VAPOR: 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.
VAPOR
Largest movements
- Current investments -€150,000
down €150,000 (-100%), from €150,000 to €0
- Receivables within one year +€46,459
up €46,459 (+21.4%), from €217,440 to €263,899
of which Trade receivables: +€53,762
- Cash +€17,893
up €17,893 (+3.7%), from €479,444 to €497,338
mainly Current investments (+€150,000) and Net result for the year (+€99,345)
- Stocks and contracts -€15,090
down €15,090 (-28.1%), from €53,693 to €38,602
- Tangible fixed assets -€13,384
down €13,384 (-3.5%), from €377,224 to €363,841
of which Land and buildings: -€14,851
- Other debts -€59,189
down €59,189 (-33.1%), from €179,058 to €119,870
- Debts after one year -€39,489
down €39,489 (-16.6%), from €238,198 to €198,709
- Reserves -€17,199
down €17,199 (-2.3%), from €759,220 to €742,021
- Gross operating margin -€106,164
down €106,164 (-30.2%), from €351,385 to €245,221
- Taxes -€35,092
down €35,092 (-45.6%), from €77,030 to €41,938
- Financial income -€16,613
down €16,613 (-69.1%), from €24,055 to €7,443
of which Non-recurring financial income: -€17,893
- Depreciation +€9,693
up €9,693 (+23.8%), from €40,765 to €50,458
- Staff costs -€5,298
down €5,298 (-9.9%), from €53,761 to €48,463
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.
Derived cash bridge
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 | €1,281,230 | €1,169,875 | -€111,356 | -8.7% |
| Fixed assets | 21/28 | €377,224 | €367,334 | -€9,890 | -2.6% |
| Intangible fixed assets | 21 | - | €3,493 | +€3,493 | |
| Tangible fixed assets | 22/27 | €377,224 | €363,841 | -€13,384 | -3.5% |
| Land and buildings | 22 | €285,529 | €270,678 | -€14,851 | -5.2% |
| Plant, machinery and equipment | 23 | €7,596 | €16,806 | +€9,210 | +121% |
| Furniture and vehicles | 24 | €84,099 | €76,357 | -€7,743 | -9.2% |
| Current assets | 29/58 | €904,006 | €802,541 | -€101,465 | -11.2% |
| Stocks and contracts in progress | 3 | €53,693 | €38,602 | -€15,090 | -28.1% |
| Stocks | 30/36 | €53,693 | €38,602 | -€15,090 | -28.1% |
| Amounts receivable within one year | 40/41 | €217,440 | €263,899 | +€46,459 | +21.4% |
| Trade receivables | 40 | €165,988 | €219,750 | +€53,762 | +32.4% |
| Other amounts receivable | 41 | €51,453 | €44,150 | -€7,303 | -14.2% |
| Current investments | 50/53 | €150,000 | €0 | -€150,000 | -100% |
| Cash at bank and in hand | 54/58 | €479,444 | €497,338 | +€17,893 | +3.7% |
| Deferred charges and accrued income | 490/1 | €3,428 | €2,701 | -€727 | -21.2% |
| Total equity and liabilities | 10/49 | €1,281,230 | €1,169,875 | -€111,356 | -8.7% |
| Equity | 10/15 | €761,220 | €744,021 | -€17,199 | -2.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €759,220 | €742,021 | -€17,199 | -2.3% |
| Distributable reserves | 133 | €759,220 | €742,021 | -€17,199 | -2.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €520,010 | €425,854 | -€94,156 | -18.1% |
| Amounts payable after more than one year | 17 | €238,198 | €198,709 | -€39,489 | -16.6% |
| Financial debts | 170/4 | €238,198 | €198,709 | -€39,489 | -16.6% |
| Amounts payable within one year | 42/48 | €281,812 | €227,145 | -€54,667 | -19.4% |
| Current portion of amounts payable after more than one year | 42 | €39,994 | €39,489 | -€505 | -1.3% |
| Trade debts | 44 | €52,681 | €58,017 | +€5,336 | +10.1% |
| Suppliers | 440/4 | €52,681 | €58,017 | +€5,336 | +10.1% |
| Taxes, remuneration and social security | 45 | €10,079 | €9,769 | -€310 | -3.1% |
| Taxes | 450/3 | €1,181 | €1,113 | -€68 | -5.7% |
| Remuneration and social security | 454/9 | €8,898 | €8,656 | -€242 | -2.7% |
| Other amounts payable | 47/48 | €179,058 | €119,870 | -€59,189 | -33.1% |
| Remuneration, social security and pensions | 62 | €53,761 | €48,463 | -€5,298 | -9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,765 | €50,458 | +€9,693 | +23.8% |
| Other operating charges | 640/8 | €2,442 | €3,052 | +€610 | +25.0% |
| Non-recurring operating charges | 66A | €11,183 | €0 | -€11,183 | -100% |
| Gross operating margin | 9900 | €351,385 | €245,221 | -€106,164 | -30.2% |
| Operating profit (loss) | 9901 | €243,234 | €143,249 | -€99,985 | -41.1% |
| Financial income | 75/76B | €24,055 | €7,443 | -€16,613 | -69.1% |
| Recurring financial income | 75 | €6,162 | €7,443 | +€1,281 | +20.8% |
| Non-recurring financial income | 76B | €17,893 | €0 | -€17,893 | -100% |
| Financial charges | 65/66B | €6,907 | €9,408 | +€2,502 | +36.2% |
| Recurring financial charges | 65 | €6,907 | €9,408 | +€2,502 | +36.2% |
| Profit (loss) for the period before taxes | 9903 | €260,383 | €141,283 | -€119,100 | -45.7% |
| Income taxes | 67/77 | €77,030 | €41,938 | -€35,092 | -45.6% |
| Profit (loss) for the period | 9904 | €183,353 | €99,345 | -€84,007 | -45.8% |
| Profit (loss) for the period to be appropriated | 9905 | €183,353 | €99,345 | -€84,007 | -45.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.