VECA ART: 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.
VECA ART
Largest movements
- Tangible fixed assets -€31,128
down €31,128 (-10.3%), from €302,718 to €271,591
- Receivables within one year -€28,679
down €28,679 (-36.9%), from €77,818 to €49,138
of which Trade receivables: -€28,590
- Cash -€7,056
down €7,056 (-56.0%), from €12,591 to €5,534
mainly Debts after one year (-€48,477) and Trade debts (-€25,344)
- Stocks and contracts -€6,088
down €6,088 (-9.6%), from €63,375 to €57,287
- Debts after one year -€48,477
down €48,477 (-46.9%), from €103,425 to €54,948
- Trade debts -€25,344
down €25,344 (-33.1%), from €76,549 to €51,205
- Staff costs -€28,132
down €28,132 (-46.4%), from €60,678 to €32,546
- Gross operating margin -€19,717
down €19,717 (-17.5%), from €112,367 to €92,650
- Write-downs +€12,322
new in 2025: €12,322
- Financial charges -€1,473
down €1,473 (-10.5%), from €14,057 to €12,584
- Depreciation -€1,239
down €1,239 (-3.8%), from €32,367 to €31,128
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 | €458,585 | €388,192 | -€70,393 | -15.3% |
| Fixed assets | 21/28 | €302,718 | €271,591 | -€31,128 | -10.3% |
| Tangible fixed assets | 22/27 | €302,718 | €271,591 | -€31,128 | -10.3% |
| Land and buildings | 22 | €264,501 | €251,578 | -€12,923 | -4.9% |
| Plant, machinery and equipment | 23 | €7,355 | €4,072 | -€3,284 | -44.6% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Leasing and similar rights | 25 | €30,862 | €15,941 | -€14,921 | -48.3% |
| Current assets | 29/58 | €155,867 | €116,602 | -€39,265 | -25.2% |
| Stocks and contracts in progress | 3 | €63,375 | €57,287 | -€6,088 | -9.6% |
| Stocks | 30/36 | €63,375 | €57,287 | -€6,088 | -9.6% |
| Amounts receivable within one year | 40/41 | €77,818 | €49,138 | -€28,679 | -36.9% |
| Trade receivables | 40 | €77,376 | €48,787 | -€28,590 | -36.9% |
| Other amounts receivable | 41 | €441 | €352 | -€90 | -20.3% |
| Cash at bank and in hand | 54/58 | €12,591 | €5,534 | -€7,056 | -56.0% |
| Deferred charges and accrued income | 490/1 | €2,083 | €4,642 | +€2,559 | +123% |
| Total equity and liabilities | 10/49 | €458,585 | €388,192 | -€70,393 | -15.3% |
| Equity | 10/15 | €168,855 | €169,476 | +€621 | +0.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €150,263 | €150,884 | +€621 | +0.4% |
| Distributable reserves | 133 | €150,263 | €150,884 | +€621 | +0.4% |
| Amounts payable | 17/49 | €289,730 | €218,717 | -€71,013 | -24.5% |
| Amounts payable after more than one year | 17 | €103,425 | €54,948 | -€48,477 | -46.9% |
| Financial debts | 170/4 | €103,425 | €54,948 | -€48,477 | -46.9% |
| Amounts payable within one year | 42/48 | €186,305 | €162,720 | -€23,585 | -12.7% |
| Current portion of amounts payable after more than one year | 42 | €47,984 | €48,477 | +€494 | +1.0% |
| Financial debts | 43 | €46,359 | €49,128 | +€2,769 | +6.0% |
| Credit institutions | 430/8 | €46,359 | €49,128 | +€2,769 | +6.0% |
| Trade debts | 44 | €76,549 | €51,205 | -€25,344 | -33.1% |
| Suppliers | 440/4 | €76,549 | €51,205 | -€25,344 | -33.1% |
| Taxes, remuneration and social security | 45 | €5,280 | €7,010 | +€1,730 | +32.8% |
| Taxes | 450/3 | €3,967 | €4,457 | +€490 | +12.3% |
| Remuneration and social security | 454/9 | €1,313 | €2,554 | +€1,241 | +94.5% |
| Other amounts payable | 47/48 | €10,134 | €6,900 | -€3,234 | -31.9% |
| Accrued charges and deferred income | 492/3 | - | €1,049 | +€1,049 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €60,678 | €32,546 | -€28,132 | -46.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,367 | €31,128 | -€1,239 | -3.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €12,322 | +€12,322 | |
| Other operating charges | 640/8 | €3,882 | €3,306 | -€576 | -14.8% |
| Gross operating margin | 9900 | €112,367 | €92,650 | -€19,717 | -17.5% |
| Operating profit (loss) | 9901 | €15,440 | €13,348 | -€2,092 | -13.6% |
| Financial income | 75/76B | €618 | €63 | -€555 | -89.8% |
| Recurring financial income | 75 | €618 | €63 | -€555 | -89.8% |
| Financial charges | 65/66B | €14,057 | €12,584 | -€1,473 | -10.5% |
| Recurring financial charges | 65 | €14,057 | €12,584 | -€1,473 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €2,001 | €827 | -€1,174 | -58.7% |
| Income taxes | 67/77 | €226 | €206 | -€20 | -8.8% |
| Profit (loss) for the period | 9904 | €1,775 | €621 | -€1,155 | -65.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,775 | €621 | -€1,155 | -65.0% |
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 17 October 2026 via checked.be.