VEPAS: 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.
VEPAS
Largest movements
- Cash +€70,452
up €70,452 (+248.5%), from €28,354 to €98,806
mainly Net result for the year (+€61,515) and Depreciation (+€18,467)
- Tangible fixed assets -€16,067
down €16,067 (-17.6%), from €91,387 to €75,320
of which Furniture and vehicles: -€14,194
- Reserves +€61,515
up €61,515 (+61.9%), from €99,384 to €160,899
- Current portion of long-term debt -€13,457
down €13,457 (-100.0%), from €13,457 to €0
- Tax, wage and social debts +€7,668
up €7,668 (+36.9%), from €20,798 to €28,466
- Financial charges -€77,050
down €77,050 (-99.5%), from €77,468 to €417
- Gross operating margin -€53,352
down €53,352 (-34.8%), from €153,197 to €99,845
- Taxes +€4,950
up €4,950 (+36.3%), from €13,636 to €18,586
- Depreciation +€4,747
up €4,747 (+34.6%), from €13,720 to €18,467
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 | €136,707 | €191,957 | +€55,250 | +40.4% |
| Fixed assets | 21/28 | €91,387 | €75,320 | -€16,067 | -17.6% |
| Tangible fixed assets | 22/27 | €91,387 | €75,320 | -€16,067 | -17.6% |
| Furniture and vehicles | 24 | €53,804 | €39,610 | -€14,194 | -26.4% |
| Other tangible fixed assets | 26 | €37,583 | €35,710 | -€1,873 | -5.0% |
| Current assets | 29/58 | €45,320 | €116,637 | +€71,318 | +157.4% |
| Amounts receivable within one year | 40/41 | €16,965 | €17,550 | +€584 | +3.4% |
| Trade receivables | 40 | €16,965 | €17,142 | +€176 | +1.0% |
| Other amounts receivable | 41 | - | €408 | +€408 | |
| Cash at bank and in hand | 54/58 | €28,354 | €98,806 | +€70,452 | +248.5% |
| Deferred charges and accrued income | 490/1 | €0 | €281 | +€281 | |
| Total equity and liabilities | 10/49 | €136,707 | €191,957 | +€55,250 | +40.4% |
| Equity | 10/15 | €101,884 | €163,399 | +€61,515 | +60.4% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €99,384 | €160,899 | +€61,515 | +61.9% |
| Distributable reserves | 133 | €99,384 | €160,899 | +€61,515 | +61.9% |
| Amounts payable | 17/49 | €34,822 | €28,558 | -€6,264 | -18.0% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €34,822 | €28,558 | -€6,264 | -18.0% |
| Current portion of amounts payable after more than one year | 42 | €13,457 | €0 | -€13,457 | -100.0% |
| Trade debts | 44 | €0 | €92 | +€92 | |
| Suppliers | 440/4 | €0 | €92 | +€92 | |
| Taxes, remuneration and social security | 45 | €20,798 | €28,466 | +€7,668 | +36.9% |
| Taxes | 450/3 | €20,798 | €28,466 | +€7,668 | +36.9% |
| Other amounts payable | 47/48 | €568 | €0 | -€568 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,720 | €18,467 | +€4,747 | +34.6% |
| Other operating charges | 640/8 | €2,468 | €1,077 | -€1,392 | -56.4% |
| Gross operating margin | 9900 | €153,197 | €99,845 | -€53,352 | -34.8% |
| Operating profit (loss) | 9901 | €137,008 | €80,301 | -€56,707 | -41.4% |
| Financial income | 75/76B | - | €217 | +€217 | |
| Recurring financial income | 75 | - | €217 | +€217 | |
| Financial charges | 65/66B | €77,468 | €417 | -€77,050 | -99.5% |
| Recurring financial charges | 65 | €77,468 | €417 | -€77,050 | -99.5% |
| Profit (loss) for the period before taxes | 9903 | €59,541 | €80,101 | +€20,560 | +34.5% |
| Income taxes | 67/77 | €13,636 | €18,586 | +€4,950 | +36.3% |
| Profit (loss) for the period | 9904 | €45,904 | €61,515 | +€15,610 | +34.0% |
| Profit (loss) for the period to be appropriated | 9905 | €45,904 | €61,515 | +€15,610 | +34.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.