VEC: 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.
VEC
Largest movements
- Cash -€7,680
down €7,680 (-98.9%), from €7,768 to €88
mainly Net result for the year (-€9,829) and Tax, wage and social debts (-€5,606)
- Tangible fixed assets -€4,749
down €4,749 (-29.2%), from €16,276 to €11,527
- Receivables within one year -€1,635
down €1,635 (-32.8%), from €4,987 to €3,352
of which Trade receivables: -€2,100
- Deferred charges and accrued income -€1,628
down €1,628 (-89.6%), from €1,818 to €190
- Reserves -€9,829
down €9,829 (-72.1%), from €13,632 to €3,804
- Tax, wage and social debts -€5,606
down €5,606 (-85.5%), from €6,555 to €950
- Trade debts -€1,938
down €1,938 (-49.1%), from €3,948 to €2,010
- Other debts +€1,681
up €1,681 (+61.9%), from €2,713 to €4,394
- Gross operating margin -€9,975
down €9,975, from €5,985 to -€3,990
- Taxes -€536
down €536 (-59.3%), from €903 to €368
- Financial income +€60
up €60 (+26208.7%), from €0 to €61
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 | €30,849 | €15,157 | -€15,692 | -50.9% |
| Fixed assets | 21/28 | €16,276 | €11,527 | -€4,749 | -29.2% |
| Tangible fixed assets | 22/27 | €16,276 | €11,527 | -€4,749 | -29.2% |
| Furniture and vehicles | 24 | €16,276 | €11,527 | -€4,749 | -29.2% |
| Current assets | 29/58 | €14,573 | €3,630 | -€10,943 | -75.1% |
| Amounts receivable within one year | 40/41 | €4,987 | €3,352 | -€1,635 | -32.8% |
| Trade receivables | 40 | €4,987 | €2,887 | -€2,100 | -42.1% |
| Other amounts receivable | 41 | €0 | €465 | +€465 | |
| Cash at bank and in hand | 54/58 | €7,768 | €88 | -€7,680 | -98.9% |
| Deferred charges and accrued income | 490/1 | €1,818 | €190 | -€1,628 | -89.6% |
| Total equity and liabilities | 10/49 | €30,849 | €15,157 | -€15,692 | -50.9% |
| Equity | 10/15 | €17,632 | €7,804 | -€9,829 | -55.7% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €13,632 | €3,804 | -€9,829 | -72.1% |
| Distributable reserves | 133 | €13,632 | €3,804 | -€9,829 | -72.1% |
| Amounts payable | 17/49 | €13,216 | €7,353 | -€5,863 | -44.4% |
| Amounts payable within one year | 42/48 | €13,216 | €7,353 | -€5,863 | -44.4% |
| Trade debts | 44 | €3,948 | €2,010 | -€1,938 | -49.1% |
| Suppliers | 440/4 | €3,948 | €2,010 | -€1,938 | -49.1% |
| Taxes, remuneration and social security | 45 | €6,555 | €950 | -€5,606 | -85.5% |
| Taxes | 450/3 | €6,555 | €950 | -€5,606 | -85.5% |
| Other amounts payable | 47/48 | €2,713 | €4,394 | +€1,681 | +61.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,749 | €4,749 | = | 0.0% |
| Other operating charges | 640/8 | €715 | €737 | +€22 | +3.0% |
| Gross operating margin | 9900 | €5,985 | -€3,990 | -€9,975 | |
| Operating profit (loss) | 9901 | €521 | -€9,476 | -€9,997 | |
| Financial income | 75/76B | €0 | €61 | +€60 | +26208.7% |
| Recurring financial income | 75 | €0 | €61 | +€60 | +26208.7% |
| Financial charges | 65/66B | €35 | €45 | +€11 | +30.8% |
| Recurring financial charges | 65 | €35 | €45 | +€11 | +30.8% |
| Profit (loss) for the period before taxes | 9903 | €486 | -€9,461 | -€9,947 | |
| Income taxes | 67/77 | €903 | €368 | -€536 | -59.3% |
| Profit (loss) for the period | 9904 | -€417 | -€9,829 | -€9,412 | -2257.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€417 | -€9,829 | -€9,412 | -2257.6% |
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 4 October 2026 via checked.be.