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	<fromDate>2026-01-01</fromDate>
	<toDate>2026-03-31</toDate>
	<createDate>2026-04-30</createDate>
	<personName>Велграф Асет Мениджмънт АД</personName>
	<persontype>Публично дружество</persontype>
	<eik>201079376</eik>
	<represents>Румен Горанов Цонков</represents>
	<representsType>Самостоятелно</representsType>
	<addressMain>гр. София, бул. Брюксел 1</addressMain>
	<addressCorrespondence>гр.София, ул. Стефан Караджа 2</addressCorrespondence>
	<telephone>02-980-32-58</telephone>
	<email>r.tsonkov@gmail.com</email>
	<website>www.velgraf.com</website>
	<media>infostok.bg</media>
	<creator>Сателит Х АД</creator>
	<position>счетоводна къща</position>
	<balance>
		<current>
			<assets>
				<nonCurrentAssets>
					<propertiesEquipment>
						<machines>5</machines>
						<facilities>1</facilities>
						<others>38</others>
					</propertiesEquipment>
					<investProperties>42252</investProperties>
					<intangibleAssets/>
					<commercialReputation>
						<positive>19144</positive>
					</commercialReputation>
					<finAssets>
						<investIn>
							<subsidiaries>13777</subsidiaries>
						</investIn>
						<heldToMaturity/>
					</finAssets>
					<tradeReceivables/>
				</nonCurrentAssets>
				<currentAssets>
					<inventories/>
					<tradeReceivables>
						<receivablesAffiliatedCompanies>7849</receivablesAffiliatedCompanies>
						<receivablesCustomersSuppliers>53</receivablesCustomersSuppliers>
						<advancesGranted>4425</advancesGranted>
						<receivablesGrantedCommercialLoans>22774</receivablesGrantedCommercialLoans>
						<taxRecovery>14</taxRecovery>
						<others>7</others>
					</tradeReceivables>
					<finAssets>
						<finAssetsKeptForTrading>
							<others>2766</others>
						</finAssetsKeptForTrading>
					</finAssets>
					<cashAndCashEquivalents>
						<finAssetsTimeDeposits>55</finAssetsTimeDeposits>
					</cashAndCashEquivalents>
					<futureExpenses>148</futureExpenses>
				</currentAssets>
			</assets>
			<passives>
				<equity>
					<capitalStock>
						<registeredContributedCapital>35180</registeredContributedCapital>
					</capitalStock>
					<reserves>
						<premReserves>19089</premReserves>
						<targetReserve>
							<generalReserves>5851</generalReserves>
						</targetReserve>
					</reserves>
					<finResult>
						<accumulatedProfit>
							<retainedEarnings>572</retainedEarnings>
						</accumulatedProfit>
						<currentProfit>265</currentProfit>
					</finResult>
				</equity>
				<nonCurrentLiabilities>
					<commercialOtherObligations>
						<receivedLoansBanksNonBanks>10307</receivedLoansBanksNonBanks>
						<bondLoans>7500</bondLoans>
						<others>314</others>
					</commercialOtherObligations>
					<otherNonCurrentLiabilities>5</otherNonCurrentLiabilities>
					<deferredTaxLiabilities>624</deferredTaxLiabilities>
				</nonCurrentLiabilities>
				<currentLiabilities>
					<commercialOtherObligations>
						<liabilitiesLoansBankNonBank>27132</liabilitiesLoansBankNonBank>
						<currentPartNonCurrentLiabilities>5064</currentPartNonCurrentLiabilities>
						<currentObligations>
							<obligationsSuppliersCustomers>422</obligationsSuppliersCustomers>
							<dutiesStaff>4</dutiesStaff>
							<obligationsInsuranceCompanies>13</obligationsInsuranceCompanies>
							<taxObligations>87</taxObligations>
						</currentObligations>
						<others>546</others>
					</commercialOtherObligations>
