VAP'R: 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'R
Largest movements
- Stocks and contracts -€34,050
down €34,050 (-6.2%), from €550,755 to €516,704
- Tangible fixed assets -€24,877
down €24,877 (-5.6%), from €445,373 to €420,496
of which Land and buildings: -€15,215
- Cash +€17,338
up €17,338 (+2,819%), from €615 to €17,953
mainly Stocks and contracts (+€34,050) and Depreciation (+€32,770)
- Trade debts -€44,797
down €44,797 (-55.2%), from €81,192 to €36,395
- Other debts +€17,802
up €17,802 (+2.7%), from €656,729 to €674,531
- Other operating charges +€15,333
up €15,333 (+568%), from €2,702 to €18,035
- Financial charges -€12,479
down €12,479 (-86.2%), from €14,485 to €2,006
- Depreciation +€5,273
up €5,273 (+19.2%), from €27,497 to €32,770
- Gross operating margin +€2,132
up €2,132 (+4.3%), from €49,809 to €51,941
- Taxes -€1,898
down €1,898 (-80.8%), from €2,348 to €450
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 | €1,006,743 | €970,885 | -€35,858 | -3.6% |
| Fixed assets | 21/28 | €445,373 | €420,496 | -€24,877 | -5.6% |
| Tangible fixed assets | 22/27 | €445,373 | €420,496 | -€24,877 | -5.6% |
| Land and buildings | 22 | €408,679 | €393,463 | -€15,215 | -3.7% |
| Furniture and vehicles | 24 | €36,694 | €27,033 | -€9,661 | -26.3% |
| Current assets | 29/58 | €561,371 | €550,389 | -€10,982 | -2.0% |
| Stocks and contracts in progress | 3 | €550,755 | €516,704 | -€34,050 | -6.2% |
| Stocks | 30/36 | €550,755 | €516,704 | -€34,050 | -6.2% |
| Amounts receivable within one year | 40/41 | €1,646 | €2,654 | +€1,007 | +61.2% |
| Other amounts receivable | 41 | €1,646 | €2,654 | +€1,007 | +61.2% |
| Cash at bank and in hand | 54/58 | €615 | €17,953 | +€17,338 | +2,819% |
| Deferred charges and accrued income | 490/1 | €8,355 | €13,078 | +€4,723 | +56.5% |
| Total equity and liabilities | 10/49 | €1,006,743 | €970,885 | -€35,858 | -3.6% |
| Equity | 10/15 | €202,636 | €200,949 | -€1,687 | -0.8% |
| Contributions | 10/11 | €142,027 | €142,027 | = | 0.0% |
| Reserves | 13 | €10,444 | €10,444 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €6,110 | €6,110 | = | 0.0% |
| Distributable reserves | 133 | €4,334 | €4,334 | = | 0.0% |
| Profit (loss) carried forward | 14 | €50,165 | €48,478 | -€1,687 | -3.4% |
| Amounts payable | 17/49 | €804,107 | €769,936 | -€34,171 | -4.2% |
| Amounts payable after more than one year | 17 | €58,443 | €52,798 | -€5,645 | -9.7% |
| Financial debts | 170/4 | €49,688 | €44,043 | -€5,645 | -11.4% |
| Other amounts payable | 178/9 | €8,755 | €8,755 | = | 0.0% |
| Amounts payable within one year | 42/48 | €744,930 | €717,138 | -€27,792 | -3.7% |
| Current portion of amounts payable after more than one year | 42 | €5,094 | €5,645 | +€551 | +10.8% |
| Trade debts | 44 | €81,192 | €36,395 | -€44,797 | -55.2% |
| Suppliers | 440/4 | €81,192 | €36,395 | -€44,797 | -55.2% |
| Taxes, remuneration and social security | 45 | €1,915 | €567 | -€1,348 | -70.4% |
| Taxes | 450/3 | €1,915 | €567 | -€1,348 | -70.4% |
| Other amounts payable | 47/48 | €656,729 | €674,531 | +€17,802 | +2.7% |
| Accrued charges and deferred income | 492/3 | €735 | €0 | -€735 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,497 | €32,770 | +€5,273 | +19.2% |
| Other operating charges | 640/8 | €2,702 | €18,035 | +€15,333 | +568% |
| Non-recurring operating charges | 66A | €368 | €370 | +€2 | +0.6% |
| Gross operating margin | 9900 | €49,809 | €51,941 | +€2,132 | +4.3% |
| Operating profit (loss) | 9901 | €19,243 | €766 | -€18,476 | -96.0% |
| Financial income | 75/76B | €1 | €2 | +€2 | +217% |
| Recurring financial income | 75 | €1 | €2 | +€2 | +217% |
| Financial charges | 65/66B | €14,485 | €2,006 | -€12,479 | -86.2% |
| Recurring financial charges | 65 | €14,485 | €2,006 | -€12,479 | -86.2% |
| Profit (loss) for the period before taxes | 9903 | €4,758 | -€1,237 | -€5,996 | |
| Income taxes | 67/77 | €2,348 | €450 | -€1,898 | -80.8% |
| Profit (loss) for the period | 9904 | €2,410 | -€1,687 | -€4,097 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,410 | -€1,687 | -€4,097 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.