VAPTRANS: 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.
VAPTRANS
Largest movements
- Tangible fixed assets +€456,458
up €456,458 (+58.4%), from €781,375 to €1.2m
of which Leasing and similar rights: +€425,028
- Receivables after one year +€272,368
up €272,368 (+13.1%), from €2.1m to €2.4m
- Deferred charges and accrued income -€240,014
down €240,014 (-94.0%), from €255,298 to €15,284
- Receivables within one year +€220,372
up €220,372 (+211.4%), from €104,241 to €324,613
of which Trade receivables: +€221,914
- Debts after one year +€401,004
up €401,004 (+61.1%), from €656,757 to €1.1m
of which Financial debts: +€370,687
- Trade debts +€108,532
up €108,532 (+33.7%), from €322,091 to €430,623
- Current portion of long-term debt +€89,981
up €89,981 (+71.2%), from €126,416 to €216,397
- Profit (loss) carried forward +€72,774
up €72,774 (+5.5%), from €1.3m to €1.4m
- Short-term financial debts +€59,770
new in 2025: €59,770
- Depreciation +€118,601
up €118,601 (+54.9%), from €216,160 to €334,762
- Other operating charges -€81,311
down €81,311 (-95.2%), from €85,370 to €4,059
- Financial income -€29,118
down €29,118 (-33.8%), from €86,202 to €57,084
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 | €3,234,824 | €3,943,907 | +€709,083 | +21.9% |
| Fixed assets | 21/28 | €788,800 | €1,245,258 | +€456,458 | +57.9% |
| Tangible fixed assets | 22/27 | €781,375 | €1,237,833 | +€456,458 | +58.4% |
| Furniture and vehicles | 24 | €92,947 | €124,376 | +€31,430 | +33.8% |
| Leasing and similar rights | 25 | €688,428 | €1,113,457 | +€425,028 | +61.7% |
| Financial fixed assets | 28 | €7,425 | €7,425 | = | 0.0% |
| Current assets | 29/58 | €2,446,024 | €2,698,649 | +€252,625 | +10.3% |
| Amounts receivable after more than one year | 29 | €2,086,384 | €2,358,752 | +€272,368 | +13.1% |
| Other amounts receivable | 291 | €2,086,384 | €2,358,752 | +€272,368 | +13.1% |
| Amounts receivable within one year | 40/41 | €104,241 | €324,613 | +€220,372 | +211.4% |
| Trade receivables | 40 | €82,913 | €304,827 | +€221,914 | +267.6% |
| Other amounts receivable | 41 | €21,328 | €19,786 | -€1,542 | -7.2% |
| Cash at bank and in hand | 54/58 | €100 | €0 | -€100 | -100.0% |
| Deferred charges and accrued income | 490/1 | €255,298 | €15,284 | -€240,014 | -94.0% |
| Total equity and liabilities | 10/49 | €3,234,824 | €3,943,907 | +€709,083 | +21.9% |
| Equity | 10/15 | €2,002,349 | €2,085,123 | +€82,774 | +4.1% |
| Contributions | 10/11 | €80,200 | €80,200 | = | 0.0% |
| Capital | 10 | €80,200 | €80,200 | = | 0.0% |
| Issued capital | 100 | €80,200 | €80,200 | = | 0.0% |
| Reserves | 13 | €596,248 | €606,248 | +€10,000 | +1.7% |
| Non-distributable reserves | 130/1 | €8,020 | €8,020 | = | 0.0% |
| Legal reserve | 130 | €8,020 | €8,020 | = | 0.0% |
| Tax-exempt reserves | 132 | €587,758 | €597,758 | +€10,000 | +1.7% |
| Distributable reserves | 133 | €470 | €470 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,325,901 | €1,398,675 | +€72,774 | +5.5% |
| Amounts payable | 17/49 | €1,232,474 | €1,858,784 | +€626,309 | +50.8% |
| Amounts payable after more than one year | 17 | €656,757 | €1,057,762 | +€401,004 | +61.1% |
| Financial debts | 170/4 | €656,180 | €1,026,868 | +€370,687 | +56.5% |
| Other amounts payable | 178/9 | €577 | €30,894 | +€30,317 | +5253.9% |
| Amounts payable within one year | 42/48 | €555,162 | €800,824 | +€245,662 | +44.3% |
| Current portion of amounts payable after more than one year | 42 | €126,416 | €216,397 | +€89,981 | +71.2% |
| Financial debts | 43 | - | €59,770 | +€59,770 | |
| Credit institutions | 430/8 | - | €59,770 | +€59,770 | |
| Trade debts | 44 | €322,091 | €430,623 | +€108,532 | +33.7% |
| Suppliers | 440/4 | €322,091 | €430,623 | +€108,532 | +33.7% |
| Taxes, remuneration and social security | 45 | €106,656 | €94,034 | -€12,622 | -11.8% |
| Taxes | 450/3 | €53,621 | €53,474 | -€147 | -0.3% |
| Remuneration and social security | 454/9 | €53,034 | €40,560 | -€12,475 | -23.5% |
| Accrued charges and deferred income | 492/3 | €20,555 | €197 | -€20,358 | -99.0% |
| Non-recurring operating income | 76A | €138,000 | €62,000 | -€76,000 | -55.1% |
| Remuneration, social security and pensions | 62 | €1,536,182 | €1,528,456 | -€7,727 | -0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €216,160 | €334,762 | +€118,601 | +54.9% |
| Other operating charges | 640/8 | €85,370 | €4,059 | -€81,311 | -95.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €2,009,892 | €1,992,249 | -€17,643 | -0.9% |
| Operating profit (loss) | 9901 | €172,179 | €124,973 | -€47,206 | -27.4% |
| Financial income | 75/76B | €86,202 | €57,084 | -€29,118 | -33.8% |
| Recurring financial income | 75 | €86,202 | €57,084 | -€29,118 | -33.8% |
| Financial charges | 65/66B | €55,128 | €66,890 | +€11,762 | +21.3% |
| Recurring financial charges | 65 | €55,128 | €66,890 | +€11,762 | +21.3% |
| Profit (loss) for the period before taxes | 9903 | €203,253 | €115,168 | -€88,086 | -43.3% |
| Income taxes | 67/77 | €21,081 | €32,393 | +€11,312 | +53.7% |
| Profit (loss) for the period | 9904 | €182,172 | €82,774 | -€99,398 | -54.6% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Transfer to tax-exempt reserves | 689 | €138,000 | €10,000 | -€128,000 | -92.8% |
| Profit (loss) for the period to be appropriated | 9905 | €44,172 | €72,774 | +€28,602 | +64.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.