					<futureIncome>333</futureIncome>
				</currentLiabilities>
			</passives>
		</current>
		<previous>
			<assets>
				<nonCurrentAssets>
					<propertiesEquipment>
						<machines>7</machines>
						<facilities>2</facilities>
						<others>38</others>
					</propertiesEquipment>
					<investProperties>42338</investProperties>
					<intangibleAssets/>
					<commercialReputation>
						<positive>19144</positive>
					</commercialReputation>
					<finAssets>
						<investIn>
							<subsidiaries>13777</subsidiaries>
						</investIn>
						<heldToMaturity/>
					</finAssets>
					<tradeReceivables/>
				</nonCurrentAssets>
				<currentAssets>
					<inventories/>
					<tradeReceivables>
						<receivablesAffiliatedCompanies>7762</receivablesAffiliatedCompanies>
						<receivablesCustomersSuppliers>28</receivablesCustomersSuppliers>
						<advancesGranted>7550</advancesGranted>
						<receivablesGrantedCommercialLoans>23494</receivablesGrantedCommercialLoans>
						<taxRecovery>14</taxRecovery>
					</tradeReceivables>
					<finAssets>
						<finAssetsKeptForTrading>
							<others>2614</others>
						</finAssetsKeptForTrading>
					</finAssets>
					<cashAndCashEquivalents>
						<finAssetsTimeDeposits>104</finAssetsTimeDeposits>
					</cashAndCashEquivalents>
					<futureExpenses>159</futureExpenses>
				</currentAssets>
			</assets>
			<passives>
				<equity>
					<capitalStock>
						<registeredContributedCapital>35180</registeredContributedCapital>
					</capitalStock>
					<reserves>
						<premReserves>19089</premReserves>
						<targetReserve>
							<generalReserves>5851</generalReserves>
						</targetReserve>
					</reserves>
					<finResult>
						<accumulatedProfit/>
						<currentProfit>572</currentProfit>
					</finResult>
				</equity>
				<nonCurrentLiabilities>
					<commercialOtherObligations>
						<receivedLoansBanksNonBanks>10635</receivedLoansBanksNonBanks>
						<bondLoans>9953</bondLoans>
						<others>314</others>
					</commercialOtherObligations>
					<otherNonCurrentLiabilities>5</otherNonCurrentLiabilities>
					<deferredTaxLiabilities>624</deferredTaxLiabilities>
				</nonCurrentLiabilities>
				<currentLiabilities>
					<commercialOtherObligations>
						<liabilitiesLoansBankNonBank>27205</liabilitiesLoansBankNonBank>
						<currentPartNonCurrentLiabilities>5264</currentPartNonCurrentLiabilities>
						<currentObligations>
							<obligationsReceivedCommercialLoans>751</obligationsReceivedCommercialLoans>
							<obligationsSuppliersCustomers>399</obligationsSuppliersCustomers>
							<dutiesStaff>9</dutiesStaff>
							<obligationsInsuranceCompanies>14</obligationsInsuranceCompanies>
							<taxObligations>146</taxObligations>
						</currentObligations>
						<others>569</others>
					</commercialOtherObligations>
					<futureIncome>451</futureIncome>
				</currentLiabilities>
			</passives>
		</previous>
	</balance>
	<incomes>
		<current>
			<expenses>
				<activityCosts>
					<economicElementsCosts>
						<costOfMaterials>4</costOfMaterials>
						<costsForExternalServices>209</costsForExternalServices>
						<depreciationExpenses>89</depreciationExpenses>
						<remunerationExpenses>78</remunerationExpenses>
						<insuranceCosts>13</insuranceCosts>
						<others>2</others>
					</economicElementsCosts>
					<financialCosts>
						<interestExpense>390</interestExpense>
						<negativeDifferencesFromOperationsWithFinancialAssetsAndInstruments>42</negativeDifferencesFromOperationsWithFinancialAssetsAndInstruments>
