Olivier 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.
Olivier Veldeman
Largest movements
- Receivables within one year +€46,273
up €46,273 (+84.7%), from €54,649 to €100,922
of which Trade receivables: +€42,219
- Cash -€37,915
down €37,915 (-51.3%), from €73,841 to €35,926
mainly Receivables within one year (-€46,273) and Tax, wage and social debts (-€23,634)
- Tangible fixed assets -€20,337
down €20,337 (-33.3%), from €61,042 to €40,705
of which Furniture and vehicles: -€20,337
- Tax, wage and social debts -€23,634
down €23,634 (-75.4%), from €31,365 to €7,731
of which Taxes: -€23,628
- Trade debts +€22,385
up €22,385 (+876%), from €2,556 to €24,941
of which Suppliers: +€22,385
- Reserves +€20,314
up €20,314 (+48.7%), from €41,682 to €61,996
of which Distributable reserves: +€20,314
- Debts after one year -€18,627
down €18,627 (-34.9%), from €53,351 to €34,724
of which Financial debts: -€18,627
- Other debts -€17,289
down €17,289 (-45.2%), from €38,235 to €20,946
- Gross operating margin -€31,894
down €31,894 (-33.4%), from €95,426 to €63,532
- Taxes -€13,653
down €13,653 (-63.2%), from €21,599 to €7,946
- Depreciation +€6,369
up €6,369 (+42.6%), from €14,958 to €21,328
- Other operating charges +€2,706
up €2,706 (+47.3%), from €5,721 to €8,427
- Financial charges -€1,095
down €1,095 (-16.6%), from €6,613 to €5,518
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 | €189,982 | €178,003 | -€11,979 | -6.3% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €61,492 | €41,155 | -€20,337 | -33.1% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €61,042 | €40,705 | -€20,337 | -33.3% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €61,042 | €40,705 | -€20,337 | -33.3% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €450 | €450 | = | 0.0% |
| Current assets | 29/58 | €128,490 | €136,848 | +€8,358 | +6.5% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Trade receivables | 290 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €54,649 | €100,922 | +€46,273 | +84.7% |
| Trade receivables | 40 | €54,649 | €96,868 | +€42,219 | +77.3% |
| Other amounts receivable | 41 | €0 | €4,054 | +€4,054 | |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €73,841 | €35,926 | -€37,915 | -51.3% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €189,982 | €178,003 | -€11,979 | -6.3% |
| Equity | 10/15 | €46,682 | €66,996 | +€20,314 | +43.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Revaluation surpluses | 12 | €0 | - | = | |
| Reserves | 13 | €41,682 | €61,996 | +€20,314 | +48.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Own shares acquired | 1312 | €0 | - | = | |
| Financial assistance | 1313 | €0 | - | = | |
| Other | 1319 | €0 | - | = | |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €41,682 | €61,996 | +€20,314 | +48.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Investment grants | 15 | €0 | - | = | |
| Advance to shareholders on the distribution of net assets | 19 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Pensions and similar obligations | 160 | €0 | - | = | |
| Taxes | 161 | €0 | - | = | |
| Major repairs and maintenance | 162 | €0 | - | = | |
| Environmental obligations | 163 | €0 | - | = | |
| Other liabilities and charges | 164/5 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €143,300 | €111,007 | -€32,293 | -22.5% |
| Amounts payable after more than one year | 17 | €53,351 | €34,724 | -€18,627 | -34.9% |
| Financial debts | 170/4 | €53,351 | €34,724 | -€18,627 | -34.9% |
| Trade debts | 175 | €0 | - | = | |
| Advances received on contracts in progress | 176 | €0 | - | = | |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €89,948 | €76,283 | -€13,666 | -15.2% |
| Current portion of amounts payable after more than one year | 42 | €17,792 | €18,627 | +€835 | +4.7% |
| Financial debts | 43 | €0 | €4,038 | +€4,038 | |
| Credit institutions | 430/8 | €0 | €4,038 | +€4,038 | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €2,556 | €24,941 | +€22,385 | +876% |
| Suppliers | 440/4 | €2,556 | €24,941 | +€22,385 | +876% |
| Bills of exchange payable | 441 | €0 | - | = | |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €31,365 | €7,731 | -€23,634 | -75.4% |
| Taxes | 450/3 | €31,359 | €7,731 | -€23,628 | -75.3% |
| Remuneration and social security | 454/9 | €6 | €0 | -€6 | -100% |
| Other amounts payable | 47/48 | €38,235 | €20,946 | -€17,289 | -45.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,958 | €21,328 | +€6,369 | +42.6% |
| Other operating charges | 640/8 | €5,721 | €8,427 | +€2,706 | +47.3% |
| Gross operating margin | 9900 | €95,426 | €63,532 | -€31,894 | -33.4% |
| Operating profit (loss) | 9901 | €74,747 | €33,778 | -€40,969 | -54.8% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €6,613 | €5,518 | -€1,095 | -16.6% |
| Recurring financial charges | 65 | €6,613 | €5,518 | -€1,095 | -16.6% |
| Profit (loss) for the period before taxes | 9903 | €68,134 | €28,260 | -€39,874 | -58.5% |
| Income taxes | 67/77 | €21,599 | €7,946 | -€13,653 | -63.2% |
| Profit (loss) for the period | 9904 | €46,535 | €20,314 | -€26,222 | -56.3% |
| Profit (loss) for the period to be appropriated | 9905 | €46,535 | €20,314 | -€26,222 | -56.3% |
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 1 November 2026 via checked.be.