VAPERO: what changed
Two fiscal 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.
VAPERO
Largest movements
- Tangible fixed assets +€20,395
up €20,395 (+74.5%), from €27,359 to €47,754
of which Furniture and vehicles: +€22,640
- Cash +€6,760
up €6,760 (+82.3%), from €8,210 to €14,970
mainly Debts after one year (+€34,226) and Depreciation (+€17,808)
- Receivables within one year +€2,433
new in 2025: €2,433
- Deferred charges and accrued income -€2,082
down €2,082 (-28.2%), from €7,376 to €5,294
- Stocks and contracts +€2,000
up €2,000 (+32.0%), from €6,244 to €8,244
of which Contracts in progress: +€2,000
- Debts after one year +€34,226
up €34,226 (+185.4%), from €18,460 to €52,686
- Profit (loss) carried forward -€8,351
down €8,351 (-123.8%), from -€6,747 to -€15,098
- Tax, wage and social debts +€2,600
up €2,600 (+520.0%), from €500 to €3,100
- Trade debts +€2,210
up €2,210 (+37.4%), from €5,916 to €8,126
- Other debts -€1,179
down €1,179 (-7.5%), from €15,690 to €14,511
- Depreciation -€5,439
down €5,439 (-23.4%), from €23,247 to €17,808
- Gross operating margin -€2,778
down €2,778 (-17.3%), from €16,036 to €13,258
- Other operating charges +€591
up €591 (+20.2%), from €2,923 to €3,514
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 | €49,188 | €78,695 | +€29,506 | +60.0% |
| Fixed assets | 21/28 | €27,359 | €47,754 | +€20,395 | +74.5% |
| Tangible fixed assets | 22/27 | €27,359 | €47,754 | +€20,395 | +74.5% |
| Plant, machinery and equipment | 23 | €5,412 | €3,168 | -€2,245 | -41.5% |
| Furniture and vehicles | 24 | €21,946 | €44,586 | +€22,640 | +103.2% |
| Current assets | 29/58 | €21,829 | €30,941 | +€9,111 | +41.7% |
| Stocks and contracts in progress | 3 | €6,244 | €8,244 | +€2,000 | +32.0% |
| Stocks | 30/36 | €4,744 | €4,744 | = | 0.0% |
| Contracts in progress | 37 | €1,500 | €3,500 | +€2,000 | +133.3% |
| Amounts receivable within one year | 40/41 | - | €2,433 | +€2,433 | |
| Trade receivables | 40 | - | €2,433 | +€2,433 | |
| Cash at bank and in hand | 54/58 | €8,210 | €14,970 | +€6,760 | +82.3% |
| Deferred charges and accrued income | 490/1 | €7,376 | €5,294 | -€2,082 | -28.2% |
| Total equity and liabilities | 10/49 | €49,188 | €78,695 | +€29,506 | +60.0% |
| Equity | 10/15 | €8,623 | €272 | -€8,351 | -96.8% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €370 | €370 | = | 0.0% |
| Non-distributable reserves | 130/1 | €370 | €370 | = | 0.0% |
| Reserves not available under the articles | 1311 | €370 | €370 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,747 | -€15,098 | -€8,351 | -123.8% |
| Amounts payable | 17/49 | €40,565 | €78,423 | +€37,857 | +93.3% |
| Amounts payable after more than one year | 17 | €18,460 | €52,686 | +€34,226 | +185.4% |
| Financial debts | 170/4 | €18,460 | €52,686 | +€34,226 | +185.4% |
| Amounts payable within one year | 42/48 | €22,106 | €25,737 | +€3,631 | +16.4% |
| Trade debts | 44 | €5,916 | €8,126 | +€2,210 | +37.4% |
| Suppliers | 440/4 | €5,916 | €8,126 | +€2,210 | +37.4% |
| Taxes, remuneration and social security | 45 | €500 | €3,100 | +€2,600 | +520.0% |
| Taxes | 450/3 | €500 | €3,100 | +€2,600 | +520.0% |
| Other amounts payable | 47/48 | €15,690 | €14,511 | -€1,179 | -7.5% |
| Non-recurring operating income | 76A | €1,464 | - | -€1,464 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,247 | €17,808 | -€5,439 | -23.4% |
| Other operating charges | 640/8 | €2,923 | €3,514 | +€591 | +20.2% |
| Gross operating margin | 9900 | €16,036 | €13,258 | -€2,778 | -17.3% |
| Operating profit (loss) | 9901 | -€10,134 | -€8,064 | +€2,070 | +20.4% |
| Financial income | 75/76B | €60 | €97 | +€37 | +62.0% |
| Recurring financial income | 75 | €60 | €97 | +€37 | +62.0% |
| Financial charges | 65/66B | €287 | €385 | +€97 | +33.9% |
| Recurring financial charges | 65 | €287 | €385 | +€97 | +33.9% |
| Profit (loss) for the period before taxes | 9903 | -€10,361 | -€8,351 | +€2,010 | +19.4% |
| Profit (loss) for the period | 9904 | -€10,361 | -€8,351 | +€2,010 | +19.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,361 | -€8,351 | +€2,010 | +19.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.