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
- Receivables within one year -€73,490
down €73,490 (-46.2%), from €159,196 to €85,705
of which Trade receivables: -€68,931
- Tax, wage and social debts -€32,165
down €32,165 (-92.0%), from €34,967 to €2,802
- Profit (loss) carried forward -€28,174
new in 2025: -€28,174
- Debts after one year -€7,946
down €7,946 (-14.6%), from €54,408 to €46,463
- Current portion of long-term debt -€4,231
down €4,231 (-34.7%), from €12,177 to €7,946
- Gross operating margin -€150,355
down €150,355, from €139,813 to -€10,542
- Taxes -€31,176
down €31,176 (-98.7%), from €31,578 to €402
- Depreciation -€9,610
down €9,610 (-100%), from €9,610 to €0
- Financial charges -€4,437
down €4,437 (-22.1%), from €20,086 to €15,649
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 | €277,525 | €203,739 | -€73,786 | -26.6% |
| Fixed assets | 21/28 | €91,135 | €91,135 | = | 0.0% |
| Tangible fixed assets | 22/27 | €90,360 | €90,360 | = | 0.0% |
| Plant, machinery and equipment | 23 | €12,824 | €12,824 | = | 0.0% |
| Furniture and vehicles | 24 | €6,031 | €6,031 | = | 0.0% |
| Leasing and similar rights | 25 | €70,833 | €70,833 | = | 0.0% |
| Other tangible fixed assets | 26 | €672 | €672 | = | 0.0% |
| Financial fixed assets | 28 | €775 | €775 | = | 0.0% |
| Current assets | 29/58 | €186,390 | €112,604 | -€73,786 | -39.6% |
| Amounts receivable within one year | 40/41 | €159,196 | €85,705 | -€73,490 | -46.2% |
| Trade receivables | 40 | €151,330 | €82,399 | -€68,931 | -45.6% |
| Other amounts receivable | 41 | €7,866 | €3,306 | -€4,559 | -58.0% |
| Cash at bank and in hand | 54/58 | €7,728 | €9,017 | +€1,289 | +16.7% |
| Deferred charges and accrued income | 490/1 | €19,466 | €17,882 | -€1,584 | -8.1% |
| Total equity and liabilities | 10/49 | €277,525 | €203,739 | -€73,786 | -26.6% |
| Equity | 10/15 | €102,169 | €73,995 | -€28,174 | -27.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €89,769 | €89,769 | = | 0.0% |
| Distributable reserves | 133 | €89,769 | €89,769 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€28,174 | -€28,174 | |
| Amounts payable | 17/49 | €175,355 | €129,744 | -€45,612 | -26.0% |
| Amounts payable after more than one year | 17 | €54,408 | €46,463 | -€7,946 | -14.6% |
| Financial debts | 170/4 | €54,408 | €46,463 | -€7,946 | -14.6% |
| Amounts payable within one year | 42/48 | €119,642 | €81,728 | -€37,913 | -31.7% |
| Current portion of amounts payable after more than one year | 42 | €12,177 | €7,946 | -€4,231 | -34.7% |
| Trade debts | 44 | €72,497 | €70,981 | -€1,516 | -2.1% |
| Suppliers | 440/4 | €72,497 | €70,981 | -€1,516 | -2.1% |
| Taxes, remuneration and social security | 45 | €34,967 | €2,802 | -€32,165 | -92.0% |
| Taxes | 450/3 | €34,967 | €2,802 | -€32,165 | -92.0% |
| Accrued charges and deferred income | 492/3 | €1,305 | €1,553 | +€247 | +19.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,610 | €0 | -€9,610 | -100% |
| Other operating charges | 640/8 | €1,050 | €1,582 | +€532 | +50.6% |
| Gross operating margin | 9900 | €139,813 | -€10,542 | -€150,355 | |
| Operating profit (loss) | 9901 | €129,154 | -€12,124 | -€141,277 | |
| Financial income | 75/76B | €35 | €0 | -€35 | -100% |
| Recurring financial income | 75 | €35 | €0 | -€35 | -100% |
| Financial charges | 65/66B | €20,086 | €15,649 | -€4,437 | -22.1% |
| Recurring financial charges | 65 | €20,086 | €15,649 | -€4,437 | -22.1% |
| Profit (loss) for the period before taxes | 9903 | €109,102 | -€27,772 | -€136,874 | |
| Income taxes | 67/77 | €31,578 | €402 | -€31,176 | -98.7% |
| Profit (loss) for the period | 9904 | €77,524 | -€28,174 | -€105,698 | |
| Profit (loss) for the period to be appropriated | 9905 | €77,524 | -€28,174 | -€105,698 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.