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	<fromDate>2025-01-01</fromDate>
	<toDate>2025-12-31</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>14</machines>
						<facilities>3</facilities>
						<others>75</others>
					</propertiesEquipment>
					<investProperties>103973</investProperties>
					<intangibleAssets/>
					<commercialReputation>
						<positive>39868</positive>
					</commercialReputation>
					<finAssets>
						<investIn/>
						<heldToMaturity/>
					</finAssets>
					<tradeReceivables/>
					<deferredTaxAssets>1145</deferredTaxAssets>
				</nonCurrentAssets>
				<currentAssets>
					<inventories/>
					<tradeReceivables>
						<receivablesAffiliatedCompanies>2357</receivablesAffiliatedCompanies>
						<receivablesCustomersSuppliers>17654</receivablesCustomersSuppliers>
						<advancesGranted>20098</advancesGranted>
						<taxRecovery>28</taxRecovery>
					</tradeReceivables>
					<finAssets>
						<finAssetsKeptForTrading>
							<others>5112</others>
						</finAssetsKeptForTrading>
						<others>40210</others>
					</finAssets>
					<cashAndCashEquivalents>
						<finAssetsCash>211</finAssetsCash>
					</cashAndCashEquivalents>
					<futureExpenses>311</futureExpenses>
				</currentAssets>
			</assets>
			<passives>
				<equity>
					<capitalStock>
						<registeredContributedCapital>68980</registeredContributedCapital>
					</capitalStock>
					<reserves>
						<premReserves>37334</premReserves>
						<targetReserve>
							<generalReserves>11446</generalReserves>
						</targetReserve>
					</reserves>
					<finResult>
						<accumulatedProfit>
							<uncoveredLoss>-1613</uncoveredLoss>
						</accumulatedProfit>
						<currentProfit>336</currentProfit>
					</finResult>
				</equity>
				<minorityParticipation>1525</minorityParticipation>
				<nonCurrentLiabilities>
					<commercialOtherObligations>
						<receivedLoansBanksNonBanks>22040</receivedLoansBanksNonBanks>
						<bondLoans>19467</bondLoans>
						<others>624</others>
					</commercialOtherObligations>
					<deferredTaxLiabilities>2449</deferredTaxLiabilities>
				</nonCurrentLiabilities>
				<currentLiabilities>
					<commercialOtherObligations>
						<liabilitiesLoansBankNonBank>53270</liabilitiesLoansBankNonBank>
						<currentPartNonCurrentLiabilities>10296</currentPartNonCurrentLiabilities>
						<currentObligations>
							<obligationsReceivedCommercialLoans>1470</obligationsReceivedCommercialLoans>
							<obligationsSuppliersCustomers>883</obligationsSuppliersCustomers>
							<dutiesStaff>19</dutiesStaff>
							<obligationsInsuranceCompanies>27</obligationsInsuranceCompanies>
							<taxObligations>575</taxObligations>
						</currentObligations>
						<others>1049</others>
					</commercialOtherObligations>
					<futureIncome>882</futureIncome>
				</currentLiabilities>
			</passives>
		</current>
		<previous>
			<assets>
				<nonCurrentAssets>
					<propertiesEquipment>
						<machines>11</machines>
						<facilities>9</facilities>
						<others>171</others>
					</propertiesEquipment>
					<investProperties>97616</investProperties>
					<intangibleAssets/>
					<commercialReputation>
						<positive>39978</positive>
					</commercialReputation>
					<finAssets>
						<investIn/>
						<heldToMaturity/>
					</finAssets>
					<tradeReceivables/>
					<deferredTaxAssets>1173</deferredTaxAssets>
				</nonCurrentAssets>
				<currentAssets>
