VECO: 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.
VECO
Largest movements
- Tangible fixed assets -€3,265
down €3,265 (-91.2%), from €3,582 to €317
- Cash +€2,718
up €2,718 (+29.1%), from €9,327 to €12,045
mainly Depreciation (+€3,265) and Tax, wage and social debts (+€640)
- Receivables within one year +€198
up €198 (+6.6%), from €2,994 to €3,192
of which Other amounts receivable: +€565
- Reserves -€1,392
down €1,392 (-87.4%), from €1,592 to €200
- Tax, wage and social debts +€640
up €640 (+20.6%), from €3,111 to €3,751
- Trade debts +€632
up €632 (+28.3%), from €2,234 to €2,866
- Other debts -€229
no longer reported in 2025 (was €229)
- Purchases and services -€34,188
no longer reported in 2025 (was €34,188)
- Gross operating margin -€3,153
down €3,153 (-42.3%), from €7,451 to €4,298
- Depreciation -€1,420
down €1,420 (-30.3%), from €4,685 to €3,265
- Taxes -€867
down €867 (-37.4%), from €2,316 to €1,449
- Other operating charges -€174
down €174 (-15.3%), from €1,139 to €965
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 | €15,903 | €15,554 | -€349 | -2.2% |
| Fixed assets | 21/28 | €3,582 | €317 | -€3,265 | -91.2% |
| Tangible fixed assets | 22/27 | €3,582 | €317 | -€3,265 | -91.2% |
| Furniture and vehicles | 24 | €3,582 | €317 | -€3,265 | -91.2% |
| Current assets | 29/58 | €12,321 | €15,237 | +€2,916 | +23.7% |
| Amounts receivable within one year | 40/41 | €2,994 | €3,192 | +€198 | +6.6% |
| Trade receivables | 40 | €2,994 | €2,627 | -€367 | -12.3% |
| Other amounts receivable | 41 | - | €565 | +€565 | |
| Cash at bank and in hand | 54/58 | €9,327 | €12,045 | +€2,718 | +29.1% |
| Total equity and liabilities | 10/49 | €15,903 | €15,554 | -€349 | -2.2% |
| Equity | 10/15 | €9,029 | €7,637 | -€1,392 | -15.4% |
| Contributions | 10/11 | €7,437 | €7,437 | = | 0.0% |
| Outside capital | 11 | €7,437 | €7,437 | = | 0.0% |
| Other | 1109/19 | €7,437 | €7,437 | = | 0.0% |
| Reserves | 13 | €1,592 | €200 | -€1,392 | -87.4% |
| Distributable reserves | 133 | €1,592 | €200 | -€1,392 | -87.4% |
| Amounts payable | 17/49 | €6,874 | €7,917 | +€1,043 | +15.2% |
| Amounts payable within one year | 42/48 | €5,574 | €6,617 | +€1,043 | +18.7% |
| Trade debts | 44 | €2,234 | €2,866 | +€632 | +28.3% |
| Suppliers | 440/4 | €2,234 | €2,866 | +€632 | +28.3% |
| Taxes, remuneration and social security | 45 | €3,111 | €3,751 | +€640 | +20.6% |
| Taxes | 450/3 | €3,111 | €3,751 | +€640 | +20.6% |
| Other amounts payable | 47/48 | €229 | - | -€229 | |
| Accrued charges and deferred income | 492/3 | €1,300 | €1,300 | = | 0.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €34,188 | - | -€34,188 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,685 | €3,265 | -€1,420 | -30.3% |
| Other operating charges | 640/8 | €1,139 | €965 | -€174 | -15.3% |
| Non-recurring operating charges | 66A | €150 | - | -€150 | |
| Gross operating margin | 9900 | €7,451 | €4,298 | -€3,153 | -42.3% |
| Operating profit (loss) | 9901 | €1,477 | €68 | -€1,409 | -95.4% |
| Financial income | 75/76B | €58 | €61 | +€3 | +5.2% |
| Recurring financial income | 75 | €58 | €61 | +€3 | +5.2% |
| Financial charges | 65/66B | €75 | €72 | -€3 | -4.0% |
| Recurring financial charges | 65 | €75 | €72 | -€3 | -4.0% |
| Profit (loss) for the period before taxes | 9903 | €1,460 | €57 | -€1,403 | -96.1% |
| Income taxes | 67/77 | €2,316 | €1,449 | -€867 | -37.4% |
| Profit (loss) for the period | 9904 | -€856 | -€1,392 | -€536 | -62.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€856 | -€1,392 | -€536 | -62.6% |
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 3 October 2026 via checked.be.