VAPCO: what changed
What changed
VAPCO
NACE 70.100, Activities of head offices
filed annual accounts (NBB)
Net result for the year
€386,970
2024 · €4.0m-€3.6m
Equity
€6.3m
2024 · €7.3m-€1.1m
Cash
€480,810
2024 · €1.2m-€738,606
Balance sheet total
€6.6m
2024 · €7.7m-€1.1m
Largest movements
Assets
- Cash -€738,606
down €738,606 (-60.6%), from €1.2m to €480,810
mainly Contributions, distributions and other (-€1.4m) and Tax, wage and social debts (-€48,548)
- Current investments -€340,508
down €340,508 (-13.7%), from €2.5m to €2.1m
Equity and liabilities
- Contributions -€1.1m
down €1.1m (-90.0%), from €1.2m to €122,600
Income statement
- Financial income -€4.0m
down €4.0m (-97.5%), from €4.1m to €100,638
- Taxes -€362,524
down €362,524 (-66.8%), from €542,910 to €180,386
- Financial charges +€35,732
up €35,732 (+76.1%), from €46,942 to €82,674
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€4.0m
Gross operating margin
-€2,940
Depreciation
+€421
Other operating charges
-€239
Financial income
-€4.0m
Financial charges
-€35,732
Taxes
+€362,524
Result 2025
€386,970
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€364,675
Investment
+€340,508
Financing
-€1.4m
Cash 2024
€1.2m
From operations (derived)
+€364,675
Net result for the year
+€386,970
Depreciation
+€4,587
Receivables within one year
+€18,150
Smaller working-capital items
+€3,516
Tax, wage and social debts
-€48,548
Investment (derived)
+€340,508
Current investments
+€340,508
Financing
-€1.4m
Contributions, distributions and other
-€1.4m
Cash 2025
€480,810
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,740,059 | €6,638,016 | -€1.1m | -14.2% |
| Fixed assets | 21/28 | €3,816,669 | €3,812,082 | -€4,587 | -0.1% |
| Tangible fixed assets | 22/27 | €10,365 | €5,778 | -€4,587 | -44.3% |
| Furniture and vehicles | 24 | €10,365 | €5,778 | -€4,587 | -44.3% |
| Financial fixed assets | 28 | €3,806,304 | €3,806,304 | = | 0.0% |
| Current assets | 29/58 | €3,923,389 | €2,825,934 | -€1.1m | -28.0% |
| Amounts receivable within one year | 40/41 | €216,300 | €198,150 | -€18,150 | -8.4% |
| Trade receivables | 40 | €216,300 | €198,150 | -€18,150 | -8.4% |
| Current investments | 50/53 | €2,487,482 | €2,146,974 | -€340,508 | -13.7% |
| Cash at bank and in hand | 54/58 | €1,219,416 | €480,810 | -€738,606 | -60.6% |
| Deferred charges and accrued income | 490/1 | €191 | €0 | -€191 | -100% |
| Total equity and liabilities | 10/49 | €7,740,059 | €6,638,016 | -€1.1m | -14.2% |
| Equity | 10/15 | €7,309,333 | €6,252,513 | -€1.1m | -14.5% |
| Contributions | 10/11 | €1,222,600 | €122,600 | -€1.1m | -90.0% |
| Reserves | 13 | €5,715,655 | €5,758,836 | +€43,181 | +0.8% |
| Distributable reserves | 133 | €5,715,655 | €5,758,836 | +€43,181 | +0.8% |
| Profit (loss) carried forward | 14 | €371,077 | €371,077 | = | 0.0% |
| Amounts payable | 17/49 | €430,726 | €385,503 | -€45,223 | -10.5% |
| Amounts payable within one year | 42/48 | €430,669 | €385,503 | -€45,166 | -10.5% |
| Trade debts | 44 | €395 | €919 | +€525 | +133% |
| Suppliers | 440/4 | €395 | €919 | +€525 | +133% |
| Taxes, remuneration and social security | 45 | €425,472 | €376,924 | -€48,548 | -11.4% |
| Taxes | 450/3 | €425,472 | €376,924 | -€48,548 | -11.4% |
| Other amounts payable | 47/48 | €4,802 | €7,660 | +€2,858 | +59.5% |
| Accrued charges and deferred income | 492/3 | €57 | €0 | -€57 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,008 | €4,587 | -€421 | -8.4% |
| Other operating charges | 640/8 | €5,100 | €5,339 | +€239 | +4.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €562,258 | €559,318 | -€2,940 | -0.5% |
| Operating profit (loss) | 9901 | €552,149 | €549,392 | -€2,757 | -0.5% |
| Financial income | 75/76B | €4,055,002 | €100,638 | -€4.0m | -97.5% |
| Recurring financial income | 75 | €4,055,002 | €100,638 | -€4.0m | -97.5% |
| Financial charges | 65/66B | €46,942 | €82,674 | +€35,732 | +76.1% |
| Recurring financial charges | 65 | €46,942 | €82,674 | +€35,732 | +76.1% |
| Profit (loss) for the period before taxes | 9903 | €4,560,209 | €567,356 | -€4.0m | -87.6% |
| Income taxes | 67/77 | €542,910 | €180,386 | -€362,524 | -66.8% |
| Profit (loss) for the period | 9904 | €4,017,300 | €386,970 | -€3.6m | -90.4% |
| Profit (loss) for the period to be appropriated | 9905 | €4,017,300 | €386,970 | -€3.6m | -90.4% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.