VAPE: 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.
VAPE
Largest movements
- Receivables within one year +€111,548
up €111,548 (+159%), from €70,164 to €181,712
of which Trade receivables: +€85,823
- Tangible fixed assets -€5,675
down €5,675 (-20.3%), from €27,894 to €22,219
- Other debts +€91,622
up €91,622 (+854%), from €10,723 to €102,345
- Trade debts +€7,780
up €7,780 (+29.6%), from €26,253 to €34,033
- Accrued charges and deferred income +€5,611
up €5,611 (+12.8%), from €43,835 to €49,446
- Gross operating margin -€7,325
down €7,325 (-33.9%), from €21,614 to €14,289
- Write-downs -€3,250
no longer reported in 2025 (was €3,250)
- Other operating charges -€2,851
down €2,851 (-70.1%), from €4,070 to €1,219
- Financial income +€2,758
up €2,758 (+55.3%), from €4,990 to €7,748
- Provisions +€1,385
no longer reported in 2025 (was -€1,385)
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 | €374,618 | €480,761 | +€106,143 | +28.3% |
| Fixed assets | 21/28 | €180,970 | €175,295 | -€5,675 | -3.1% |
| Tangible fixed assets | 22/27 | €27,894 | €22,219 | -€5,675 | -20.3% |
| Other tangible fixed assets | 26 | €27,894 | €22,219 | -€5,675 | -20.3% |
| Financial fixed assets | 28 | €153,076 | €153,076 | = | 0.0% |
| Current assets | 29/58 | €193,649 | €305,466 | +€111,818 | +57.7% |
| Amounts receivable after more than one year | 29 | €96,000 | €96,000 | = | 0.0% |
| Other amounts receivable | 291 | €96,000 | €96,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €70,164 | €181,712 | +€111,548 | +159% |
| Trade receivables | 40 | €4,066 | €89,889 | +€85,823 | +2,111% |
| Other amounts receivable | 41 | €66,098 | €91,823 | +€25,725 | +38.9% |
| Cash at bank and in hand | 54/58 | €373 | €1,903 | +€1,529 | +410% |
| Deferred charges and accrued income | 490/1 | €27,111 | €25,851 | -€1,260 | -4.6% |
| Total equity and liabilities | 10/49 | €374,618 | €480,761 | +€106,143 | +28.3% |
| Equity | 10/15 | €116,022 | €120,843 | +€4,821 | +4.2% |
| Contributions | 10/11 | €15,788 | €15,788 | = | 0.0% |
| Reserves | 13 | €75,982 | €79,982 | +€4,000 | +5.3% |
| Tax-exempt reserves | 132 | €1,482 | €1,482 | = | 0.0% |
| Distributable reserves | 133 | €74,500 | €78,500 | +€4,000 | +5.4% |
| Profit (loss) carried forward | 14 | €24,252 | €25,073 | +€821 | +3.4% |
| Provisions and deferred taxes | 16 | €4,216 | €4,216 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €4,216 | €4,216 | = | 0.0% |
| Pensions and similar obligations | 160 | €4,216 | €4,216 | = | 0.0% |
| Amounts payable | 17/49 | €254,381 | €355,703 | +€101,322 | +39.8% |
| Amounts payable after more than one year | 17 | €142,185 | €142,185 | = | 0.0% |
| Other amounts payable | 178/9 | €142,185 | €142,185 | = | 0.0% |
| Amounts payable within one year | 42/48 | €68,361 | €164,072 | +€95,711 | +140% |
| Current portion of amounts payable after more than one year | 42 | €8,161 | €4,179 | -€3,982 | -48.8% |
| Trade debts | 44 | €26,253 | €34,033 | +€7,780 | +29.6% |
| Suppliers | 440/4 | €26,253 | €34,033 | +€7,780 | +29.6% |
| Taxes, remuneration and social security | 45 | €23,225 | €23,515 | +€290 | +1.2% |
| Taxes | 450/3 | €23,225 | €23,515 | +€290 | +1.2% |
| Other amounts payable | 47/48 | €10,723 | €102,345 | +€91,622 | +854% |
| Accrued charges and deferred income | 492/3 | €43,835 | €49,446 | +€5,611 | +12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,675 | €5,675 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,250 | - | -€3,250 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€1,385 | - | +€1,385 | |
| Other operating charges | 640/8 | €4,070 | €1,219 | -€2,851 | -70.1% |
| Gross operating margin | 9900 | €21,614 | €14,289 | -€7,325 | -33.9% |
| Operating profit (loss) | 9901 | €10,004 | €7,396 | -€2,608 | -26.1% |
| Financial income | 75/76B | €4,990 | €7,748 | +€2,758 | +55.3% |
| Recurring financial income | 75 | €4,990 | €7,748 | +€2,758 | +55.3% |
| Financial charges | 65/66B | €5,908 | €7,096 | +€1,188 | +20.1% |
| Recurring financial charges | 65 | €5,908 | €7,096 | +€1,188 | +20.1% |
| Profit (loss) for the period before taxes | 9903 | €9,086 | €8,047 | -€1,039 | -11.4% |
| Income taxes | 67/77 | €4,593 | €3,226 | -€1,367 | -29.8% |
| Profit (loss) for the period | 9904 | €4,493 | €4,821 | +€328 | +7.3% |
| Profit (loss) for the period to be appropriated | 9905 | €4,493 | €4,821 | +€328 | +7.3% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.