VEP Holding: 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.
VEP Holding
Largest movements
- Current investments +€7.5m
new in 2025: €7.5m
- Financial fixed assets -€2.8m
down €2.8m (-27.3%), from €10.3m to €7.5m
- Receivables after one year +€2.7m
new in 2025: €2.7m
- Reserves +€7.5m
new in 2025: €7.5m
- Financial income +€7.6m
new in 2025: €7.6m
of which Non-recurring financial income: +€7.3m
- Taxes +€50,194
new in 2025: €50,194
- Gross operating margin -€37,919
down €37,919 (-5,938%), from -€639 to -€38,558
- Financial charges +€661
up €661 (+1,437%), from €46 to €707
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 | €10,323,051 | €17,885,024 | +€7.6m | +73.3% |
| Fixed assets | 21/28 | €10,314,500 | €7,500,000 | -€2.8m | -27.3% |
| Financial fixed assets | 28 | €10,314,500 | €7,500,000 | -€2.8m | -27.3% |
| Current assets | 29/58 | €8,551 | €10,385,024 | +€10.4m | +121,346% |
| Amounts receivable after more than one year | 29 | - | €2,662,192 | +€2.7m | |
| Other amounts receivable | 291 | - | €2,662,192 | +€2.7m | |
| Amounts receivable within one year | 40/41 | - | €22,763 | +€22,763 | |
| Other amounts receivable | 41 | - | €22,763 | +€22,763 | |
| Current investments | 50/53 | - | €7,500,000 | +€7.5m | |
| Cash at bank and in hand | 54/58 | €8,551 | €28,800 | +€20,249 | +237% |
| Deferred charges and accrued income | 490/1 | - | €171,268 | +€171,268 | |
| Total equity and liabilities | 10/49 | €10,323,051 | €17,885,024 | +€7.6m | +73.3% |
| Equity | 10/15 | €10,259,321 | €17,781,699 | +€7.5m | +73.3% |
| Contributions | 10/11 | €10,270,000 | €10,270,000 | = | 0.0% |
| Reserves | 13 | - | €7,511,699 | +€7.5m | |
| Distributable reserves | 133 | - | €7,511,699 | +€7.5m | |
| Profit (loss) carried forward | 14 | -€10,679 | - | +€10,679 | |
| Amounts payable | 17/49 | €63,730 | €103,325 | +€39,595 | +62.1% |
| Amounts payable within one year | 42/48 | €63,730 | €103,325 | +€39,595 | +62.1% |
| Trade debts | 44 | €1,094 | €12,718 | +€11,625 | +1,063% |
| Suppliers | 440/4 | €1,094 | €12,718 | +€11,625 | +1,063% |
| Taxes, remuneration and social security | 45 | - | €55,010 | +€55,010 | |
| Taxes | 450/3 | - | €55,010 | +€55,010 | |
| Other amounts payable | 47/48 | €62,636 | €35,597 | -€27,040 | -43.2% |
| Other operating charges | 640/8 | €1,094 | €1,330 | +€237 | +21.6% |
| Gross operating margin | 9900 | -€639 | -€38,558 | -€37,919 | -5,938% |
| Operating profit (loss) | 9901 | -€1,732 | -€39,888 | -€38,156 | -2,203% |
| Financial income | 75/76B | - | €7,613,167 | +€7.6m | |
| Recurring financial income | 75 | - | €272,051 | +€272,051 | |
| Non-recurring financial income | 76B | - | €7,341,116 | +€7.3m | |
| Financial charges | 65/66B | €46 | €707 | +€661 | +1,437% |
| Recurring financial charges | 65 | €46 | €707 | +€661 | +1,437% |
| Profit (loss) for the period before taxes | 9903 | -€1,778 | €7,572,573 | +€7.6m | |
| Income taxes | 67/77 | - | €50,194 | +€50,194 | |
| Profit (loss) for the period | 9904 | -€1,778 | €7,522,378 | +€7.5m | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,778 | €7,522,378 | +€7.5m |
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 16 October 2026 via checked.be.