						<others>24</others>
					</financialCosts>
				</activityCosts>
				<activityProfit/>
				<profitBeforeTaxes/>
				<profitAfterTaxes/>
			</expenses>
			<income>
				<activityIncome>
					<netRevenueFromSales>
						<services>887</services>
					</netRevenueFromSales>
					<financialIncome>
						<interestIncome>227</interestIncome>
						<positiveDifferencesFromOperationsWithFinancialAssetsAndInstruments>2</positiveDifferencesFromOperationsWithFinancialAssetsAndInstruments>
					</financialIncome>
				</activityIncome>
				<activityLoss/>
				<lossAfterTax/>
			</income>
		</current>
		<previous>
			<expenses>
				<activityCosts>
					<economicElementsCosts>
						<costOfMaterials>4</costOfMaterials>
						<costsForExternalServices>200</costsForExternalServices>
						<depreciationExpenses>93</depreciationExpenses>
						<remunerationExpenses>66</remunerationExpenses>
						<insuranceCosts>11</insuranceCosts>
						<others>15</others>
					</economicElementsCosts>
					<financialCosts>
						<interestExpense>464</interestExpense>
						<negativeDifferencesFromOperationsWithFinancialAssetsAndInstruments>6</negativeDifferencesFromOperationsWithFinancialAssetsAndInstruments>
						<others>7</others>
					</financialCosts>
				</activityCosts>
				<activityProfit/>
				<profitBeforeTaxes/>
				<profitAfterTaxes/>
			</expenses>
			<income>
				<activityIncome>
					<netRevenueFromSales>
						<services>860</services>
						<others>10</others>
					</netRevenueFromSales>
					<financialIncome>
						<interestIncome>239</interestIncome>
						<positiveDifferencesFromOperationsWithFinancialAssetsAndInstruments>10</positiveDifferencesFromOperationsWithFinancialAssetsAndInstruments>
					</financialIncome>
				</activityIncome>
				<activityLoss/>
				<lossAfterTax/>
			</income>
		</previous>
	</incomes>
	<cashFlows>
		<current>
			<cashFlowsFromOperationalActivity>
				<receiptsFromCustomers>896</receiptsFromCustomers>
				<paymentsToSuppliers>-254</paymentsToSuppliers>
				<paymentsRelatedToRemuneration>-94</paymentsRelatedToRemuneration>
				<taxesPaidRefunded>-185</taxesPaidRefunded>
				<otherReceiptsPaymentsFromOperationalActivity>-10</otherReceiptsPaymentsFromOperationalActivity>
			</cashFlowsFromOperationalActivity>
			<cashFlowsFromInvestmentActivity>
				<loansGranted>177</loansGranted>
				<reimbursedGrantedLoans>-109</reimbursedGrantedLoans>
				<purchaseOfInvestments>-902</purchaseOfInvestments>
				<proceedsFromSaleOfInvestments>3830</proceedsFromSaleOfInvestments>
				<otherReceiptsPaymentsFromInvestmentActivity>47</otherReceiptsPaymentsFromInvestmentActivity>
			</cashFlowsFromInvestmentActivity>
			<cashFlowsFromFinancialActivity>
				<loansPaid>-2892</loansPaid>
				<paidObligationsUnderLeasingContracts>-1</paidObligationsUnderLeasingContracts>
				<paidInterestFeesCommissionsOnLoansForInvestmentPurposes>-547</paidInterestFeesCommissionsOnLoansForInvestmentPurposes>
				<otherReceiptsPaymentsFromFinancialActivity>-5</otherReceiptsPaymentsFromFinancialActivity>
			</cashFlowsFromFinancialActivity>
			<cashFlowsPeriodStart>104</cashFlowsPeriodStart>
			<cashFlowsPeriodEnd>
				<availabilityInCashAndBank>55</availabilityInCashAndBank>
			</cashFlowsPeriodEnd>
		</current>
		<previous>
			<cashFlowsFromOperationalActivity>
				<receiptsFromCustomers>1226</receiptsFromCustomers>
				<paymentsToSuppliers>-289</paymentsToSuppliers>
