De Vélodrome: 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.
De Vélodrome
Largest movements
- Stocks and contracts +€22,048
up €22,048 (+17.6%), from €125,438 to €147,485
- Tangible fixed assets -€19,018
down €19,018 (-19.2%), from €99,290 to €80,272
of which Land and buildings: -€11,330
- Receivables within one year -€17,929
down €17,929 (-47.5%), from €37,762 to €19,833
of which Trade receivables: -€13,361
- Cash -€4,138
down €4,138 (-15.6%), from €26,503 to €22,366
mainly Stocks and contracts (-€22,048) and Tax, wage and social debts (-€21,953)
- Reserves +€27,098
up €27,098 (+31.1%), from €87,230 to €114,328
- Tax, wage and social debts -€21,953
down €21,953 (-84.4%), from €26,019 to €4,066
of which Taxes: -€19,975
- Debts after one year -€15,402
down €15,402 (-15.7%), from €97,942 to €82,540
- Trade debts -€6,696
down €6,696 (-43.9%), from €15,257 to €8,560
- Gross operating margin +€5,823
up €5,823 (+7.7%), from €75,474 to €81,297
- Taxes +€1,987
up €1,987 (+12.8%), from €15,549 to €17,536
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 | €291,861 | €273,228 | -€18,634 | -6.4% |
| Fixed assets | 21/28 | €99,290 | €80,272 | -€19,018 | -19.2% |
| Tangible fixed assets | 22/27 | €99,290 | €80,272 | -€19,018 | -19.2% |
| Land and buildings | 22 | €67,978 | €56,649 | -€11,330 | -16.7% |
| Plant, machinery and equipment | 23 | €374 | €0 | -€374 | -100% |
| Furniture and vehicles | 24 | €1,614 | €887 | -€727 | -45.0% |
| Other tangible fixed assets | 26 | €29,323 | €22,736 | -€6,587 | -22.5% |
| Current assets | 29/58 | €192,572 | €192,956 | +€384 | +0.2% |
| Stocks and contracts in progress | 3 | €125,438 | €147,485 | +€22,048 | +17.6% |
| Stocks | 30/36 | €125,438 | €147,485 | +€22,048 | +17.6% |
| Amounts receivable within one year | 40/41 | €37,762 | €19,833 | -€17,929 | -47.5% |
| Trade receivables | 40 | €24,452 | €11,091 | -€13,361 | -54.6% |
| Other amounts receivable | 41 | €13,310 | €8,742 | -€4,568 | -34.3% |
| Cash at bank and in hand | 54/58 | €26,503 | €22,366 | -€4,138 | -15.6% |
| Deferred charges and accrued income | 490/1 | €2,869 | €3,272 | +€404 | +14.1% |
| Total equity and liabilities | 10/49 | €291,861 | €273,228 | -€18,634 | -6.4% |
| Equity | 10/15 | €122,054 | €147,194 | +€25,139 | +20.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €87,230 | €114,328 | +€27,098 | +31.1% |
| Distributable reserves | 133 | €87,230 | €114,328 | +€27,098 | +31.1% |
| Profit (loss) carried forward | 14 | €5,950 | €5,950 | = | 0.0% |
| Investment grants | 15 | €8,874 | €6,916 | -€1,958 | -22.1% |
| Amounts payable | 17/49 | €169,807 | €126,034 | -€43,773 | -25.8% |
| Amounts payable after more than one year | 17 | €97,942 | €82,540 | -€15,402 | -15.7% |
| Financial debts | 170/4 | €97,942 | €82,540 | -€15,402 | -15.7% |
| Amounts payable within one year | 42/48 | €71,864 | €43,494 | -€28,371 | -39.5% |
| Current portion of amounts payable after more than one year | 42 | €16,089 | €16,662 | +€573 | +3.6% |
| Trade debts | 44 | €15,257 | €8,560 | -€6,696 | -43.9% |
| Suppliers | 440/4 | €15,257 | €8,560 | -€6,696 | -43.9% |
| Advances received on contracts in progress | 46 | €0 | €66 | +€66 | |
| Taxes, remuneration and social security | 45 | €26,019 | €4,066 | -€21,953 | -84.4% |
| Taxes | 450/3 | €24,041 | €4,066 | -€19,975 | -83.1% |
| Remuneration and social security | 454/9 | €1,978 | €0 | -€1,978 | -100% |
| Other amounts payable | 47/48 | €14,500 | €14,139 | -€361 | -2.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,524 | €19,018 | -€506 | -2.6% |
| Other operating charges | 640/8 | €4,046 | €3,923 | -€123 | -3.0% |
| Gross operating margin | 9900 | €75,474 | €81,297 | +€5,823 | +7.7% |
| Operating profit (loss) | 9901 | €51,904 | €58,356 | +€6,452 | +12.4% |
| Financial income | 75/76B | €4,574 | €5,171 | +€597 | +13.0% |
| Recurring financial income | 75 | €4,574 | €5,171 | +€597 | +13.0% |
| Financial charges | 65/66B | €5,199 | €4,754 | -€445 | -8.6% |
| Recurring financial charges | 65 | €5,199 | €4,754 | -€445 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | €51,280 | €58,773 | +€7,493 | +14.6% |
| Income taxes | 67/77 | €15,549 | €17,536 | +€1,987 | +12.8% |
| Profit (loss) for the period | 9904 | €35,730 | €41,237 | +€5,507 | +15.4% |
| Profit (loss) for the period to be appropriated | 9905 | €35,730 | €41,237 | +€5,507 | +15.4% |
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 20 October 2026 via checked.be.