VAPECRAFT: 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.
VAPECRAFT
Largest movements
- Stocks and contracts -€15,813
down €15,813 (-27.1%), from €58,452 to €42,639
- Receivables within one year +€12,455
up €12,455 (+113.2%), from €11,006 to €23,461
of which Trade receivables: +€9,508
- Tangible fixed assets +€5,386
up €5,386 (+93.8%), from €5,742 to €11,127
of which Plant, machinery and equipment: +€5,202
- Cash +€5,010
up €5,010 (+7.0%), from €71,899 to €76,909
mainly Net result for the year (+€48,365) and Stocks and contracts (+€15,813)
- Profit (loss) carried forward -€19,235
down €19,235 (-42.5%), from €45,222 to €25,987
- Other debts +€14,100
up €14,100 (+19.6%), from €72,000 to €86,100
- Tax, wage and social debts +€8,868
up €8,868 (+34.5%), from €25,709 to €34,577
of which Remuneration and social security: +€6,598
- Trade debts +€1,930
up €1,930 (+19.2%), from €10,040 to €11,970
- Staff costs +€17,334
up €17,334 (+33.2%), from €52,221 to €69,555
- Gross operating margin -€13,572
down €13,572 (-9.8%), from €138,684 to €125,112
- Taxes -€4,678
down €4,678 (-74.5%), from €6,279 to €1,602
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 | €152,972 | €158,635 | +€5,663 | +3.7% |
| Fixed assets | 21/28 | €8,412 | €13,797 | +€5,386 | +64.0% |
| Tangible fixed assets | 22/27 | €5,742 | €11,127 | +€5,386 | +93.8% |
| Plant, machinery and equipment | 23 | - | €5,202 | +€5,202 | |
| Furniture and vehicles | 24 | €1,422 | €2,060 | +€638 | +44.9% |
| Other tangible fixed assets | 26 | €4,320 | €3,865 | -€455 | -10.5% |
| Financial fixed assets | 28 | €2,670 | €2,670 | = | 0.0% |
| Current assets | 29/58 | €144,561 | €144,838 | +€277 | +0.2% |
| Stocks and contracts in progress | 3 | €58,452 | €42,639 | -€15,813 | -27.1% |
| Stocks | 30/36 | €58,452 | €42,639 | -€15,813 | -27.1% |
| Amounts receivable within one year | 40/41 | €11,006 | €23,461 | +€12,455 | +113.2% |
| Trade receivables | 40 | €7,766 | €17,274 | +€9,508 | +122.4% |
| Other amounts receivable | 41 | €3,240 | €6,187 | +€2,947 | +90.9% |
| Cash at bank and in hand | 54/58 | €71,899 | €76,909 | +€5,010 | +7.0% |
| Deferred charges and accrued income | 490/1 | €3,204 | €1,829 | -€1,375 | -42.9% |
| Total equity and liabilities | 10/49 | €152,972 | €158,635 | +€5,663 | +3.7% |
| Equity | 10/15 | €45,223 | €25,988 | -€19,235 | -42.5% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Profit (loss) carried forward | 14 | €45,222 | €25,987 | -€19,235 | -42.5% |
| Amounts payable | 17/49 | €107,749 | €132,647 | +€24,898 | +23.1% |
| Amounts payable within one year | 42/48 | €107,749 | €132,647 | +€24,898 | +23.1% |
| Trade debts | 44 | €10,040 | €11,970 | +€1,930 | +19.2% |
| Suppliers | 440/4 | €10,040 | €11,970 | +€1,930 | +19.2% |
| Taxes, remuneration and social security | 45 | €25,709 | €34,577 | +€8,868 | +34.5% |
| Taxes | 450/3 | €22,631 | €24,901 | +€2,270 | +10.0% |
| Remuneration and social security | 454/9 | €3,078 | €9,676 | +€6,598 | +214.4% |
| Other amounts payable | 47/48 | €72,000 | €86,100 | +€14,100 | +19.6% |
| Remuneration, social security and pensions | 62 | €52,221 | €69,555 | +€17,334 | +33.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €583 | €1,683 | +€1,099 | +188.4% |
| Other operating charges | 640/8 | €708 | €732 | +€25 | +3.5% |
| Gross operating margin | 9900 | €138,684 | €125,112 | -€13,572 | -9.8% |
| Operating profit (loss) | 9901 | €85,172 | €53,142 | -€32,030 | -37.6% |
| Financial charges | 65/66B | €2,892 | €3,176 | +€284 | +9.8% |
| Recurring financial charges | 65 | €2,892 | €3,176 | +€284 | +9.8% |
| Profit (loss) for the period before taxes | 9903 | €82,280 | €49,966 | -€32,314 | -39.3% |
| Income taxes | 67/77 | €6,279 | €1,602 | -€4,678 | -74.5% |
| Profit (loss) for the period | 9904 | €76,001 | €48,365 | -€27,636 | -36.4% |
| Profit (loss) for the period to be appropriated | 9905 | €76,001 | €48,365 | -€27,636 | -36.4% |
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.