VAPACK: what changed
VAPACK
Largest movements
- Cash +€10,568
up €10,568 (+33.6%), from €31,475 to €42,044
mainly Depreciation (+€7,878) and Net result for the year (+€5,878)
- Tangible fixed assets -€7,878
down €7,878 (-66.7%), from €11,817 to €3,939
- Stocks and contracts -€2,364
down €2,364 (-9.7%), from €24,246 to €21,882
- Trade debts -€7,386
down €7,386 (-56.9%), from €12,990 to €5,605
- Profit (loss) carried forward +€5,878
up €5,878 (+15.3%), from -€38,539 to -€32,660
- Other debts +€2,840
up €2,840 (+12.8%), from €22,136 to €24,976
- Gross operating margin +€5,591
up €5,591 (+50.8%), from €10,995 to €16,586
- Depreciation -€363
down €363 (-4.4%), from €8,241 to €7,878
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €81,425 | €81,938 | +€514 | +0.6% |
| Fixed assets | 21/28 | €11,817 | €3,939 | -€7,878 | -66.7% |
| Tangible fixed assets | 22/27 | €11,817 | €3,939 | -€7,878 | -66.7% |
| Furniture and vehicles | 24 | €11,817 | €3,939 | -€7,878 | -66.7% |
| Current assets | 29/58 | €69,608 | €77,999 | +€8,391 | +12.1% |
| Stocks and contracts in progress | 3 | €24,246 | €21,882 | -€2,364 | -9.7% |
| Stocks | 30/36 | €24,246 | €21,882 | -€2,364 | -9.7% |
| Amounts receivable within one year | 40/41 | €11,387 | €11,573 | +€187 | +1.6% |
| Trade receivables | 40 | €11,387 | €11,573 | +€187 | +1.6% |
| Cash at bank and in hand | 54/58 | €31,475 | €42,044 | +€10,568 | +33.6% |
| Deferred charges and accrued income | 490/1 | €2,500 | €2,500 | = | 0.0% |
| Total equity and liabilities | 10/49 | €81,425 | €81,938 | +€514 | +0.6% |
| Equity | 10/15 | €43,940 | €49,819 | +€5,878 | +13.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Capital | 10 | €18,592 | €18,592 | = | 0.0% |
| Issued capital | 100 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €63,887 | €63,887 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Legal reserve | 130 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €62,028 | €62,028 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€38,539 | -€32,660 | +€5,878 | +15.3% |
| Amounts payable | 17/49 | €37,484 | €32,119 | -€5,365 | -14.3% |
| Amounts payable within one year | 42/48 | €37,484 | €32,119 | -€5,365 | -14.3% |
| Trade debts | 44 | €12,990 | €5,605 | -€7,386 | -56.9% |
| Suppliers | 440/4 | €12,990 | €5,605 | -€7,386 | -56.9% |
| Taxes, remuneration and social security | 45 | €2,357 | €1,538 | -€819 | -34.7% |
| Taxes | 450/3 | €2,357 | €1,538 | -€819 | -34.7% |
| Other amounts payable | 47/48 | €22,136 | €24,976 | +€2,840 | +12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,241 | €7,878 | -€363 | -4.4% |
| Other operating charges | 640/8 | €2,959 | €2,855 | -€104 | -3.5% |
| Gross operating margin | 9900 | €10,995 | €16,586 | +€5,591 | +50.8% |
| Operating profit (loss) | 9901 | -€204 | €5,854 | +€6,058 | |
| Financial charges | 65/66B | €114 | -€24 | -€138 | |
| Recurring financial charges | 65 | €114 | -€24 | -€138 | |
| Profit (loss) for the period before taxes | 9903 | -€318 | €5,878 | +€6,197 | |
| Profit (loss) for the period | 9904 | -€318 | €5,878 | +€6,197 | |
| Profit (loss) for the period to be appropriated | 9905 | -€318 | €5,878 | +€6,197 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.