VACCIFAR: 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.
VACCIFAR
Largest movements
- Receivables within one year +€109,185
up €109,185 (+119%), from €91,414 to €200,600
of which Trade receivables: +€126,639
- Cash +€34,997
up €34,997 (+104%), from €33,512 to €68,509
mainly Trade debts (+€138,693) and Stocks and contracts (+€24,195)
- Stocks and contracts -€24,195
down €24,195 (-17.7%), from €136,641 to €112,446
- Intangible fixed assets +€10,149
up €10,149 (+117%), from €8,650 to €18,799
- Financial fixed assets -€4,524
down €4,524 (-76.4%), from €5,921 to €1,397
- Reserves -€141,240
down €141,240 (-48.0%), from €294,032 to €152,791
- Trade debts +€138,693
up €138,693 (+505%), from €27,437 to €166,130
- Profit (loss) carried forward +€121,839
no longer reported in 2025 (was -€121,839)
- Accrued charges and deferred income +€5,572
new in 2025: €5,572
- Gross operating margin +€93,332
up €93,332 (+89.0%), from -€104,818 to -€11,485
- Staff costs -€22,025
down €22,025 (-99.9%), from €22,039 to €14
- Taxes -€1,954
no longer reported in 2025 (was €1,954)
- Depreciation +€1,726
up €1,726 (+46.6%), from €3,702 to €5,428
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 | €279,481 | €404,293 | +€124,812 | +44.7% |
| Fixed assets | 21/28 | €17,338 | €21,303 | +€3,965 | +22.9% |
| Intangible fixed assets | 21 | €8,650 | €18,799 | +€10,149 | +117% |
| Tangible fixed assets | 22/27 | €2,766 | €1,107 | -€1,660 | -60.0% |
| Plant, machinery and equipment | 23 | €2,766 | €1,107 | -€1,660 | -60.0% |
| Financial fixed assets | 28 | €5,921 | €1,397 | -€4,524 | -76.4% |
| Current assets | 29/58 | €262,144 | €382,991 | +€120,847 | +46.1% |
| Stocks and contracts in progress | 3 | €136,641 | €112,446 | -€24,195 | -17.7% |
| Stocks | 30/36 | €136,641 | €112,446 | -€24,195 | -17.7% |
| Amounts receivable within one year | 40/41 | €91,414 | €200,600 | +€109,185 | +119% |
| Trade receivables | 40 | €59,776 | €186,415 | +€126,639 | +212% |
| Other amounts receivable | 41 | €31,638 | €14,184 | -€17,454 | -55.2% |
| Cash at bank and in hand | 54/58 | €33,512 | €68,509 | +€34,997 | +104% |
| Deferred charges and accrued income | 490/1 | €577 | €1,436 | +€860 | +149% |
| Total equity and liabilities | 10/49 | €279,481 | €404,293 | +€124,812 | +44.7% |
| Equity | 10/15 | €251,992 | €232,591 | -€19,401 | -7.7% |
| Contributions | 10/11 | €79,800 | €79,800 | = | 0.0% |
| Reserves | 13 | €294,032 | €152,791 | -€141,240 | -48.0% |
| Distributable reserves | 133 | €294,032 | €152,791 | -€141,240 | -48.0% |
| Profit (loss) carried forward | 14 | -€121,839 | - | +€121,839 | |
| Amounts payable | 17/49 | €27,489 | €171,702 | +€144,213 | +525% |
| Amounts payable within one year | 42/48 | €27,489 | €166,130 | +€138,641 | +504% |
| Trade debts | 44 | €27,437 | €166,130 | +€138,693 | +505% |
| Suppliers | 440/4 | €27,437 | €166,130 | +€138,693 | +505% |
| Taxes, remuneration and social security | 45 | €52 | - | -€52 | |
| Taxes | 450/3 | €52 | - | -€52 | |
| Accrued charges and deferred income | 492/3 | - | €5,572 | +€5,572 | |
| Non-recurring operating income | 76A | €100 | - | -€100 | |
| Remuneration, social security and pensions | 62 | €22,039 | €14 | -€22,025 | -99.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,702 | €5,428 | +€1,726 | +46.6% |
| Other operating charges | 640/8 | €3,198 | €2,178 | -€1,019 | -31.9% |
| Non-recurring operating charges | 66A | €900 | - | -€900 | |
| Gross operating margin | 9900 | -€104,818 | -€11,485 | +€93,332 | +89.0% |
| Operating profit (loss) | 9901 | -€134,656 | -€19,105 | +€115,551 | +85.8% |
| Financial income | 75/76B | €574 | €22 | -€552 | -96.1% |
| Recurring financial income | 75 | €574 | €22 | -€552 | -96.1% |
| Financial charges | 65/66B | €3 | €318 | +€315 | +10,164% |
| Recurring financial charges | 65 | €3 | €318 | +€315 | +10,164% |
| Profit (loss) for the period before taxes | 9903 | -€134,085 | -€19,401 | +€114,684 | +85.5% |
| Income taxes | 67/77 | €1,954 | - | -€1,954 | |
| Profit (loss) for the period | 9904 | -€136,039 | -€19,401 | +€116,638 | +85.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€136,039 | -€19,401 | +€116,638 | +85.7% |
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 13 October 2026 via checked.be.