VAPAD: 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.
VAPAD
Largest movements
- Receivables within one year +€7,131
up €7,131 (+5.0%), from €141,279 to €148,410
of which Other amounts receivable: +€25,622
- Tangible fixed assets -€5,667
down €5,667 (-71.6%), from €7,912 to €2,245
of which Furniture and vehicles: -€6,125
- Cash -€4,300
down €4,300 (-46.4%), from €9,258 to €4,958
mainly Contributions, distributions and other (-€35,294) and Receivables within one year (-€7,131)
- Tax, wage and social debts +€10,168
up €10,168 (+25.8%), from €39,365 to €49,533
of which Taxes: +€11,610
- Current portion of long-term debt -€4,762
down €4,762 (-65.9%), from €7,231 to €2,469
- Trade debts -€3,170
down €3,170 (-82.3%), from €3,850 to €680
- Profit (loss) carried forward -€2,603
down €2,603 (-2.6%), from €100,534 to €97,931
- Debts after one year -€2,469
no longer reported in 2025 (was €2,469)
- Gross operating margin -€63,000
down €63,000 (-51.6%), from €121,979 to €58,979
- Taxes -€12,543
down €12,543 (-42.9%), from €29,247 to €16,704
- Other operating charges -€2,423
down €2,423 (-50.9%), from €4,764 to €2,340
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.
Cash bridge derived
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 | €158,449 | €155,613 | -€2,836 | -1.8% |
| Fixed assets | 21/28 | €7,912 | €2,245 | -€5,667 | -71.6% |
| Tangible fixed assets | 22/27 | €7,912 | €2,245 | -€5,667 | -71.6% |
| Plant, machinery and equipment | 23 | €227 | €684 | +€458 | +202.1% |
| Furniture and vehicles | 24 | €7,686 | €1,561 | -€6,125 | -79.7% |
| Current assets | 29/58 | €150,537 | €153,368 | +€2,831 | +1.9% |
| Amounts receivable within one year | 40/41 | €141,279 | €148,410 | +€7,131 | +5.0% |
| Trade receivables | 40 | €51,411 | €32,920 | -€18,491 | -36.0% |
| Other amounts receivable | 41 | €89,868 | €115,490 | +€25,622 | +28.5% |
| Cash at bank and in hand | 54/58 | €9,258 | €4,958 | -€4,300 | -46.4% |
| Total equity and liabilities | 10/49 | €158,449 | €155,613 | -€2,836 | -1.8% |
| Equity | 10/15 | €105,534 | €102,931 | -€2,603 | -2.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €100,534 | €97,931 | -€2,603 | -2.6% |
| Amounts payable | 17/49 | €52,915 | €52,682 | -€233 | -0.4% |
| Amounts payable after more than one year | 17 | €2,469 | - | -€2,469 | |
| Financial debts | 170/4 | €2,469 | - | -€2,469 | |
| Amounts payable within one year | 42/48 | €50,446 | €52,682 | +€2,236 | +4.4% |
| Current portion of amounts payable after more than one year | 42 | €7,231 | €2,469 | -€4,762 | -65.9% |
| Trade debts | 44 | €3,850 | €680 | -€3,170 | -82.3% |
| Suppliers | 440/4 | €3,850 | €680 | -€3,170 | -82.3% |
| Taxes, remuneration and social security | 45 | €39,365 | €49,533 | +€10,168 | +25.8% |
| Taxes | 450/3 | €37,923 | €49,533 | +€11,610 | +30.6% |
| Remuneration and social security | 454/9 | €1,442 | - | -€1,442 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,738 | €6,569 | -€1,169 | -15.1% |
| Other operating charges | 640/8 | €4,764 | €2,340 | -€2,423 | -50.9% |
| Gross operating margin | 9900 | €121,979 | €58,979 | -€63,000 | -51.6% |
| Operating profit (loss) | 9901 | €109,478 | €50,070 | -€59,408 | -54.3% |
| Financial charges | 65/66B | €475 | €675 | +€200 | +42.0% |
| Recurring financial charges | 65 | €475 | €675 | +€200 | +42.0% |
| Profit (loss) for the period before taxes | 9903 | €109,002 | €49,395 | -€59,608 | -54.7% |
| Income taxes | 67/77 | €29,247 | €16,704 | -€12,543 | -42.9% |
| Profit (loss) for the period | 9904 | €79,755 | €32,691 | -€47,064 | -59.0% |
| Profit (loss) for the period to be appropriated | 9905 | €79,755 | €32,691 | -€47,064 | -59.0% |
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 10 October 2026 via checked.be.