VPRO: 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.
VPRO
Largest movements
- Receivables within one year +€218,357
up €218,357 (+11.7%), from €1.9m to €2.1m
of which Other amounts receivable: +€449,378
- Cash +€46,629
up €46,629 (+251.8%), from €18,521 to €65,151
mainly Net result for the year (+€510,136) and Other debts (+€138,505)
- Other debts +€138,505
up €138,505 (+16.0%), from €868,179 to €1.0m
- Trade debts +€88,670
up €88,670 (+127.5%), from €69,568 to €158,238
- Tax, wage and social debts +€76,046
up €76,046 (+61.0%), from €124,585 to €200,631
of which Taxes: +€184,410
- Debts after one year -€32,325
down €32,325 (-46.5%), from €69,532 to €37,208
- Gross operating margin +€777,027
up €777,027 (+126.7%), from €613,424 to €1.4m
- Staff costs +€171,026
up €171,026 (+36.0%), from €474,864 to €645,890
- Taxes +€156,493
up €156,493 (+455.5%), from €34,358 to €190,850
- Financial charges -€15,072
down €15,072 (-69.3%), from €21,747 to €6,675
of which Financial charges: -€15,416
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 | €1,935,751 | €2,200,807 | +€265,056 | +13.7% |
| Fixed assets | 21/28 | €38,427 | €38,962 | +€535 | +1.4% |
| Tangible fixed assets | 22/27 | €28,927 | €34,462 | +€5,535 | +19.1% |
| Plant, machinery and equipment | 23 | €6,361 | €5,724 | -€637 | -10.0% |
| Furniture and vehicles | 24 | €22,566 | €28,738 | +€6,172 | +27.3% |
| Financial fixed assets | 28 | €9,500 | €4,500 | -€5,000 | -52.6% |
| Current assets | 29/58 | €1,897,324 | €2,161,845 | +€264,522 | +13.9% |
| Amounts receivable within one year | 40/41 | €1,873,441 | €2,091,798 | +€218,357 | +11.7% |
| Trade receivables | 40 | €327,613 | €96,592 | -€231,021 | -70.5% |
| Other amounts receivable | 41 | €1,545,827 | €1,995,206 | +€449,378 | +29.1% |
| Cash at bank and in hand | 54/58 | €18,521 | €65,151 | +€46,629 | +251.8% |
| Deferred charges and accrued income | 490/1 | €5,361 | €4,896 | -€465 | -8.7% |
| Total equity and liabilities | 10/49 | €1,935,751 | €2,200,807 | +€265,056 | +13.7% |
| Equity | 10/15 | €739,586 | €740,721 | +€1,136 | +0.2% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | €719,126 | €720,261 | +€1,136 | +0.2% |
| Amounts payable | 17/49 | €1,196,165 | €1,460,085 | +€263,920 | +22.1% |
| Amounts payable after more than one year | 17 | €69,532 | €37,208 | -€32,325 | -46.5% |
| Financial debts | 170/4 | €69,532 | €37,208 | -€32,325 | -46.5% |
| Amounts payable within one year | 42/48 | €1,126,633 | €1,422,878 | +€296,245 | +26.3% |
| Current portion of amounts payable after more than one year | 42 | €64,301 | €57,325 | -€6,976 | -10.8% |
| Trade debts | 44 | €69,568 | €158,238 | +€88,670 | +127.5% |
| Suppliers | 440/4 | €69,568 | €158,238 | +€88,670 | +127.5% |
| Taxes, remuneration and social security | 45 | €124,585 | €200,631 | +€76,046 | +61.0% |
| Taxes | 450/3 | €2,549 | €186,959 | +€184,410 | +7235.8% |
| Remuneration and social security | 454/9 | €122,037 | €13,672 | -€108,364 | -88.8% |
| Other amounts payable | 47/48 | €868,179 | €1,006,684 | +€138,505 | +16.0% |
| Remuneration, social security and pensions | 62 | €474,864 | €645,890 | +€171,026 | +36.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,550 | €13,397 | -€5,153 | -27.8% |
| Other operating charges | 640/8 | €20,359 | €18,607 | -€1,752 | -8.6% |
| Non-recurring operating charges | 66A | €3,840 | €4,901 | +€1,061 | +27.6% |
| Gross operating margin | 9900 | €613,424 | €1,390,451 | +€777,027 | +126.7% |
| Operating profit (loss) | 9901 | €95,811 | €707,657 | +€611,846 | +638.6% |
| Financial income | 75/76B | €0 | €4 | +€4 | +35900.0% |
| Recurring financial income | 75 | €0 | €4 | +€4 | +35900.0% |
| Financial charges | 65/66B | €21,747 | €6,675 | -€15,072 | -69.3% |
| Recurring financial charges | 65 | €21,747 | €6,331 | -€15,416 | -70.9% |
| Non-recurring financial charges | 66B | - | €344 | +€344 | |
| Profit (loss) for the period before taxes | 9903 | €74,064 | €700,986 | +€626,922 | +846.5% |
| Income taxes | 67/77 | €34,358 | €190,850 | +€156,493 | +455.5% |
| Profit (loss) for the period | 9904 | €39,707 | €510,136 | +€470,429 | +1184.8% |
| Profit (loss) for the period to be appropriated | 9905 | €39,707 | €510,136 | +€470,429 | +1184.8% |
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 28 September 2026 via checked.be.