VPS Advisory: 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.
VPS Advisory
Largest movements
- Cash +€40,280
up €40,280 (+25.8%), from €156,031 to €196,311
mainly Debts after one year (+€75,043) and Net result for the year (+€53,238)
- Receivables within one year +€8,153
up €8,153 (+106.9%), from €7,623 to €15,776
of which Trade receivables: +€6,353
- Tangible fixed assets -€4,613
down €4,613 (-4.1%), from €113,772 to €109,159
of which Land and buildings: -€3,233
- Other debts -€88,807
down €88,807 (-92.7%), from €95,793 to €6,986
- Debts after one year +€75,043
new in 2025: €75,043
- Reserves +€47,788
up €47,788 (+33.0%), from €145,031 to €192,819
- Current portion of long-term debt +€7,520
new in 2025: €7,520
- Tax, wage and social debts +€3,325
up €3,325 (+11.0%), from €30,150 to €33,475
- Gross operating margin +€24,317
up €24,317 (+35.1%), from €69,363 to €93,680
- Depreciation +€8,464
up €8,464 (+188.9%), from €4,480 to €12,944
- Financial charges +€2,382
up €2,382 (+1267.3%), from €188 to €2,570
- Taxes +€1,806
up €1,806 (+10.0%), from €18,000 to €19,806
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 | €278,226 | €322,549 | +€44,323 | +15.9% |
| Fixed assets | 21/28 | €113,772 | €109,159 | -€4,613 | -4.1% |
| Tangible fixed assets | 22/27 | €113,772 | €109,159 | -€4,613 | -4.1% |
| Land and buildings | 22 | €105,666 | €102,433 | -€3,233 | -3.1% |
| Plant, machinery and equipment | 23 | €5,147 | €4,417 | -€731 | -14.2% |
| Furniture and vehicles | 24 | €2,958 | €2,309 | -€649 | -21.9% |
| Current assets | 29/58 | €164,454 | €213,391 | +€48,936 | +29.8% |
| Amounts receivable within one year | 40/41 | €7,623 | €15,776 | +€8,153 | +106.9% |
| Trade receivables | 40 | €7,623 | €13,976 | +€6,353 | +83.3% |
| Other amounts receivable | 41 | - | €1,800 | +€1,800 | |
| Cash at bank and in hand | 54/58 | €156,031 | €196,311 | +€40,280 | +25.8% |
| Deferred charges and accrued income | 490/1 | €800 | €1,304 | +€504 | +63.0% |
| Total equity and liabilities | 10/49 | €278,226 | €322,549 | +€44,323 | +15.9% |
| Equity | 10/15 | €151,031 | €198,819 | +€47,788 | +31.6% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €145,031 | €192,819 | +€47,788 | +33.0% |
| Distributable reserves | 133 | €145,031 | €192,819 | +€47,788 | +33.0% |
| Amounts payable | 17/49 | €127,195 | €123,730 | -€3,465 | -2.7% |
| Amounts payable after more than one year | 17 | - | €75,043 | +€75,043 | |
| Financial debts | 170/4 | - | €75,043 | +€75,043 | |
| Amounts payable within one year | 42/48 | €127,195 | €48,687 | -€78,508 | -61.7% |
| Current portion of amounts payable after more than one year | 42 | - | €7,520 | +€7,520 | |
| Trade debts | 44 | €1,252 | €706 | -€546 | -43.6% |
| Suppliers | 440/4 | €1,252 | €706 | -€546 | -43.6% |
| Taxes, remuneration and social security | 45 | €30,150 | €33,475 | +€3,325 | +11.0% |
| Taxes | 450/3 | €30,150 | €33,475 | +€3,325 | +11.0% |
| Other amounts payable | 47/48 | €95,793 | €6,986 | -€88,807 | -92.7% |
| Remuneration, social security and pensions | 62 | €2,016 | €2,016 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,480 | €12,944 | +€8,464 | +188.9% |
| Other operating charges | 640/8 | €2,494 | €3,106 | +€612 | +24.5% |
| Gross operating margin | 9900 | €69,363 | €93,680 | +€24,317 | +35.1% |
| Operating profit (loss) | 9901 | €60,373 | €75,614 | +€15,241 | +25.2% |
| Financial charges | 65/66B | €188 | €2,570 | +€2,382 | +1267.3% |
| Recurring financial charges | 65 | €188 | €2,570 | +€2,382 | +1267.3% |
| Profit (loss) for the period before taxes | 9903 | €60,185 | €73,044 | +€12,859 | +21.4% |
| Income taxes | 67/77 | €18,000 | €19,806 | +€1,806 | +10.0% |
| Profit (loss) for the period | 9904 | €42,185 | €53,238 | +€11,053 | +26.2% |
| Profit (loss) for the period to be appropriated | 9905 | €42,185 | €53,238 | +€11,053 | +26.2% |
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 5 October 2026 via checked.be.