VEFIPORC: 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.
VEFIPORC
Largest movements
- Receivables within one year -€974,216
down €974,216 (-53.9%), from €1.8m to €834,682
of which Trade receivables: -€1.4m
- Tangible fixed assets -€210,841
down €210,841 (-7.6%), from €2.8m to €2.6m
of which Plant, machinery and equipment: -€122,774
- Cash -€61,713
down €61,713 (-66.4%), from €92,919 to €31,207
mainly Trade debts (-€928,630) and Other debts (-€328,912)
- Trade debts -€928,630
down €928,630 (-79.1%), from €1.2m to €245,115
- Other debts -€328,912
down €328,912 (-100.0%), from €329,053 to €141
- Current portion of long-term debt -€110,929
down €110,929 (-33.1%), from €335,417 to €224,488
- Reserves +€63,162
up €63,162 (+19.0%), from €331,626 to €394,788
- Debts after one year +€62,333
up €62,333 (+3.6%), from €1.7m to €1.8m
- Financial charges -€18,566
down €18,566 (-30.0%), from €61,901 to €43,335
- Gross operating margin -€18,149
down €18,149 (-3.6%), from €507,411 to €489,262
- Depreciation +€6,512
up €6,512 (+1.9%), from €341,792 to €348,304
- Taxes -€5,938
down €5,938 (-17.7%), from €33,513 to €27,575
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 | €4,773,057 | €3,519,113 | -€1.3m | -26.3% |
| Fixed assets | 21/28 | €2,781,233 | €2,570,393 | -€210,841 | -7.6% |
| Tangible fixed assets | 22/27 | €2,781,233 | €2,570,393 | -€210,841 | -7.6% |
| Land and buildings | 22 | €2,023,406 | €1,938,256 | -€85,150 | -4.2% |
| Plant, machinery and equipment | 23 | €753,506 | €630,732 | -€122,774 | -16.3% |
| Furniture and vehicles | 24 | €4,321 | €1,405 | -€2,916 | -67.5% |
| Current assets | 29/58 | €1,991,824 | €948,720 | -€1.0m | -52.4% |
| Stocks and contracts in progress | 3 | €79,364 | €72,385 | -€6,979 | -8.8% |
| Stocks | 30/36 | €79,364 | €72,385 | -€6,979 | -8.8% |
| Amounts receivable within one year | 40/41 | €1,808,898 | €834,682 | -€974,216 | -53.9% |
| Trade receivables | 40 | €1,808,248 | €423,825 | -€1.4m | -76.6% |
| Other amounts receivable | 41 | €650 | €410,857 | +€410,207 | +63069.9% |
| Cash at bank and in hand | 54/58 | €92,919 | €31,207 | -€61,713 | -66.4% |
| Deferred charges and accrued income | 490/1 | €10,643 | €10,446 | -€197 | -1.8% |
| Total equity and liabilities | 10/49 | €4,773,057 | €3,519,113 | -€1.3m | -26.3% |
| Equity | 10/15 | €988,886 | €1,052,048 | +€63,162 | +6.4% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Revaluation surpluses | 12 | €626,273 | €626,273 | = | 0.0% |
| Reserves | 13 | €331,626 | €394,788 | +€63,162 | +19.0% |
| Distributable reserves | 133 | €331,626 | €394,788 | +€63,162 | +19.0% |
| Amounts payable | 17/49 | €3,784,172 | €2,467,065 | -€1.3m | -34.8% |
| Amounts payable after more than one year | 17 | €1,727,416 | €1,789,749 | +€62,333 | +3.6% |
| Financial debts | 170/4 | €1,727,416 | €1,789,749 | +€62,333 | +3.6% |
| Amounts payable within one year | 42/48 | €2,052,694 | €669,744 | -€1.4m | -67.4% |
| Current portion of amounts payable after more than one year | 42 | €335,417 | €224,488 | -€110,929 | -33.1% |
| Financial debts | 43 | €200,000 | €200,000 | = | 0.0% |
| Credit institutions | 430/8 | €200,000 | €200,000 | = | 0.0% |
| Trade debts | 44 | €1,173,744 | €245,115 | -€928,630 | -79.1% |
| Suppliers | 440/4 | €1,173,744 | €245,115 | -€928,630 | -79.1% |
| Taxes, remuneration and social security | 45 | €14,480 | €0 | -€14,480 | -100.0% |
| Taxes | 450/3 | €10,639 | €0 | -€10,639 | -100.0% |
| Remuneration and social security | 454/9 | €3,841 | €0 | -€3,841 | -100.0% |
| Other amounts payable | 47/48 | €329,053 | €141 | -€328,912 | -100.0% |
| Accrued charges and deferred income | 492/3 | €4,062 | €7,572 | +€3,510 | +86.4% |
| Remuneration, social security and pensions | 62 | €121 | €368 | +€247 | +204.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €341,792 | €348,304 | +€6,512 | +1.9% |
| Other operating charges | 640/8 | €7,782 | €9,670 | +€1,888 | +24.3% |
| Gross operating margin | 9900 | €507,411 | €489,262 | -€18,149 | -3.6% |
| Operating profit (loss) | 9901 | €157,716 | €130,920 | -€26,796 | -17.0% |
| Financial income | 75/76B | €0 | €3,152 | +€3,151 | +1853723.5% |
| Recurring financial income | 75 | €0 | €3,152 | +€3,151 | +1853723.5% |
| Financial charges | 65/66B | €61,901 | €43,335 | -€18,566 | -30.0% |
| Recurring financial charges | 65 | €61,901 | €43,335 | -€18,566 | -30.0% |
| Profit (loss) for the period before taxes | 9903 | €95,816 | €90,737 | -€5,079 | -5.3% |
| Income taxes | 67/77 | €33,513 | €27,575 | -€5,938 | -17.7% |
| Profit (loss) for the period | 9904 | €62,303 | €63,162 | +€859 | +1.4% |
| Profit (loss) for the period to be appropriated | 9905 | €62,303 | €63,162 | +€859 | +1.4% |
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 10 October 2026 via checked.be.