V.E.K.O.: what changed
Two fiscal 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.K.O.
Largest movements
- Tangible fixed assets +€196,416
up €196,416 (+181.0%), from €108,536 to €304,953
of which Plant, machinery and equipment: +€211,634
- Receivables within one year +€5,242
up €5,242 (+11.8%), from €44,534 to €49,776
of which Other amounts receivable: +€4,904
- Debts after one year +€101,699
new in 2025: €101,699
- Trade debts +€68,696
up €68,696 (+2520.4%), from €2,726 to €71,422
- Current portion of long-term debt +€19,537
new in 2025: €19,537
- Reserves +€13,660
up €13,660 (+12.0%), from €113,400 to €127,060
- Gross operating margin +€15,329
up €15,329 (+31.4%), from €48,897 to €64,226
- Depreciation +€12,906
up €12,906 (+44.6%), from €28,942 to €41,848
- Financial charges +€4,966
up €4,966 (+3628.0%), from €137 to €5,103
- Taxes -€4,394
down €4,394 (-74.6%), from €5,889 to €1,495
- Write-downs +€1,176
new in 2025: €1,176
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.
Cash bridge derived
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 | €156,626 | €360,455 | +€203,829 | +130.1% |
| Fixed assets | 21/28 | €108,536 | €304,953 | +€196,416 | +181.0% |
| Tangible fixed assets | 22/27 | €108,536 | €304,953 | +€196,416 | +181.0% |
| Land and buildings | 22 | €11,853 | €10,000 | -€1,852 | -15.6% |
| Plant, machinery and equipment | 23 | €51,182 | €262,817 | +€211,634 | +413.5% |
| Furniture and vehicles | 24 | €45,502 | €32,136 | -€13,366 | -29.4% |
| Current assets | 29/58 | €48,089 | €55,502 | +€7,413 | +15.4% |
| Stocks and contracts in progress | 3 | - | €2,239 | +€2,239 | |
| Stocks | 30/36 | - | €2,239 | +€2,239 | |
| Amounts receivable within one year | 40/41 | €44,534 | €49,776 | +€5,242 | +11.8% |
| Trade receivables | 40 | €16,658 | €16,996 | +€338 | +2.0% |
| Other amounts receivable | 41 | €27,876 | €32,780 | +€4,904 | +17.6% |
| Cash at bank and in hand | 54/58 | €2,509 | €2,757 | +€248 | +9.9% |
| Deferred charges and accrued income | 490/1 | €1,046 | €730 | -€317 | -30.3% |
| Total equity and liabilities | 10/49 | €156,626 | €360,455 | +€203,829 | +130.1% |
| Equity | 10/15 | €152,400 | €166,068 | +€13,668 | +9.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €113,400 | €127,060 | +€13,660 | +12.0% |
| Distributable reserves | 133 | €113,400 | €127,060 | +€13,660 | +12.0% |
| Profit (loss) carried forward | 14 | €19,000 | €19,008 | +€8 | 0.0% |
| Amounts payable | 17/49 | €4,226 | €194,387 | +€190,162 | +4500.3% |
| Amounts payable after more than one year | 17 | - | €101,699 | +€101,699 | |
| Financial debts | 170/4 | - | €101,699 | +€101,699 | |
| Amounts payable within one year | 42/48 | €4,226 | €92,498 | +€88,273 | +2089.0% |
| Current portion of amounts payable after more than one year | 42 | - | €19,537 | +€19,537 | |
| Trade debts | 44 | €2,726 | €71,422 | +€68,696 | +2520.4% |
| Suppliers | 440/4 | €2,726 | €71,422 | +€68,696 | +2520.4% |
| Taxes, remuneration and social security | 45 | €1,500 | €1,540 | +€40 | +2.7% |
| Taxes | 450/3 | €1,500 | €1,540 | +€40 | +2.7% |
| Accrued charges and deferred income | 492/3 | - | €190 | +€190 | |
| Non-recurring operating income | 76A | €7,500 | €1,384 | -€6,116 | -81.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,942 | €41,848 | +€12,906 | +44.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,176 | +€1,176 | |
| Other operating charges | 640/8 | €1,586 | €1,371 | -€215 | -13.6% |
| Gross operating margin | 9900 | €48,897 | €64,226 | +€15,329 | +31.4% |
| Operating profit (loss) | 9901 | €18,369 | €19,831 | +€1,462 | +8.0% |
| Financial income | 75/76B | €370 | €435 | +€65 | +17.4% |
| Recurring financial income | 75 | €370 | €435 | +€65 | +17.4% |
| Financial charges | 65/66B | €137 | €5,103 | +€4,966 | +3628.0% |
| Recurring financial charges | 65 | €137 | €5,103 | +€4,966 | +3628.0% |
| Profit (loss) for the period before taxes | 9903 | €18,602 | €15,163 | -€3,440 | -18.5% |
| Income taxes | 67/77 | €5,889 | €1,495 | -€4,394 | -74.6% |
| Profit (loss) for the period | 9904 | €12,713 | €13,668 | +€955 | +7.5% |
| Profit (loss) for the period to be appropriated | 9905 | €12,713 | €13,668 | +€955 | +7.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.