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 -€98,385
down €98,385 (-60.6%), from €162,453 to €64,069
mainly Contributions, distributions and other (-€91,040) and Current investments (-€59,650)
- Current investments +€59,650
up €59,650 (+161%), from €37,000 to €96,650
- Receivables within one year -€45,757
down €45,757 (-88.7%), from €51,587 to €5,830
of which Trade receivables: -€50,000
- Reserves -€80,929
down €80,929 (-24.1%), from €335,944 to €255,015
- Tax, wage and social debts -€21,396
down €21,396 (-59.9%), from €35,704 to €14,308
of which Taxes: -€21,396
- Trade debts +€14,120
up €14,120 (+655%), from €2,156 to €16,276
- Financial income -€152,441
down €152,441 (-99.7%), from €152,882 to €441
of which Financial income: -€143,011
- Taxes -€17,921
down €17,921 (-74.5%), from €24,067 to €6,146
- Gross operating margin -€6,144
down €6,144 (-23.2%), from €26,523 to €20,379
- Depreciation -€2,256
down €2,256 (-40.7%), from €5,540 to €3,283
- Other operating charges +€552
up €552 (+96.6%), from €572 to €1,124
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 | €380,320 | €295,636 | -€84,684 | -22.3% |
| Fixed assets | 21/28 | €129,054 | €129,088 | +€34 | 0.0% |
| Tangible fixed assets | 22/27 | €7,646 | €7,680 | +€34 | +0.4% |
| Furniture and vehicles | 24 | €7,646 | €7,680 | +€34 | +0.4% |
| Financial fixed assets | 28 | €121,408 | €121,408 | = | 0.0% |
| Current assets | 29/58 | €251,266 | €166,548 | -€84,718 | -33.7% |
| Amounts receivable within one year | 40/41 | €51,587 | €5,830 | -€45,757 | -88.7% |
| Trade receivables | 40 | €50,000 | - | -€50,000 | |
| Other amounts receivable | 41 | €1,587 | €5,830 | +€4,243 | +267% |
| Current investments | 50/53 | €37,000 | €96,650 | +€59,650 | +161% |
| Cash at bank and in hand | 54/58 | €162,453 | €64,069 | -€98,385 | -60.6% |
| Deferred charges and accrued income | 490/1 | €227 | - | -€227 | |
| Total equity and liabilities | 10/49 | €380,320 | €295,636 | -€84,684 | -22.3% |
| Equity | 10/15 | €342,144 | €261,215 | -€80,929 | -23.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €335,944 | €255,015 | -€80,929 | -24.1% |
| Distributable reserves | 133 | €335,944 | €255,015 | -€80,929 | -24.1% |
| Amounts payable | 17/49 | €38,177 | €34,422 | -€3,755 | -9.8% |
| Amounts payable within one year | 42/48 | €38,177 | €34,422 | -€3,755 | -9.8% |
| Trade debts | 44 | €2,156 | €16,276 | +€14,120 | +655% |
| Suppliers | 440/4 | €2,156 | €16,276 | +€14,120 | +655% |
| Taxes, remuneration and social security | 45 | €35,704 | €14,308 | -€21,396 | -59.9% |
| Taxes | 450/3 | €32,151 | €10,755 | -€21,396 | -66.5% |
| Remuneration and social security | 454/9 | €3,553 | €3,553 | = | 0.0% |
| Other amounts payable | 47/48 | €317 | €3,837 | +€3,520 | +1,112% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,540 | €3,283 | -€2,256 | -40.7% |
| Other operating charges | 640/8 | €572 | €1,124 | +€552 | +96.6% |
| Gross operating margin | 9900 | €26,523 | €20,379 | -€6,144 | -23.2% |
| Operating profit (loss) | 9901 | €20,412 | €15,972 | -€4,440 | -21.8% |
| Financial income | 75/76B | €152,882 | €441 | -€152,441 | -99.7% |
| Recurring financial income | 75 | €143,451 | €441 | -€143,011 | -99.7% |
| Non-recurring financial income | 76B | €9,431 | - | -€9,431 | |
| Financial charges | 65/66B | €169 | €156 | -€13 | -7.8% |
| Recurring financial charges | 65 | €169 | €156 | -€13 | -7.8% |
| Profit (loss) for the period before taxes | 9903 | €173,125 | €16,257 | -€156,868 | -90.6% |
| Income taxes | 67/77 | €24,067 | €6,146 | -€17,921 | -74.5% |
| Profit (loss) for the period | 9904 | €149,058 | €10,111 | -€138,946 | -93.2% |
| Profit (loss) for the period to be appropriated | 9905 | €149,058 | €10,111 | -€138,946 | -93.2% |
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 16 October 2026 via checked.be.