VEPHA: 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.
VEPHA
Largest movements
- Financial fixed assets +€1.2m
new in 2025: €1.2m
- Cash +€33,786
up €33,786 (+131.4%), from €25,706 to €59,492
mainly Contributions, distributions and other (+€1.2m) and Other debts (+€37,393)
- Tangible fixed assets -€18,041
down €18,041 (-7.4%), from €243,238 to €225,197
of which Furniture and vehicles: -€12,841
- Contributions +€1.2m
up €1.2m (+48000.0%), from €2,500 to €1.2m
- Other debts +€37,393
up €37,393 (+40.4%), from €92,473 to €129,866
- Trade debts -€19,953
down €19,953 (-55.3%), from €36,064 to €16,111
- Debts after one year -€16,431
down €16,431 (-12.1%), from €135,628 to €119,197
- Gross operating margin +€4,401
up €4,401 (+10.8%), from €40,653 to €45,054
- Depreciation +€2,771
up €2,771 (+18.1%), from €15,270 to €18,041
- Taxes +€496
up €496 (+16.1%), from €3,079 to €3,575
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 | €328,120 | €1,542,346 | +€1.2m | +370.1% |
| Fixed assets | 21/28 | €243,238 | €1,425,197 | +€1.2m | +485.9% |
| Tangible fixed assets | 22/27 | €243,238 | €225,197 | -€18,041 | -7.4% |
| Land and buildings | 22 | €189,543 | €184,343 | -€5,200 | -2.7% |
| Furniture and vehicles | 24 | €53,695 | €40,854 | -€12,841 | -23.9% |
| Financial fixed assets | 28 | - | €1,200,000 | +€1.2m | |
| Current assets | 29/58 | €84,882 | €117,149 | +€32,267 | +38.0% |
| Stocks and contracts in progress | 3 | €56,572 | €56,572 | = | 0.0% |
| Stocks | 30/36 | €56,572 | €56,572 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €2,604 | €1,085 | -€1,519 | -58.3% |
| Other amounts receivable | 41 | €2,604 | €1,085 | -€1,519 | -58.3% |
| Cash at bank and in hand | 54/58 | €25,706 | €59,492 | +€33,786 | +131.4% |
| Total equity and liabilities | 10/49 | €328,120 | €1,542,346 | +€1.2m | +370.1% |
| Equity | 10/15 | €39,175 | €1,252,502 | +€1.2m | +3097.2% |
| Contributions | 10/11 | €2,500 | €1,202,500 | +€1.2m | +48000.0% |
| Outside capital | 11 | €2,500 | €1,202,500 | +€1.2m | +48000.0% |
| Share premium | 1100/10 | - | €1,202,500 | +€1.2m | |
| Other | 1109/19 | €2,500 | - | -€2,500 | |
| Reserves | 13 | €36,675 | €50,002 | +€13,327 | +36.3% |
| Distributable reserves | 133 | €36,675 | €50,002 | +€13,327 | +36.3% |
| Amounts payable | 17/49 | €288,945 | €289,844 | +€899 | +0.3% |
| Amounts payable after more than one year | 17 | €135,628 | €119,197 | -€16,431 | -12.1% |
| Financial debts | 170/4 | €135,628 | €119,197 | -€16,431 | -12.1% |
| Amounts payable within one year | 42/48 | €153,317 | €170,647 | +€17,330 | +11.3% |
| Current portion of amounts payable after more than one year | 42 | €15,582 | €16,431 | +€849 | +5.4% |
| Trade debts | 44 | €36,064 | €16,111 | -€19,953 | -55.3% |
| Suppliers | 440/4 | €36,064 | €16,111 | -€19,953 | -55.3% |
| Taxes, remuneration and social security | 45 | €9,198 | €8,239 | -€959 | -10.4% |
| Taxes | 450/3 | €9,198 | €8,239 | -€959 | -10.4% |
| Other amounts payable | 47/48 | €92,473 | €129,866 | +€37,393 | +40.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,270 | €18,041 | +€2,771 | +18.1% |
| Other operating charges | 640/8 | €1,786 | €1,944 | +€158 | +8.8% |
| Gross operating margin | 9900 | €40,653 | €45,054 | +€4,401 | +10.8% |
| Operating profit (loss) | 9901 | €23,597 | €25,069 | +€1,472 | +6.2% |
| Financial charges | 65/66B | €8,590 | €8,167 | -€423 | -4.9% |
| Recurring financial charges | 65 | €8,590 | €8,167 | -€423 | -4.9% |
| Profit (loss) for the period before taxes | 9903 | €15,007 | €16,902 | +€1,895 | +12.6% |
| Income taxes | 67/77 | €3,079 | €3,575 | +€496 | +16.1% |
| Profit (loss) for the period | 9904 | €11,928 | €13,327 | +€1,399 | +11.7% |
| Profit (loss) for the period to be appropriated | 9905 | €11,928 | €13,327 | +€1,399 | +11.7% |
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 29 September 2026 via checked.be.