Vapebois: 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.
Vapebois
Largest movements
- Receivables within one year -€485,626
down €485,626 (-31.1%), from €1.6m to €1.1m
of which Trade receivables: -€467,942
- Cash +€414,785
up €414,785 (+28.8%), from €1.4m to €1.9m
mainly Net result for the year (+€630,701) and Receivables within one year (+€485,626)
- Current investments +€360,000
up €360,000 (+240%), from €150,000 to €510,000
- Stocks and contracts +€77,417
up €77,417 (+22.2%), from €348,452 to €425,869
- Reserves +€629,868
up €629,868 (+23.6%), from €2.7m to €3.3m
- Trade debts -€212,714
down €212,714 (-51.2%), from €415,507 to €202,793
- Tax, wage and social debts -€47,839
down €47,839 (-24.4%), from €195,910 to €148,070
- Gross operating margin +€174,924
up €174,924 (+22.0%), from €794,511 to €969,435
- Taxes +€53,710
up €53,710 (+22.0%), from €244,686 to €298,397
- Financial charges -€14,689
down €14,689 (-42.9%), from €34,276 to €19,587
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 | €3,550,174 | €3,911,581 | +€361,407 | +10.2% |
| Fixed assets | 21/28 | €46,708 | €37,798 | -€8,911 | -19.1% |
| Tangible fixed assets | 22/27 | €46,543 | €37,633 | -€8,911 | -19.1% |
| Plant, machinery and equipment | 23 | €1,473 | €8,581 | +€7,107 | +482% |
| Furniture and vehicles | 24 | €45,070 | €29,052 | -€16,018 | -35.5% |
| Financial fixed assets | 28 | €165 | €165 | = | 0.0% |
| Current assets | 29/58 | €3,503,466 | €3,873,784 | +€370,318 | +10.6% |
| Stocks and contracts in progress | 3 | €348,452 | €425,869 | +€77,417 | +22.2% |
| Stocks | 30/36 | €348,452 | €425,869 | +€77,417 | +22.2% |
| Amounts receivable within one year | 40/41 | €1,559,885 | €1,074,260 | -€485,626 | -31.1% |
| Trade receivables | 40 | €1,532,962 | €1,065,020 | -€467,942 | -30.5% |
| Other amounts receivable | 41 | €26,924 | €9,240 | -€17,684 | -65.7% |
| Current investments | 50/53 | €150,000 | €510,000 | +€360,000 | +240% |
| Cash at bank and in hand | 54/58 | €1,442,467 | €1,857,252 | +€414,785 | +28.8% |
| Deferred charges and accrued income | 490/1 | €2,662 | €6,403 | +€3,741 | +141% |
| Total equity and liabilities | 10/49 | €3,550,174 | €3,911,581 | +€361,407 | +10.2% |
| Equity | 10/15 | €2,861,920 | €3,491,788 | +€629,868 | +22.0% |
| Contributions | 10/11 | €195,700 | €195,700 | = | 0.0% |
| Reserves | 13 | €2,666,220 | €3,296,088 | +€629,868 | +23.6% |
| Distributable reserves | 133 | €2,666,220 | €3,296,088 | +€629,868 | +23.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €688,255 | €419,793 | -€268,461 | -39.0% |
| Amounts payable within one year | 42/48 | €685,632 | €418,026 | -€267,606 | -39.0% |
| Trade debts | 44 | €415,507 | €202,793 | -€212,714 | -51.2% |
| Suppliers | 440/4 | €415,507 | €202,793 | -€212,714 | -51.2% |
| Advances received on contracts in progress | 46 | €49,150 | €49,150 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €195,910 | €148,070 | -€47,839 | -24.4% |
| Taxes | 450/3 | €195,910 | €148,070 | -€47,839 | -24.4% |
| Other amounts payable | 47/48 | €25,065 | €18,013 | -€7,052 | -28.1% |
| Accrued charges and deferred income | 492/3 | €2,623 | €1,767 | -€856 | -32.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,381 | €18,179 | +€1,798 | +11.0% |
| Other operating charges | 640/8 | €5,573 | €4,191 | -€1,382 | -24.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €794,511 | €969,435 | +€174,924 | +22.0% |
| Operating profit (loss) | 9901 | €772,557 | €947,066 | +€174,509 | +22.6% |
| Financial income | 75/76B | €4,608 | €1,619 | -€2,988 | -64.9% |
| Recurring financial income | 75 | €4,608 | €1,619 | -€2,988 | -64.9% |
| Financial charges | 65/66B | €34,276 | €19,587 | -€14,689 | -42.9% |
| Recurring financial charges | 65 | €34,276 | €19,587 | -€14,689 | -42.9% |
| Profit (loss) for the period before taxes | 9903 | €742,889 | €929,098 | +€186,209 | +25.1% |
| Income taxes | 67/77 | €244,686 | €298,397 | +€53,710 | +22.0% |
| Profit (loss) for the period | 9904 | €498,202 | €630,701 | +€132,499 | +26.6% |
| Profit (loss) for the period to be appropriated | 9905 | €498,202 | €630,701 | +€132,499 | +26.6% |
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.