VE Concept: 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.
VE Concept
Largest movements
- Receivables within one year -€68,672
down €68,672 (-99.0%), from €69,360 to €688
- Cash +€51,823
up €51,823 (+280.8%), from €18,455 to €70,279
mainly Receivables within one year (+€68,672) and Net result for the year (+€53,337)
- Stocks and contracts +€11,488
up €11,488 (+103.4%), from €11,113 to €22,600
- Financial fixed assets +€3,360
up €3,360 (+176.8%), from €1,900 to €5,260
- Intangible fixed assets -€3,000
down €3,000 (-35.3%), from €8,499 to €5,499
- Reserves +€53,337
up €53,337 (+157.9%), from €33,784 to €87,121
- Trade debts -€37,321
down €37,321 (-68.6%), from €54,369 to €17,049
- Other debts -€24,740
down €24,740 (-93.0%), from €26,603 to €1,863
- Tax, wage and social debts +€13,877
up €13,877 (+60.3%), from €23,003 to €36,880
of which Taxes: +€11,801
- Current portion of long-term debt -€4,194
down €4,194 (-100.0%), from €4,194 to €0
- Gross operating margin +€42,470
up €42,470 (+69.2%), from €61,389 to €103,859
- Taxes +€8,645
up €8,645 (+170.0%), from €5,086 to €13,730
- Staff costs -€2,486
down €2,486 (-11.7%), from €21,211 to €18,725
- Depreciation +€1,822
up €1,822 (+14.3%), from €12,728 to €14,550
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 | €150,191 | €147,912 | -€2,279 | -1.5% |
| Fixed assets | 21/28 | €50,944 | €53,705 | +€2,761 | +5.4% |
| Intangible fixed assets | 21 | €8,499 | €5,499 | -€3,000 | -35.3% |
| Tangible fixed assets | 22/27 | €40,546 | €42,947 | +€2,401 | +5.9% |
| Plant, machinery and equipment | 23 | €28,653 | €33,638 | +€4,985 | +17.4% |
| Furniture and vehicles | 24 | €11,893 | €9,309 | -€2,584 | -21.7% |
| Financial fixed assets | 28 | €1,900 | €5,260 | +€3,360 | +176.8% |
| Current assets | 29/58 | €99,247 | €94,207 | -€5,040 | -5.1% |
| Stocks and contracts in progress | 3 | €11,113 | €22,600 | +€11,488 | +103.4% |
| Stocks | 30/36 | €11,113 | €22,600 | +€11,488 | +103.4% |
| Amounts receivable within one year | 40/41 | €69,360 | €688 | -€68,672 | -99.0% |
| Trade receivables | 40 | €69,360 | €688 | -€68,672 | -99.0% |
| Cash at bank and in hand | 54/58 | €18,455 | €70,279 | +€51,823 | +280.8% |
| Deferred charges and accrued income | 490/1 | €319 | €640 | +€321 | +100.8% |
| Total equity and liabilities | 10/49 | €150,191 | €147,912 | -€2,279 | -1.5% |
| Equity | 10/15 | €38,784 | €92,121 | +€53,337 | +137.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €33,784 | €87,121 | +€53,337 | +157.9% |
| Distributable reserves | 133 | €33,784 | €87,121 | +€53,337 | +157.9% |
| Amounts payable | 17/49 | €111,407 | €55,792 | -€55,615 | -49.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €108,169 | €55,792 | -€52,378 | -48.4% |
| Current portion of amounts payable after more than one year | 42 | €4,194 | €0 | -€4,194 | -100.0% |
| Trade debts | 44 | €54,369 | €17,049 | -€37,321 | -68.6% |
| Suppliers | 440/4 | €54,369 | €17,049 | -€37,321 | -68.6% |
| Taxes, remuneration and social security | 45 | €23,003 | €36,880 | +€13,877 | +60.3% |
| Taxes | 450/3 | €17,788 | €29,590 | +€11,801 | +66.3% |
| Remuneration and social security | 454/9 | €5,215 | €7,290 | +€2,075 | +39.8% |
| Other amounts payable | 47/48 | €26,603 | €1,863 | -€24,740 | -93.0% |
| Accrued charges and deferred income | 492/3 | €3,238 | €0 | -€3,238 | -100.0% |
| Remuneration, social security and pensions | 62 | €21,211 | €18,725 | -€2,486 | -11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,728 | €14,550 | +€1,822 | +14.3% |
| Other operating charges | 640/8 | €2,734 | €2,683 | -€51 | -1.9% |
| Non-recurring operating charges | 66A | €408 | €0 | -€408 | -100.0% |
| Gross operating margin | 9900 | €61,389 | €103,859 | +€42,470 | +69.2% |
| Operating profit (loss) | 9901 | €24,309 | €67,902 | +€43,594 | +179.3% |
| Financial income | 75/76B | €71 | €138 | +€67 | +94.3% |
| Recurring financial income | 75 | €71 | €138 | +€67 | +94.3% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €941 | €973 | +€32 | +3.4% |
| Recurring financial charges | 65 | €941 | €973 | +€32 | +3.4% |
| Profit (loss) for the period before taxes | 9903 | €23,438 | €67,067 | +€43,629 | +186.1% |
| Income taxes | 67/77 | €5,086 | €13,730 | +€8,645 | +170.0% |
| Profit (loss) for the period | 9904 | €18,353 | €53,337 | +€34,984 | +190.6% |
| Profit (loss) for the period to be appropriated | 9905 | €18,353 | €53,337 | +€34,984 | +190.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.