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 +€1.2m
up €1.2m (+128%), from €946,841 to €2.2m
of which Land and buildings: +€1.3m
- Cash -€730,289
down €730,289 (-99.6%), from €733,488 to €3,198
mainly Investment in fixed assets (net) (-€1.3m) and Net result for the year (-€141,156)
- Receivables within one year -€299,524
down €299,524 (-71.4%), from €419,685 to €120,161
of which Trade receivables: -€309,860
- Other debts +€399,529
up €399,529 (+3,931%), from €10,164 to €409,693
- Reserves -€141,156
down €141,156 (-8.1%), from €1.8m to €1.6m
of which Distributable reserves: -€133,054
- Tax, wage and social debts -€78,997
down €78,997 (-73.3%), from €107,839 to €28,842
- Depreciation -€13,555
down €13,555 (-19.3%), from €70,303 to €56,748
- Gross operating margin +€13,318
up €13,318 (+4,071%), from €327 to €13,645
- Financial charges +€8,839
up €8,839 (+323%), from €2,735 to €11,574
- Other operating charges +€1,200
up €1,200 (+26.2%), from €4,576 to €5,776
- Financial income +€148
up €148 (+123,025%), from €0 to €148
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 | €2,107,795 | €2,291,518 | +€183,722 | +8.7% |
| Fixed assets | 21/28 | €951,841 | €2,163,994 | +€1.2m | +127% |
| Tangible fixed assets | 22/27 | €946,841 | €2,158,994 | +€1.2m | +128% |
| Land and buildings | 22 | €318,735 | €1,629,459 | +€1.3m | +411% |
| Furniture and vehicles | 24 | €628,106 | €529,535 | -€98,571 | -15.7% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €1,155,955 | €127,524 | -€1.0m | -89.0% |
| Amounts receivable within one year | 40/41 | €419,685 | €120,161 | -€299,524 | -71.4% |
| Trade receivables | 40 | €419,685 | €109,825 | -€309,860 | -73.8% |
| Other amounts receivable | 41 | - | €10,336 | +€10,336 | |
| Cash at bank and in hand | 54/58 | €733,488 | €3,198 | -€730,289 | -99.6% |
| Deferred charges and accrued income | 490/1 | €2,782 | €4,165 | +€1,383 | +49.7% |
| Total equity and liabilities | 10/49 | €2,107,795 | €2,291,518 | +€183,722 | +8.7% |
| Equity | 10/15 | €1,770,550 | €1,629,394 | -€141,156 | -8.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,751,950 | €1,610,794 | -€141,156 | -8.1% |
| Tax-exempt reserves | 132 | €649,925 | €641,823 | -€8,102 | -1.2% |
| Distributable reserves | 133 | €1,102,025 | €968,971 | -€133,054 | -12.1% |
| Provisions and deferred taxes | 16 | €216,642 | €213,941 | -€2,701 | -1.2% |
| Deferred taxes | 168 | €216,642 | €213,941 | -€2,701 | -1.2% |
| Amounts payable | 17/49 | €120,604 | €448,182 | +€327,579 | +272% |
| Amounts payable within one year | 42/48 | €120,604 | €448,182 | +€327,579 | +272% |
| Trade debts | 44 | €2,600 | €9,647 | +€7,047 | +271% |
| Suppliers | 440/4 | €2,600 | €9,647 | +€7,047 | +271% |
| Taxes, remuneration and social security | 45 | €107,839 | €28,842 | -€78,997 | -73.3% |
| Taxes | 450/3 | €107,839 | €28,842 | -€78,997 | -73.3% |
| Other amounts payable | 47/48 | €10,164 | €409,693 | +€399,529 | +3,931% |
| Non-recurring operating income | 76A | €33,593 | - | -€33,593 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,303 | €56,748 | -€13,555 | -19.3% |
| Other operating charges | 640/8 | €4,576 | €5,776 | +€1,200 | +26.2% |
| Non-recurring operating charges | 66A | - | €82,916 | +€82,916 | |
| Gross operating margin | 9900 | €327 | €13,645 | +€13,318 | +4,071% |
| Operating profit (loss) | 9901 | -€74,552 | -€131,795 | -€57,243 | -76.8% |
| Financial income | 75/76B | €0 | €148 | +€148 | +123,025% |
| Recurring financial income | 75 | €0 | €148 | +€148 | +123,025% |
| Financial charges | 65/66B | €2,735 | €11,574 | +€8,839 | +323% |
| Recurring financial charges | 65 | €2,735 | €11,574 | +€8,839 | +323% |
| Profit (loss) for the period before taxes | 9903 | -€77,288 | -€143,221 | -€65,934 | -85.3% |
| Transfer from deferred taxes | 780 | - | €2,701 | +€2,701 | |
| Income taxes | 67/77 | €673 | €635 | -€37 | -5.6% |
| Profit (loss) for the period | 9904 | -€77,960 | -€141,156 | -€63,196 | -81.1% |
| Transfer from tax-exempt reserves | 789 | - | €8,102 | +€8,102 | |
| Profit (loss) for the period to be appropriated | 9905 | -€77,960 | -€133,054 | -€55,094 | -70.7% |
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 19 October 2026 via checked.be.