					<inventories/>
					<tradeReceivables>
						<receivablesAffiliatedCompanies>1801</receivablesAffiliatedCompanies>
						<receivablesCustomersSuppliers>17254</receivablesCustomersSuppliers>
						<advancesGranted>31392</advancesGranted>
						<taxRecovery>66</taxRecovery>
						<others>333</others>
					</tradeReceivables>
					<finAssets>
						<finAssetsKeptForTrading>
							<others>10740</others>
						</finAssetsKeptForTrading>
						<others>41283</others>
					</finAssets>
					<cashAndCashEquivalents>
						<finAssetsCash>281</finAssetsCash>
					</cashAndCashEquivalents>
					<futureExpenses>14</futureExpenses>
				</currentAssets>
			</assets>
			<passives>
				<equity>
					<capitalStock>
						<registeredContributedCapital>68980</registeredContributedCapital>
					</capitalStock>
					<reserves>
						<premReserves>37334</premReserves>
						<targetReserve>
							<generalReserves>11301</generalReserves>
						</targetReserve>
					</reserves>
					<finResult>
						<accumulatedProfit>
							<uncoveredLoss>-1364</uncoveredLoss>
						</accumulatedProfit>
						<currentProfit>-604</currentProfit>
					</finResult>
				</equity>
				<minorityParticipation>1532</minorityParticipation>
				<nonCurrentLiabilities>
					<commercialOtherObligations>
						<receivedLoansBanksNonBanks>24847</receivedLoansBanksNonBanks>
						<commercialLoans>62</commercialLoans>
						<bondLoans>29119</bondLoans>
						<others>924</others>
					</commercialOtherObligations>
					<incomeFuturePeriods>873</incomeFuturePeriods>
					<deferredTaxLiabilities>2225</deferredTaxLiabilities>
				</nonCurrentLiabilities>
				<currentLiabilities>
					<commercialOtherObligations>
						<liabilitiesLoansBankNonBank>52922</liabilitiesLoansBankNonBank>
						<currentPartNonCurrentLiabilities>10376</currentPartNonCurrentLiabilities>
						<currentObligations>
							<obligationsSuppliersCustomers>831</obligationsSuppliersCustomers>
							<dutiesStaff>15</dutiesStaff>
							<obligationsInsuranceCompanies>25</obligationsInsuranceCompanies>
							<taxObligations>700</taxObligations>
						</currentObligations>
						<others>1091</others>
					</commercialOtherObligations>
					<futureIncome>933</futureIncome>
				</currentLiabilities>
			</passives>
		</previous>
	</balance>
	<incomes>
		<current>
			<expenses>
				<activityCosts>
					<economicElementsCosts>
						<costOfMaterials>375</costOfMaterials>
						<costsForExternalServices>1173</costsForExternalServices>
						<depreciationExpenses>889</depreciationExpenses>
						<remunerationExpenses>680</remunerationExpenses>
						<insuranceCosts>101</insuranceCosts>
						<others>1366</others>
					</economicElementsCosts>
					<financialCosts>
						<interestExpense>4277</interestExpense>
						<negativeDifferencesFromOperationsWithFinancialAssetsAndInstruments>182</negativeDifferencesFromOperationsWithFinancialAssetsAndInstruments>
						<others>147</others>
					</financialCosts>
				</activityCosts>
				<activityProfit/>
				<profitBeforeTaxes>
					<expensesForCurrentCorporateIncomeTaxes>19</expensesForCurrentCorporateIncomeTaxes>
					<others>252</others>
				</profitBeforeTaxes>
				<profitAfterTaxes/>
			</expenses>
			<income>
				<activityIncome>
					<netRevenueFromSales>
						<services>7415</services>
						<others>560</others>
					</netRevenueFromSales>
					<financialIncome>
						<interestIncome>1794</interestIncome>
