VEPA CONTRACTING: 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 CONTRACTING
Largest movements
- Receivables within one year -€1.4m
down €1.4m (-49.8%), from €2.9m to €1.4m
of which Trade receivables: -€1.4m
- Cash +€288,132
up €288,132 (+115%), from €250,084 to €538,216
mainly Receivables within one year (+€1.4m) and Stocks and contracts (+€213,773)
- Stocks and contracts -€213,773
down €213,773 (-18.8%), from €1.1m to €920,500
- Trade debts -€1.3m
down €1.3m (-45.8%), from €2.9m to €1.6m
- Profit (loss) carried forward +€97,933
up €97,933, from -€97,563 to €369
- Short-term financial debts -€56,028
down €56,028 (-14.6%), from €384,135 to €328,108
- Other debts -€55,000
down €55,000 (-43.9%), from €125,276 to €70,276
- Write-downs +€135,017
no longer reported in 2025 (was -€135,017)
- Staff costs +€108,519
up €108,519 (+21.8%), from €497,534 to €606,052
- Other operating charges -€88,487
down €88,487 (-61.1%), from €144,769 to €56,282
- Gross operating margin +€64,281
up €64,281 (+7.8%), from €819,515 to €883,796
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.
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 | €4,305,570 | €2,944,979 | -€1.4m | -31.6% |
| Fixed assets | 21/28 | €32,863 | €32,706 | -€157 | -0.5% |
| Tangible fixed assets | 22/27 | €157 | - | -€157 | |
| Furniture and vehicles | 24 | €157 | - | -€157 | |
| Financial fixed assets | 28 | €32,706 | €32,706 | = | 0.0% |
| Current assets | 29/58 | €4,272,707 | €2,912,273 | -€1.4m | -31.8% |
| Stocks and contracts in progress | 3 | €1,134,273 | €920,500 | -€213,773 | -18.8% |
| Contracts in progress | 37 | €1,134,273 | €920,500 | -€213,773 | -18.8% |
| Amounts receivable within one year | 40/41 | €2,880,579 | €1,445,791 | -€1.4m | -49.8% |
| Trade receivables | 40 | €2,763,945 | €1,376,012 | -€1.4m | -50.2% |
| Other amounts receivable | 41 | €116,634 | €69,779 | -€46,855 | -40.2% |
| Cash at bank and in hand | 54/58 | €250,084 | €538,216 | +€288,132 | +115% |
| Deferred charges and accrued income | 490/1 | €7,772 | €7,766 | -€6 | -0.1% |
| Total equity and liabilities | 10/49 | €4,305,570 | €2,944,979 | -€1.4m | -31.6% |
| Equity | 10/15 | €12,437 | €110,369 | +€97,933 | +787% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€97,563 | €369 | +€97,933 | |
| Amounts payable | 17/49 | €4,293,133 | €2,834,610 | -€1.5m | -34.0% |
| Amounts payable after more than one year | 17 | €750,000 | €750,000 | = | 0.0% |
| Financial debts | 170/4 | €750,000 | €750,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,507,019 | €2,041,928 | -€1.5m | -41.8% |
| Financial debts | 43 | €384,135 | €328,108 | -€56,028 | -14.6% |
| Credit institutions | 430/8 | €384,135 | €328,108 | -€56,028 | -14.6% |
| Trade debts | 44 | €2,917,543 | €1,581,400 | -€1.3m | -45.8% |
| Suppliers | 440/4 | €2,917,543 | €1,581,400 | -€1.3m | -45.8% |
| Taxes, remuneration and social security | 45 | €80,064 | €62,143 | -€17,920 | -22.4% |
| Taxes | 450/3 | €7,579 | €6,303 | -€1,276 | -16.8% |
| Remuneration and social security | 454/9 | €72,485 | €55,840 | -€16,644 | -23.0% |
| Other amounts payable | 47/48 | €125,276 | €70,276 | -€55,000 | -43.9% |
| Accrued charges and deferred income | 492/3 | €36,115 | €42,682 | +€6,567 | +18.2% |
| Non-recurring operating income | 76A | €38,959 | €40,369 | +€1,410 | +3.6% |
| Remuneration, social security and pensions | 62 | €497,534 | €606,052 | +€108,519 | +21.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,008 | €157 | -€1,851 | -92.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€135,017 | - | +€135,017 | |
| Other operating charges | 640/8 | €144,769 | €56,282 | -€88,487 | -61.1% |
| Non-recurring operating charges | 66A | - | €77,372 | +€77,372 | |
| Gross operating margin | 9900 | €819,515 | €883,796 | +€64,281 | +7.8% |
| Operating profit (loss) | 9901 | €310,222 | €143,933 | -€166,289 | -53.6% |
| Financial income | 75/76B | €3,267 | €459 | -€2,807 | -85.9% |
| Recurring financial income | 75 | €3,267 | €459 | -€2,807 | -85.9% |
| Financial charges | 65/66B | €40,964 | €46,111 | +€5,147 | +12.6% |
| Recurring financial charges | 65 | €40,964 | €46,111 | +€5,147 | +12.6% |
| Profit (loss) for the period before taxes | 9903 | €272,525 | €98,282 | -€174,243 | -63.9% |
| Income taxes | 67/77 | €412 | €349 | -€63 | -15.3% |
| Profit (loss) for the period | 9904 | €272,113 | €97,933 | -€174,180 | -64.0% |
| Profit (loss) for the period to be appropriated | 9905 | €272,113 | €97,933 | -€174,180 | -64.0% |
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 25 October 2026 via checked.be.