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.
What changed
VECO
NACE 20.150, Manufacture of chemicals and chemical products
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€373,137
2024 · €478,423-€105,286
Equity
€6.1m
2024 · €5.7m+€373,137
Cash
€94,846
2024 · €61,217+€33,629
Balance sheet total
€8.5m
2024 · €11.5m-€2.9m
Largest movements
Assets
- Receivables within one year -€2.4m
down €2.4m (-30.8%), from €7.9m to €5.5m
of which Other amounts receivable: -€2.3m
- Tangible fixed assets -€529,727
down €529,727 (-15.6%), from €3.4m to €2.9m
of which Land and buildings: -€282,655
Equity and liabilities
- Trade debts -€3.2m
down €3.2m (-74.5%), from €4.3m to €1.1m
- Profit (loss) carried forward +€373,137
up €373,137 (+6.6%), from €5.7m to €6.1m
Income statement
- Gross operating margin -€113,225
down €113,225 (-6.2%), from €1.8m to €1.7m
- Staff costs +€57,272
up €57,272 (+12.1%), from €473,557 to €530,829
- Taxes -€32,925
down €32,925 (-20.3%), from €162,387 to €129,462
- Depreciation -€24,318
down €24,318 (-4.1%), from €592,670 to €568,353
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.
Result 2024
€478,423
Gross operating margin
-€113,225
Staff costs
-€57,272
Depreciation
+€24,318
Other operating charges
-€5,395
Other operating items
+€250
Financial income
+€9,113
Financial charges
+€4,000
Taxes
+€32,925
Result 2025
€373,137
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.
From operations
+€200,278
Investment
-€38,626
Financing
-€128,023
Cash 2024
€61,217
From operations (derived)
+€200,278
Net result for the year
+€373,137
Depreciation
+€568,353
Stocks and contracts
-€14,700
Receivables within one year
+€2.4m
Smaller working-capital items
-€960
Trade debts
-€3.2m
Tax, wage and social debts
+€10,374
Accrued charges and deferred income
+€45,581
Investment (derived)
-€38,626
Investment in fixed assets (net)
-€38,626
Financing
-€128,023
Debts after one year
-€79,677
Current portion of long-term debt
-€48,346
Cash 2025
€94,846
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,453,270 | €8,539,109 | -€2.9m | -25.4% |
| Fixed assets | 21/28 | €3,412,955 | €2,883,228 | -€529,727 | -15.5% |
| Tangible fixed assets | 22/27 | €3,406,288 | €2,876,561 | -€529,727 | -15.6% |
| Land and buildings | 22 | €2,524,510 | €2,241,855 | -€282,655 | -11.2% |
| Plant, machinery and equipment | 23 | €473,120 | €339,751 | -€133,369 | -28.2% |
| Furniture and vehicles | 24 | €114,944 | €97,799 | -€17,145 | -14.9% |
| Leasing and similar rights | 25 | €293,715 | €197,157 | -€96,558 | -32.9% |
| Financial fixed assets | 28 | €6,667 | €6,667 | = | 0.0% |
| Current assets | 29/58 | €8,040,315 | €5,655,881 | -€2.4m | -29.7% |
| Stocks and contracts in progress | 3 | €77,574 | €92,274 | +€14,700 | +18.9% |
| Stocks | 30/36 | €77,574 | €92,274 | +€14,700 | +18.9% |
| Amounts receivable within one year | 40/41 | €7,895,413 | €5,462,224 | -€2.4m | -30.8% |
| Trade receivables | 40 | €1,979,002 | €1,856,836 | -€122,166 | -6.2% |
| Other amounts receivable | 41 | €5,916,411 | €3,605,388 | -€2.3m | -39.1% |
| Cash at bank and in hand | 54/58 | €61,217 | €94,846 | +€33,629 | +54.9% |
| Deferred charges and accrued income | 490/1 | €6,111 | €6,537 | +€426 | +7.0% |
| Total equity and liabilities | 10/49 | €11,453,270 | €8,539,109 | -€2.9m | -25.4% |
| Equity | 10/15 | €5,704,049 | €6,077,186 | +€373,137 | +6.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,689,789 | €6,062,926 | +€373,137 | +6.6% |
| Investment grants | 15 | €0 | - | = | |
| Amounts payable | 17/49 | €5,749,221 | €2,461,923 | -€3.3m | -57.2% |
| Amounts payable after more than one year | 17 | €1,004,520 | €924,842 | -€79,677 | -7.9% |
| Financial debts | 170/4 | €1,004,520 | €924,842 | -€79,677 | -7.9% |
| Amounts payable within one year | 42/48 | €4,537,390 | €1,284,188 | -€3.3m | -71.7% |
| Current portion of amounts payable after more than one year | 42 | €133,338 | €84,992 | -€48,346 | -36.3% |
| Trade debts | 44 | €4,316,326 | €1,101,630 | -€3.2m | -74.5% |
| Suppliers | 440/4 | €4,316,326 | €1,101,630 | -€3.2m | -74.5% |
| Taxes, remuneration and social security | 45 | €87,193 | €97,567 | +€10,374 | +11.9% |
| Taxes | 450/3 | €15,324 | €22,324 | +€7,000 | +45.7% |
| Remuneration and social security | 454/9 | €71,869 | €75,242 | +€3,374 | +4.7% |
| Other amounts payable | 47/48 | €534 | €0 | -€534 | -100.0% |
| Accrued charges and deferred income | 492/3 | €207,311 | €252,892 | +€45,581 | +22.0% |
| Remuneration, social security and pensions | 62 | €473,557 | €530,829 | +€57,272 | +12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €592,670 | €568,353 | -€24,318 | -4.1% |
| Other operating charges | 640/8 | €53,332 | €58,727 | +€5,395 | +10.1% |
| Non-recurring operating charges | 66A | €250 | €0 | -€250 | -100.0% |
| Gross operating margin | 9900 | €1,813,827 | €1,700,602 | -€113,225 | -6.2% |
| Operating profit (loss) | 9901 | €694,018 | €542,693 | -€151,324 | -21.8% |
| Financial income | 75/76B | €1,303 | €10,417 | +€9,113 | +699.3% |
| Recurring financial income | 75 | €1,303 | €10,417 | +€9,113 | +699.3% |
| Financial charges | 65/66B | €54,511 | €50,511 | -€4,000 | -7.3% |
| Recurring financial charges | 65 | €54,511 | €50,511 | -€4,000 | -7.3% |
| Profit (loss) for the period before taxes | 9903 | €640,810 | €502,599 | -€138,211 | -21.6% |
| Income taxes | 67/77 | €162,387 | €129,462 | -€32,925 | -20.3% |
| Profit (loss) for the period | 9904 | €478,423 | €373,137 | -€105,286 | -22.0% |
| Profit (loss) for the period to be appropriated | 9905 | €478,423 | €373,137 | -€105,286 | -22.0% |
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.