						<positiveDifferencesFromOperationsWithFinancialAssetsAndInstruments>21</positiveDifferencesFromOperationsWithFinancialAssetsAndInstruments>
					</financialIncome>
				</activityIncome>
				<activityLoss/>
				<lossAfterTax>
					<forMinorityParticipation>7</forMinorityParticipation>
				</lossAfterTax>
			</income>
		</current>
		<previous>
			<expenses>
				<activityCosts>
					<economicElementsCosts>
						<costOfMaterials>364</costOfMaterials>
						<costsForExternalServices>823</costsForExternalServices>
						<depreciationExpenses>904</depreciationExpenses>
						<remunerationExpenses>613</remunerationExpenses>
						<insuranceCosts>101</insuranceCosts>
						<others>1544</others>
					</economicElementsCosts>
					<financialCosts>
						<interestExpense>4387</interestExpense>
						<negativeDifferencesFromOperationsWithFinancialAssetsAndInstruments>723</negativeDifferencesFromOperationsWithFinancialAssetsAndInstruments>
						<others>257</others>
					</financialCosts>
				</activityCosts>
				<activityProfit/>
				<profitBeforeTaxes>
					<expensesForCurrentCorporateIncomeTaxes>6</expensesForCurrentCorporateIncomeTaxes>
					<others>27</others>
				</profitBeforeTaxes>
				<profitAfterTaxes/>
			</expenses>
			<income>
				<activityIncome>
					<netRevenueFromSales>
						<services>6831</services>
						<others>456</others>
					</netRevenueFromSales>
					<financialIncome>
						<interestIncome>1670</interestIncome>
						<positiveDifferencesFromOperationsWithFinancialAssetsAndInstruments>161</positiveDifferencesFromOperationsWithFinancialAssetsAndInstruments>
						<others>24</others>
					</financialIncome>
				</activityIncome>
				<activityLoss/>
				<lossAfterTax>
					<forMinorityParticipation>3</forMinorityParticipation>
				</lossAfterTax>
			</income>
		</previous>
	</incomes>
	<cashFlows>
		<current>
			<cashFlowsFromOperationalActivity>
				<receiptsFromCustomers>9340</receiptsFromCustomers>
				<paymentsToSuppliers>-2086</paymentsToSuppliers>
				<paymentsRelatedToRemuneration>-730</paymentsRelatedToRemuneration>
				<taxesPaidRefunded>-2140</taxesPaidRefunded>
				<corporateIncomeTaxesPaid>18</corporateIncomeTaxesPaid>
				<otherReceiptsPaymentsFromOperationalActivity>-198</otherReceiptsPaymentsFromOperationalActivity>
			</cashFlowsFromOperationalActivity>
			<cashFlowsFromInvestmentActivity>
				<purchaseOfFixedAssets>-695</purchaseOfFixedAssets>
				<proceedsFromTheSaleOfFixedAssets>162</proceedsFromTheSaleOfFixedAssets>
				<loansGranted>-925</loansGranted>
				<reimbursedGrantedLoans>2749</reimbursedGrantedLoans>
				<purchaseOfInvestments>-808</purchaseOfInvestments>
				<proceedsFromSaleOfInvestments>10634</proceedsFromSaleOfInvestments>
				<otherReceiptsPaymentsFromInvestmentActivity>1541</otherReceiptsPaymentsFromInvestmentActivity>
			</cashFlowsFromInvestmentActivity>
			<cashFlowsFromFinancialActivity>
				<proceedsFromLoans>581</proceedsFromLoans>
				<loansPaid>-12820</loansPaid>
				<paidObligationsUnderLeasingContracts>-113</paidObligationsUnderLeasingContracts>
				<paidInterestFeesCommissionsOnLoansForInvestmentPurposes>-4522</paidInterestFeesCommissionsOnLoansForInvestmentPurposes>
				<otherReceiptsPaymentsFromFinancialActivity>-58</otherReceiptsPaymentsFromFinancialActivity>
			</cashFlowsFromFinancialActivity>
			<cashFlowsPeriodStart>281</cashFlowsPeriodStart>
			<cashFlowsPeriodEnd>
