VEPPI & CALTA: 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.
VEPPI & CALTA
Largest movements
- Stocks and contracts +€63,608
new in 2025: €63,608
- Receivables within one year +€47,201
up €47,201 (+169%), from €27,864 to €75,065
- Cash +€32,673
up €32,673 (+568%), from €5,748 to €38,421
mainly Short-term financial debts (+€300,000) and Other debts (+€45,000)
- Tangible fixed assets -€22,499
down €22,499 (-7.1%), from €316,022 to €293,522
of which Furniture and vehicles: -€12,370
- Short-term financial debts +€300,000
new in 2025: €300,000
- Debts after one year -€74,427
down €74,427 (-97.0%), from €76,718 to €2,291
- Current portion of long-term debt -€61,898
down €61,898 (-90.4%), from €68,462 to €6,564
- Advances received -€54,480
no longer reported in 2025 (was €54,480)
- Other debts +€45,000
up €45,000 (+743%), from €6,058 to €51,058
- Gross operating margin +€19,068
up €19,068 (+50.5%), from €37,761 to €56,829
- Financial charges +€15,781
up €15,781 (+947%), from €1,666 to €17,447
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 | €349,983 | €470,965 | +€120,982 | +34.6% |
| Fixed assets | 21/28 | €316,372 | €293,872 | -€22,499 | -7.1% |
| Tangible fixed assets | 22/27 | €316,022 | €293,522 | -€22,499 | -7.1% |
| Land and buildings | 22 | €245,140 | €245,140 | = | 0.0% |
| Plant, machinery and equipment | 23 | €36,016 | €25,887 | -€10,129 | -28.1% |
| Furniture and vehicles | 24 | €34,866 | €22,495 | -€12,370 | -35.5% |
| Financial fixed assets | 28 | €350 | €350 | = | 0.0% |
| Current assets | 29/58 | €33,612 | €177,093 | +€143,482 | +427% |
| Stocks and contracts in progress | 3 | - | €63,608 | +€63,608 | |
| Contracts in progress | 37 | - | €63,608 | +€63,608 | |
| Amounts receivable within one year | 40/41 | €27,864 | €75,065 | +€47,201 | +169% |
| Trade receivables | 40 | €27,864 | €75,065 | +€47,201 | +169% |
| Cash at bank and in hand | 54/58 | €5,748 | €38,421 | +€32,673 | +568% |
| Total equity and liabilities | 10/49 | €349,983 | €470,965 | +€120,982 | +34.6% |
| Equity | 10/15 | €56,551 | €68,300 | +€11,749 | +20.8% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €37,551 | €49,300 | +€11,749 | +31.3% |
| Distributable reserves | 133 | €37,551 | €49,300 | +€11,749 | +31.3% |
| Amounts payable | 17/49 | €293,433 | €402,665 | +€109,233 | +37.2% |
| Amounts payable after more than one year | 17 | €76,718 | €2,291 | -€74,427 | -97.0% |
| Financial debts | 170/4 | €76,718 | €2,291 | -€74,427 | -97.0% |
| Amounts payable within one year | 42/48 | €216,715 | €400,374 | +€183,659 | +84.7% |
| Current portion of amounts payable after more than one year | 42 | €68,462 | €6,564 | -€61,898 | -90.4% |
| Financial debts | 43 | - | €300,000 | +€300,000 | |
| Other loans | 439 | - | €300,000 | +€300,000 | |
| Trade debts | 44 | €67,854 | €23,547 | -€44,308 | -65.3% |
| Suppliers | 440/4 | €67,854 | €23,547 | -€44,308 | -65.3% |
| Advances received on contracts in progress | 46 | €54,480 | - | -€54,480 | |
| Taxes, remuneration and social security | 45 | €19,860 | €19,205 | -€655 | -3.3% |
| Taxes | 450/3 | €19,839 | €17,156 | -€2,683 | -13.5% |
| Remuneration and social security | 454/9 | €21 | €2,049 | +€2,029 | +9,796% |
| Other amounts payable | 47/48 | €6,058 | €51,058 | +€45,000 | +743% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,499 | €22,499 | = | 0.0% |
| Other operating charges | 640/8 | €1,685 | €2,144 | +€459 | +27.3% |
| Gross operating margin | 9900 | €37,761 | €56,829 | +€19,068 | +50.5% |
| Operating profit (loss) | 9901 | €13,576 | €32,185 | +€18,609 | +137% |
| Financial charges | 65/66B | €1,666 | €17,447 | +€15,781 | +947% |
| Recurring financial charges | 65 | €1,666 | €17,447 | +€15,781 | +947% |
| Profit (loss) for the period before taxes | 9903 | €11,910 | €14,738 | +€2,828 | +23.7% |
| Income taxes | 67/77 | €2,681 | €2,989 | +€308 | +11.5% |
| Profit (loss) for the period | 9904 | €9,229 | €11,749 | +€2,521 | +27.3% |
| Profit (loss) for the period to be appropriated | 9905 | €9,229 | €11,749 | +€2,521 | +27.3% |
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 17 October 2026 via checked.be.