M-VELO: 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.
M-VELO
Largest movements
- Stocks and contracts -€11,963
down €11,963 (-13.4%), from €89,316 to €77,353
- Tangible fixed assets -€8,512
down €8,512 (-31.2%), from €27,319 to €18,807
of which Plant, machinery and equipment: -€7,857
- Intangible fixed assets -€3,500
down €3,500 (-27.9%), from €12,542 to €9,042
- Other debts -€14,525
down €14,525 (-47.6%), from €30,499 to €15,973
- Debts after one year -€5,552
no longer reported in 2025 (was €5,552)
- Trade debts -€4,925
down €4,925 (-41.5%), from €11,857 to €6,933
- Short-term financial debts +€3,000
up €3,000 (+10.0%), from €30,000 to €33,000
- Current portion of long-term debt -€1,680
down €1,680 (-23.2%), from €7,232 to €5,552
- Gross operating margin -€7,539
down €7,539 (-28.0%), from €26,909 to €19,370
- Taxes -€2,572
down €2,572 (-97.0%), from €2,650 to €78
- Depreciation +€1,503
up €1,503 (+10.2%), from €14,806 to €16,309
- Financial charges -€1,497
down €1,497 (-31.6%), from €4,740 to €3,244
of which Non-recurring financial charges: -€979
- Financial income +€826
up €826 (+95.1%), from €869 to €1,695
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 | €134,672 | €110,404 | -€24,268 | -18.0% |
| Fixed assets | 21/28 | €39,861 | €27,849 | -€12,012 | -30.1% |
| Intangible fixed assets | 21 | €12,542 | €9,042 | -€3,500 | -27.9% |
| Tangible fixed assets | 22/27 | €27,319 | €18,807 | -€8,512 | -31.2% |
| Land and buildings | 22 | €13,056 | €9,056 | -€4,000 | -30.6% |
| Plant, machinery and equipment | 23 | €14,115 | €6,259 | -€7,857 | -55.7% |
| Furniture and vehicles | 24 | €148 | €3,493 | +€3,345 | +2,263% |
| Current assets | 29/58 | €94,811 | €82,555 | -€12,256 | -12.9% |
| Stocks and contracts in progress | 3 | €89,316 | €77,353 | -€11,963 | -13.4% |
| Stocks | 30/36 | €89,316 | €77,353 | -€11,963 | -13.4% |
| Amounts receivable within one year | 40/41 | €685 | €1,037 | +€352 | +51.4% |
| Trade receivables | 40 | €669 | €1,009 | +€339 | +50.7% |
| Other amounts receivable | 41 | €16 | €28 | +€13 | +82.2% |
| Cash at bank and in hand | 54/58 | €3,811 | €3,163 | -€648 | -17.0% |
| Deferred charges and accrued income | 490/1 | €999 | €1,002 | +€3 | +0.3% |
| Total equity and liabilities | 10/49 | €134,672 | €110,404 | -€24,268 | -18.0% |
| Equity | 10/15 | €42,608 | €43,096 | +€488 | +1.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,148 | €22,636 | +€488 | +2.2% |
| Amounts payable | 17/49 | €92,064 | €67,307 | -€24,756 | -26.9% |
| Amounts payable after more than one year | 17 | €5,552 | - | -€5,552 | |
| Financial debts | 170/4 | €5,552 | - | -€5,552 | |
| Amounts payable within one year | 42/48 | €86,512 | €67,307 | -€19,205 | -22.2% |
| Current portion of amounts payable after more than one year | 42 | €7,232 | €5,552 | -€1,680 | -23.2% |
| Financial debts | 43 | €30,000 | €33,000 | +€3,000 | +10.0% |
| Credit institutions | 430/8 | €30,000 | €33,000 | +€3,000 | +10.0% |
| Trade debts | 44 | €11,857 | €6,933 | -€4,925 | -41.5% |
| Suppliers | 440/4 | €11,857 | €6,933 | -€4,925 | -41.5% |
| Taxes, remuneration and social security | 45 | €6,924 | €5,850 | -€1,075 | -15.5% |
| Taxes | 450/3 | €6,924 | €5,850 | -€1,075 | -15.5% |
| Other amounts payable | 47/48 | €30,499 | €15,973 | -€14,525 | -47.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,806 | €16,309 | +€1,503 | +10.2% |
| Other operating charges | 640/8 | €1,617 | €945 | -€672 | -41.5% |
| Gross operating margin | 9900 | €26,909 | €19,370 | -€7,539 | -28.0% |
| Operating profit (loss) | 9901 | €10,486 | €2,115 | -€8,371 | -79.8% |
| Financial income | 75/76B | €869 | €1,695 | +€826 | +95.1% |
| Recurring financial income | 75 | €869 | €1,695 | +€826 | +95.1% |
| Financial charges | 65/66B | €4,740 | €3,244 | -€1,497 | -31.6% |
| Recurring financial charges | 65 | €3,761 | €3,244 | -€518 | -13.8% |
| Non-recurring financial charges | 66B | €979 | - | -€979 | |
| Profit (loss) for the period before taxes | 9903 | €6,614 | €566 | -€6,048 | -91.4% |
| Income taxes | 67/77 | €2,650 | €78 | -€2,572 | -97.0% |
| Profit (loss) for the period | 9904 | €3,964 | €488 | -€3,476 | -87.7% |
| Profit (loss) for the period to be appropriated | 9905 | €3,964 | €488 | -€3,476 | -87.7% |
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 19 October 2026 via checked.be.