VECO: 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.
VECO
Largest movements
- Cash -€15,374
down €15,374 (-47.5%), from €32,335 to €16,961
mainly Tax, wage and social debts (-€24,497) and Receivables within one year (-€11,583)
- Receivables within one year +€11,583
up €11,583 (+26.7%), from €43,339 to €54,922
of which Other amounts receivable: +€30,005
- Current investments -€4,077
down €4,077 (-20.4%), from €19,969 to €15,891
- Deferred charges and accrued income -€2,338
down €2,338 (-12.3%), from €19,027 to €16,689
- Tax, wage and social debts -€24,497
down €24,497 (-69.9%), from €35,033 to €10,536
- Reserves +€14,428
up €14,428 (+18.3%), from €78,756 to €93,185
- Gross operating margin -€66,802
down €66,802 (-79.3%), from €84,213 to €17,411
- Taxes -€15,807
down €15,807 (-74.8%), from €21,141 to €5,334
- Financial income +€2,863
up €2,863 (+626.3%), from €457 to €3,320
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 | €117,902 | €107,365 | -€10,537 | -8.9% |
| Fixed assets | 21/28 | €3,232 | €2,902 | -€330 | -10.2% |
| Tangible fixed assets | 22/27 | €3,232 | €2,902 | -€330 | -10.2% |
| Other tangible fixed assets | 26 | €3,232 | €2,902 | -€330 | -10.2% |
| Current assets | 29/58 | €114,669 | €104,463 | -€10,207 | -8.9% |
| Amounts receivable within one year | 40/41 | €43,339 | €54,922 | +€11,583 | +26.7% |
| Trade receivables | 40 | €18,422 | €0 | -€18,422 | -100.0% |
| Other amounts receivable | 41 | €24,917 | €54,922 | +€30,005 | +120.4% |
| Current investments | 50/53 | €19,969 | €15,891 | -€4,077 | -20.4% |
| Cash at bank and in hand | 54/58 | €32,335 | €16,961 | -€15,374 | -47.5% |
| Deferred charges and accrued income | 490/1 | €19,027 | €16,689 | -€2,338 | -12.3% |
| Total equity and liabilities | 10/49 | €117,902 | €107,365 | -€10,537 | -8.9% |
| Equity | 10/15 | €81,756 | €96,185 | +€14,428 | +17.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €78,756 | €93,185 | +€14,428 | +18.3% |
| Distributable reserves | 133 | €78,756 | €93,185 | +€14,428 | +18.3% |
| Amounts payable | 17/49 | €36,145 | €11,180 | -€24,965 | -69.1% |
| Amounts payable within one year | 42/48 | €36,145 | €11,180 | -€24,965 | -69.1% |
| Trade debts | 44 | €1,113 | €645 | -€468 | -42.1% |
| Suppliers | 440/4 | €1,113 | €645 | -€468 | -42.1% |
| Taxes, remuneration and social security | 45 | €35,033 | €10,536 | -€24,497 | -69.9% |
| Taxes | 450/3 | €35,033 | €10,536 | -€24,497 | -69.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68 | €330 | +€262 | +388.0% |
| Other operating charges | 640/8 | €932 | €635 | -€297 | -31.9% |
| Gross operating margin | 9900 | €84,213 | €17,411 | -€66,802 | -79.3% |
| Operating profit (loss) | 9901 | €83,213 | €16,446 | -€66,768 | -80.2% |
| Financial income | 75/76B | €457 | €3,320 | +€2,863 | +626.3% |
| Recurring financial income | 75 | €457 | €3,320 | +€2,863 | +626.3% |
| Financial charges | 65/66B | - | €3 | +€3 | |
| Recurring financial charges | 65 | - | €3 | +€3 | |
| Profit (loss) for the period before taxes | 9903 | €83,671 | €19,763 | -€63,908 | -76.4% |
| Income taxes | 67/77 | €21,141 | €5,334 | -€15,807 | -74.8% |
| Profit (loss) for the period | 9904 | €62,529 | €14,428 | -€48,101 | -76.9% |
| Profit (loss) for the period to be appropriated | 9905 | €62,529 | €14,428 | -€48,101 | -76.9% |
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 9 October 2026 via checked.be.