"VacciM": 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.
"VacciM"
Largest movements
- Receivables within one year -€44,689
down €44,689 (-32.3%), from €138,196 to €93,507
of which Trade receivables: -€24,245
- Cash +€7,926
up €7,926 (+29.4%), from €26,926 to €34,852
mainly Net result for the year (+€46,227) and Receivables within one year (+€44,689)
- Tangible fixed assets +€7,169
up €7,169 (+12.8%), from €55,807 to €62,976
of which Furniture and vehicles: +€7,651
- Current investments +€7,071
up €7,071 (+1,414%), from €500 to €7,571
- Financial fixed assets +€6,198
up €6,198 (+620%), from €1,000 to €7,198
- Reserves +€46,227
up €46,227 (+36.8%), from €125,658 to €171,885
- Profit (loss) carried forward -€40,000
no longer reported in 2025 (was €40,000)
- Tax, wage and social debts -€17,711
down €17,711 (-77.3%), from €22,903 to €5,192
- Debts after one year -€12,951
down €12,951 (-92.2%), from €14,054 to €1,103
- Trade debts +€2,780
up €2,780 (+35.4%), from €7,858 to €10,637
- Gross operating margin -€50,484
down €50,484 (-35.6%), from €141,773 to €91,288
- Taxes -€17,451
down €17,451 (-39.0%), from €44,768 to €27,317
- Depreciation +€14,443
up €14,443 (+720%), from €2,007 to €16,449
- Financial income -€3,842
down €3,842 (-73.6%), from €5,221 to €1,380
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 | €227,908 | €206,768 | -€21,140 | -9.3% |
| Fixed assets | 21/28 | €56,807 | €70,174 | +€13,367 | +23.5% |
| Tangible fixed assets | 22/27 | €55,807 | €62,976 | +€7,169 | +12.8% |
| Furniture and vehicles | 24 | €51,001 | €58,653 | +€7,651 | +15.0% |
| Other tangible fixed assets | 26 | €4,806 | €4,323 | -€483 | -10.0% |
| Financial fixed assets | 28 | €1,000 | €7,198 | +€6,198 | +620% |
| Current assets | 29/58 | €171,101 | €136,595 | -€34,507 | -20.2% |
| Amounts receivable within one year | 40/41 | €138,196 | €93,507 | -€44,689 | -32.3% |
| Trade receivables | 40 | €34,048 | €9,803 | -€24,245 | -71.2% |
| Other amounts receivable | 41 | €104,148 | €83,704 | -€20,443 | -19.6% |
| Current investments | 50/53 | €500 | €7,571 | +€7,071 | +1,414% |
| Cash at bank and in hand | 54/58 | €26,926 | €34,852 | +€7,926 | +29.4% |
| Deferred charges and accrued income | 490/1 | €5,479 | €665 | -€4,814 | -87.9% |
| Total equity and liabilities | 10/49 | €227,908 | €206,768 | -€21,140 | -9.3% |
| Equity | 10/15 | €170,658 | €176,885 | +€6,227 | +3.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €125,658 | €171,885 | +€46,227 | +36.8% |
| Distributable reserves | 133 | €125,658 | €171,885 | +€46,227 | +36.8% |
| Profit (loss) carried forward | 14 | €40,000 | - | -€40,000 | |
| Amounts payable | 17/49 | €57,250 | €29,884 | -€27,367 | -47.8% |
| Amounts payable after more than one year | 17 | €14,054 | €1,103 | -€12,951 | -92.2% |
| Financial debts | 170/4 | €14,054 | €1,103 | -€12,951 | -92.2% |
| Amounts payable within one year | 42/48 | €43,196 | €28,780 | -€14,415 | -33.4% |
| Current portion of amounts payable after more than one year | 42 | €12,435 | €12,951 | +€516 | +4.2% |
| Trade debts | 44 | €7,858 | €10,637 | +€2,780 | +35.4% |
| Suppliers | 440/4 | €7,858 | €10,637 | +€2,780 | +35.4% |
| Taxes, remuneration and social security | 45 | €22,903 | €5,192 | -€17,711 | -77.3% |
| Taxes | 450/3 | €22,903 | €5,192 | -€17,711 | -77.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,007 | €16,449 | +€14,443 | +720% |
| Other operating charges | 640/8 | €588 | €862 | +€274 | +46.5% |
| Gross operating margin | 9900 | €141,773 | €91,288 | -€50,484 | -35.6% |
| Operating profit (loss) | 9901 | €139,178 | €73,977 | -€65,201 | -46.8% |
| Financial income | 75/76B | €5,221 | €1,380 | -€3,842 | -73.6% |
| Recurring financial income | 75 | €5,221 | €1,380 | -€3,842 | -73.6% |
| Financial charges | 65/66B | €1,601 | €1,813 | +€212 | +13.2% |
| Recurring financial charges | 65 | €1,601 | €1,813 | +€212 | +13.2% |
| Profit (loss) for the period before taxes | 9903 | €142,798 | €73,544 | -€69,254 | -48.5% |
| Income taxes | 67/77 | €44,768 | €27,317 | -€17,451 | -39.0% |
| Profit (loss) for the period | 9904 | €98,030 | €46,227 | -€51,804 | -52.8% |
| Profit (loss) for the period to be appropriated | 9905 | €98,030 | €46,227 | -€51,804 | -52.8% |
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 15 October 2026 via checked.be.