EDUARD VELDEMAN: 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.
EDUARD VELDEMAN
Largest movements
- Receivables within one year -€14,050
down €14,050 (-42.0%), from €33,430 to €19,380
of which Trade receivables: -€14,070
- Cash +€12,392
up €12,392 (+144%), from €8,576 to €20,968
mainly Receivables within one year (+€14,050) and Net result for the year (+€10,882)
- Financial fixed assets +€6,000
new in 2025: €6,000
- Profit (loss) carried forward +€10,882
up €10,882 (+51.8%), from €20,994 to €31,876
- Advances received -€5,964
down €5,964 (-100%), from €5,964 to €0
- Tax, wage and social debts -€1,140
down €1,140 (-11.0%), from €10,396 to €9,256
of which Taxes: -€2,413
- Trade debts +€622
up €622 (+30.2%), from €2,063 to €2,686
- Gross operating margin +€9,827
up €9,827 (+122%), from €8,085 to €17,912
- Taxes +€2,377
up €2,377 (+113%), from €2,095 to €4,472
- Other operating charges +€1,424
up €1,424 (+294%), from €484 to €1,907
- Financial charges +€188
up €188 (+151%), from €124 to €312
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 | €42,346 | €46,348 | +€4,002 | +9.5% |
| Fixed assets | 21/28 | €339 | €6,000 | +€5,661 | +1,667% |
| Tangible fixed assets | 22/27 | €339 | €0 | -€339 | -100% |
| Plant, machinery and equipment | 23 | €339 | €0 | -€339 | -100% |
| Financial fixed assets | 28 | - | €6,000 | +€6,000 | |
| Current assets | 29/58 | €42,006 | €40,348 | -€1,658 | -3.9% |
| Amounts receivable within one year | 40/41 | €33,430 | €19,380 | -€14,050 | -42.0% |
| Trade receivables | 40 | €33,430 | €19,360 | -€14,070 | -42.1% |
| Other amounts receivable | 41 | €0 | €20 | +€20 | |
| Cash at bank and in hand | 54/58 | €8,576 | €20,968 | +€12,392 | +144% |
| Total equity and liabilities | 10/49 | €42,346 | €46,348 | +€4,002 | +9.5% |
| Equity | 10/15 | €23,494 | €34,376 | +€10,882 | +46.3% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,994 | €31,876 | +€10,882 | +51.8% |
| Amounts payable | 17/49 | €18,852 | €11,972 | -€6,880 | -36.5% |
| Amounts payable within one year | 42/48 | €18,852 | €11,972 | -€6,880 | -36.5% |
| Trade debts | 44 | €2,063 | €2,686 | +€622 | +30.2% |
| Suppliers | 440/4 | €2,063 | €2,686 | +€622 | +30.2% |
| Advances received on contracts in progress | 46 | €5,964 | €0 | -€5,964 | -100% |
| Taxes, remuneration and social security | 45 | €10,396 | €9,256 | -€1,140 | -11.0% |
| Taxes | 450/3 | €10,396 | €7,982 | -€2,413 | -23.2% |
| Remuneration and social security | 454/9 | €0 | €1,274 | +€1,274 | |
| Other amounts payable | 47/48 | €428 | €30 | -€398 | -93.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €377 | €339 | -€37 | -9.9% |
| Other operating charges | 640/8 | €484 | €1,907 | +€1,424 | +294% |
| Gross operating margin | 9900 | €8,085 | €17,912 | +€9,827 | +122% |
| Operating profit (loss) | 9901 | €7,225 | €15,666 | +€8,441 | +117% |
| Financial charges | 65/66B | €124 | €312 | +€188 | +151% |
| Recurring financial charges | 65 | €124 | €312 | +€188 | +151% |
| Profit (loss) for the period before taxes | 9903 | €7,101 | €15,354 | +€8,253 | +116% |
| Income taxes | 67/77 | €2,095 | €4,472 | +€2,377 | +113% |
| Profit (loss) for the period | 9904 | €5,006 | €10,882 | +€5,876 | +117% |
| Profit (loss) for the period to be appropriated | 9905 | €5,006 | €10,882 | +€5,876 | +117% |
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 24 October 2026 via checked.be.