VAPHARAL: 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.
VAPHARAL
Largest movements
- Financial fixed assets +€3.8m
up €3.8m (+3.4%), from €110.3m to €114.1m
- Current investments -€3.7m
down €3.7m (-59.7%), from €6.2m to €2.5m
No liability line moved by more than 1% of the balance sheet total.
- Financial income -€10.0m
down €10.0m (-81.2%), from €12.3m to €2.3m
of which Financial income: -€9.7m
- Taxes -€966,797
down €966,797 (-76.0%), from €1.3m to €304,724
- Financial charges +€403,501
up €403,501 (+144.7%), from €278,866 to €682,366
of which Financial charges: +€297,283
- Other operating charges +€16,916
up €16,916 (+56.4%), from €30,005 to €46,921
- Gross operating margin -€2,479
down €2,479 (-28.2%), from -€8,789 to -€11,269
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 | €132,360,729 | €132,502,084 | +€141,355 | +0.1% |
| Fixed assets | 21/28 | €110,324,808 | €114,081,131 | +€3.8m | +3.4% |
| Financial fixed assets | 28 | €110,324,808 | €114,081,131 | +€3.8m | +3.4% |
| Current assets | 29/58 | €22,035,921 | €18,420,953 | -€3.6m | -16.4% |
| Amounts receivable within one year | 40/41 | €14,111,922 | €13,801,707 | -€310,215 | -2.2% |
| Trade receivables | 40 | - | €5,082 | +€5,082 | |
| Other amounts receivable | 41 | €14,111,922 | €13,796,625 | -€315,297 | -2.2% |
| Current investments | 50/53 | €6,206,232 | €2,502,516 | -€3.7m | -59.7% |
| Cash at bank and in hand | 54/58 | €1,717,767 | €2,116,730 | +€398,963 | +23.2% |
| Total equity and liabilities | 10/49 | €132,360,729 | €132,502,084 | +€141,355 | +0.1% |
| Equity | 10/15 | €131,215,690 | €132,497,666 | +€1.3m | +1.0% |
| Contributions | 10/11 | €59,470,000 | €59,470,000 | = | 0.0% |
| Capital | 10 | €59,470,000 | €59,470,000 | = | 0.0% |
| Issued capital | 100 | €59,470,000 | €59,470,000 | = | 0.0% |
| Reserves | 13 | €16,705,437 | €17,987,414 | +€1.3m | +7.7% |
| Non-distributable reserves | 130/1 | €5,947,000 | €5,947,000 | = | 0.0% |
| Legal reserve | 130 | €5,947,000 | €5,947,000 | = | 0.0% |
| Distributable reserves | 133 | €10,758,437 | €12,040,414 | +€1.3m | +11.9% |
| Profit (loss) carried forward | 14 | €55,040,252 | €55,040,252 | = | 0.0% |
| Amounts payable | 17/49 | €1,145,040 | €4,418 | -€1.1m | -99.6% |
| Amounts payable within one year | 42/48 | €1,144,556 | €4,418 | -€1.1m | -99.6% |
| Trade debts | 44 | €1,929 | €4,418 | +€2,490 | +129.1% |
| Suppliers | 440/4 | €1,929 | €4,418 | +€2,490 | +129.1% |
| Taxes, remuneration and social security | 45 | €1,142,627 | €0 | -€1.1m | -100.0% |
| Taxes | 450/3 | €1,142,627 | €0 | -€1.1m | -100.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €484 | €0 | -€484 | -100.0% |
| Other operating charges | 640/8 | €30,005 | €46,921 | +€16,916 | +56.4% |
| Gross operating margin | 9900 | -€8,789 | -€11,269 | -€2,479 | -28.2% |
| Operating profit (loss) | 9901 | -€38,794 | -€58,189 | -€19,395 | -50.0% |
| Financial income | 75/76B | €12,347,618 | €2,327,255 | -€10.0m | -81.2% |
| Recurring financial income | 75 | €11,812,575 | €2,073,636 | -€9.7m | -82.4% |
| Non-recurring financial income | 76B | €535,042 | €253,620 | -€281,423 | -52.6% |
| Financial charges | 65/66B | €278,866 | €682,366 | +€403,501 | +144.7% |
| Recurring financial charges | 65 | €25,246 | €322,529 | +€297,283 | +1177.5% |
| Non-recurring financial charges | 66B | €253,620 | €359,837 | +€106,217 | +41.9% |
| Profit (loss) for the period before taxes | 9903 | €12,029,958 | €1,586,700 | -€10.4m | -86.8% |
| Income taxes | 67/77 | €1,271,521 | €304,724 | -€966,797 | -76.0% |
| Profit (loss) for the period | 9904 | €10,758,437 | €1,281,976 | -€9.5m | -88.1% |
| Profit (loss) for the period to be appropriated | 9905 | €10,758,437 | €1,281,976 | -€9.5m | -88.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.