'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.
What changed
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NACE 56.111, Full-service restaurants
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€192,239
2024 · €215,882-€23,643
Equity
€1.1m
2024 · €953,785+€163,775
Cash
€228,539
2024 · €328,231-€99,692
Balance sheet total
€2.0m
2024 · €1.9m+€70,498
Largest movements
Assets
- Current investments +€174,324
up €174,324 (+1,075%), from €16,210 to €190,534
- Cash -€99,692
down €99,692 (-30.4%), from €328,231 to €228,539
mainly Current investments (-€174,324) and Investment in fixed assets (net) (-€166,177)
Equity and liabilities
- Reserves +€165,441
up €165,441 (+20.2%), from €818,618 to €984,058
of which Distributable reserves: +€165,441
- Debts after one year -€85,308
down €85,308 (-13.2%), from €645,369 to €560,061
- Trade debts -€31,258
down €31,258 (-23.1%), from €135,247 to €103,989
Income statement
- Gross operating margin +€46,542
up €46,542 (+5.1%), from €912,275 to €958,818
- Staff costs +€43,043
up €43,043 (+10.2%), from €422,271 to €465,315
- Depreciation +€31,216
up €31,216 (+24.7%), from €126,636 to €157,851
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.
Result 2024
€215,882
Gross operating margin
+€46,542
Staff costs
-€43,043
Depreciation
-€31,216
Other operating charges
-€2,758
Financial income
+€717
Financial charges
-€2,182
Taxes
+€8,296
Result 2025
€192,239
raises the resultlowers the result
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.
From operations
+€336,971
Investment
-€340,502
Financing
-€96,161
Cash 2024
€328,231
From operations (derived)
+€336,971
Net result for the year
+€192,239
Depreciation
+€157,851
Stocks and contracts
+€8,657
Receivables within one year
+€6,275
Deferred charges and accrued income
-€2,473
Trade debts
-€31,258
Tax, wage and social debts
+€12,183
Other debts
-€3,200
Accrued charges and deferred income
-€3,304
Investment (derived)
-€340,502
Investment in fixed assets (net)
-€166,177
Current investments
-€174,324
Financing
-€96,161
Debts after one year
-€85,308
Current portion of long-term debt
+€17,610
Contributions, distributions and other
-€28,464
Cash 2025
€228,539
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,939,916 | €2,010,414 | +€70,498 | +3.6% |
| Fixed assets | 21/28 | €1,443,644 | €1,451,970 | +€8,326 | +0.6% |
| Tangible fixed assets | 22/27 | €1,443,603 | €1,451,929 | +€8,326 | +0.6% |
| Land and buildings | 22 | €913,334 | €892,834 | -€20,500 | -2.2% |
| Plant, machinery and equipment | 23 | €427,130 | €419,245 | -€7,884 | -1.8% |
| Furniture and vehicles | 24 | €59,452 | €68,533 | +€9,081 | +15.3% |
| Leasing and similar rights | 25 | €43,688 | €71,317 | +€27,629 | +63.2% |
| Financial fixed assets | 28 | €41 | €41 | = | 0.0% |
| Current assets | 29/58 | €496,271 | €558,444 | +€62,172 | +12.5% |
| Stocks and contracts in progress | 3 | €73,166 | €64,508 | -€8,657 | -11.8% |
| Stocks | 30/36 | €73,166 | €64,508 | -€8,657 | -11.8% |
| Amounts receivable within one year | 40/41 | €29,388 | €23,113 | -€6,275 | -21.4% |
| Trade receivables | 40 | €3,478 | €6,132 | +€2,654 | +76.3% |
| Other amounts receivable | 41 | €25,910 | €16,980 | -€8,930 | -34.5% |
| Current investments | 50/53 | €16,210 | €190,534 | +€174,324 | +1,075% |
| Cash at bank and in hand | 54/58 | €328,231 | €228,539 | -€99,692 | -30.4% |
| Deferred charges and accrued income | 490/1 | €49,277 | €51,750 | +€2,473 | +5.0% |
| Total equity and liabilities | 10/49 | €1,939,916 | €2,010,414 | +€70,498 | +3.6% |
| Equity | 10/15 | €953,785 | €1,117,560 | +€163,775 | +17.2% |
| Contributions | 10/11 | €61,550 | €61,550 | = | 0.0% |
| Capital | 10 | €61,550 | €61,550 | = | 0.0% |
| Issued capital | 100 | €61,550 | €61,550 | = | 0.0% |
| Reserves | 13 | €818,618 | €984,058 | +€165,441 | +20.2% |
| Non-distributable reserves | 130/1 | €6,155 | €6,155 | = | 0.0% |
| Legal reserve | 130 | €6,155 | €6,155 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €793,713 | €959,153 | +€165,441 | +20.8% |
| Profit (loss) carried forward | 14 | €73,617 | €71,951 | -€1,666 | -2.3% |
| Amounts payable | 17/49 | €986,131 | €892,854 | -€93,276 | -9.5% |
| Amounts payable after more than one year | 17 | €645,369 | €560,061 | -€85,308 | -13.2% |
| Financial debts | 170/4 | €645,369 | €560,061 | -€85,308 | -13.2% |
| Amounts payable within one year | 42/48 | €331,720 | €327,055 | -€4,665 | -1.4% |
| Current portion of amounts payable after more than one year | 42 | €104,288 | €121,898 | +€17,610 | +16.9% |
| Trade debts | 44 | €135,247 | €103,989 | -€31,258 | -23.1% |
| Suppliers | 440/4 | €135,247 | €103,989 | -€31,258 | -23.1% |
| Taxes, remuneration and social security | 45 | €53,127 | €65,309 | +€12,183 | +22.9% |
| Taxes | 450/3 | €31,039 | €39,563 | +€8,523 | +27.5% |
| Remuneration and social security | 454/9 | €22,087 | €25,747 | +€3,660 | +16.6% |
| Other amounts payable | 47/48 | €39,059 | €35,858 | -€3,200 | -8.2% |
| Accrued charges and deferred income | 492/3 | €9,042 | €5,738 | -€3,304 | -36.5% |
| Remuneration, social security and pensions | 62 | €422,271 | €465,315 | +€43,043 | +10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €126,636 | €157,851 | +€31,216 | +24.7% |
| Other operating charges | 640/8 | €25,741 | €28,499 | +€2,758 | +10.7% |
| Gross operating margin | 9900 | €912,275 | €958,818 | +€46,542 | +5.1% |
| Operating profit (loss) | 9901 | €337,627 | €307,152 | -€30,475 | -9.0% |
| Financial income | 75/76B | €6,546 | €7,263 | +€717 | +11.0% |
| Recurring financial income | 75 | €6,546 | €7,263 | +€717 | +11.0% |
| Financial charges | 65/66B | €32,612 | €34,794 | +€2,182 | +6.7% |
| Recurring financial charges | 65 | €32,612 | €34,794 | +€2,182 | +6.7% |
| Profit (loss) for the period before taxes | 9903 | €311,561 | €279,621 | -€31,939 | -10.3% |
| Income taxes | 67/77 | €95,678 | €87,382 | -€8,296 | -8.7% |
| Profit (loss) for the period | 9904 | €215,882 | €192,239 | -€23,643 | -11.0% |
| Profit (loss) for the period to be appropriated | 9905 | €215,882 | €192,239 | -€23,643 | -11.0% |
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 14 October 2026 via checked.be.