The Veneer: 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.
The Veneer
Largest movements
- Financial fixed assets -€15.4m
down €15.4m (-25.9%), from €59.5m to €44.1m
of which Affiliated companies: -€15.9m
- Receivables within one year -€1.6m
down €1.6m (-25.7%), from €6.4m to €4.7m
of which Other amounts receivable: -€1.6m
- Cash -€771,646
down €771,646 (-80.8%), from €954,907 to €183,261
mainly Other debts (-€10.3m) and Contributions, distributions and other (-€5.4m)
- Other debts -€10.3m
down €10.3m (-66.5%), from €15.5m to €5.2m
- Reserves -€4.9m
down €4.9m (-16.6%), from €29.5m to €24.6m
of which Distributable reserves: -€4.9m
- Short-term financial debts -€2.5m
down €2.5m (-100%), from €2.5m to €0
- Financial income -€4.9m
down €4.9m (-94.9%), from €5.2m to €266,925
of which Financial income: -€4.9m
- Services and other goods -€149,166
down €149,166 (-13.9%), from €1.1m to €927,511
- Staff costs -€107,840
down €107,840 (-50.0%), from €215,806 to €107,966
- Financial charges -€72,046
down €72,046 (-14.1%), from €510,110 to €438,063
- Turnover +€50,622
up €50,622 (+3.0%), from €1.7m to €1.7m
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 | €67,001,875 | €49,000,400 | -€18.0m | -26.9% |
| Fixed assets | 21/28 | €59,465,394 | €44,073,606 | -€15.4m | -25.9% |
| Financial fixed assets | 28 | €59,465,394 | €44,073,606 | -€15.4m | -25.9% |
| Affiliated companies | 280/1 | €57,020,432 | €41,072,932 | -€15.9m | -28.0% |
| Participating interests | 280 | €57,020,432 | €41,072,932 | -€15.9m | -28.0% |
| Companies linked by participating interests | 282/3 | €2,444,962 | €3,000,674 | +€555,711 | +22.7% |
| Participating interests | 282 | €2,444,962 | €3,000,674 | +€555,711 | +22.7% |
| Current assets | 29/58 | €7,536,481 | €4,926,794 | -€2.6m | -34.6% |
| Amounts receivable within one year | 40/41 | €6,381,574 | €4,743,533 | -€1.6m | -25.7% |
| Trade receivables | 40 | €276,453 | €206,410 | -€70,043 | -25.3% |
| Other amounts receivable | 41 | €6,105,121 | €4,537,123 | -€1.6m | -25.7% |
| Current investments | 50/53 | €200,000 | - | -€200,000 | |
| Other investments | 51/53 | €200,000 | - | -€200,000 | |
| Cash at bank and in hand | 54/58 | €954,907 | €183,261 | -€771,646 | -80.8% |
| Total equity and liabilities | 10/49 | €67,001,875 | €49,000,400 | -€18.0m | -26.9% |
| Equity | 10/15 | €47,761,525 | €42,876,610 | -€4.9m | -10.2% |
| Contributions | 10/11 | €18,254,406 | €18,254,406 | = | 0.0% |
| Capital | 10 | €18,254,233 | €18,254,233 | = | 0.0% |
| Issued capital | 100 | €18,254,233 | €18,254,233 | = | 0.0% |
| Contributions outside capital | 11 | €173 | €173 | = | 0.0% |
| Share premium | 1100/10 | €173 | €173 | = | 0.0% |
| Reserves | 13 | €29,507,119 | €24,622,204 | -€4.9m | -16.6% |
| Non-distributable reserves | 130/1 | €1,825,423 | €1,825,423 | = | 0.0% |
| Legal reserve | 130 | €1,825,423 | €1,825,423 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,384 | €2,384 | = | 0.0% |
| Distributable reserves | 133 | €27,679,311 | €22,794,396 | -€4.9m | -17.6% |
| Amounts payable | 17/49 | €19,240,350 | €6,123,790 | -€13.1m | -68.2% |
| Amounts payable after more than one year | 17 | €700,000 | €525,000 | -€175,000 | -25.0% |
| Financial debts | 170/4 | €700,000 | €525,000 | -€175,000 | -25.0% |
| Credit institutions | 173 | €700,000 | €525,000 | -€175,000 | -25.0% |
| Amounts payable within one year | 42/48 | €18,540,350 | €5,598,790 | -€12.9m | -69.8% |
| Current portion of amounts payable after more than one year | 42 | €175,000 | €175,000 | = | 0.0% |
| Financial debts | 43 | €2,500,000 | €0 | -€2.5m | -100% |
| Credit institutions | 430/8 | €2,500,000 | €0 | -€2.5m | -100% |
| Trade debts | 44 | €291,989 | €207,021 | -€84,968 | -29.1% |
| Suppliers | 440/4 | €291,989 | €207,021 | -€84,968 | -29.1% |
| Taxes, remuneration and social security | 45 | €46,125 | €16,613 | -€29,513 | -64.0% |
| Taxes | 450/3 | €11,377 | €3,471 | -€7,906 | -69.5% |
| Remuneration and social security | 454/9 | €34,748 | €13,142 | -€21,606 | -62.2% |
| Other amounts payable | 47/48 | €15,527,236 | €5,200,156 | -€10.3m | -66.5% |
| Operating income | 70/76A | €1,683,487 | €1,729,806 | +€46,320 | +2.8% |
| Turnover | 70 | €1,677,354 | €1,727,976 | +€50,622 | +3.0% |
| Other operating income | 74 | €6,133 | €1,830 | -€4,303 | -70.2% |
| Operating charges | 60/66A | €1,294,712 | €1,036,703 | -€258,009 | -19.9% |
| Services and other goods | 61 | €1,076,677 | €927,511 | -€149,166 | -13.9% |
| Remuneration, social security and pensions | 62 | €215,806 | €107,966 | -€107,840 | -50.0% |
| Other operating charges | 640/8 | €2,229 | €1,226 | -€1,002 | -45.0% |
| Operating profit (loss) | 9901 | €388,775 | €693,103 | +€304,328 | +78.3% |
| Financial income | 75/76B | €5,188,615 | €266,925 | -€4.9m | -94.9% |
| Recurring financial income | 75 | €5,188,615 | €263,235 | -€4.9m | -94.9% |
| Income from financial fixed assets | 750 | €5,000,000 | €0 | -€5.0m | -100% |
| Income from current assets | 751 | €149,505 | €240,303 | +€90,798 | +60.7% |
| Other financial income | 752/9 | €39,110 | €22,932 | -€16,178 | -41.4% |
| Non-recurring financial income | 76B | - | €3,690 | +€3,690 | |
| Financial charges | 65/66B | €510,110 | €438,063 | -€72,046 | -14.1% |
| Recurring financial charges | 65 | €510,110 | €438,063 | -€72,046 | -14.1% |
| Debt charges | 650 | €505,335 | €431,058 | -€74,276 | -14.7% |
| Other financial charges | 652/9 | €4,775 | €7,005 | +€2,230 | +46.7% |
| Profit (loss) for the period before taxes | 9903 | €5,067,280 | €521,965 | -€4.5m | -89.7% |
| Income taxes | 67/77 | €785 | €6,880 | +€6,095 | +777% |
| Taxes | 670/3 | €785 | €6,880 | +€6,095 | +777% |
| Profit (loss) for the period | 9904 | €5,066,495 | €515,085 | -€4.6m | -89.8% |
| Profit (loss) for the period to be appropriated | 9905 | €5,066,495 | €515,085 | -€4.6m | -89.8% |
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 27 October 2026 via checked.be.