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
- Cash +€71,720
up €71,720 (+311.9%), from €22,995 to €94,716
mainly Receivables within one year (+€71,637) and Net result for the year (+€53,424)
- Receivables within one year -€71,637
down €71,637 (-48.1%), from €149,017 to €77,381
of which Other amounts receivable: -€52,458
- Tangible fixed assets -€9,313
down €9,313 (-49.2%), from €18,942 to €9,629
of which Land and buildings: -€7,371
- Reserves +€33,958
up €33,958 (+16.6%), from €204,695 to €238,653
- Tax, wage and social debts -€29,126
down €29,126 (-53.5%), from €54,434 to €25,308
- Debts after one year -€9,171
down €9,171 (-56.2%), from €16,318 to €7,147
- Trade debts -€6,916
down €6,916 (-59.8%), from €11,566 to €4,650
- Gross operating margin +€22,701
up €22,701 (+31.6%), from €71,925 to €94,626
- Taxes +€8,343
up €8,343 (+45.1%), from €18,500 to €26,842
- Financial charges -€1,226
down €1,226 (-24.5%), from €4,999 to €3,773
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 | €292,476 | €282,038 | -€10,438 | -3.6% |
| Fixed assets | 21/28 | €18,942 | €9,629 | -€9,313 | -49.2% |
| Tangible fixed assets | 22/27 | €18,942 | €9,629 | -€9,313 | -49.2% |
| Land and buildings | 22 | €15,376 | €8,005 | -€7,371 | -47.9% |
| Furniture and vehicles | 24 | €3,466 | €1,623 | -€1,842 | -53.2% |
| Other tangible fixed assets | 26 | €100 | - | -€100 | |
| Current assets | 29/58 | €273,534 | €272,409 | -€1,124 | -0.4% |
| Amounts receivable after more than one year | 29 | €100,000 | €100,000 | = | 0.0% |
| Other amounts receivable | 291 | €100,000 | €100,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €149,017 | €77,381 | -€71,637 | -48.1% |
| Trade receivables | 40 | €21,357 | €2,178 | -€19,179 | -89.8% |
| Other amounts receivable | 41 | €127,661 | €75,203 | -€52,458 | -41.1% |
| Cash at bank and in hand | 54/58 | €22,995 | €94,716 | +€71,720 | +311.9% |
| Deferred charges and accrued income | 490/1 | €1,521 | €313 | -€1,208 | -79.4% |
| Total equity and liabilities | 10/49 | €292,476 | €282,038 | -€10,438 | -3.6% |
| Equity | 10/15 | €201,379 | €235,762 | +€34,382 | +17.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €204,695 | €238,653 | +€33,958 | +16.6% |
| Distributable reserves | 133 | €204,695 | €238,653 | +€33,958 | +16.6% |
| Profit (loss) carried forward | 14 | -€21,916 | -€21,492 | +€424 | +1.9% |
| Amounts payable | 17/49 | €91,097 | €46,277 | -€44,820 | -49.2% |
| Amounts payable after more than one year | 17 | €16,318 | €7,147 | -€9,171 | -56.2% |
| Financial debts | 170/4 | €16,318 | €7,147 | -€9,171 | -56.2% |
| Amounts payable within one year | 42/48 | €74,778 | €39,129 | -€35,649 | -47.7% |
| Current portion of amounts payable after more than one year | 42 | €8,778 | €9,171 | +€393 | +4.5% |
| Trade debts | 44 | €11,566 | €4,650 | -€6,916 | -59.8% |
| Suppliers | 440/4 | €11,566 | €4,650 | -€6,916 | -59.8% |
| Taxes, remuneration and social security | 45 | €54,434 | €25,308 | -€29,126 | -53.5% |
| Taxes | 450/3 | €54,434 | €25,308 | -€29,126 | -53.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,124 | €9,313 | -€811 | -8.0% |
| Other operating charges | 640/8 | €1,869 | €1,445 | -€424 | -22.7% |
| Gross operating margin | 9900 | €71,925 | €94,626 | +€22,701 | +31.6% |
| Operating profit (loss) | 9901 | €59,932 | €83,868 | +€23,935 | +39.9% |
| Financial income | 75/76B | €15 | €172 | +€157 | +1066.0% |
| Recurring financial income | 75 | €15 | €172 | +€157 | +1066.0% |
| Financial charges | 65/66B | €4,999 | €3,773 | -€1,226 | -24.5% |
| Recurring financial charges | 65 | €4,999 | €3,773 | -€1,226 | -24.5% |
| Profit (loss) for the period before taxes | 9903 | €54,948 | €80,266 | +€25,318 | +46.1% |
| Income taxes | 67/77 | €18,500 | €26,842 | +€8,343 | +45.1% |
| Profit (loss) for the period | 9904 | €36,449 | €53,424 | +€16,975 | +46.6% |
| Profit (loss) for the period to be appropriated | 9905 | €36,449 | €53,424 | +€16,975 | +46.6% |
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.