Vepa: 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.
Vepa
Largest movements
- Tangible fixed assets +€708,778
up €708,778 (+83.1%), from €853,302 to €1.6m
of which Land and buildings: +€690,403
- Cash +€179,087
up €179,087 (+132.7%), from €134,958 to €314,045
mainly Contributions, distributions and other (+€904,506) and Depreciation (+€20,796)
- Revaluation surpluses +€904,506
up €904,506 (+276.0%), from €327,738 to €1.2m
- Turnover -€18,380
down €18,380 (-17.5%), from €105,161 to €86,781
- Gross operating margin -€14,275
down €14,275 (-28.5%), from €50,111 to €35,836
- Purchases and services -€6,812
down €6,812 (-11.2%), from €60,971 to €54,159
- Taxes -€4,704
down €4,704 (-48.4%), from €9,710 to €5,006
- Depreciation -€2,825
down €2,825 (-12.0%), from €23,621 to €20,796
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 | €999,216 | €1,888,710 | +€889,494 | +89.0% |
| Fixed assets | 21/28 | €862,707 | €1,571,485 | +€708,778 | +82.2% |
| Tangible fixed assets | 22/27 | €853,302 | €1,562,080 | +€708,778 | +83.1% |
| Land and buildings | 22 | €821,288 | €1,511,691 | +€690,403 | +84.1% |
| Plant, machinery and equipment | 23 | €447 | - | -€447 | |
| Furniture and vehicles | 24 | €780 | €363 | -€417 | -53.4% |
| Other tangible fixed assets | 26 | €30,786 | €50,026 | +€19,239 | +62.5% |
| Financial fixed assets | 28 | €9,406 | €9,406 | = | 0.0% |
| Current assets | 29/58 | €136,509 | €317,225 | +€180,716 | +132.4% |
| Amounts receivable within one year | 40/41 | €313 | €964 | +€651 | +207.9% |
| Other amounts receivable | 41 | €313 | €964 | +€651 | +207.9% |
| Cash at bank and in hand | 54/58 | €134,958 | €314,045 | +€179,087 | +132.7% |
| Deferred charges and accrued income | 490/1 | €1,238 | €2,216 | +€978 | +79.0% |
| Total equity and liabilities | 10/49 | €999,216 | €1,888,710 | +€889,494 | +89.0% |
| Equity | 10/15 | €881,528 | €1,785,368 | +€903,841 | +102.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €327,738 | €1,232,244 | +€904,506 | +276.0% |
| Reserves | 13 | €482,416 | €481,740 | -€676 | -0.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €219,466 | €277,540 | +€58,074 | +26.5% |
| Distributable reserves | 133 | €256,750 | €198,000 | -€58,750 | -22.9% |
| Profit (loss) carried forward | 14 | €9,374 | €9,385 | +€11 | +0.1% |
| Provisions and deferred taxes | 16 | €67,322 | €64,763 | -€2,559 | -3.8% |
| Deferred taxes | 168 | €67,322 | €64,763 | -€2,559 | -3.8% |
| Amounts payable | 17/49 | €50,366 | €38,578 | -€11,788 | -23.4% |
| Amounts payable within one year | 42/48 | €44,995 | €32,457 | -€12,538 | -27.9% |
| Trade debts | 44 | €4,060 | €11,773 | +€7,713 | +190.0% |
| Suppliers | 440/4 | €4,060 | €11,773 | +€7,713 | +190.0% |
| Taxes, remuneration and social security | 45 | €27,914 | €10,114 | -€17,800 | -63.8% |
| Taxes | 450/3 | €27,914 | €10,114 | -€17,800 | -63.8% |
| Other amounts payable | 47/48 | €13,021 | €10,570 | -€2,451 | -18.8% |
| Accrued charges and deferred income | 492/3 | €5,371 | €6,122 | +€750 | +14.0% |
| Turnover | 70 | €105,161 | €86,781 | -€18,380 | -17.5% |
| Non-recurring operating income | 76A | - | €3,214 | +€3,214 | |
| Goods, raw materials, services and sundry goods | 60/61 | €60,971 | €54,159 | -€6,812 | -11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,621 | €20,796 | -€2,825 | -12.0% |
| Other operating charges | 640/8 | €12,279 | €13,483 | +€1,204 | +9.8% |
| Non-recurring operating charges | 66A | €143 | €549 | +€406 | +283.9% |
| Gross operating margin | 9900 | €50,111 | €35,836 | -€14,275 | -28.5% |
| Operating profit (loss) | 9901 | €14,069 | €1,008 | -€13,061 | -92.8% |
| Financial income | 75/76B | €1,075 | €1,025 | -€50 | -4.6% |
| Recurring financial income | 75 | €1,075 | €1,025 | -€50 | -4.6% |
| Financial charges | 65/66B | €767 | €251 | -€516 | -67.3% |
| Recurring financial charges | 65 | €767 | €251 | -€516 | -67.3% |
| Profit (loss) for the period before taxes | 9903 | €14,377 | €1,783 | -€12,594 | -87.6% |
| Transfer from deferred taxes | 780 | €3,059 | €2,559 | -€500 | -16.3% |
| Income taxes | 67/77 | €9,710 | €5,006 | -€4,704 | -48.4% |
| Profit (loss) for the period | 9904 | €7,726 | -€665 | -€8,391 | |
| Transfer from tax-exempt reserves | 789 | €9,176 | €7,676 | -€1,500 | -16.3% |
| Profit (loss) for the period to be appropriated | 9905 | €16,902 | €7,011 | -€9,891 | -58.5% |
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 12 October 2026 via checked.be.