				<paymentsRelatedToRemuneration>-77</paymentsRelatedToRemuneration>
				<taxesPaidRefunded>-145</taxesPaidRefunded>
				<otherReceiptsPaymentsFromOperationalActivity>-5</otherReceiptsPaymentsFromOperationalActivity>
			</cashFlowsFromOperationalActivity>
			<cashFlowsFromInvestmentActivity>
				<loansGranted>9</loansGranted>
				<reimbursedGrantedLoans>-26</reimbursedGrantedLoans>
				<proceedsFromSaleOfInvestments>2793</proceedsFromSaleOfInvestments>
				<otherReceiptsPaymentsFromInvestmentActivity>53</otherReceiptsPaymentsFromInvestmentActivity>
			</cashFlowsFromInvestmentActivity>
			<cashFlowsFromFinancialActivity>
				<loansPaid>-2861</loansPaid>
				<paidObligationsUnderLeasingContracts>-1</paidObligationsUnderLeasingContracts>
				<paidInterestFeesCommissionsOnLoansForInvestmentPurposes>-651</paidInterestFeesCommissionsOnLoansForInvestmentPurposes>
				<otherReceiptsPaymentsFromFinancialActivity>-5</otherReceiptsPaymentsFromFinancialActivity>
			</cashFlowsFromFinancialActivity>
			<cashFlowsPeriodStart>130</cashFlowsPeriodStart>
			<cashFlowsPeriodEnd>
				<availabilityInCashAndBank>151</availabilityInCashAndBank>
			</cashFlowsPeriodEnd>
		</previous>
	</cashFlows>
	<capital>
		<capitalStock>
			<changesInOpeningBalances/>
			<profitSharing/>
			<subsequentValuationsOfTangibleAndIntangibleFixedAssets/>
			<subsequentValuationsOfFinancialAssetsAndInstruments/>
		</capitalStock>
		<premiumReserve>
			<changesInOpeningBalances/>
			<profitSharing/>
			<subsequentValuationsOfTangibleAndIntangibleFixedAssets/>
			<subsequentValuationsOfFinancialAssetsAndInstruments/>
		</premiumReserve>
		<reserveFromSubsequentValuations>
			<changesInOpeningBalances/>
			<profitSharing/>
			<subsequentValuationsOfTangibleAndIntangibleFixedAssets/>
			<subsequentValuationsOfFinancialAssetsAndInstruments/>
		</reserveFromSubsequentValuations>
		<generalTargetReserves>
			<changesInOpeningBalances/>
			<profitSharing/>
			<subsequentValuationsOfTangibleAndIntangibleFixedAssets/>
			<subsequentValuationsOfFinancialAssetsAndInstruments/>
		</generalTargetReserves>
		<specializedTargetReserves>
			<changesInOpeningBalances/>
			<profitSharing/>
			<subsequentValuationsOfTangibleAndIntangibleFixedAssets/>
			<subsequentValuationsOfFinancialAssetsAndInstruments/>
		</specializedTargetReserves>
		<otherTargetReserves>
			<changesInOpeningBalances/>
			<profitSharing/>
			<subsequentValuationsOfTangibleAndIntangibleFixedAssets/>
			<subsequentValuationsOfFinancialAssetsAndInstruments/>
		</otherTargetReserves>
		<accumulatedProfit>
			<changesInOpeningBalances/>
			<profitSharing/>
			<subsequentValuationsOfTangibleAndIntangibleFixedAssets/>
			<subsequentValuationsOfFinancialAssetsAndInstruments/>
		</accumulatedProfit>
		<accumulatedLoss>
			<changesInOpeningBalances/>
			<profitSharing/>
			<subsequentValuationsOfTangibleAndIntangibleFixedAssets/>
			<subsequentValuationsOfFinancialAssetsAndInstruments/>
		</accumulatedLoss>
		<transReserve>
			<changesInOpeningBalances/>
			<profitSharing/>
			<subsequentValuationsOfTangibleAndIntangibleFixedAssets/>
			<subsequentValuationsOfFinancialAssetsAndInstruments/>
		</transReserve>
		<minorityParticipation>
			<changesInOpeningBalances/>
			<profitSharing/>
			<subsequentValuationsOfTangibleAndIntangibleFixedAssets/>
			<subsequentValuationsOfFinancialAssetsAndInstruments/>
		</minorityParticipation>
	</capital>
</ReportingInfo>