VAPERS: 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.
VAPERS
Largest movements
- Cash +€16,421
up €16,421 (+16.0%), from €102,571 to €118,992
mainly Net result for the year (+€76,005) and Depreciation (+€8,695)
- Stocks and contracts +€12,408
up €12,408 (+34.8%), from €35,645 to €48,054
- Tangible fixed assets -€2,716
down €2,716 (-16.8%), from €16,193 to €13,477
of which Furniture and vehicles: -€3,025
- Profit (loss) carried forward +€18,863
up €18,863 (+24.6%), from €76,583 to €95,446
- Tax, wage and social debts +€8,484
up €8,484 (+17.3%), from €48,942 to €57,427
of which Taxes: +€5,864
- Trade debts -€6,642
down €6,642 (-81.8%), from €8,115 to €1,473
- Accrued charges and deferred income +€4,046
up €4,046 (+24.6%), from €16,480 to €20,525
- Gross operating margin +€24,460
up €24,460 (+26.1%), from €93,706 to €118,166
- Taxes +€6,530
up €6,530 (+26.8%), from €24,407 to €30,937
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 | €156,494 | €182,608 | +€26,113 | +16.7% |
| Fixed assets | 21/28 | €18,278 | €15,562 | -€2,716 | -14.9% |
| Tangible fixed assets | 22/27 | €16,193 | €13,477 | -€2,716 | -16.8% |
| Plant, machinery and equipment | 23 | €4,219 | €4,528 | +€309 | +7.3% |
| Furniture and vehicles | 24 | €11,974 | €8,949 | -€3,025 | -25.3% |
| Financial fixed assets | 28 | €2,085 | €2,085 | = | 0.0% |
| Current assets | 29/58 | €138,216 | €167,046 | +€28,830 | +20.9% |
| Stocks and contracts in progress | 3 | €35,645 | €48,054 | +€12,408 | +34.8% |
| Stocks | 30/36 | €35,645 | €48,054 | +€12,408 | +34.8% |
| Cash at bank and in hand | 54/58 | €102,571 | €118,992 | +€16,421 | +16.0% |
| Total equity and liabilities | 10/49 | €156,494 | €182,608 | +€26,113 | +16.7% |
| Equity | 10/15 | €82,783 | €101,646 | +€18,863 | +22.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €76,583 | €95,446 | +€18,863 | +24.6% |
| Amounts payable | 17/49 | €73,711 | €80,962 | +€7,251 | +9.8% |
| Amounts payable within one year | 42/48 | €57,232 | €60,437 | +€3,205 | +5.6% |
| Trade debts | 44 | €8,115 | €1,473 | -€6,642 | -81.8% |
| Suppliers | 440/4 | €8,115 | €1,473 | -€6,642 | -81.8% |
| Taxes, remuneration and social security | 45 | €48,942 | €57,427 | +€8,484 | +17.3% |
| Taxes | 450/3 | €34,420 | €40,284 | +€5,864 | +17.0% |
| Remuneration and social security | 454/9 | €14,522 | €17,143 | +€2,620 | +18.0% |
| Other amounts payable | 47/48 | €174 | €1,537 | +€1,362 | +782.4% |
| Accrued charges and deferred income | 492/3 | €16,480 | €20,525 | +€4,046 | +24.6% |
| Non-recurring operating income | 76A | €9 | €84 | +€75 | +790.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,605 | €8,695 | +€90 | +1.0% |
| Other operating charges | 640/8 | €1,982 | €1,650 | -€332 | -16.8% |
| Gross operating margin | 9900 | €93,706 | €118,166 | +€24,460 | +26.1% |
| Operating profit (loss) | 9901 | €83,119 | €107,821 | +€24,702 | +29.7% |
| Financial income | 75/76B | €834 | €1 | -€833 | -99.8% |
| Recurring financial income | 75 | €795 | €1 | -€794 | -99.8% |
| Non-recurring financial income | 76B | €39 | - | -€39 | |
| Financial charges | 65/66B | €835 | €880 | +€45 | +5.4% |
| Recurring financial charges | 65 | €835 | €880 | +€45 | +5.4% |
| Profit (loss) for the period before taxes | 9903 | €83,119 | €106,943 | +€23,824 | +28.7% |
| Income taxes | 67/77 | €24,407 | €30,937 | +€6,530 | +26.8% |
| Profit (loss) for the period | 9904 | €58,712 | €76,005 | +€17,294 | +29.5% |
| Profit (loss) for the period to be appropriated | 9905 | €58,712 | €76,005 | +€17,294 | +29.5% |
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 29 September 2026 via checked.be.