VEPACON: 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.
VEPACON
Largest movements
- Current investments -€137,586
down €137,586 (-19.5%), from €705,187 to €567,601
- Tangible fixed assets +€102,111
up €102,111 (+48.5%), from €210,463 to €312,574
of which Furniture and vehicles: +€118,554
- Cash +€47,613
up €47,613 (+86.9%), from €54,784 to €102,397
mainly Current investments (+€137,586) and Net result for the year (+€93,460)
- Receivables within one year +€24,672
up €24,672, from €0 to €24,672
of which Trade receivables: +€12,423
- Other debts +€51,710
up €51,710 (+153.4%), from €33,701 to €85,411
- Tax, wage and social debts -€18,087
down €18,087 (-49.3%), from €36,715 to €18,628
- Debts after one year -€13,356
down €13,356 (-8.6%), from €155,709 to €142,354
- Gross operating margin -€102,988
down €102,988 (-39.2%), from €262,952 to €159,964
- Taxes -€27,312
down €27,312 (-38.9%), from €70,296 to €42,983
- Financial income +€3,304
up €3,304 (+24.7%), from €13,397 to €16,701
- Financial charges +€2,667
up €2,667 (+75.6%), from €3,530 to €6,197
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 | €972,294 | €1,007,744 | +€35,450 | +3.6% |
| Fixed assets | 21/28 | €210,963 | €313,074 | +€102,111 | +48.4% |
| Tangible fixed assets | 22/27 | €210,463 | €312,574 | +€102,111 | +48.5% |
| Land and buildings | 22 | €180,974 | €164,532 | -€16,442 | -9.1% |
| Furniture and vehicles | 24 | €29,489 | €148,043 | +€118,554 | +402.0% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €761,331 | €694,670 | -€66,661 | -8.8% |
| Amounts receivable within one year | 40/41 | €0 | €24,672 | +€24,672 | |
| Trade receivables | 40 | €0 | €12,423 | +€12,423 | |
| Other amounts receivable | 41 | - | €12,249 | +€12,249 | |
| Current investments | 50/53 | €705,187 | €567,601 | -€137,586 | -19.5% |
| Cash at bank and in hand | 54/58 | €54,784 | €102,397 | +€47,613 | +86.9% |
| Deferred charges and accrued income | 490/1 | €1,360 | €0 | -€1,360 | -100.0% |
| Total equity and liabilities | 10/49 | €972,294 | €1,007,744 | +€35,450 | +3.6% |
| Equity | 10/15 | €723,726 | €732,077 | +€8,351 | +1.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €705,126 | €713,477 | +€8,351 | +1.2% |
| Distributable reserves | 133 | €705,126 | €713,477 | +€8,351 | +1.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €248,568 | €275,667 | +€27,099 | +10.9% |
| Amounts payable after more than one year | 17 | €155,709 | €142,354 | -€13,356 | -8.6% |
| Financial debts | 170/4 | €155,709 | €142,354 | -€13,356 | -8.6% |
| Amounts payable within one year | 42/48 | €92,859 | €133,313 | +€40,454 | +43.6% |
| Current portion of amounts payable after more than one year | 42 | €21,016 | €21,491 | +€475 | +2.3% |
| Trade debts | 44 | €1,427 | €7,783 | +€6,356 | +445.3% |
| Suppliers | 440/4 | €1,427 | €7,783 | +€6,356 | +445.3% |
| Taxes, remuneration and social security | 45 | €36,715 | €18,628 | -€18,087 | -49.3% |
| Taxes | 450/3 | €36,715 | €18,628 | -€18,087 | -49.3% |
| Other amounts payable | 47/48 | €33,701 | €85,411 | +€51,710 | +153.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,494 | €31,234 | -€1,261 | -3.9% |
| Other operating charges | 640/8 | €2,199 | €2,791 | +€592 | +26.9% |
| Gross operating margin | 9900 | €262,952 | €159,964 | -€102,988 | -39.2% |
| Operating profit (loss) | 9901 | €228,259 | €125,939 | -€102,320 | -44.8% |
| Financial income | 75/76B | €13,397 | €16,701 | +€3,304 | +24.7% |
| Recurring financial income | 75 | €13,397 | €16,701 | +€3,304 | +24.7% |
| Financial charges | 65/66B | €3,530 | €6,197 | +€2,667 | +75.6% |
| Recurring financial charges | 65 | €3,530 | €6,197 | +€2,667 | +75.6% |
| Profit (loss) for the period before taxes | 9903 | €238,126 | €136,443 | -€101,683 | -42.7% |
| Income taxes | 67/77 | €70,296 | €42,983 | -€27,312 | -38.9% |
| Profit (loss) for the period | 9904 | €167,830 | €93,460 | -€74,370 | -44.3% |
| Profit (loss) for the period to be appropriated | 9905 | €167,830 | €93,460 | -€74,370 | -44.3% |
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 2 October 2026 via checked.be.