'T VEER: 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.
'T VEER
Largest movements
- Receivables within one year +€14,256
up €14,256 (+72.3%), from €19,729 to €33,985
of which Other amounts receivable: +€20,008
- Cash -€8,736
down €8,736 (-37.7%), from €23,194 to €14,459
mainly Contributions, distributions and other (-€45,000) and Receivables within one year (-€14,256)
- Stocks and contracts +€7,544
up €7,544 (+35.1%), from €21,500 to €29,044
- Tangible fixed assets -€4,966
down €4,966 (-12.2%), from €40,564 to €35,598
of which Land and buildings: -€2,981
- Other debts +€15,665
up €15,665 (+330%), from €4,753 to €20,419
- Reserves -€14,570
down €14,570 (-40.2%), from €36,261 to €21,691
- Tax, wage and social debts +€7,682
up €7,682 (+69.0%), from €11,128 to €18,809
of which Taxes: +€4,734
- Trade debts -€1,224
down €1,224 (-3.6%), from €34,207 to €32,983
- Gross operating margin -€23,824
down €23,824 (-6.0%), from €395,738 to €371,915
- Staff costs +€23,318
up €23,318 (+7.7%), from €303,370 to €326,688
- Taxes -€10,055
down €10,055, from €8,698 to -€1,358
- Depreciation -€6,582
down €6,582 (-37.6%), from €17,528 to €10,946
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 | €108,987 | €116,584 | +€7,597 | +7.0% |
| Fixed assets | 21/28 | €40,564 | €35,598 | -€4,966 | -12.2% |
| Tangible fixed assets | 22/27 | €40,564 | €35,598 | -€4,966 | -12.2% |
| Land and buildings | 22 | €27,584 | €24,604 | -€2,981 | -10.8% |
| Plant, machinery and equipment | 23 | €9,314 | €8,167 | -€1,147 | -12.3% |
| Furniture and vehicles | 24 | €3,665 | €2,827 | -€839 | -22.9% |
| Current assets | 29/58 | €68,424 | €80,987 | +€12,563 | +18.4% |
| Stocks and contracts in progress | 3 | €21,500 | €29,044 | +€7,544 | +35.1% |
| Stocks | 30/36 | €21,500 | €29,044 | +€7,544 | +35.1% |
| Amounts receivable within one year | 40/41 | €19,729 | €33,985 | +€14,256 | +72.3% |
| Trade receivables | 40 | €14,716 | €8,965 | -€5,751 | -39.1% |
| Other amounts receivable | 41 | €5,013 | €25,020 | +€20,008 | +399% |
| Cash at bank and in hand | 54/58 | €23,194 | €14,459 | -€8,736 | -37.7% |
| Deferred charges and accrued income | 490/1 | €4,001 | €3,499 | -€501 | -12.5% |
| Total equity and liabilities | 10/49 | €108,987 | €116,584 | +€7,597 | +7.0% |
| Equity | 10/15 | €54,861 | €40,291 | -€14,570 | -26.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €36,261 | €21,691 | -€14,570 | -40.2% |
| Distributable reserves | 133 | €36,261 | €21,691 | -€14,570 | -40.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €54,126 | €76,293 | +€22,167 | +41.0% |
| Amounts payable within one year | 42/48 | €54,126 | €76,293 | +€22,167 | +41.0% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €4,038 | €4,083 | +€45 | +1.1% |
| Credit institutions | 430/8 | €4,038 | €4,083 | +€45 | +1.1% |
| Trade debts | 44 | €34,207 | €32,983 | -€1,224 | -3.6% |
| Suppliers | 440/4 | €34,207 | €32,983 | -€1,224 | -3.6% |
| Taxes, remuneration and social security | 45 | €11,128 | €18,809 | +€7,682 | +69.0% |
| Taxes | 450/3 | €3,306 | €8,040 | +€4,734 | +143% |
| Remuneration and social security | 454/9 | €7,821 | €10,769 | +€2,948 | +37.7% |
| Other amounts payable | 47/48 | €4,753 | €20,419 | +€15,665 | +330% |
| Remuneration, social security and pensions | 62 | €303,370 | €326,688 | +€23,318 | +7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,528 | €10,946 | -€6,582 | -37.6% |
| Other operating charges | 640/8 | €809 | €820 | +€11 | +1.3% |
| Gross operating margin | 9900 | €395,738 | €371,915 | -€23,824 | -6.0% |
| Operating profit (loss) | 9901 | €74,031 | €33,461 | -€40,570 | -54.8% |
| Financial income | 75/76B | €1,000 | €54 | -€946 | -94.6% |
| Recurring financial income | 75 | €1,000 | €54 | -€946 | -94.6% |
| Financial charges | 65/66B | €1,373 | €4,443 | +€3,070 | +224% |
| Recurring financial charges | 65 | €1,373 | €4,443 | +€3,070 | +224% |
| Profit (loss) for the period before taxes | 9903 | €73,658 | €29,072 | -€44,586 | -60.5% |
| Income taxes | 67/77 | €8,698 | -€1,358 | -€10,055 | |
| Profit (loss) for the period | 9904 | €64,960 | €30,430 | -€34,530 | -53.2% |
| Profit (loss) for the period to be appropriated | 9905 | €64,960 | €30,430 | -€34,530 | -53.2% |
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.