				<availabilityInCashAndBank>211</availabilityInCashAndBank>
			</cashFlowsPeriodEnd>
		</current>
		<previous>
			<cashFlowsFromOperationalActivity>
				<receiptsFromCustomers>17015</receiptsFromCustomers>
				<paymentsToSuppliers>-2799</paymentsToSuppliers>
				<paymentsRelatedToRemuneration>-672</paymentsRelatedToRemuneration>
				<taxesPaidRefunded>-1727</taxesPaidRefunded>
				<corporateIncomeTaxesPaid>-100</corporateIncomeTaxesPaid>
				<otherReceiptsPaymentsFromOperationalActivity>-38</otherReceiptsPaymentsFromOperationalActivity>
			</cashFlowsFromOperationalActivity>
			<cashFlowsFromInvestmentActivity>
				<purchaseOfFixedAssets>-2762</purchaseOfFixedAssets>
				<loansGranted>-10618</loansGranted>
				<reimbursedGrantedLoans>9716</reimbursedGrantedLoans>
				<receivedInterestOnLoansGranted>529</receivedInterestOnLoansGranted>
				<purchaseOfInvestments>-11952</purchaseOfInvestments>
				<proceedsFromSaleOfInvestments>6502</proceedsFromSaleOfInvestments>
				<otherReceiptsPaymentsFromInvestmentActivity>988</otherReceiptsPaymentsFromInvestmentActivity>
			</cashFlowsFromInvestmentActivity>
			<cashFlowsFromFinancialActivity>
				<proceedsFromLoans>12534</proceedsFromLoans>
				<loansPaid>-12456</loansPaid>
				<paidObligationsUnderLeasingContracts>-123</paidObligationsUnderLeasingContracts>
				<paidInterestFeesCommissionsOnLoansForInvestmentPurposes>-4414</paidInterestFeesCommissionsOnLoansForInvestmentPurposes>
				<otherReceiptsPaymentsFromFinancialActivity>433</otherReceiptsPaymentsFromFinancialActivity>
			</cashFlowsFromFinancialActivity>
			<cashFlowsPeriodStart>225</cashFlowsPeriodStart>
			<cashFlowsPeriodEnd>
				<availabilityInCashAndBank>281</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>
				<others>145</others>
			</profitSharing>
			<subsequentValuationsOfTangibleAndIntangibleFixedAssets/>
			<subsequentValuationsOfFinancialAssetsAndInstruments/>
		</generalTargetReserves>
		<specializedTargetReserves>
			<changesInOpeningBalances/>
			<profitSharing/>
			<subsequentValuationsOfTangibleAndIntangibleFixedAssets/>
			<subsequentValuationsOfFinancialAssetsAndInstruments/>
		</specializedTargetReserves>
		<otherTargetReserves>
			<changesInOpeningBalances/>
			<profitSharing/>
			<subsequentValuationsOfTangibleAndIntangibleFixedAssets/>
			<subsequentValuationsOfFinancialAssetsAndInstruments/>
		</otherTargetReserves>
		<accumulatedProfit>
			<changesInOpeningBalances/>
			<profitSharing>
				<others>-145</others>
			</profitSharing>
			<subsequentValuationsOfTangibleAndIntangibleFixedAssets/>
			<subsequentValuationsOfFinancialAssetsAndInstruments/>
			<otherAmendments>500</otherAmendments>
		</accumulatedProfit>
		<accumulatedLoss>
			<changesInOpeningBalances/>
			<profitSharing/>
			<subsequentValuationsOfTangibleAndIntangibleFixedAssets/>
			<subsequentValuationsOfFinancialAssetsAndInstruments/>
		</accumulatedLoss>
		<transReserve>
			<changesInOpeningBalances/>
			<profitSharing/>
			<subsequentValuationsOfTangibleAndIntangibleFixedAssets/>
			<subsequentValuationsOfFinancialAssetsAndInstruments/>
		</transReserve>
		<minorityParticipation>
			<changesInOpeningBalances/>
			<profitSharing/>
			<subsequentValuationsOfTangibleAndIntangibleFixedAssets/>
			<subsequentValuationsOfFinancialAssetsAndInstruments/>
			<netProfitLossForThePeriod>-7</netProfitLossForThePeriod>
		</minorityParticipation>
	</capital>
</ReportingInfo>