VEPECO: 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.
VEPECO
Largest movements
- Receivables within one year +€14,498
up €14,498 (+18113.5%), from €80 to €14,578
- Cash -€8,506
down €8,506 (-96.4%), from €8,820 to €314
mainly Other debts (-€19,260) and Advances received (-€17,800)
- Reserves +€32,825
up €32,825 (+86.2%), from €38,100 to €70,925
of which Distributable reserves: +€32,825
- Other debts -€19,260
down €19,260 (-22.1%), from €87,235 to €67,975
- Advances received -€17,800
no longer reported in 2025 (was €17,800)
- Tax, wage and social debts +€10,201
up €10,201 (+49.4%), from €20,637 to €30,838
- Gross operating margin +€13,916
up €13,916 (+38.5%), from €36,130 to €50,046
- Taxes +€4,568
up €4,568 (+38.3%), from €11,921 to €16,489
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 | €8,900 | €14,936 | +€6,036 | +67.8% |
| Current assets | 29/58 | €8,900 | €14,936 | +€6,036 | +67.8% |
| Amounts receivable within one year | 40/41 | €80 | €14,578 | +€14,498 | +18113.5% |
| Trade receivables | 40 | €80 | €14,578 | +€14,498 | +18113.5% |
| Cash at bank and in hand | 54/58 | €8,820 | €314 | -€8,506 | -96.4% |
| Deferred charges and accrued income | 490/1 | - | €44 | +€44 | |
| Total equity and liabilities | 10/49 | €8,900 | €14,936 | +€6,036 | +67.8% |
| Equity | 10/15 | -€116,794 | -€83,968 | +€32,826 | +28.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €38,100 | €70,925 | +€32,825 | +86.2% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €36,100 | €68,925 | +€32,825 | +90.9% |
| Profit (loss) carried forward | 14 | -€174,894 | -€174,893 | +€1 | 0.0% |
| Amounts payable | 17/49 | €125,694 | €98,904 | -€26,790 | -21.3% |
| Amounts payable within one year | 42/48 | €125,694 | €98,904 | -€26,790 | -21.3% |
| Trade debts | 44 | €22 | €91 | +€69 | +313.3% |
| Suppliers | 440/4 | €22 | €91 | +€69 | +313.3% |
| Advances received on contracts in progress | 46 | €17,800 | - | -€17,800 | |
| Taxes, remuneration and social security | 45 | €20,637 | €30,838 | +€10,201 | +49.4% |
| Taxes | 450/3 | €20,637 | €30,838 | +€10,201 | +49.4% |
| Other amounts payable | 47/48 | €87,235 | €67,975 | -€19,260 | -22.1% |
| Other operating charges | 640/8 | €505 | €689 | +€184 | +36.4% |
| Gross operating margin | 9900 | €36,130 | €50,046 | +€13,916 | +38.5% |
| Operating profit (loss) | 9901 | €35,625 | €49,357 | +€13,732 | +38.5% |
| Financial charges | 65/66B | €172 | €42 | -€130 | -75.6% |
| Recurring financial charges | 65 | €172 | €42 | -€130 | -75.6% |
| Profit (loss) for the period before taxes | 9903 | €35,452 | €49,315 | +€13,863 | +39.1% |
| Income taxes | 67/77 | €11,921 | €16,489 | +€4,568 | +38.3% |
| Profit (loss) for the period | 9904 | €23,531 | €32,826 | +€9,295 | +39.5% |
| Profit (loss) for the period to be appropriated | 9905 | €23,531 | €32,826 | +€9,295 | +39.5% |
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 9 October 2026 via checked.be.