VEPO: 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.
VEPO
Largest movements
- Stocks and contracts +€151,392
up €151,392 (+17.1%), from €887,014 to €1.0m
of which Stocks: +€151,392
- Cash -€101,734
down €101,734 (-59.2%), from €171,915 to €70,182
mainly Investment in fixed assets (net) (-€362,852) and Stocks and contracts (-€151,392)
- Tangible fixed assets +€53,631
up €53,631 (+4.0%), from €1.3m to €1.4m
of which Plant, machinery and equipment: +€209,920
- Receivables within one year +€48,558
up €48,558 (+102%), from €47,725 to €96,283
of which Trade receivables: +€91,343
- Other debts +€156,691
up €156,691 (+33.4%), from €469,296 to €625,987
- Current portion of long-term debt -€85,500
down €85,500 (-40.8%), from €209,500 to €124,000
- Short-term financial debts +€62,000
new in 2025: €62,000
- Profit (loss) carried forward +€47,918
up €47,918, from €0 to €47,918
- Accrued charges and deferred income -€29,367
down €29,367 (-100%), from €29,367 to €0
- Gross operating margin -€153,537
down €153,537 (-24.4%), from €628,609 to €475,072
- Depreciation +€110,336
up €110,336 (+57.2%), from €192,827 to €303,163
- Taxes -€10,830
down €10,830 (-89.9%), from €12,048 to €1,219
- Staff costs +€10,028
up €10,028 (+16.2%), from €61,854 to €71,881
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.
Derived cash bridge
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 | €2,454,054 | €2,609,836 | +€155,783 | +6.3% |
| Fixed assets | 21/28 | €1,344,880 | €1,404,569 | +€59,689 | +4.4% |
| Intangible fixed assets | 21 | €4,504 | €10,562 | +€6,058 | +135% |
| Tangible fixed assets | 22/27 | €1,339,726 | €1,393,357 | +€53,631 | +4.0% |
| Land and buildings | 22 | €1,132,834 | €981,503 | -€151,331 | -13.4% |
| Plant, machinery and equipment | 23 | €159,836 | €369,756 | +€209,920 | +131% |
| Furniture and vehicles | 24 | €47,056 | €42,098 | -€4,957 | -10.5% |
| Financial fixed assets | 28 | €650 | €650 | = | 0.0% |
| Current assets | 29/58 | €1,109,174 | €1,205,268 | +€96,094 | +8.7% |
| Stocks and contracts in progress | 3 | €887,014 | €1,038,406 | +€151,392 | +17.1% |
| Stocks | 30/36 | €887,014 | €1,038,406 | +€151,392 | +17.1% |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €47,725 | €96,283 | +€48,558 | +102% |
| Trade receivables | 40 | €1,816 | €93,160 | +€91,343 | +5,029% |
| Other amounts receivable | 41 | €45,909 | €3,123 | -€42,786 | -93.2% |
| Cash at bank and in hand | 54/58 | €171,915 | €70,182 | -€101,734 | -59.2% |
| Deferred charges and accrued income | 490/1 | €2,520 | €397 | -€2,123 | -84.2% |
| Total equity and liabilities | 10/49 | €2,454,054 | €2,609,836 | +€155,783 | +6.3% |
| Equity | 10/15 | €1,401,439 | €1,449,357 | +€47,918 | +3.4% |
| Contributions | 10/11 | €312,000 | €312,000 | = | 0.0% |
| Revaluation surpluses | 12 | €0 | - | = | |
| Reserves | 13 | €1,089,439 | €1,089,439 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,089,439 | €1,089,439 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €47,918 | +€47,918 | |
| Amounts payable | 17/49 | €1,052,615 | €1,160,479 | +€107,865 | +10.2% |
| Amounts payable after more than one year | 17 | €270,833 | €272,249 | +€1,417 | +0.5% |
| Financial debts | 170/4 | €270,833 | €272,249 | +€1,417 | +0.5% |
| Amounts payable within one year | 42/48 | €752,415 | €888,230 | +€135,815 | +18.1% |
| Current portion of amounts payable after more than one year | 42 | €209,500 | €124,000 | -€85,500 | -40.8% |
| Financial debts | 43 | - | €62,000 | +€62,000 | |
| Credit institutions | 430/8 | - | €62,000 | +€62,000 | |
| Trade debts | 44 | €57,742 | €61,256 | +€3,515 | +6.1% |
| Suppliers | 440/4 | €57,742 | €61,256 | +€3,515 | +6.1% |
| Taxes, remuneration and social security | 45 | €15,878 | €14,986 | -€891 | -5.6% |
| Taxes | 450/3 | €12,960 | €10,156 | -€2,804 | -21.6% |
| Remuneration and social security | 454/9 | €2,918 | €4,831 | +€1,913 | +65.5% |
| Other amounts payable | 47/48 | €469,296 | €625,987 | +€156,691 | +33.4% |
| Accrued charges and deferred income | 492/3 | €29,367 | €0 | -€29,367 | -100% |
| Remuneration, social security and pensions | 62 | €61,854 | €71,881 | +€10,028 | +16.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €192,827 | €303,163 | +€110,336 | +57.2% |
| Other operating charges | 640/8 | €12,208 | €10,684 | -€1,524 | -12.5% |
| Non-recurring operating charges | 66A | €106,836 | €0 | -€106,836 | -100% |
| Gross operating margin | 9900 | €628,609 | €475,072 | -€153,537 | -24.4% |
| Operating profit (loss) | 9901 | €254,885 | €89,344 | -€165,541 | -64.9% |
| Financial income | 75/76B | €423 | €218 | -€204 | -48.3% |
| Recurring financial income | 75 | €423 | €218 | -€204 | -48.3% |
| Financial charges | 65/66B | €44,774 | €40,425 | -€4,349 | -9.7% |
| Recurring financial charges | 65 | €44,774 | €40,425 | -€4,349 | -9.7% |
| Profit (loss) for the period before taxes | 9903 | €210,533 | €49,137 | -€161,397 | -76.7% |
| Income taxes | 67/77 | €12,048 | €1,219 | -€10,830 | -89.9% |
| Profit (loss) for the period | 9904 | €198,485 | €47,918 | -€150,567 | -75.9% |
| Profit (loss) for the period to be appropriated | 9905 | €198,485 | €47,918 | -€150,567 | -75.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.