V.A.P.S.: 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.
V.A.P.S.
Largest movements
- Cash -€8,279
down €8,279 (-38.4%), from €21,586 to €13,307
mainly Tax, wage and social debts (-€9,481) and Other debts (-€2,393)
- Tax, wage and social debts -€9,481
no longer reported in 2025 (was €9,481)
- Gross operating margin -€45,871
down €45,871, from €30,945 to -€14,927
- Financial charges -€45,305
down €45,305, from €39,162 to -€6,143
- Financial income -€16,827
down €16,827 (-50.7%), from €33,198 to €16,371
- Taxes -€16,269
down €16,269 (-95.9%), from €16,963 to €694
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 | €817,163 | €810,681 | -€6,483 | -0.8% |
| Fixed assets | 21/28 | €5,732 | €5,308 | -€424 | -7.4% |
| Tangible fixed assets | 22/27 | €5,732 | €5,308 | -€424 | -7.4% |
| Other tangible fixed assets | 26 | €5,732 | €5,308 | -€424 | -7.4% |
| Current assets | 29/58 | €811,432 | €805,373 | -€6,059 | -0.7% |
| Amounts receivable within one year | 40/41 | €4,096 | €5,885 | +€1,789 | +43.7% |
| Trade receivables | 40 | €529 | - | -€529 | |
| Other amounts receivable | 41 | €3,567 | €5,885 | +€2,318 | +65.0% |
| Current investments | 50/53 | €785,750 | €786,182 | +€431 | +0.1% |
| Cash at bank and in hand | 54/58 | €21,586 | €13,307 | -€8,279 | -38.4% |
| Total equity and liabilities | 10/49 | €817,163 | €810,681 | -€6,483 | -0.8% |
| Equity | 10/15 | €740,493 | €746,443 | +€5,950 | +0.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €678,493 | €684,443 | +€5,950 | +0.9% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €672,293 | €678,243 | +€5,950 | +0.9% |
| Amounts payable | 17/49 | €76,671 | €64,238 | -€12,433 | -16.2% |
| Amounts payable within one year | 42/48 | €76,583 | €64,238 | -€12,345 | -16.1% |
| Trade debts | 44 | €2,287 | €1,815 | -€471 | -20.6% |
| Suppliers | 440/4 | €2,287 | €1,815 | -€471 | -20.6% |
| Taxes, remuneration and social security | 45 | €9,481 | - | -€9,481 | |
| Taxes | 450/3 | €9,481 | - | -€9,481 | |
| Other amounts payable | 47/48 | €64,815 | €62,422 | -€2,393 | -3.7% |
| Accrued charges and deferred income | 492/3 | €88 | - | -€88 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €424 | €424 | = | 0.0% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | €30,945 | -€14,927 | -€45,871 | |
| Operating profit (loss) | 9901 | €30,015 | -€15,870 | -€45,886 | |
| Financial income | 75/76B | €33,198 | €16,371 | -€16,827 | -50.7% |
| Recurring financial income | 75 | €33,198 | €16,371 | -€16,827 | -50.7% |
| Financial charges | 65/66B | €39,162 | -€6,143 | -€45,305 | |
| Recurring financial charges | 65 | €39,162 | -€6,143 | -€45,305 | |
| Profit (loss) for the period before taxes | 9903 | €24,051 | €6,644 | -€17,407 | -72.4% |
| Income taxes | 67/77 | €16,963 | €694 | -€16,269 | -95.9% |
| Profit (loss) for the period | 9904 | €7,089 | €5,950 | -€1,139 | -16.1% |
| Profit (loss) for the period to be appropriated | 9905 | €7,089 | €5,950 | -€1,139 | -16.1% |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.