VAPAX: 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.
VAPAX
Largest movements
- Tangible fixed assets +€2.4m
up €2.4m (+146%), from €1.7m to €4.1m
of which Land and buildings: +€2.5m
- Receivables after one year +€476,092
new in 2025: €476,092
- Cash -€294,623
down €294,623 (-90.3%), from €326,357 to €31,734
mainly Investment in fixed assets (net) (-€2.6m) and Receivables after one year (-€476,092)
- Receivables within one year +€70,477
up €70,477 (+122%), from €57,766 to €128,242
- Current investments +€61,087
new in 2025: €61,087
- Revaluation surpluses +€2.6m
new in 2025: €2.6m
- Other debts +€172,386
up €172,386 (+720%), from €23,929 to €196,314
- Financial income -€93,194
down €93,194 (-75.2%), from €123,867 to €30,673
of which Non-recurring financial income: -€100,000
- Gross operating margin +€62,679
up €62,679 (+90.8%), from €69,024 to €131,702
- Other operating charges -€19,084
down €19,084 (-74.9%), from €25,467 to €6,383
- Financial charges -€17,060
down €17,060 (-65.3%), from €26,110 to €9,049
- Depreciation +€13,143
up €13,143 (+10.8%), from €122,012 to €135,155
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 | €2,106,362 | €4,861,464 | +€2.8m | +131% |
| Fixed assets | 21/28 | €1,710,492 | €4,151,067 | +€2.4m | +143% |
| Tangible fixed assets | 22/27 | €1,668,992 | €4,109,567 | +€2.4m | +146% |
| Land and buildings | 22 | €1,435,362 | €3,929,060 | +€2.5m | +174% |
| Furniture and vehicles | 24 | €233,630 | €180,507 | -€53,123 | -22.7% |
| Financial fixed assets | 28 | €41,500 | €41,500 | = | 0.0% |
| Current assets | 29/58 | €395,870 | €710,396 | +€314,526 | +79.5% |
| Amounts receivable after more than one year | 29 | - | €476,092 | +€476,092 | |
| Other amounts receivable | 291 | - | €476,092 | +€476,092 | |
| Amounts receivable within one year | 40/41 | €57,766 | €128,242 | +€70,477 | +122% |
| Other amounts receivable | 41 | €57,766 | €128,242 | +€70,477 | +122% |
| Current investments | 50/53 | - | €61,087 | +€61,087 | |
| Cash at bank and in hand | 54/58 | €326,357 | €31,734 | -€294,623 | -90.3% |
| Deferred charges and accrued income | 490/1 | €11,748 | €13,241 | +€1,493 | +12.7% |
| Total equity and liabilities | 10/49 | €2,106,362 | €4,861,464 | +€2.8m | +131% |
| Equity | 10/15 | €906,967 | €3,528,310 | +€2.6m | +289% |
| Contributions | 10/11 | €318,600 | €318,600 | = | 0.0% |
| Revaluation surpluses | 12 | - | €2,620,000 | +€2.6m | |
| Reserves | 13 | €588,367 | €589,710 | +€1,343 | +0.2% |
| Tax-exempt reserves | 132 | €18,026 | €16,824 | -€1,202 | -6.7% |
| Distributable reserves | 133 | €570,341 | €572,886 | +€2,545 | +0.4% |
| Provisions and deferred taxes | 16 | €6,009 | €5,608 | -€401 | -6.7% |
| Deferred taxes | 168 | €6,009 | €5,608 | -€401 | -6.7% |
| Amounts payable | 17/49 | €1,193,387 | €1,327,545 | +€134,159 | +11.2% |
| Amounts payable after more than one year | 17 | €1,126,894 | €1,092,283 | -€34,612 | -3.1% |
| Financial debts | 170/4 | €1,126,894 | €1,092,283 | -€34,612 | -3.1% |
| Amounts payable within one year | 42/48 | €66,493 | €234,122 | +€167,629 | +252% |
| Current portion of amounts payable after more than one year | 42 | €18,908 | €19,612 | +€704 | +3.7% |
| Trade debts | 44 | €15,466 | €16,486 | +€1,019 | +6.6% |
| Suppliers | 440/4 | €15,466 | €16,486 | +€1,019 | +6.6% |
| Taxes, remuneration and social security | 45 | €8,189 | €1,710 | -€6,480 | -79.1% |
| Taxes | 450/3 | €8,189 | €1,710 | -€6,480 | -79.1% |
| Other amounts payable | 47/48 | €23,929 | €196,314 | +€172,386 | +720% |
| Accrued charges and deferred income | 492/3 | - | €1,141 | +€1,141 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €122,012 | €135,155 | +€13,143 | +10.8% |
| Other operating charges | 640/8 | €25,467 | €6,383 | -€19,084 | -74.9% |
| Gross operating margin | 9900 | €69,024 | €131,702 | +€62,679 | +90.8% |
| Operating profit (loss) | 9901 | -€78,455 | -€9,835 | +€68,620 | +87.5% |
| Financial income | 75/76B | €123,867 | €30,673 | -€93,194 | -75.2% |
| Recurring financial income | 75 | €23,867 | €30,673 | +€6,806 | +28.5% |
| Non-recurring financial income | 76B | €100,000 | - | -€100,000 | |
| Financial charges | 65/66B | €26,110 | €9,049 | -€17,060 | -65.3% |
| Recurring financial charges | 65 | €26,110 | €9,049 | -€17,060 | -65.3% |
| Profit (loss) for the period before taxes | 9903 | €19,302 | €11,789 | -€7,513 | -38.9% |
| Transfer from deferred taxes | 780 | €401 | €401 | = | 0.0% |
| Income taxes | 67/77 | €20,382 | €10,846 | -€9,535 | -46.8% |
| Profit (loss) for the period | 9904 | -€679 | €1,343 | +€2,022 | |
| Transfer from tax-exempt reserves | 789 | €1,202 | €1,202 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €523 | €2,545 | +€2,022 | +387% |
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 23 October 2026 via checked.be.