VAPAMA: 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.
What changed
VAPAMA
NACE 70.200, Business and other management consultancy
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.5m
2024 · €930,607+€581,069
Equity
€6.6m
2024 · €5.1m+€1.5m
Cash
€100,177
2024 · €93,749+€6,428
Balance sheet total
€14.1m
2024 · €13.0m+€1.2m
Largest movements
Assets
- Financial fixed assets +€1.3m
up €1.3m (+13.4%), from €9.5m to €10.8m
Equity and liabilities
- Profit (loss) carried forward +€1.5m
up €1.5m (+44.8%), from €3.4m to €4.9m
- Other debts -€635,486
down €635,486 (-78.5%), from €809,909 to €174,423
Income statement
- Financial income +€791,038
up €791,038 (+128.8%), from €614,073 to €1.4m
- Gross operating margin -€221,222
down €221,222 (-29.7%), from €743,814 to €522,592
- Taxes -€70,842
down €70,842 (-49.3%), from €143,747 to €72,905
- Financial charges +€59,519
up €59,519 (+22.6%), from €262,802 to €322,321
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.
Result 2024
€930,607
Gross operating margin
-€221,222
Other operating charges
-€70
Financial income
+€791,038
Financial charges
-€59,519
Taxes
+€70,842
Result 2025
€1.5m
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.
From operations
+€995,644
Investment
-€1.2m
Financing
+€185,783
Cash 2024
€93,749
From operations (derived)
+€995,644
Net result for the year
+€1.5m
Depreciation
+€18,138
Receivables within one year
-€8,789
Deferred charges and accrued income
+€8,445
Trade debts
+€99,551
Tax, wage and social debts
+€16,714
Other debts
-€635,486
Accrued charges and deferred income
-€14,603
Investment (derived)
-€1.2m
Investment in fixed assets (net)
-€1.3m
Current investments
+€100,000
Financing
+€185,783
Debts after one year
+€54,142
Current portion of long-term debt
+€133,642
Contributions, distributions and other
-€2,000
Cash 2025
€100,177
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,963,370 | €14,127,005 | +€1.2m | +9.0% |
| Fixed assets | 21/28 | €9,956,292 | €11,213,155 | +€1.3m | +12.6% |
| Tangible fixed assets | 22/27 | €412,035 | €393,898 | -€18,138 | -4.4% |
| Land and buildings | 22 | €412,035 | €393,898 | -€18,138 | -4.4% |
| Financial fixed assets | 28 | €9,544,257 | €10,819,257 | +€1.3m | +13.4% |
| Current assets | 29/58 | €3,007,078 | €2,913,850 | -€93,228 | -3.1% |
| Amounts receivable within one year | 40/41 | €2,798,953 | €2,807,742 | +€8,789 | +0.3% |
| Trade receivables | 40 | €25,666 | €25,410 | -€256 | -1.0% |
| Other amounts receivable | 41 | €2,773,287 | €2,782,332 | +€9,045 | +0.3% |
| Current investments | 50/53 | €100,000 | €0 | -€100,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €93,749 | €100,177 | +€6,428 | +6.9% |
| Deferred charges and accrued income | 490/1 | €14,376 | €5,931 | -€8,445 | -58.7% |
| Total equity and liabilities | 10/49 | €12,963,370 | €14,127,005 | +€1.2m | +9.0% |
| Equity | 10/15 | €5,106,667 | €6,616,343 | +€1.5m | +29.6% |
| Contributions | 10/11 | €1,500,000 | €1,500,000 | = | 0.0% |
| Capital | 10 | €1,500,000 | €1,500,000 | = | 0.0% |
| Issued capital | 100 | €1,500,000 | €1,500,000 | = | 0.0% |
| Reserves | 13 | €238,381 | €238,381 | = | 0.0% |
| Non-distributable reserves | 130/1 | €150,000 | €150,000 | = | 0.0% |
| Legal reserve | 130 | €150,000 | €150,000 | = | 0.0% |
| Distributable reserves | 133 | €88,381 | €88,381 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,368,286 | €4,877,962 | +€1.5m | +44.8% |
| Amounts payable | 17/49 | €7,856,703 | €7,510,662 | -€346,041 | -4.4% |
| Amounts payable after more than one year | 17 | €6,387,335 | €6,441,476 | +€54,142 | +0.8% |
| Financial debts | 170/4 | €6,387,335 | €6,441,476 | +€54,142 | +0.8% |
| Amounts payable within one year | 42/48 | €1,452,199 | €1,066,619 | -€385,580 | -26.6% |
| Current portion of amounts payable after more than one year | 42 | €585,276 | €718,918 | +€133,642 | +22.8% |
| Trade debts | 44 | €3,374 | €102,925 | +€99,551 | +2950.7% |
| Suppliers | 440/4 | €3,374 | €102,925 | +€99,551 | +2950.7% |
| Taxes, remuneration and social security | 45 | €53,640 | €70,354 | +€16,714 | +31.2% |
| Taxes | 450/3 | €53,640 | €70,354 | +€16,714 | +31.2% |
| Other amounts payable | 47/48 | €809,909 | €174,423 | -€635,486 | -78.5% |
| Accrued charges and deferred income | 492/3 | €17,170 | €2,567 | -€14,603 | -85.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,138 | €18,138 | = | 0.0% |
| Other operating charges | 640/8 | €2,594 | €2,664 | +€70 | +2.7% |
| Gross operating margin | 9900 | €743,814 | €522,592 | -€221,222 | -29.7% |
| Operating profit (loss) | 9901 | €723,083 | €501,791 | -€221,292 | -30.6% |
| Financial income | 75/76B | €614,073 | €1,405,111 | +€791,038 | +128.8% |
| Recurring financial income | 75 | €614,073 | €1,405,111 | +€791,038 | +128.8% |
| Financial charges | 65/66B | €262,802 | €322,321 | +€59,519 | +22.6% |
| Recurring financial charges | 65 | €262,802 | €322,321 | +€59,519 | +22.6% |
| Profit (loss) for the period before taxes | 9903 | €1,074,354 | €1,584,581 | +€510,227 | +47.5% |
| Income taxes | 67/77 | €143,747 | €72,905 | -€70,842 | -49.3% |
| Profit (loss) for the period | 9904 | €930,607 | €1,511,675 | +€581,069 | +62.4% |
| Profit (loss) for the period to be appropriated | 9905 | €930,607 | €1,511,675 | +€581,069 | +62.4% |
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 9 October 2026 via checked.be.