VEPOLA: 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.
VEPOLA
Largest movements
- Receivables within one year +€478,972
up €478,972 (+51.1%), from €936,560 to €1.4m
of which Other amounts receivable: +€506,539
- Cash -€106,018
down €106,018 (-29.5%), from €359,269 to €253,251
mainly Receivables within one year (-€478,972) and Trade debts (-€197,687)
- Tangible fixed assets +€36,490
up €36,490 (+14.1%), from €257,935 to €294,425
of which Furniture and vehicles: +€27,360
- Reserves +€602,182
up €602,182 (+182%), from €330,602 to €932,785
of which Distributable reserves: +€602,182
- Trade debts -€197,687
down €197,687 (-43.4%), from €455,974 to €258,287
- Tax, wage and social debts +€43,363
up €43,363 (+18.8%), from €230,472 to €273,835
of which Taxes: +€43,457
- Current portion of long-term debt -€25,784
down €25,784 (-51.5%), from €50,096 to €24,312
- Debts after one year -€24,312
down €24,312 (-4.4%), from €550,756 to €526,444
- Gross operating margin +€197,560
up €197,560 (+17.6%), from €1.1m to €1.3m
- Taxes +€85,921
up €85,921 (+61.8%), from €139,017 to €224,937
- Staff costs -€19,577
down €19,577 (-4.3%), from €460,329 to €440,752
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 | €1,727,069 | €2,146,117 | +€419,047 | +24.3% |
| Fixed assets | 21/28 | €368,260 | €404,750 | +€36,490 | +9.9% |
| Tangible fixed assets | 22/27 | €257,935 | €294,425 | +€36,490 | +14.1% |
| Land and buildings | 22 | €142,856 | €142,856 | = | 0.0% |
| Plant, machinery and equipment | 23 | €107,325 | €116,456 | +€9,131 | +8.5% |
| Furniture and vehicles | 24 | €7,753 | €35,112 | +€27,360 | +353% |
| Financial fixed assets | 28 | €110,325 | €110,325 | = | 0.0% |
| Current assets | 29/58 | €1,358,810 | €1,741,367 | +€382,557 | +28.2% |
| Amounts receivable after more than one year | 29 | €11,047 | €47 | -€11,000 | -99.6% |
| Other amounts receivable | 291 | €11,047 | €47 | -€11,000 | -99.6% |
| Stocks and contracts in progress | 3 | €48,714 | €56,762 | +€8,047 | +16.5% |
| Stocks | 30/36 | €48,714 | €56,762 | +€8,047 | +16.5% |
| Amounts receivable within one year | 40/41 | €936,560 | €1,415,533 | +€478,972 | +51.1% |
| Trade receivables | 40 | €530,427 | €502,860 | -€27,567 | -5.2% |
| Other amounts receivable | 41 | €406,134 | €912,673 | +€506,539 | +125% |
| Cash at bank and in hand | 54/58 | €359,269 | €253,251 | -€106,018 | -29.5% |
| Deferred charges and accrued income | 490/1 | €3,219 | €15,775 | +€12,556 | +390% |
| Total equity and liabilities | 10/49 | €1,727,069 | €2,146,117 | +€419,047 | +24.3% |
| Equity | 10/15 | €380,602 | €982,785 | +€602,182 | +158% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €330,602 | €932,785 | +€602,182 | +182% |
| Non-distributable reserves | 130/1 | €24,789 | €24,789 | = | 0.0% |
| Reserves not available under the articles | 1311 | €24,789 | €24,789 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €268,313 | €870,495 | +€602,182 | +224% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,346,467 | €1,163,332 | -€183,135 | -13.6% |
| Amounts payable after more than one year | 17 | €550,756 | €526,444 | -€24,312 | -4.4% |
| Financial debts | 170/4 | €550,756 | €526,444 | -€24,312 | -4.4% |
| Amounts payable within one year | 42/48 | €795,591 | €624,841 | -€170,750 | -21.5% |
| Current portion of amounts payable after more than one year | 42 | €50,096 | €24,312 | -€25,784 | -51.5% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €455,974 | €258,287 | -€197,687 | -43.4% |
| Suppliers | 440/4 | €455,974 | €258,287 | -€197,687 | -43.4% |
| Taxes, remuneration and social security | 45 | €230,472 | €273,835 | +€43,363 | +18.8% |
| Taxes | 450/3 | €183,210 | €226,668 | +€43,457 | +23.7% |
| Remuneration and social security | 454/9 | €47,262 | €47,167 | -€94 | -0.2% |
| Other amounts payable | 47/48 | €59,049 | €68,407 | +€9,358 | +15.8% |
| Accrued charges and deferred income | 492/3 | €120 | €12,047 | +€11,927 | +9,922% |
| Non-recurring operating income | 76A | €11,815 | €0 | -€11,815 | -100% |
| Remuneration, social security and pensions | 62 | €460,329 | €440,752 | -€19,577 | -4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,342 | €27,057 | +€3,715 | +15.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,614 | €0 | -€6,614 | -100% |
| Other operating charges | 640/8 | €18,593 | €19,346 | +€753 | +4.0% |
| Non-recurring operating charges | 66A | €3,228 | €0 | -€3,228 | -100% |
| Gross operating margin | 9900 | €1,123,138 | €1,320,698 | +€197,560 | +17.6% |
| Operating profit (loss) | 9901 | €611,031 | €833,543 | +€222,511 | +36.4% |
| Financial income | 75/76B | €2,677 | €5,014 | +€2,337 | +87.3% |
| Recurring financial income | 75 | €2,677 | €5,014 | +€2,337 | +87.3% |
| Financial charges | 65/66B | €18,463 | €11,436 | -€7,026 | -38.1% |
| Recurring financial charges | 65 | €18,463 | €11,436 | -€7,026 | -38.1% |
| Profit (loss) for the period before taxes | 9903 | €595,245 | €827,120 | +€231,875 | +39.0% |
| Income taxes | 67/77 | €139,017 | €224,937 | +€85,921 | +61.8% |
| Profit (loss) for the period | 9904 | €456,229 | €602,182 | +€145,954 | +32.0% |
| Profit (loss) for the period to be appropriated | 9905 | €456,229 | €602,182 | +€145,954 | +32.0% |
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 23 October 2026 via checked.be.