VECOE: 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.
VECOE
Largest movements
- Receivables within one year +€14,392
up €14,392 (+15.2%), from €94,559 to €108,951
of which Trade receivables: +€12,510
- Cash +€5,640
up €5,640 (+9.1%), from €61,732 to €67,371
mainly Net result for the year (+€22,793) and Depreciation (+€22,128)
- Tangible fixed assets +€3,372
up €3,372 (+6.7%), from €49,962 to €53,334
- Profit (loss) carried forward +€22,793
up €22,793 (+14.1%), from €162,076 to €184,869
- Trade debts +€12,939
up €12,939 (+98.7%), from €13,106 to €26,045
of which Suppliers: +€12,612
- Tax, wage and social debts -€11,257
down €11,257 (-51.3%), from €21,938 to €10,681
- Gross operating margin -€47,914
down €47,914 (-44.6%), from €107,534 to €59,620
- Taxes -€14,296
down €14,296 (-65.2%), from €21,938 to €7,643
- Depreciation +€2,361
up €2,361 (+11.9%), from €19,767 to €22,128
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €206,252 | €229,656 | +€23,403 | +11.3% |
| Fixed assets | 21/28 | €49,962 | €53,334 | +€3,372 | +6.7% |
| Tangible fixed assets | 22/27 | €49,962 | €53,334 | +€3,372 | +6.7% |
| Furniture and vehicles | 24 | €49,962 | €53,334 | +€3,372 | +6.7% |
| Current assets | 29/58 | €156,290 | €176,322 | +€20,032 | +12.8% |
| Amounts receivable within one year | 40/41 | €94,559 | €108,951 | +€14,392 | +15.2% |
| Trade receivables | 40 | €72,188 | €84,699 | +€12,510 | +17.3% |
| Other amounts receivable | 41 | €22,370 | €24,252 | +€1,882 | +8.4% |
| Cash at bank and in hand | 54/58 | €61,732 | €67,371 | +€5,640 | +9.1% |
| Total equity and liabilities | 10/49 | €206,252 | €229,656 | +€23,403 | +11.3% |
| Equity | 10/15 | €170,136 | €192,929 | +€22,793 | +13.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €162,076 | €184,869 | +€22,793 | +14.1% |
| Amounts payable | 17/49 | €36,116 | €36,726 | +€610 | +1.7% |
| Amounts payable within one year | 42/48 | €36,116 | €36,726 | +€610 | +1.7% |
| Trade debts | 44 | €13,106 | €26,045 | +€12,939 | +98.7% |
| Suppliers | 440/4 | €12,756 | €25,368 | +€12,612 | +98.9% |
| Bills of exchange payable | 441 | €350 | €678 | +€328 | +93.6% |
| Taxes, remuneration and social security | 45 | €21,938 | €10,681 | -€11,257 | -51.3% |
| Taxes | 450/3 | €21,938 | €10,681 | -€11,257 | -51.3% |
| Other amounts payable | 47/48 | €1,072 | - | -€1,072 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,767 | €22,128 | +€2,361 | +11.9% |
| Other operating charges | 640/8 | €6,859 | €6,946 | +€87 | +1.3% |
| Gross operating margin | 9900 | €107,534 | €59,620 | -€47,914 | -44.6% |
| Operating profit (loss) | 9901 | €80,908 | €30,546 | -€50,362 | -62.2% |
| Financial income | 75/76B | €239 | €0 | -€239 | -100.0% |
| Recurring financial income | 75 | €239 | €0 | -€239 | -100.0% |
| Financial charges | 65/66B | €163 | €110 | -€53 | -32.5% |
| Recurring financial charges | 65 | €163 | €110 | -€53 | -32.5% |
| Profit (loss) for the period before taxes | 9903 | €80,984 | €30,436 | -€50,548 | -62.4% |
| Income taxes | 67/77 | €21,938 | €7,643 | -€14,296 | -65.2% |
| Profit (loss) for the period | 9904 | €59,045 | €22,793 | -€36,252 | -61.4% |
| Profit (loss) for the period to be appropriated | 9905 | €59,045 | €22,793 | -€36,252 | -61.4% |
Source: filed annual accounts (NBB), financial years ended 30 April 2023 and 30 April 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.