VEPA Management: 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 Management
Largest movements
- Receivables within one year +€33,336
up €33,336 (+277%), from €12,035 to €45,371
of which Trade receivables: +€22,508
- Cash -€22,590
down €22,590 (-53.3%), from €42,407 to €19,817
mainly Contributions, distributions and other (-€188,125) and Debts after one year (-€41,410)
- Tangible fixed assets -€12,987
down €12,987 (-33.7%), from €38,537 to €25,550
of which Furniture and vehicles: -€11,044
- Other debts +€172,128
up €172,128 (+108%), from €159,466 to €331,594
- Reserves -€125,109
down €125,109 (-21.4%), from €584,221 to €459,113
- Debts after one year -€41,410
down €41,410 (-27.1%), from €152,600 to €111,189
- Gross operating margin -€65,026
down €65,026 (-55.2%), from €117,759 to €52,734
- Financial income +€50,251
new in 2025: €50,251
- Taxes -€15,493
down €15,493 (-52.2%), from €29,665 to €14,172
- Financial charges -€1,833
down €1,833 (-17.7%), from €10,347 to €8,515
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 | €1,062,795 | €1,060,559 | -€2,236 | -0.2% |
| Fixed assets | 21/28 | €1,008,297 | €995,310 | -€12,987 | -1.3% |
| Tangible fixed assets | 22/27 | €38,537 | €25,550 | -€12,987 | -33.7% |
| Land and buildings | 22 | €1,452 | €609 | -€843 | -58.0% |
| Plant, machinery and equipment | 23 | €2,120 | €1,020 | -€1,100 | -51.9% |
| Furniture and vehicles | 24 | €34,965 | €23,921 | -€11,044 | -31.6% |
| Financial fixed assets | 28 | €969,760 | €969,760 | = | 0.0% |
| Current assets | 29/58 | €54,498 | €65,249 | +€10,751 | +19.7% |
| Amounts receivable within one year | 40/41 | €12,035 | €45,371 | +€33,336 | +277% |
| Trade receivables | 40 | €4,163 | €26,671 | +€22,508 | +541% |
| Other amounts receivable | 41 | €7,871 | €18,699 | +€10,828 | +138% |
| Cash at bank and in hand | 54/58 | €42,407 | €19,817 | -€22,590 | -53.3% |
| Deferred charges and accrued income | 490/1 | €56 | €61 | +€6 | +9.9% |
| Total equity and liabilities | 10/49 | €1,062,795 | €1,060,559 | -€2,236 | -0.2% |
| Equity | 10/15 | €693,721 | €568,613 | -€125,109 | -18.0% |
| Contributions | 10/11 | €109,500 | €109,500 | = | 0.0% |
| Reserves | 13 | €584,221 | €459,113 | -€125,109 | -21.4% |
| Distributable reserves | 133 | €584,221 | €459,113 | -€125,109 | -21.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €369,074 | €491,947 | +€122,873 | +33.3% |
| Amounts payable after more than one year | 17 | €152,600 | €111,189 | -€41,410 | -27.1% |
| Financial debts | 170/4 | €152,600 | €111,189 | -€41,410 | -27.1% |
| Amounts payable within one year | 42/48 | €216,104 | €379,635 | +€163,530 | +75.7% |
| Current portion of amounts payable after more than one year | 42 | €39,569 | €41,410 | +€1,841 | +4.7% |
| Advances received on contracts in progress | 46 | €10,527 | €0 | -€10,527 | -100% |
| Taxes, remuneration and social security | 45 | €6,542 | €6,630 | +€88 | +1.3% |
| Taxes | 450/3 | €6,542 | €6,630 | +€88 | +1.3% |
| Other amounts payable | 47/48 | €159,466 | €331,594 | +€172,128 | +108% |
| Accrued charges and deferred income | 492/3 | €369 | €1,122 | +€753 | +204% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,126 | €14,278 | +€152 | +1.1% |
| Other operating charges | 640/8 | €3,286 | €3,004 | -€282 | -8.6% |
| Gross operating margin | 9900 | €117,759 | €52,734 | -€65,026 | -55.2% |
| Operating profit (loss) | 9901 | €100,347 | €35,452 | -€64,896 | -64.7% |
| Financial income | 75/76B | - | €50,251 | +€50,251 | |
| Recurring financial income | 75 | - | €50,251 | +€50,251 | |
| Financial charges | 65/66B | €10,347 | €8,515 | -€1,833 | -17.7% |
| Recurring financial charges | 65 | €10,347 | €8,515 | -€1,833 | -17.7% |
| Profit (loss) for the period before taxes | 9903 | €90,000 | €77,188 | -€12,812 | -14.2% |
| Income taxes | 67/77 | €29,665 | €14,172 | -€15,493 | -52.2% |
| Profit (loss) for the period | 9904 | €60,335 | €63,016 | +€2,681 | +4.4% |
| Profit (loss) for the period to be appropriated | 9905 | €60,335 | €63,016 | +€2,681 | +4.4% |
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 27 October 2026 via checked.be.