit (loss) for the period before taxes | 9903 | €25,697 | €6,481 | -€19,216 | -74.8% |
| Transfer from deferred taxes | 780 | €7,436 | €7,436 | = | 0.0% |
| Income taxes | 67/77 | €67,912 | €62,406 | -€5,505 | -8.1% |
| Profit (loss) for the period | 9904 | -€34,779 | -€48,490 | -€13,711 | -39.4% |
| Transfer from tax-exempt reserves | 789 | €14,441 | €14,441 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,338 | -€34,049 | -€13,711 | -67.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.