VPW: 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.
VPW
Largest movements
- Tangible fixed assets -€35,774
down €35,774 (-20.9%), from €170,840 to €135,066
of which Land and buildings: -€19,355
- Receivables within one year +€3,883
up €3,883 (+22.6%), from €17,187 to €21,070
of which Trade receivables: +€3,858
- Cash +€3,218
up €3,218 (+1,176%), from €274 to €3,491
mainly Other debts (+€37,126) and Depreciation (+€35,774)
- Profit (loss) carried forward -€81,896
down €81,896 (-55.1%), from -€148,620 to -€230,515
- Other debts +€37,126
up €37,126 (+13.1%), from €283,231 to €320,357
- Trade debts +€22,185
up €22,185 (+406%), from €5,459 to €27,644
- Current portion of long-term debt -€12,462
down €12,462 (-77.1%), from €16,155 to €3,693
- Tax, wage and social debts +€7,949
up €7,949 (+56.2%), from €14,150 to €22,099
of which Taxes: +€5,115
- Purchases and services -€189,189
no longer reported in 2024 (was €189,189)
- Turnover -€142,440
no longer reported in 2024 (was €142,440)
- Gross operating margin +€9,080
up €9,080 (+27.3%), from -€33,310 to -€24,229
- Depreciation -€2,433
down €2,433 (-6.4%), from €38,207 to €35,774
- Financial charges +€2,326
up €2,326 (+826%), from €282 to €2,608
From the 2023 result to the 2024 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.
Derived cash bridge
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €188,976 | €161,878 | -€27,098 | -14.3% |
| Fixed assets | 21/28 | €170,840 | €135,066 | -€35,774 | -20.9% |
| Tangible fixed assets | 22/27 | €170,840 | €135,066 | -€35,774 | -20.9% |
| Land and buildings | 22 | €124,165 | €104,809 | -€19,355 | -15.6% |
| Plant, machinery and equipment | 23 | €1,543 | €882 | -€661 | -42.8% |
| Furniture and vehicles | 24 | €45,132 | €29,374 | -€15,758 | -34.9% |
| Current assets | 29/58 | €18,136 | €26,812 | +€8,677 | +47.8% |
| Amounts receivable within one year | 40/41 | €17,187 | €21,070 | +€3,883 | +22.6% |
| Trade receivables | 40 | €17,187 | €21,045 | +€3,858 | +22.4% |
| Other amounts receivable | 41 | €0 | €25 | +€25 | |
| Cash at bank and in hand | 54/58 | €274 | €3,491 | +€3,218 | +1,176% |
| Deferred charges and accrued income | 490/1 | €676 | €2,251 | +€1,576 | +233% |
| Total equity and liabilities | 10/49 | €188,976 | €161,878 | -€27,098 | -14.3% |
| Equity | 10/15 | -€130,020 | -€211,915 | -€81,896 | -63.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | - | -€18,600 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Profit (loss) carried forward | 14 | -€148,620 | -€230,515 | -€81,896 | -55.1% |
| Amounts payable | 17/49 | €318,995 | €373,793 | +€54,798 | +17.2% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €318,995 | €373,793 | +€54,798 | +17.2% |
| Current portion of amounts payable after more than one year | 42 | €16,155 | €3,693 | -€12,462 | -77.1% |
| Trade debts | 44 | €5,459 | €27,644 | +€22,185 | +406% |
| Suppliers | 440/4 | €5,459 | €27,644 | +€22,185 | +406% |
| Taxes, remuneration and social security | 45 | €14,150 | €22,099 | +€7,949 | +56.2% |
| Taxes | 450/3 | €261 | €5,376 | +€5,115 | +1,959% |
| Remuneration and social security | 454/9 | €13,889 | €16,722 | +€2,833 | +20.4% |
| Other amounts payable | 47/48 | €283,231 | €320,357 | +€37,126 | +13.1% |
| Turnover | 70 | €142,440 | - | -€142,440 | |
| Goods, raw materials, services and sundry goods | 60/61 | €189,189 | - | -€189,189 | |
| Remuneration, social security and pensions | 62 | €18,726 | €18,405 | -€321 | -1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,207 | €35,774 | -€2,433 | -6.4% |
| Other operating charges | 640/8 | €361 | €879 | +€518 | +143% |
| Gross operating margin | 9900 | -€33,310 | -€24,229 | +€9,080 | +27.3% |
| Operating profit (loss) | 9901 | -€90,604 | -€79,288 | +€11,317 | +12.5% |
| Financial charges | 65/66B | €282 | €2,608 | +€2,326 | +826% |
| Recurring financial charges | 65 | €282 | €2,608 | +€2,326 | +826% |
| Profit (loss) for the period before taxes | 9903 | -€90,886 | -€81,896 | +€8,990 | +9.9% |
| Profit (loss) for the period | 9904 | -€90,886 | -€81,896 | +€8,990 | +9.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€90,886 | -€81,896 | +€8,990 | +9.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.