VAP-EZ: 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.
VAP-EZ
Largest movements
- Receivables within one year -€56,213
down €56,213 (-75.0%), from €74,928 to €18,714
of which Trade receivables: -€53,941
- Cash -€16,575
down €16,575 (-26.5%), from €62,618 to €46,043
mainly Net result for the year (-€85,404) and Trade debts (-€3,271)
- Stocks and contracts -€12,621
down €12,621 (-55.7%), from €22,651 to €10,030
- Profit (loss) carried forward -€85,404
down €85,404, from €1,034 to -€84,370
- Tax, wage and social debts +€5,583
up €5,583 (+18.7%), from €29,787 to €35,370
of which Taxes: +€5,189
- Trade debts -€3,271
down €3,271 (-28.8%), from €11,376 to €8,105
- Gross operating margin -€154,104
down €154,104 (-90.6%), from €170,174 to €16,069
- Staff costs -€67,313
down €67,313 (-40.6%), from €165,703 to €98,391
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 | €192,147 | €107,190 | -€84,957 | -44.2% |
| Fixed assets | 21/28 | €7,479 | €7,287 | -€192 | -2.6% |
| Tangible fixed assets | 22/27 | €1,549 | €1,357 | -€192 | -12.4% |
| Other tangible fixed assets | 26 | €1,549 | €1,357 | -€192 | -12.4% |
| Financial fixed assets | 28 | €5,930 | €5,930 | = | 0.0% |
| Current assets | 29/58 | €184,668 | €99,903 | -€84,765 | -45.9% |
| Amounts receivable after more than one year | 29 | €22,785 | €22,785 | = | 0.0% |
| Other amounts receivable | 291 | €22,785 | €22,785 | = | 0.0% |
| Stocks and contracts in progress | 3 | €22,651 | €10,030 | -€12,621 | -55.7% |
| Stocks | 30/36 | €22,651 | €10,030 | -€12,621 | -55.7% |
| Amounts receivable within one year | 40/41 | €74,928 | €18,714 | -€56,213 | -75.0% |
| Trade receivables | 40 | €53,941 | - | -€53,941 | |
| Other amounts receivable | 41 | €20,986 | €18,714 | -€2,272 | -10.8% |
| Cash at bank and in hand | 54/58 | €62,618 | €46,043 | -€16,575 | -26.5% |
| Deferred charges and accrued income | 490/1 | €1,686 | €2,331 | +€644 | +38.2% |
| Total equity and liabilities | 10/49 | €192,147 | €107,190 | -€84,957 | -44.2% |
| Equity | 10/15 | €132,692 | €47,288 | -€85,404 | -64.4% |
| Contributions | 10/11 | €10,200 | €10,200 | = | 0.0% |
| Reserves | 13 | €121,458 | €121,458 | = | 0.0% |
| Tax-exempt reserves | 132 | €62,045 | €62,045 | = | 0.0% |
| Distributable reserves | 133 | €59,413 | €59,413 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,034 | -€84,370 | -€85,404 | |
| Amounts payable | 17/49 | €59,455 | €59,901 | +€447 | +0.8% |
| Amounts payable within one year | 42/48 | €59,455 | €59,901 | +€447 | +0.8% |
| Financial debts | 43 | €18,292 | €16,426 | -€1,866 | -10.2% |
| Credit institutions | 430/8 | €18,292 | €16,426 | -€1,866 | -10.2% |
| Trade debts | 44 | €11,376 | €8,105 | -€3,271 | -28.8% |
| Suppliers | 440/4 | €11,376 | €8,105 | -€3,271 | -28.8% |
| Taxes, remuneration and social security | 45 | €29,787 | €35,370 | +€5,583 | +18.7% |
| Taxes | 450/3 | €3,023 | €8,212 | +€5,189 | +172% |
| Remuneration and social security | 454/9 | €26,763 | €27,158 | +€394 | +1.5% |
| Remuneration, social security and pensions | 62 | €165,703 | €98,391 | -€67,313 | -40.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €312 | €192 | -€120 | -38.4% |
| Other operating charges | 640/8 | €610 | €566 | -€43 | -7.1% |
| Gross operating margin | 9900 | €170,174 | €16,069 | -€154,104 | -90.6% |
| Operating profit (loss) | 9901 | €3,549 | -€83,080 | -€86,629 | |
| Financial income | 75/76B | €1,667 | €1,676 | +€9 | +0.6% |
| Recurring financial income | 75 | €1,667 | €1,676 | +€9 | +0.6% |
| Financial charges | 65/66B | €4,339 | €3,859 | -€480 | -11.1% |
| Recurring financial charges | 65 | €4,339 | €3,859 | -€480 | -11.1% |
| Profit (loss) for the period before taxes | 9903 | €877 | -€85,263 | -€86,140 | |
| Income taxes | 67/77 | €923 | €141 | -€782 | -84.7% |
| Profit (loss) for the period | 9904 | -€46 | -€85,404 | -€85,357 | -184,039% |
| Profit (loss) for the period to be appropriated | 9905 | -€46 | -€85,404 | -€85,357 | -184,039% |
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 20 October 2026 via checked.be.