VPS Projects & Services: 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.
What changed
VPS Projects & Services
NACE 43.211, General electrical installation work
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€113,778
2024 · €48,668-€162,446
Equity
-€45,951
2024 · €67,827-€113,778
Cash
€14,405
2024 · €25,328-€10,923
Balance sheet total
€1.4m
2024 · €1.6m-€165,398
Largest movements
Assets
- Receivables within one year -€109,501
down €109,501 (-40.9%), from €267,859 to €158,358
of which Trade receivables: -€109,514
- Tangible fixed assets -€44,447
down €44,447 (-3.9%), from €1.1m to €1.1m
of which Land and buildings: -€59,733
Equity and liabilities
- Profit (loss) carried forward -€113,778
new in 2025: -€113,778
- Debts after one year -€104,955
down €104,955 (-11.1%), from €947,786 to €842,830
- Other debts +€30,277
up €30,277 (+7.5%), from €402,883 to €433,160
- Trade debts +€24,883
up €24,883 (+66.4%), from €37,477 to €62,360
Income statement
- Gross operating margin -€106,804
down €106,804 (-33.5%), from €318,989 to €212,185
- Staff costs +€58,514
up €58,514 (+37.5%), from €156,144 to €214,658
- Taxes -€4,867
down €4,867 (-94.4%), from €5,157 to €289
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.
Result 2024
€48,668
Gross operating margin
-€106,804
Staff costs
-€58,514
Depreciation
-€2,795
Other operating charges
-€800
Financial income
+€40
Financial charges
+€1,560
Taxes
+€4,867
Result 2025
-€113,778
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.
From operations
+€115,139
Investment
-€29,930
Financing
-€96,132
Cash 2024
€25,328
From operations (derived)
+€115,139
Net result for the year
-€113,778
Depreciation
+€74,377
Stocks and contracts
+€5,998
Receivables within one year
+€109,501
Deferred charges and accrued income
-€5,470
Trade debts
+€24,883
Tax, wage and social debts
-€10,619
Other debts
+€30,277
Accrued charges and deferred income
-€28
Investment (derived)
-€29,930
Investment in fixed assets (net)
-€29,930
Financing
-€96,132
Debts after one year
-€104,955
Current portion of long-term debt
+€2,329
Short-term financial debts
+€6,495
Cash 2025
€14,405
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,609,601 | €1,444,203 | -€165,398 | -10.3% |
| Fixed assets | 21/28 | €1,301,814 | €1,257,367 | -€44,447 | -3.4% |
| Tangible fixed assets | 22/27 | €1,141,814 | €1,097,367 | -€44,447 | -3.9% |
| Land and buildings | 22 | €1,095,810 | €1,036,078 | -€59,733 | -5.5% |
| Plant, machinery and equipment | 23 | €2,777 | €28,867 | +€26,091 | +939.6% |
| Furniture and vehicles | 24 | €43,227 | €32,422 | -€10,804 | -25.0% |
| Financial fixed assets | 28 | €160,000 | €160,000 | = | 0.0% |
| Current assets | 29/58 | €307,788 | €186,836 | -€120,952 | -39.3% |
| Stocks and contracts in progress | 3 | €5,998 | - | -€5,998 | |
| Contracts in progress | 37 | €5,998 | - | -€5,998 | |
| Amounts receivable within one year | 40/41 | €267,859 | €158,358 | -€109,501 | -40.9% |
| Trade receivables | 40 | €267,724 | €158,209 | -€109,514 | -40.9% |
| Other amounts receivable | 41 | €136 | €149 | +€13 | +9.7% |
| Cash at bank and in hand | 54/58 | €25,328 | €14,405 | -€10,923 | -43.1% |
| Deferred charges and accrued income | 490/1 | €8,603 | €14,073 | +€5,470 | +63.6% |
| Total equity and liabilities | 10/49 | €1,609,601 | €1,444,203 | -€165,398 | -10.3% |
| Equity | 10/15 | €67,827 | -€45,951 | -€113,778 | |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €55,427 | €55,427 | = | 0.0% |
| Distributable reserves | 133 | €55,427 | €55,427 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€113,778 | -€113,778 | |
| Amounts payable | 17/49 | €1,541,774 | €1,490,154 | -€51,620 | -3.3% |
| Amounts payable after more than one year | 17 | €947,786 | €842,830 | -€104,955 | -11.1% |
| Financial debts | 170/4 | €947,786 | €842,830 | -€104,955 | -11.1% |
| Amounts payable within one year | 42/48 | €593,961 | €647,324 | +€53,364 | +9.0% |
| Current portion of amounts payable after more than one year | 42 | €102,627 | €104,955 | +€2,329 | +2.3% |
| Financial debts | 43 | - | €6,495 | +€6,495 | |
| Credit institutions | 430/8 | - | €6,495 | +€6,495 | |
| Trade debts | 44 | €37,477 | €62,360 | +€24,883 | +66.4% |
| Suppliers | 440/4 | €37,477 | €62,360 | +€24,883 | +66.4% |
| Taxes, remuneration and social security | 45 | €50,973 | €40,354 | -€10,619 | -20.8% |
| Taxes | 450/3 | €22,043 | €6,708 | -€15,335 | -69.6% |
| Remuneration and social security | 454/9 | €28,930 | €33,646 | +€4,715 | +16.3% |
| Other amounts payable | 47/48 | €402,883 | €433,160 | +€30,277 | +7.5% |
| Accrued charges and deferred income | 492/3 | €28 | - | -€28 | |
| Remuneration, social security and pensions | 62 | €156,144 | €214,658 | +€58,514 | +37.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,582 | €74,377 | +€2,795 | +3.9% |
| Other operating charges | 640/8 | €12,978 | €13,778 | +€800 | +6.2% |
| Gross operating margin | 9900 | €318,989 | €212,185 | -€106,804 | -33.5% |
| Operating profit (loss) | 9901 | €78,286 | -€90,627 | -€168,913 | |
| Financial income | 75/76B | €17 | €57 | +€40 | +232.6% |
| Recurring financial income | 75 | €17 | €57 | +€40 | +232.6% |
| Financial charges | 65/66B | €24,478 | €22,918 | -€1,560 | -6.4% |
| Recurring financial charges | 65 | €24,478 | €22,918 | -€1,560 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | €53,825 | -€113,489 | -€167,314 | |
| Income taxes | 67/77 | €5,157 | €289 | -€4,867 | -94.4% |
| Profit (loss) for the period | 9904 | €48,668 | -€113,778 | -€162,446 | |
| Profit (loss) for the period to be appropriated | 9905 | €48,668 | -€113,778 | -€162,446 |
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 11 October 2026 via checked.be.