VEPAD: 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.
VEPAD
Largest movements
- Receivables within one year -€3,670
down €3,670 (-15.6%), from €23,535 to €19,864
of which Trade receivables: -€9,090
- Cash +€269
up €269 (+719.2%), from €37 to €306
mainly Receivables within one year (+€3,670) and Other debts (+€476)
- Profit (loss) carried forward -€1,997
down €1,997 (-22.5%), from -€8,870 to -€10,868
- Tax, wage and social debts -€991
no longer reported in 2025 (was €991)
- Trade debts -€890
down €890 (-84.5%), from €1,053 to €163
- Other debts +€476
up €476 (+4.0%), from €11,798 to €12,275
- Gross operating margin -€8,733
down €8,733, from €6,960 to -€1,773
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 | €23,572 | €20,170 | -€3,402 | -14.4% |
| Current assets | 29/58 | €23,572 | €20,170 | -€3,402 | -14.4% |
| Amounts receivable within one year | 40/41 | €23,535 | €19,864 | -€3,670 | -15.6% |
| Trade receivables | 40 | €9,697 | €608 | -€9,090 | -93.7% |
| Other amounts receivable | 41 | €13,837 | €19,257 | +€5,419 | +39.2% |
| Cash at bank and in hand | 54/58 | €37 | €306 | +€269 | +719.2% |
| Total equity and liabilities | 10/49 | €23,572 | €20,170 | -€3,402 | -14.4% |
| Equity | 10/15 | €9,730 | €7,732 | -€1,997 | -20.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,870 | -€10,868 | -€1,997 | -22.5% |
| Amounts payable | 17/49 | €13,842 | €12,438 | -€1,404 | -10.1% |
| Amounts payable within one year | 42/48 | €13,842 | €12,438 | -€1,404 | -10.1% |
| Trade debts | 44 | €1,053 | €163 | -€890 | -84.5% |
| Suppliers | 440/4 | €1,053 | €163 | -€890 | -84.5% |
| Taxes, remuneration and social security | 45 | €991 | - | -€991 | |
| Taxes | 450/3 | €991 | - | -€991 | |
| Other amounts payable | 47/48 | €11,798 | €12,275 | +€476 | +4.0% |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Gross operating margin | 9900 | €6,960 | -€1,773 | -€8,733 | |
| Operating profit (loss) | 9901 | €6,842 | -€1,893 | -€8,735 | |
| Financial charges | 65/66B | €115 | €104 | -€10 | -9.1% |
| Recurring financial charges | 65 | €115 | €104 | -€10 | -9.1% |
| Profit (loss) for the period before taxes | 9903 | €6,727 | -€1,997 | -€8,724 | |
| Profit (loss) for the period | 9904 | €6,727 | -€1,997 | -€8,724 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,727 | -€1,997 | -€8,724 |
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 7 October 2026 via checked.be.