VEC Advisory: 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.
VEC Advisory
Largest movements
- Current investments +€102,311
up €102,311 (+27.0%), from €379,108 to €481,419
- Cash +€8,745
up €8,745 (+8.2%), from €106,366 to €115,111
mainly Net result for the year (+€112,098) and Other debts (+€7,024)
- Reserves +€112,098
up €112,098 (+24.2%), from €463,336 to €575,434
- Tax, wage and social debts -€11,240
down €11,240 (-25.2%), from €44,596 to €33,356
- Other debts +€7,024
up €7,024 (+109.7%), from €6,403 to €13,427
- Gross operating margin -€16,329
down €16,329 (-9.5%), from €171,556 to €155,227
- Taxes -€5,565
down €5,565 (-10.5%), from €52,921 to €47,356
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 | €544,490 | €652,895 | +€108,405 | +19.9% |
| Current assets | 29/58 | €544,490 | €652,895 | +€108,405 | +19.9% |
| Amounts receivable after more than one year | 29 | €25,000 | €20,823 | -€4,177 | -16.7% |
| Other amounts receivable | 291 | €25,000 | €20,823 | -€4,177 | -16.7% |
| Amounts receivable within one year | 40/41 | €28,889 | €34,799 | +€5,909 | +20.5% |
| Trade receivables | 40 | €22,651 | €28,561 | +€5,909 | +26.1% |
| Other amounts receivable | 41 | €6,238 | €6,238 | = | 0.0% |
| Current investments | 50/53 | €379,108 | €481,419 | +€102,311 | +27.0% |
| Cash at bank and in hand | 54/58 | €106,366 | €115,111 | +€8,745 | +8.2% |
| Deferred charges and accrued income | 490/1 | €5,127 | €744 | -€4,383 | -85.5% |
| Total equity and liabilities | 10/49 | €544,490 | €652,895 | +€108,405 | +19.9% |
| Equity | 10/15 | €469,836 | €581,934 | +€112,098 | +23.9% |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Reserves | 13 | €463,336 | €575,434 | +€112,098 | +24.2% |
| Distributable reserves | 133 | €463,336 | €575,434 | +€112,098 | +24.2% |
| Amounts payable | 17/49 | €74,654 | €70,962 | -€3,693 | -4.9% |
| Amounts payable after more than one year | 17 | €20,000 | €20,000 | = | 0.0% |
| Other amounts payable | 178/9 | €20,000 | €20,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €54,654 | €50,962 | -€3,693 | -6.8% |
| Trade debts | 44 | €3,656 | €4,179 | +€523 | +14.3% |
| Suppliers | 440/4 | €3,656 | €4,179 | +€523 | +14.3% |
| Taxes, remuneration and social security | 45 | €44,596 | €33,356 | -€11,240 | -25.2% |
| Taxes | 450/3 | €44,596 | €33,356 | -€11,240 | -25.2% |
| Other amounts payable | 47/48 | €6,403 | €13,427 | +€7,024 | +109.7% |
| Other operating charges | 640/8 | €990 | €1,023 | +€32 | +3.3% |
| Gross operating margin | 9900 | €171,556 | €155,227 | -€16,329 | -9.5% |
| Operating profit (loss) | 9901 | €170,566 | €154,205 | -€16,361 | -9.6% |
| Financial income | 75/76B | €7,553 | €7,367 | -€186 | -2.5% |
| Recurring financial income | 75 | €7,553 | €7,367 | -€186 | -2.5% |
| Financial charges | 65/66B | €2,108 | €2,119 | +€10 | +0.5% |
| Recurring financial charges | 65 | €2,108 | €2,119 | +€10 | +0.5% |
| Profit (loss) for the period before taxes | 9903 | €176,011 | €159,453 | -€16,558 | -9.4% |
| Income taxes | 67/77 | €52,921 | €47,356 | -€5,565 | -10.5% |
| Profit (loss) for the period | 9904 | €123,090 | €112,098 | -€10,993 | -8.9% |
| Profit (loss) for the period to be appropriated | 9905 | €123,090 | €112,098 | -€10,993 | -8.9% |
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 11 October 2026 via checked.be.