VEPACO SYSTEMS: 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.
VEPACO SYSTEMS
Largest movements
- Tangible fixed assets +€52,915
up €52,915 (+585%), from €9,040 to €61,955
of which Leasing and similar rights: +€40,937
- Cash -€15,196
down €15,196 (-81.9%), from €18,551 to €3,356
mainly Investment in fixed assets (net) (-€61,177) and Tax, wage and social debts (-€2,114)
- Deferred charges and accrued income +€1,416
up €1,416 (+612%), from €232 to €1,647
- Debts after one year +€26,290
new in 2025: €26,290
- Reserves +€9,125
up €9,125 (+65.1%), from €14,008 to €23,133
- Current portion of long-term debt +€6,169
new in 2025: €6,169
- Tax, wage and social debts -€2,114
down €2,114 (-96.8%), from €2,185 to €71
of which Remuneration and social security: -€2,185
- Other debts +€1,705
up €1,705 (+12.1%), from €14,115 to €15,820
- Gross operating margin +€12,790
up €12,790 (+109%), from €11,704 to €24,494
- Depreciation +€4,859
up €4,859 (+143%), from €3,403 to €8,262
- Taxes +€1,559
up €1,559 (+63.7%), from €2,449 to €4,009
- Other operating charges +€1,397
up €1,397 (+152%), from €922 to €2,319
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 | €51,017 | €90,664 | +€39,647 | +77.7% |
| Fixed assets | 21/28 | €10,240 | €63,155 | +€52,915 | +517% |
| Tangible fixed assets | 22/27 | €9,040 | €61,955 | +€52,915 | +585% |
| Plant, machinery and equipment | 23 | €1,925 | €1,547 | -€377 | -19.6% |
| Furniture and vehicles | 24 | €0 | €13,577 | +€13,577 | |
| Leasing and similar rights | 25 | €0 | €40,937 | +€40,937 | |
| Other tangible fixed assets | 26 | €7,115 | €5,893 | -€1,222 | -17.2% |
| Financial fixed assets | 28 | €1,200 | €1,200 | = | 0.0% |
| Current assets | 29/58 | €40,778 | €27,509 | -€13,269 | -32.5% |
| Amounts receivable within one year | 40/41 | €21,995 | €22,506 | +€511 | +2.3% |
| Trade receivables | 40 | €20,336 | €19,062 | -€1,274 | -6.3% |
| Other amounts receivable | 41 | €1,659 | €3,444 | +€1,785 | +108% |
| Cash at bank and in hand | 54/58 | €18,551 | €3,356 | -€15,196 | -81.9% |
| Deferred charges and accrued income | 490/1 | €232 | €1,647 | +€1,416 | +612% |
| Total equity and liabilities | 10/49 | €51,017 | €90,664 | +€39,647 | +77.7% |
| Equity | 10/15 | €32,608 | €41,733 | +€9,125 | +28.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €14,008 | €23,133 | +€9,125 | +65.1% |
| Distributable reserves | 133 | €14,008 | €23,133 | +€9,125 | +65.1% |
| Amounts payable | 17/49 | €18,409 | €48,930 | +€30,521 | +166% |
| Amounts payable after more than one year | 17 | - | €26,290 | +€26,290 | |
| Financial debts | 170/4 | - | €26,290 | +€26,290 | |
| Amounts payable within one year | 42/48 | €17,909 | €22,640 | +€4,731 | +26.4% |
| Current portion of amounts payable after more than one year | 42 | - | €6,169 | +€6,169 | |
| Trade debts | 44 | €1,610 | €581 | -€1,029 | -63.9% |
| Suppliers | 440/4 | €1,610 | €581 | -€1,029 | -63.9% |
| Taxes, remuneration and social security | 45 | €2,185 | €71 | -€2,114 | -96.8% |
| Taxes | 450/3 | - | €71 | +€71 | |
| Remuneration and social security | 454/9 | €2,185 | - | -€2,185 | |
| Other amounts payable | 47/48 | €14,115 | €15,820 | +€1,705 | +12.1% |
| Accrued charges and deferred income | 492/3 | €500 | - | -€500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,403 | €8,262 | +€4,859 | +143% |
| Other operating charges | 640/8 | €922 | €2,319 | +€1,397 | +152% |
| Non-recurring operating charges | 66A | €500 | - | -€500 | |
| Gross operating margin | 9900 | €11,704 | €24,494 | +€12,790 | +109% |
| Operating profit (loss) | 9901 | €6,879 | €13,913 | +€7,034 | +102% |
| Financial income | 75/76B | €35 | €126 | +€92 | +264% |
| Recurring financial income | 75 | €35 | €126 | +€92 | +264% |
| Financial charges | 65/66B | €971 | €905 | -€65 | -6.7% |
| Recurring financial charges | 65 | €971 | €905 | -€65 | -6.7% |
| Profit (loss) for the period before taxes | 9903 | €5,943 | €13,134 | +€7,191 | +121% |
| Income taxes | 67/77 | €2,449 | €4,009 | +€1,559 | +63.7% |
| Profit (loss) for the period | 9904 | €3,494 | €9,125 | +€5,631 | +161% |
| Profit (loss) for the period to be appropriated | 9905 | €3,494 | €9,125 | +€5,631 | +161% |
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 14 October 2026 via checked.be.