V.E.H.: 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.
V.E.H.
Largest movements
- Tangible fixed assets -€179,088
down €179,088 (-37.0%), from €484,051 to €304,963
of which Land and buildings: -€147,758
- Stocks and contracts +€69,648
up €69,648 (+16.8%), from €414,712 to €484,360
of which Stocks: +€72,636
- Cash +€50,149
up €50,149 (+95.9%), from €52,272 to €102,421
mainly Investment in fixed assets (net) (+€128,974) and Advances received (+€70,560)
- Deferred charges and accrued income +€10,530
up €10,530 (+43.8%), from €24,039 to €34,569
- Debts after one year -€99,279
down €99,279 (-38.9%), from €255,528 to €156,249
- Advances received +€70,560
new in 2025: €70,560
- Trade debts -€41,970
down €41,970 (-27.8%), from €151,085 to €109,115
- Profit (loss) carried forward +€39,079
up €39,079 (+82.0%), from -€47,660 to -€8,581
- Short-term financial debts -€25,000
down €25,000 (-8.3%), from €300,000 to €275,000
- Staff costs -€21,748
down €21,748 (-10.3%), from €211,284 to €189,536
- Gross operating margin +€18,556
up €18,556 (+6.2%), from €300,284 to €318,840
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 | €1,045,905 | €996,312 | -€49,592 | -4.7% |
| Fixed assets | 21/28 | €484,169 | €305,081 | -€179,088 | -37.0% |
| Tangible fixed assets | 22/27 | €484,051 | €304,963 | -€179,088 | -37.0% |
| Land and buildings | 22 | €366,610 | €218,852 | -€147,758 | -40.3% |
| Plant, machinery and equipment | 23 | €25,780 | €15,028 | -€10,752 | -41.7% |
| Furniture and vehicles | 24 | €91,662 | €71,083 | -€20,579 | -22.5% |
| Financial fixed assets | 28 | €118 | €118 | = | 0.0% |
| Current assets | 29/58 | €561,736 | €691,232 | +€129,496 | +23.1% |
| Amounts receivable after more than one year | 29 | €660 | €660 | = | 0.0% |
| Other amounts receivable | 291 | €660 | €660 | = | 0.0% |
| Stocks and contracts in progress | 3 | €414,712 | €484,360 | +€69,648 | +16.8% |
| Stocks | 30/36 | €408,183 | €480,819 | +€72,636 | +17.8% |
| Contracts in progress | 37 | €6,528 | €3,541 | -€2,987 | -45.8% |
| Amounts receivable within one year | 40/41 | €70,052 | €69,222 | -€831 | -1.2% |
| Trade receivables | 40 | €66,247 | €63,307 | -€2,939 | -4.4% |
| Other amounts receivable | 41 | €3,806 | €5,914 | +€2,109 | +55.4% |
| Cash at bank and in hand | 54/58 | €52,272 | €102,421 | +€50,149 | +95.9% |
| Deferred charges and accrued income | 490/1 | €24,039 | €34,569 | +€10,530 | +43.8% |
| Total equity and liabilities | 10/49 | €1,045,905 | €996,312 | -€49,592 | -4.7% |
| Equity | 10/15 | €40,117 | €79,196 | +€39,079 | +97.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €69,185 | €69,185 | = | 0.0% |
| Distributable reserves | 133 | €69,185 | €69,185 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€47,660 | -€8,581 | +€39,079 | +82.0% |
| Amounts payable | 17/49 | €1,005,787 | €917,116 | -€88,671 | -8.8% |
| Amounts payable after more than one year | 17 | €255,528 | €156,249 | -€99,279 | -38.9% |
| Financial debts | 170/4 | €255,528 | €156,249 | -€99,279 | -38.9% |
| Amounts payable within one year | 42/48 | €725,171 | €718,909 | -€6,262 | -0.9% |
| Current portion of amounts payable after more than one year | 42 | €45,871 | €36,779 | -€9,091 | -19.8% |
| Financial debts | 43 | €300,000 | €275,000 | -€25,000 | -8.3% |
| Credit institutions | 430/8 | €300,000 | €275,000 | -€25,000 | -8.3% |
| Trade debts | 44 | €151,085 | €109,115 | -€41,970 | -27.8% |
| Suppliers | 440/4 | €151,085 | €109,115 | -€41,970 | -27.8% |
| Advances received on contracts in progress | 46 | - | €70,560 | +€70,560 | |
| Taxes, remuneration and social security | 45 | €25,893 | €23,963 | -€1,930 | -7.5% |
| Taxes | 450/3 | €2,729 | €7,917 | +€5,188 | +190% |
| Remuneration and social security | 454/9 | €23,164 | €16,046 | -€7,118 | -30.7% |
| Other amounts payable | 47/48 | €202,322 | €203,492 | +€1,170 | +0.6% |
| Accrued charges and deferred income | 492/3 | €25,088 | €41,958 | +€16,870 | +67.2% |
| Remuneration, social security and pensions | 62 | €211,284 | €189,536 | -€21,748 | -10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,139 | €50,114 | +€2,975 | +6.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€916 | -€916 | |
| Other operating charges | 640/8 | €12,850 | €13,671 | +€821 | +6.4% |
| Gross operating margin | 9900 | €300,284 | €318,840 | +€18,556 | +6.2% |
| Operating profit (loss) | 9901 | €29,011 | €66,435 | +€37,424 | +129% |
| Financial income | 75/76B | €14 | €19 | +€5 | +34.2% |
| Recurring financial income | 75 | €14 | €19 | +€5 | +34.2% |
| Financial charges | 65/66B | €23,881 | €26,950 | +€3,069 | +12.9% |
| Recurring financial charges | 65 | €23,881 | €26,950 | +€3,069 | +12.9% |
| Profit (loss) for the period before taxes | 9903 | €5,144 | €39,503 | +€34,359 | +668% |
| Income taxes | 67/77 | €650 | €425 | -€225 | -34.7% |
| Profit (loss) for the period | 9904 | €4,494 | €39,079 | +€34,584 | +770% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €4,494 | €39,079 | +€34,584 | +770% |
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 13 October 2026 via checked.be.