VuPa: 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.
VuPa
Largest movements
- Cash +€292,177
up €292,177 (+35.8%), from €815,408 to €1.1m
mainly Net result for the year (+€304,654) and Depreciation (+€21,604)
- Receivables within one year +€27,008
up €27,008 (+22.1%), from €122,391 to €149,399
of which Trade receivables: +€24,792
- Stocks and contracts +€16,750
up €16,750 (+29.7%), from €56,368 to €73,117
- Reserves +€599,177
up €599,177 (+84.6%), from €707,868 to €1.3m
of which Distributable reserves: +€599,177
- Profit (loss) carried forward -€294,523
down €294,523 (-100%), from €294,523 to €0
- Trade debts +€18,494
up €18,494 (+92.5%), from €19,983 to €38,477
- Gross operating margin +€142,209
up €142,209 (+23.7%), from €599,366 to €741,576
- Staff costs +€128,746
up €128,746 (+68.2%), from €188,822 to €317,568
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.
Derived cash bridge
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 | €1,122,317 | €1,453,458 | +€331,142 | +29.5% |
| Fixed assets | 21/28 | €69,080 | €61,776 | -€7,304 | -10.6% |
| Intangible fixed assets | 21 | €16,305 | €11,636 | -€4,669 | -28.6% |
| Tangible fixed assets | 22/27 | €49,400 | €46,765 | -€2,635 | -5.3% |
| Land and buildings | 22 | €8,653 | €6,692 | -€1,962 | -22.7% |
| Plant, machinery and equipment | 23 | €861 | €631 | -€230 | -26.7% |
| Furniture and vehicles | 24 | €39,886 | €39,443 | -€443 | -1.1% |
| Financial fixed assets | 28 | €3,375 | €3,375 | = | 0.0% |
| Current assets | 29/58 | €1,053,236 | €1,391,682 | +€338,446 | +32.1% |
| Stocks and contracts in progress | 3 | €56,368 | €73,117 | +€16,750 | +29.7% |
| Stocks | 30/36 | €56,368 | €73,117 | +€16,750 | +29.7% |
| Amounts receivable within one year | 40/41 | €122,391 | €149,399 | +€27,008 | +22.1% |
| Trade receivables | 40 | €119,654 | €144,446 | +€24,792 | +20.7% |
| Other amounts receivable | 41 | €2,737 | €4,953 | +€2,216 | +81.0% |
| Current investments | 50/53 | €48,612 | €48,612 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €815,408 | €1,107,585 | +€292,177 | +35.8% |
| Deferred charges and accrued income | 490/1 | €10,458 | €12,969 | +€2,511 | +24.0% |
| Total equity and liabilities | 10/49 | €1,122,317 | €1,453,458 | +€331,142 | +29.5% |
| Equity | 10/15 | €1,008,591 | €1,313,245 | +€304,654 | +30.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €707,868 | €1,307,045 | +€599,177 | +84.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €706,008 | €1,305,185 | +€599,177 | +84.9% |
| Profit (loss) carried forward | 14 | €294,523 | €0 | -€294,523 | -100% |
| Amounts payable | 17/49 | €113,726 | €140,213 | +€26,488 | +23.3% |
| Amounts payable within one year | 42/48 | €113,623 | €140,068 | +€26,445 | +23.3% |
| Trade debts | 44 | €19,983 | €38,477 | +€18,494 | +92.5% |
| Suppliers | 440/4 | €19,983 | €38,477 | +€18,494 | +92.5% |
| Taxes, remuneration and social security | 45 | €93,640 | €101,591 | +€7,951 | +8.5% |
| Taxes | 450/3 | €64,219 | €45,271 | -€18,947 | -29.5% |
| Remuneration and social security | 454/9 | €29,421 | €56,320 | +€26,899 | +91.4% |
| Accrued charges and deferred income | 492/3 | €103 | €145 | +€43 | +41.5% |
| Remuneration, social security and pensions | 62 | €188,822 | €317,568 | +€128,746 | +68.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,168 | €21,604 | +€3,436 | +18.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,438 | €1,303 | -€135 | -9.4% |
| Other operating charges | 640/8 | €2,340 | €3,941 | +€1,602 | +68.5% |
| Gross operating margin | 9900 | €599,366 | €741,576 | +€142,209 | +23.7% |
| Operating profit (loss) | 9901 | €388,599 | €397,159 | +€8,560 | +2.2% |
| Financial income | 75/76B | €951 | €4,895 | +€3,944 | +415% |
| Recurring financial income | 75 | €951 | €4,895 | +€3,944 | +415% |
| Financial charges | 65/66B | €327 | €278 | -€50 | -15.2% |
| Recurring financial charges | 65 | €327 | €278 | -€50 | -15.2% |
| Profit (loss) for the period before taxes | 9903 | €389,224 | €401,777 | +€12,553 | +3.2% |
| Income taxes | 67/77 | €94,701 | €97,123 | +€2,422 | +2.6% |
| Profit (loss) for the period | 9904 | €294,523 | €304,654 | +€10,132 | +3.4% |
| Profit (loss) for the period to be appropriated | 9905 | €294,523 | €304,654 | +€10,132 | +3.4% |
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 29 October 2026 via checked.be.