VE.DE.M: 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.
VE.DE.M
Largest movements
- Tangible fixed assets -€69,929
down €69,929 (-4.1%), from €1.7m to €1.6m
of which Other tangible fixed assets: -€112,560
- Cash +€23,136
up €23,136 (+8.0%), from €289,040 to €312,176
mainly Depreciation (+€122,568) and Provisions (+€43,813)
- Provisions +€43,813
up €43,813 (+45.7%), from €95,863 to €139,676
- Debts after one year -€43,593
down €43,593 (-3.5%), from €1.2m to €1.2m
of which Financial debts: -€71,508
- Reserves -€40,525
down €40,525 (-6.8%), from €596,820 to €556,295
of which Tax-exempt reserves: -€118,457
- Tax, wage and social debts +€31,109
up €31,109 (+1,016%), from €3,061 to €34,170
of which Taxes: +€31,218
- Gross operating margin +€71,110
up €71,110 (+61.6%), from €115,363 to €186,473
- Taxes +€30,853
up €30,853, from €0 to €30,853
- Depreciation +€14,212
up €14,212 (+13.1%), from €108,357 to €122,568
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 | €2,057,364 | €2,024,913 | -€32,451 | -1.6% |
| Fixed assets | 21/28 | €1,696,550 | €1,626,621 | -€69,929 | -4.1% |
| Tangible fixed assets | 22/27 | €1,696,550 | €1,626,621 | -€69,929 | -4.1% |
| Land and buildings | 22 | €1,583,990 | €1,626,621 | +€42,631 | +2.7% |
| Other tangible fixed assets | 26 | €112,560 | €0 | -€112,560 | -100% |
| Current assets | 29/58 | €360,814 | €398,292 | +€37,477 | +10.4% |
| Amounts receivable within one year | 40/41 | €71,774 | €85,929 | +€14,155 | +19.7% |
| Trade receivables | 40 | €2,763 | €0 | -€2,763 | -100% |
| Other amounts receivable | 41 | €69,011 | €85,929 | +€16,918 | +24.5% |
| Cash at bank and in hand | 54/58 | €289,040 | €312,176 | +€23,136 | +8.0% |
| Deferred charges and accrued income | 490/1 | - | €187 | +€187 | |
| Total equity and liabilities | 10/49 | €2,057,364 | €2,024,913 | -€32,451 | -1.6% |
| Equity | 10/15 | €616,820 | €576,295 | -€40,525 | -6.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €596,820 | €556,295 | -€40,525 | -6.8% |
| Tax-exempt reserves | 132 | €522,658 | €404,201 | -€118,457 | -22.7% |
| Distributable reserves | 133 | €74,162 | €152,094 | +€77,932 | +105% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €95,863 | €139,676 | +€43,813 | +45.7% |
| Deferred taxes | 168 | €95,863 | €139,676 | +€43,813 | +45.7% |
| Amounts payable | 17/49 | €1,344,681 | €1,308,942 | -€35,739 | -2.7% |
| Amounts payable after more than one year | 17 | €1,246,079 | €1,202,487 | -€43,593 | -3.5% |
| Financial debts | 170/4 | €579,057 | €507,550 | -€71,508 | -12.3% |
| Other amounts payable | 178/9 | €667,022 | €694,937 | +€27,915 | +4.2% |
| Amounts payable within one year | 42/48 | €98,602 | €105,737 | +€7,135 | +7.2% |
| Current portion of amounts payable after more than one year | 42 | €69,574 | €71,508 | +€1,934 | +2.8% |
| Trade debts | 44 | €13,703 | €59 | -€13,643 | -99.6% |
| Suppliers | 440/4 | €13,703 | €59 | -€13,643 | -99.6% |
| Taxes, remuneration and social security | 45 | €3,061 | €34,170 | +€31,109 | +1,016% |
| Taxes | 450/3 | €2,831 | €34,049 | +€31,218 | +1,103% |
| Remuneration and social security | 454/9 | €230 | €121 | -€109 | -47.3% |
| Other amounts payable | 47/48 | €12,265 | €0 | -€12,265 | -100% |
| Accrued charges and deferred income | 492/3 | - | €719 | +€719 | |
| Remuneration, social security and pensions | 62 | €1,885 | €1,962 | +€77 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €108,357 | €122,568 | +€14,212 | +13.1% |
| Other operating charges | 640/8 | €15,747 | €16,451 | +€703 | +4.5% |
| Gross operating margin | 9900 | €115,363 | €186,473 | +€71,110 | +61.6% |
| Operating profit (loss) | 9901 | -€10,626 | €45,491 | +€56,117 | |
| Financial income | 75/76B | €6,279 | €4,783 | -€1,496 | -23.8% |
| Recurring financial income | 75 | €6,279 | €4,783 | -€1,496 | -23.8% |
| Financial charges | 65/66B | €17,598 | €16,134 | -€1,464 | -8.3% |
| Recurring financial charges | 65 | €17,598 | €16,134 | -€1,464 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | -€21,945 | €34,141 | +€56,086 | |
| Transfer from deferred taxes | 780 | €17,799 | €18,820 | +€1,021 | +5.7% |
| Income taxes | 67/77 | €0 | €30,853 | +€30,853 | |
| Profit (loss) for the period | 9904 | -€4,147 | €22,108 | +€26,254 | |
| Transfer from tax-exempt reserves | 789 | €52,761 | €55,824 | +€3,064 | +5.8% |
| Profit (loss) for the period to be appropriated | 9905 | €48,614 | €77,932 | +€29,318 | +60.3% |
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 20 October 2026 via checked.be.