VPR MANAGEMENT: 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.
VPR MANAGEMENT
Largest movements
- Receivables within one year +€13,445
up €13,445 (+1612.1%), from €834 to €14,279
of which Trade receivables: +€10,067
- Cash +€8,777
up €8,777 (+53.6%), from €16,369 to €25,146
mainly Net result for the year (+€44,296) and Depreciation (+€9,378)
- Reserves +€43,463
up €43,463 (+40.1%), from €108,345 to €151,808
- Other debts -€20,632
down €20,632 (-42.2%), from €48,883 to €28,251
- Tax, wage and social debts +€2,880
up €2,880 (+106.3%), from €2,710 to €5,590
- Gross operating margin +€44,706
up €44,706 (+167.0%), from €26,766 to €71,472
- Taxes +€9,001
up €9,001 (+1351.5%), from €666 to €9,667
- Financial charges -€1,905
down €1,905 (-23.5%), from €8,103 to €6,198
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 | €234,718 | €259,363 | +€24,645 | +10.5% |
| Fixed assets | 21/28 | €217,390 | €219,738 | +€2,348 | +1.1% |
| Tangible fixed assets | 22/27 | €217,390 | €219,738 | +€2,348 | +1.1% |
| Land and buildings | 22 | €207,515 | €207,628 | +€113 | +0.1% |
| Plant, machinery and equipment | 23 | €8,628 | €10,420 | +€1,792 | +20.8% |
| Furniture and vehicles | 24 | €1,247 | €1,690 | +€443 | +35.5% |
| Current assets | 29/58 | €17,328 | €39,625 | +€22,297 | +128.7% |
| Amounts receivable within one year | 40/41 | €834 | €14,279 | +€13,445 | +1612.1% |
| Trade receivables | 40 | - | €10,067 | +€10,067 | |
| Other amounts receivable | 41 | €834 | €4,212 | +€3,378 | +405.0% |
| Cash at bank and in hand | 54/58 | €16,369 | €25,146 | +€8,777 | +53.6% |
| Deferred charges and accrued income | 490/1 | €125 | €200 | +€75 | +60.0% |
| Total equity and liabilities | 10/49 | €234,718 | €259,363 | +€24,645 | +10.5% |
| Equity | 10/15 | €123,445 | €166,908 | +€43,463 | +35.2% |
| Contributions | 10/11 | €15,100 | €15,100 | = | 0.0% |
| Reserves | 13 | €108,345 | €151,808 | +€43,463 | +40.1% |
| Distributable reserves | 133 | €108,345 | €151,808 | +€43,463 | +40.1% |
| Amounts payable | 17/49 | €111,273 | €92,455 | -€18,818 | -16.9% |
| Amounts payable after more than one year | 17 | €57,475 | €57,475 | = | 0.0% |
| Other amounts payable | 178/9 | €57,475 | €57,475 | = | 0.0% |
| Amounts payable within one year | 42/48 | €53,798 | €34,980 | -€18,818 | -35.0% |
| Trade debts | 44 | €2,205 | €1,139 | -€1,066 | -48.3% |
| Suppliers | 440/4 | €2,205 | €1,139 | -€1,066 | -48.3% |
| Taxes, remuneration and social security | 45 | €2,710 | €5,590 | +€2,880 | +106.3% |
| Taxes | 450/3 | €2,710 | €5,590 | +€2,880 | +106.3% |
| Other amounts payable | 47/48 | €48,883 | €28,251 | -€20,632 | -42.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,347 | €9,378 | +€31 | +0.3% |
| Other operating charges | 640/8 | €1,991 | €1,933 | -€58 | -2.9% |
| Gross operating margin | 9900 | €26,766 | €71,472 | +€44,706 | +167.0% |
| Operating profit (loss) | 9901 | €15,428 | €60,161 | +€44,733 | +289.9% |
| Financial charges | 65/66B | €8,103 | €6,198 | -€1,905 | -23.5% |
| Recurring financial charges | 65 | €8,103 | €6,198 | -€1,905 | -23.5% |
| Profit (loss) for the period before taxes | 9903 | €7,325 | €53,963 | +€46,638 | +636.7% |
| Income taxes | 67/77 | €666 | €9,667 | +€9,001 | +1351.5% |
| Profit (loss) for the period | 9904 | €6,659 | €44,296 | +€37,637 | +565.2% |
| Profit (loss) for the period to be appropriated | 9905 | €6,659 | €44,296 | +€37,637 | +565.2% |
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 8 October 2026 via checked.be.