VAPRODES: 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.
VAPRODES
Largest movements
- Current investments +€25,723
up €25,723 (+13.4%), from €192,504 to €218,227
- Cash +€22,950
up €22,950 (+13.0%), from €176,771 to €199,721
mainly Net result for the year (+€68,512) and Other debts (+€42,866)
- Tangible fixed assets -€12,098
down €12,098 (-23.8%), from €50,777 to €38,679
- Other debts +€42,866
up €42,866 (+161.9%), from €26,479 to €69,345
- Gross operating margin +€21,609
up €21,609 (+25.3%), from €85,366 to €106,976
- Taxes +€4,652
up €4,652 (+21.3%), from €21,813 to €26,465
- Depreciation +€2,386
up €2,386 (+24.6%), from €9,711 to €12,098
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 | €440,580 | €480,990 | +€40,410 | +9.2% |
| Fixed assets | 21/28 | €50,777 | €38,679 | -€12,098 | -23.8% |
| Tangible fixed assets | 22/27 | €50,777 | €38,679 | -€12,098 | -23.8% |
| Furniture and vehicles | 24 | €50,777 | €38,679 | -€12,098 | -23.8% |
| Current assets | 29/58 | €389,803 | €442,311 | +€52,508 | +13.5% |
| Amounts receivable within one year | 40/41 | €20,229 | €24,046 | +€3,817 | +18.9% |
| Trade receivables | 40 | €0 | €11,638 | +€11,638 | |
| Other amounts receivable | 41 | €20,229 | €12,408 | -€7,821 | -38.7% |
| Current investments | 50/53 | €192,504 | €218,227 | +€25,723 | +13.4% |
| Cash at bank and in hand | 54/58 | €176,771 | €199,721 | +€22,950 | +13.0% |
| Deferred charges and accrued income | 490/1 | €299 | €317 | +€18 | +6.0% |
| Total equity and liabilities | 10/49 | €440,580 | €480,990 | +€40,410 | +9.2% |
| Equity | 10/15 | €406,931 | €408,845 | +€1,914 | +0.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €382,734 | €384,648 | +€1,914 | +0.5% |
| Distributable reserves | 133 | €382,734 | €384,648 | +€1,914 | +0.5% |
| Profit (loss) carried forward | 14 | €5,647 | €5,647 | = | 0.0% |
| Amounts payable | 17/49 | €33,649 | €72,145 | +€38,496 | +114.4% |
| Amounts payable within one year | 42/48 | €33,139 | €71,635 | +€38,496 | +116.2% |
| Trade debts | 44 | €2,660 | €977 | -€1,683 | -63.3% |
| Suppliers | 440/4 | €2,660 | €977 | -€1,683 | -63.3% |
| Taxes, remuneration and social security | 45 | €4,000 | €1,313 | -€2,687 | -67.2% |
| Taxes | 450/3 | €4,000 | €1,313 | -€2,687 | -67.2% |
| Other amounts payable | 47/48 | €26,479 | €69,345 | +€42,866 | +161.9% |
| Accrued charges and deferred income | 492/3 | €510 | €510 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,711 | €12,098 | +€2,386 | +24.6% |
| Other operating charges | 640/8 | €320 | €380 | +€60 | +18.8% |
| Gross operating margin | 9900 | €85,366 | €106,976 | +€21,609 | +25.3% |
| Operating profit (loss) | 9901 | €75,335 | €94,498 | +€19,163 | +25.4% |
| Financial income | 75/76B | €1,424 | €1,034 | -€390 | -27.4% |
| Recurring financial income | 75 | €1,424 | €1,034 | -€390 | -27.4% |
| Financial charges | 65/66B | €431 | €556 | +€125 | +28.9% |
| Recurring financial charges | 65 | €431 | €556 | +€125 | +28.9% |
| Profit (loss) for the period before taxes | 9903 | €76,327 | €94,976 | +€18,649 | +24.4% |
| Income taxes | 67/77 | €21,813 | €26,465 | +€4,652 | +21.3% |
| Profit (loss) for the period | 9904 | €54,515 | €68,512 | +€13,997 | +25.7% |
| Profit (loss) for the period to be appropriated | 9905 | €54,515 | €68,512 | +€13,997 | +25.7% |
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 7 October 2026 via checked.be.