VEAMO: 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.
VEAMO
Largest movements
- Receivables within one year +€330,424
up €330,424 (+171%), from €193,220 to €523,644
of which Trade receivables: +€282,384
- Tangible fixed assets +€233,259
up €233,259 (+58.5%), from €398,883 to €632,142
of which Land and buildings: +€218,635
- Reserves +€267,434
up €267,434 (+84.0%), from €318,427 to €585,860
- Trade debts +€112,644
up €112,644 (+597%), from €18,860 to €131,504
- Tax, wage and social debts +€107,529
up €107,529 (+112%), from €95,972 to €203,501
of which Taxes: +€125,278
- Debts after one year +€99,330
up €99,330 (+29.1%), from €341,332 to €440,662
- Advances received -€90,000
down €90,000 (-100%), from €90,000 to €0
- Gross operating margin +€408,073
up €408,073 (+94.1%), from €433,812 to €841,885
- Taxes +€92,903
up €92,903 (+191%), from €48,626 to €141,529
- Staff costs +€89,730
up €89,730 (+33.1%), from €271,433 to €361,163
- Depreciation +€45,779
up €45,779 (+319%), from €14,370 to €60,150
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 | €928,090 | €1,477,935 | +€549,845 | +59.2% |
| Fixed assets | 21/28 | €486,440 | €719,700 | +€233,259 | +48.0% |
| Tangible fixed assets | 22/27 | €398,883 | €632,142 | +€233,259 | +58.5% |
| Land and buildings | 22 | €341,173 | €559,807 | +€218,635 | +64.1% |
| Plant, machinery and equipment | 23 | €4,372 | €3,198 | -€1,174 | -26.9% |
| Furniture and vehicles | 24 | €53,338 | €69,137 | +€15,799 | +29.6% |
| Financial fixed assets | 28 | €87,558 | €87,558 | = | 0.0% |
| Current assets | 29/58 | €441,650 | €758,235 | +€316,586 | +71.7% |
| Stocks and contracts in progress | 3 | €215,031 | €218,531 | +€3,500 | +1.6% |
| Stocks | 30/36 | €215,031 | €218,531 | +€3,500 | +1.6% |
| Amounts receivable within one year | 40/41 | €193,220 | €523,644 | +€330,424 | +171% |
| Trade receivables | 40 | €102,756 | €385,140 | +€282,384 | +275% |
| Other amounts receivable | 41 | €90,464 | €138,504 | +€48,040 | +53.1% |
| Cash at bank and in hand | 54/58 | €28,271 | €13,714 | -€14,556 | -51.5% |
| Deferred charges and accrued income | 490/1 | €5,128 | €2,346 | -€2,782 | -54.2% |
| Total equity and liabilities | 10/49 | €928,090 | €1,477,935 | +€549,845 | +59.2% |
| Equity | 10/15 | €346,105 | €613,539 | +€267,434 | +77.3% |
| Contributions | 10/11 | €27,678 | €27,678 | = | 0.0% |
| Reserves | 13 | €318,427 | €585,860 | +€267,434 | +84.0% |
| Distributable reserves | 133 | €318,427 | €585,860 | +€267,434 | +84.0% |
| Amounts payable | 17/49 | €581,985 | €864,397 | +€282,412 | +48.5% |
| Amounts payable after more than one year | 17 | €341,332 | €440,662 | +€99,330 | +29.1% |
| Financial debts | 170/4 | €341,332 | €440,662 | +€99,330 | +29.1% |
| Amounts payable within one year | 42/48 | €240,133 | €423,735 | +€183,601 | +76.5% |
| Current portion of amounts payable after more than one year | 42 | €35,301 | €35,670 | +€369 | +1.0% |
| Financial debts | 43 | - | €53,060 | +€53,060 | |
| Credit institutions | 430/8 | - | €53,060 | +€53,060 | |
| Trade debts | 44 | €18,860 | €131,504 | +€112,644 | +597% |
| Suppliers | 440/4 | €18,860 | €131,504 | +€112,644 | +597% |
| Advances received on contracts in progress | 46 | €90,000 | €0 | -€90,000 | -100% |
| Taxes, remuneration and social security | 45 | €95,972 | €203,501 | +€107,529 | +112% |
| Taxes | 450/3 | €50,444 | €175,722 | +€125,278 | +248% |
| Remuneration and social security | 454/9 | €45,528 | €27,779 | -€17,749 | -39.0% |
| Accrued charges and deferred income | 492/3 | €520 | €0 | -€520 | -100% |
| Non-recurring operating income | 76A | €6,777 | €0 | -€6,777 | -100% |
| Remuneration, social security and pensions | 62 | €271,433 | €361,163 | +€89,730 | +33.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,370 | €60,150 | +€45,779 | +319% |
| Other operating charges | 640/8 | €8,367 | €8,862 | +€495 | +5.9% |
| Non-recurring operating charges | 66A | €5,989 | €0 | -€5,989 | -100% |
| Gross operating margin | 9900 | €433,812 | €841,885 | +€408,073 | +94.1% |
| Operating profit (loss) | 9901 | €133,653 | €411,710 | +€278,057 | +208% |
| Financial income | 75/76B | €3,818 | €5,270 | +€1,452 | +38.0% |
| Recurring financial income | 75 | €3,818 | €5,270 | +€1,452 | +38.0% |
| Financial charges | 65/66B | €5,702 | €8,017 | +€2,316 | +40.6% |
| Recurring financial charges | 65 | €5,702 | €8,017 | +€2,316 | +40.6% |
| Profit (loss) for the period before taxes | 9903 | €131,768 | €408,963 | +€277,194 | +210% |
| Income taxes | 67/77 | €48,626 | €141,529 | +€92,903 | +191% |
| Profit (loss) for the period | 9904 | €83,143 | €267,434 | +€184,291 | +222% |
| Profit (loss) for the period to be appropriated | 9905 | €83,143 | €267,434 | +€184,291 | +222% |
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 15 October 2026 via checked.be.