VEPACOM: what changed
Two fiscal 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.
VEPACOM
Largest movements
- Cash -€126,442
down €126,442 (-86.9%), from €145,444 to €19,003
mainly Contributions, distributions and other (-€83,500) and Investment in fixed assets (net) (-€52,268)
- Tangible fixed assets +€36,175
up €36,175 (+13.2%), from €273,199 to €309,373
of which Furniture and vehicles: +€48,791
- Receivables within one year +€25,178
up €25,178 (+67.4%), from €37,368 to €62,545
of which Other amounts receivable: +€13,078
- Stocks and contracts +€18,318
up €18,318 (+62.3%), from €29,414 to €47,732
- Debts after one year -€22,896
down €22,896 (-11.6%), from €197,785 to €174,889
- Tax, wage and social debts -€9,549
down €9,549 (-34.7%), from €27,488 to €17,938
- Other debts -€8,220
no longer reported in 2025 (was €8,220)
- Reserves -€6,500
down €6,500 (-3.3%), from €198,860 to €192,360
- Gross operating margin +€45,562
up €45,562 (+54.8%), from €83,069 to €128,631
- Taxes +€10,715
up €10,715 (+61.1%), from €17,524 to €28,239
- Depreciation -€8,298
down €8,298 (-34.0%), from €24,392 to €16,093
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 | €486,150 | €439,789 | -€46,361 | -9.5% |
| Fixed assets | 21/28 | €273,199 | €309,373 | +€36,175 | +13.2% |
| Tangible fixed assets | 22/27 | €273,199 | €309,373 | +€36,175 | +13.2% |
| Land and buildings | 22 | €265,272 | €252,656 | -€12,616 | -4.8% |
| Furniture and vehicles | 24 | €7,927 | €56,717 | +€48,791 | +615.5% |
| Current assets | 29/58 | €212,951 | €130,416 | -€82,535 | -38.8% |
| Stocks and contracts in progress | 3 | €29,414 | €47,732 | +€18,318 | +62.3% |
| Stocks | 30/36 | €29,414 | €47,732 | +€18,318 | +62.3% |
| Amounts receivable within one year | 40/41 | €37,368 | €62,545 | +€25,178 | +67.4% |
| Trade receivables | 40 | €12,100 | €24,200 | +€12,100 | +100.0% |
| Other amounts receivable | 41 | €25,268 | €38,345 | +€13,078 | +51.8% |
| Cash at bank and in hand | 54/58 | €145,444 | €19,003 | -€126,442 | -86.9% |
| Deferred charges and accrued income | 490/1 | €725 | €1,136 | +€411 | +56.7% |
| Total equity and liabilities | 10/49 | €486,150 | €439,789 | -€46,361 | -9.5% |
| Equity | 10/15 | €226,453 | €220,324 | -€6,129 | -2.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €198,860 | €192,360 | -€6,500 | -3.3% |
| Distributable reserves | 133 | €198,860 | €192,360 | -€6,500 | -3.3% |
| Profit (loss) carried forward | 14 | €21,393 | €21,764 | +€371 | +1.7% |
| Amounts payable | 17/49 | €259,697 | €219,465 | -€40,232 | -15.5% |
| Amounts payable after more than one year | 17 | €197,785 | €174,889 | -€22,896 | -11.6% |
| Financial debts | 170/4 | €197,785 | €174,889 | -€22,896 | -11.6% |
| Amounts payable within one year | 42/48 | €61,912 | €44,576 | -€17,335 | -28.0% |
| Current portion of amounts payable after more than one year | 42 | €22,538 | €22,896 | +€358 | +1.6% |
| Trade debts | 44 | €1,129 | €1,204 | +€76 | +6.7% |
| Suppliers | 440/4 | €1,129 | €1,204 | +€76 | +6.7% |
| Advances received on contracts in progress | 46 | €2,538 | €2,538 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €27,488 | €17,938 | -€9,549 | -34.7% |
| Taxes | 450/3 | €27,488 | €17,938 | -€9,549 | -34.7% |
| Other amounts payable | 47/48 | €8,220 | - | -€8,220 | |
| Non-recurring operating income | 76A | - | €12,268 | +€12,268 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,392 | €16,093 | -€8,298 | -34.0% |
| Other operating charges | 640/8 | €3,768 | €3,501 | -€267 | -7.1% |
| Gross operating margin | 9900 | €83,069 | €128,631 | +€45,562 | +54.8% |
| Operating profit (loss) | 9901 | €54,909 | €109,036 | +€54,127 | +98.6% |
| Financial income | 75/76B | €1 | €1 | -€0 | -32.8% |
| Recurring financial income | 75 | €1 | €1 | -€0 | -32.8% |
| Financial charges | 65/66B | €3,786 | €3,427 | -€359 | -9.5% |
| Recurring financial charges | 65 | €3,786 | €3,427 | -€359 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | €51,124 | €105,610 | +€54,486 | +106.6% |
| Income taxes | 67/77 | €17,524 | €28,239 | +€10,715 | +61.1% |
| Profit (loss) for the period | 9904 | €33,600 | €77,371 | +€43,771 | +130.3% |
| Profit (loss) for the period to be appropriated | 9905 | €33,600 | €77,371 | +€43,771 | +130.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.