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
- Receivables after one year +€42,000
up €42,000 (+23.9%), from €176,000 to €218,000
- Current investments -€36,892
no longer reported in 2025 (was €36,892)
- Tangible fixed assets -€31,356
down €31,356 (-4.3%), from €736,539 to €705,183
of which Leasing and similar rights: -€23,385
- Deferred charges and accrued income +€18,413
up €18,413 (+128%), from €14,439 to €32,852
- Trade debts +€53,638
up €53,638 (+901%), from €5,955 to €59,593
- Debts after one year -€52,406
down €52,406 (-9.2%), from €568,866 to €516,460
of which Financial debts: -€38,406
- Financial charges +€34,595
up €34,595 (+186%), from €18,614 to €53,208
of which Non-recurring financial charges: +€36,892
- Gross operating margin +€7,133
up €7,133 (+7.3%), from €97,599 to €104,732
- Financial income +€1,274
up €1,274 (+75.3%), from €1,693 to €2,967
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €964,313 | €956,065 | -€8,248 | -0.9% |
| Fixed assets | 21/28 | €736,539 | €705,183 | -€31,356 | -4.3% |
| Tangible fixed assets | 22/27 | €736,539 | €705,183 | -€31,356 | -4.3% |
| Plant, machinery and equipment | 23 | €95,308 | €88,923 | -€6,385 | -6.7% |
| Furniture and vehicles | 24 | €2,041 | €455 | -€1,586 | -77.7% |
| Leasing and similar rights | 25 | €639,190 | €615,805 | -€23,385 | -3.7% |
| Current assets | 29/58 | €227,774 | €250,882 | +€23,108 | +10.1% |
| Amounts receivable after more than one year | 29 | €176,000 | €218,000 | +€42,000 | +23.9% |
| Other amounts receivable | 291 | €176,000 | €218,000 | +€42,000 | +23.9% |
| Amounts receivable within one year | 40/41 | €443 | €30 | -€413 | -93.2% |
| Trade receivables | 40 | €443 | €25 | -€418 | -94.4% |
| Other amounts receivable | 41 | - | €5 | +€5 | |
| Current investments | 50/53 | €36,892 | - | -€36,892 | |
| Deferred charges and accrued income | 490/1 | €14,439 | €32,852 | +€18,413 | +128% |
| Total equity and liabilities | 10/49 | €964,313 | €956,065 | -€8,248 | -0.9% |
| Equity | 10/15 | €287,143 | €292,867 | +€5,724 | +2.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €274,743 | €280,467 | +€5,724 | +2.1% |
| Distributable reserves | 133 | €274,743 | €280,467 | +€5,724 | +2.1% |
| Amounts payable | 17/49 | €677,170 | €663,198 | -€13,972 | -2.1% |
| Amounts payable after more than one year | 17 | €568,866 | €516,460 | -€52,406 | -9.2% |
| Financial debts | 170/4 | €543,866 | €505,460 | -€38,406 | -7.1% |
| Other amounts payable | 178/9 | €25,000 | €11,000 | -€14,000 | -56.0% |
| Amounts payable within one year | 42/48 | €108,303 | €146,738 | +€38,434 | +35.5% |
| Current portion of amounts payable after more than one year | 42 | €44,505 | €38,406 | -€6,099 | -13.7% |
| Financial debts | 43 | €19,522 | €20,799 | +€1,277 | +6.5% |
| Credit institutions | 430/8 | €19,522 | €20,799 | +€1,277 | +6.5% |
| Trade debts | 44 | €5,955 | €59,593 | +€53,638 | +901% |
| Suppliers | 440/4 | €5,955 | €59,593 | +€53,638 | +901% |
| Taxes, remuneration and social security | 45 | €33,361 | €27,114 | -€6,247 | -18.7% |
| Taxes | 450/3 | €31,313 | €25,077 | -€6,237 | -19.9% |
| Remuneration and social security | 454/9 | €2,048 | €2,038 | -€10 | -0.5% |
| Other amounts payable | 47/48 | €4,961 | €826 | -€4,135 | -83.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,161 | €33,756 | -€405 | -1.2% |
| Other operating charges | 640/8 | €1,569 | €1,672 | +€103 | +6.6% |
| Gross operating margin | 9900 | €97,599 | €104,732 | +€7,133 | +7.3% |
| Operating profit (loss) | 9901 | €61,870 | €69,305 | +€7,435 | +12.0% |
| Financial income | 75/76B | €1,693 | €2,967 | +€1,274 | +75.3% |
| Recurring financial income | 75 | €1,693 | €2,967 | +€1,274 | +75.3% |
| Financial charges | 65/66B | €18,614 | €53,208 | +€34,595 | +186% |
| Recurring financial charges | 65 | €18,614 | €16,316 | -€2,297 | -12.3% |
| Non-recurring financial charges | 66B | - | €36,892 | +€36,892 | |
| Profit (loss) for the period before taxes | 9903 | €44,949 | €19,063 | -€25,886 | -57.6% |
| Income taxes | 67/77 | €13,783 | €13,340 | -€443 | -3.2% |
| Profit (loss) for the period | 9904 | €31,166 | €5,724 | -€25,442 | -81.6% |
| Profit (loss) for the period to be appropriated | 9905 | €31,166 | €5,724 | -€25,442 | -81.6% |
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 15 October 2026 via checked.be.