VECA: 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.
VECA
Largest movements
- Tangible fixed assets -€38,675
down €38,675 (-17.5%), from €221,488 to €182,813
of which Land and buildings: -€20,046
- Intangible fixed assets -€29,800
down €29,800 (-21.4%), from €139,506 to €109,706
- Receivables within one year +€16,295
up €16,295 (+10.3%), from €157,896 to €174,191
of which Trade receivables: +€12,152
- Deferred charges and accrued income +€14,452
up €14,452 (+27.2%), from €53,169 to €67,621
- Profit (loss) carried forward -€74,870
down €74,870 (-103.3%), from -€72,509 to -€147,380
- Other debts +€70,570
up €70,570 (+96.1%), from €73,425 to €143,995
- Debts after one year -€65,046
down €65,046 (-44.7%), from €145,599 to €80,552
of which Financial debts: -€51,939
- Tax, wage and social debts +€24,512
up €24,512 (+10.5%), from €232,538 to €257,050
of which Taxes: +€21,937
- Accrued charges and deferred income +€16,196
up €16,196 (+212.7%), from €7,615 to €23,811
- Gross operating margin +€153,865
up €153,865 (+29.5%), from €520,844 to €674,709
- Taxes +€47,704
new in 2025: €47,704
- Staff costs +€38,006
up €38,006 (+7.3%), from €519,970 to €557,976
- Depreciation -€23,809
down €23,809 (-25.8%), from €92,284 to €68,475
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 | €596,814 | €557,842 | -€38,972 | -6.5% |
| Fixed assets | 21/28 | €384,406 | €315,931 | -€68,475 | -17.8% |
| Intangible fixed assets | 21 | €139,506 | €109,706 | -€29,800 | -21.4% |
| Tangible fixed assets | 22/27 | €221,488 | €182,813 | -€38,675 | -17.5% |
| Land and buildings | 22 | €170,685 | €150,639 | -€20,046 | -11.7% |
| Plant, machinery and equipment | 23 | €2,099 | €1,802 | -€297 | -14.2% |
| Furniture and vehicles | 24 | €48,704 | €30,372 | -€18,331 | -37.6% |
| Financial fixed assets | 28 | €23,412 | €23,412 | = | 0.0% |
| Current assets | 29/58 | €212,408 | €241,912 | +€29,503 | +13.9% |
| Amounts receivable within one year | 40/41 | €157,896 | €174,191 | +€16,295 | +10.3% |
| Trade receivables | 40 | €53,951 | €66,103 | +€12,152 | +22.5% |
| Other amounts receivable | 41 | €103,945 | €108,089 | +€4,144 | +4.0% |
| Cash at bank and in hand | 54/58 | €1,343 | €99 | -€1,244 | -92.6% |
| Deferred charges and accrued income | 490/1 | €53,169 | €67,621 | +€14,452 | +27.2% |
| Total equity and liabilities | 10/49 | €596,814 | €557,842 | -€38,972 | -6.5% |
| Equity | 10/15 | €48,165 | -€26,706 | -€74,870 | |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €108,274 | €108,274 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,381 | €2,381 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,381 | €2,381 | = | 0.0% |
| Distributable reserves | 133 | €105,893 | €105,893 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€72,509 | -€147,380 | -€74,870 | -103.3% |
| Amounts payable | 17/49 | €548,649 | €584,548 | +€35,899 | +6.5% |
| Amounts payable after more than one year | 17 | €145,599 | €80,552 | -€65,046 | -44.7% |
| Financial debts | 170/4 | €120,841 | €68,902 | -€51,939 | -43.0% |
| Other amounts payable | 178/9 | €24,757 | €11,650 | -€13,107 | -52.9% |
| Amounts payable within one year | 42/48 | €395,436 | €480,184 | +€84,749 | +21.4% |
| Current portion of amounts payable after more than one year | 42 | €61,722 | €52,338 | -€9,384 | -15.2% |
| Financial debts | 43 | €15,059 | €15,188 | +€130 | +0.9% |
| Credit institutions | 430/8 | €15,059 | €15,188 | +€130 | +0.9% |
| Trade debts | 44 | €12,692 | €11,613 | -€1,079 | -8.5% |
| Suppliers | 440/4 | €12,692 | €11,613 | -€1,079 | -8.5% |
| Taxes, remuneration and social security | 45 | €232,538 | €257,050 | +€24,512 | +10.5% |
| Taxes | 450/3 | €48,124 | €70,061 | +€21,937 | +45.6% |
| Remuneration and social security | 454/9 | €184,414 | €186,989 | +€2,575 | +1.4% |
| Other amounts payable | 47/48 | €73,425 | €143,995 | +€70,570 | +96.1% |
| Accrued charges and deferred income | 492/3 | €7,615 | €23,811 | +€16,196 | +212.7% |
| Non-recurring operating income | 76A | €12 | €27,478 | +€27,466 | +226426.7% |
| Remuneration, social security and pensions | 62 | €519,970 | €557,976 | +€38,006 | +7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,284 | €68,475 | -€23,809 | -25.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,094 | €0 | -€5,094 | -100.0% |
| Other operating charges | 640/8 | €3,430 | €9,707 | +€6,276 | +183.0% |
| Non-recurring operating charges | 66A | €2,430 | €50,701 | +€48,270 | +1986.3% |
| Gross operating margin | 9900 | €520,844 | €674,709 | +€153,865 | +29.5% |
| Operating profit (loss) | 9901 | -€102,364 | -€12,149 | +€90,215 | +88.1% |
| Financial income | 75/76B | €2,868 | €5,030 | +€2,162 | +75.4% |
| Recurring financial income | 75 | €2,868 | €5,030 | +€2,162 | +75.4% |
| Financial charges | 65/66B | €20,386 | €20,048 | -€339 | -1.7% |
| Recurring financial charges | 65 | €20,386 | €20,048 | -€339 | -1.7% |
| Profit (loss) for the period before taxes | 9903 | -€119,882 | -€27,167 | +€92,716 | +77.3% |
| Income taxes | 67/77 | - | €47,704 | +€47,704 | |
| Profit (loss) for the period | 9904 | -€119,882 | -€74,870 | +€45,012 | +37.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€119,882 | -€74,870 | +€45,012 | +37.5% |
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 29 September 2026 via checked.be.