VAPHIS: 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.
VAPHIS
Largest movements
- Tangible fixed assets +€509,301
up €509,301 (+64.9%), from €785,269 to €1.3m
of which Land and buildings: +€478,447
- Cash -€174,665
down €174,665 (-58.2%), from €300,038 to €125,373
mainly Investment in fixed assets (net) (-€631,328) and Receivables within one year (-€62,541)
- Deferred charges and accrued income -€117,182
down €117,182 (-58.6%), from €200,040 to €82,858
- Receivables within one year +€62,541
up €62,541 (+34.0%), from €183,899 to €246,440
of which Other amounts receivable: +€47,064
- Financial fixed assets +€25,000
up €25,000 (+1161.7%), from €2,152 to €27,152
- Debts after one year +€163,821
up €163,821 (+35.1%), from €467,074 to €630,895
- Trade debts +€59,084
up €59,084 (+393.8%), from €15,002 to €74,086
- Tax, wage and social debts +€53,113
up €53,113 (+25.1%), from €211,837 to €264,950
of which Remuneration and social security: +€53,034
- Profit (loss) carried forward +€37,544
up €37,544 (+6.7%), from €561,314 to €598,858
- Staff costs +€115,187
up €115,187 (+9.7%), from €1.2m to €1.3m
- Gross operating margin +€73,440
up €73,440 (+5.1%), from €1.4m to €1.5m
- Other operating charges -€35,619
down €35,619 (-46.1%), from €77,222 to €41,603
- Depreciation +€27,289
up €27,289 (+39.1%), from €69,738 to €97,027
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 | €1,471,398 | €1,776,393 | +€304,995 | +20.7% |
| Fixed assets | 21/28 | €787,421 | €1,321,722 | +€534,301 | +67.9% |
| Tangible fixed assets | 22/27 | €785,269 | €1,294,570 | +€509,301 | +64.9% |
| Land and buildings | 22 | €660,423 | €1,138,870 | +€478,447 | +72.4% |
| Plant, machinery and equipment | 23 | €70,243 | €104,785 | +€34,542 | +49.2% |
| Furniture and vehicles | 24 | €30,553 | €47,911 | +€17,358 | +56.8% |
| Leasing and similar rights | 25 | - | €3,005 | +€3,005 | |
| Assets under construction and advance payments | 27 | €24,050 | - | -€24,050 | |
| Financial fixed assets | 28 | €2,152 | €27,152 | +€25,000 | +1161.7% |
| Current assets | 29/58 | €683,977 | €454,671 | -€229,306 | -33.5% |
| Amounts receivable within one year | 40/41 | €183,899 | €246,440 | +€62,541 | +34.0% |
| Trade receivables | 40 | €103,899 | €119,376 | +€15,477 | +14.9% |
| Other amounts receivable | 41 | €80,000 | €127,064 | +€47,064 | +58.8% |
| Cash at bank and in hand | 54/58 | €300,038 | €125,373 | -€174,665 | -58.2% |
| Deferred charges and accrued income | 490/1 | €200,040 | €82,858 | -€117,182 | -58.6% |
| Total equity and liabilities | 10/49 | €1,471,398 | €1,776,393 | +€304,995 | +20.7% |
| Equity | 10/15 | €561,314 | €598,858 | +€37,544 | +6.7% |
| Profit (loss) carried forward | 14 | €561,314 | €598,858 | +€37,544 | +6.7% |
| Provisions and deferred taxes | 16 | €130,000 | €130,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €130,000 | €130,000 | = | 0.0% |
| Environmental obligations | 163 | €130,000 | €130,000 | = | 0.0% |
| Amounts payable | 17/49 | €780,084 | €1,047,536 | +€267,452 | +34.3% |
| Amounts payable after more than one year | 17 | €467,074 | €630,895 | +€163,821 | +35.1% |
| Financial debts | 170/4 | €467,074 | €630,895 | +€163,821 | +35.1% |
| Amounts payable within one year | 42/48 | €301,420 | €416,641 | +€115,221 | +38.2% |
| Current portion of amounts payable after more than one year | 42 | €74,581 | €77,605 | +€3,024 | +4.1% |
| Trade debts | 44 | €15,002 | €74,086 | +€59,084 | +393.8% |
| Suppliers | 440/4 | €15,002 | €74,086 | +€59,084 | +393.8% |
| Taxes, remuneration and social security | 45 | €211,837 | €264,950 | +€53,113 | +25.1% |
| Taxes | 450/3 | €160 | €240 | +€80 | +49.9% |
| Remuneration and social security | 454/9 | €211,677 | €264,711 | +€53,034 | +25.1% |
| Accrued charges and deferred income | 492/3 | €11,590 | €0 | -€11,590 | -100.0% |
| Remuneration, social security and pensions | 62 | €1,188,814 | €1,304,001 | +€115,187 | +9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,738 | €97,027 | +€27,289 | +39.1% |
| Other operating charges | 640/8 | €77,222 | €41,603 | -€35,619 | -46.1% |
| Non-recurring operating charges | 66A | €1,999 | €16,881 | +€14,882 | +744.5% |
| Gross operating margin | 9900 | €1,440,415 | €1,513,855 | +€73,440 | +5.1% |
| Operating profit (loss) | 9901 | €102,642 | €54,344 | -€48,298 | -47.1% |
| Financial charges | 65/66B | €11,549 | €16,561 | +€5,012 | +43.4% |
| Recurring financial charges | 65 | €10,109 | €16,561 | +€6,452 | +63.8% |
| Non-recurring financial charges | 66B | €1,440 | - | -€1,440 | |
| Profit (loss) for the period before taxes | 9903 | €91,093 | €37,783 | -€53,310 | -58.5% |
| Income taxes | 67/77 | €160 | €240 | +€80 | +49.9% |
| Profit (loss) for the period | 9904 | €90,933 | €37,543 | -€53,390 | -58.7% |
| Profit (loss) for the period to be appropriated | 9905 | €90,933 | €37,543 | -€53,390 | -58.7% |
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 6 October 2026 via checked.be.