VECOFAM: 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
VECOFAM
NACE 77.110, Renting and leasing of cars and light motor vehicles
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€492,972
2024 · €308,009+€184,963
Equity
€13.2m
2024 · €13.3m-€88,293
Cash
€92,322
2024 · €209,540-€117,218
Balance sheet total
€23.3m
2024 · €25.2m-€1.9m
Largest movements
Assets
- Receivables after one year -€2.3m
down €2.3m (-10.2%), from €22.1m to €19.8m
Equity and liabilities
- Debts after one year -€1.7m
down €1.7m (-15.2%), from €11.2m to €9.5m
Income statement
- Financial income +€191,764
up €191,764 (+21.4%), from €896,656 to €1.1m
- Depreciation +€83,668
up €83,668 (+23.9%), from €349,535 to €433,203
- Gross operating margin +€68,500
up €68,500 (+18.5%), from €371,207 to €439,707
- Financial charges -€38,209
down €38,209 (-8.0%), from €477,927 to €439,719
- Taxes +€31,684
up €31,684 (+25.1%), from €126,083 to €157,767
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
€308,009
Gross operating margin
+€68,500
Depreciation
-€83,668
Other operating charges
+€1,842
Financial income
+€191,764
Financial charges
+€38,209
Taxes
-€31,684
Result 2025
€492,972
raises the resultlowers the result
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.
From operations
+€2.8m
Investment
-€648,306
Financing
-€2.3m
Cash 2024
€209,540
From operations (derived)
+€2.8m
Net result for the year
+€492,972
Depreciation
+€433,203
Receivables after one year
+€2.3m
Receivables within one year
-€102,953
Deferred charges and accrued income
-€191,684
Trade debts
+€4,735
Tax, wage and social debts
-€104,570
Other debts
+€59,265
Accrued charges and deferred income
-€38,614
Investment (derived)
-€648,306
Investment in fixed assets (net)
-€648,306
Financing
-€2.3m
Debts after one year
-€1.7m
Contributions, distributions and other
-€581,265
Cash 2025
€92,322
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €25,157,405 | €23,289,928 | -€1.9m | -7.4% |
| Fixed assets | 21/28 | €1,857,587 | €2,072,690 | +€215,104 | +11.6% |
| Tangible fixed assets | 22/27 | €1,857,587 | €2,072,690 | +€215,104 | +11.6% |
| Plant, machinery and equipment | 23 | €429,496 | €352,871 | -€76,625 | -17.8% |
| Furniture and vehicles | 24 | €1,428,091 | €1,719,820 | +€291,729 | +20.4% |
| Current assets | 29/58 | €23,299,818 | €21,217,238 | -€2.1m | -8.9% |
| Amounts receivable after more than one year | 29 | €22,080,000 | €19,820,000 | -€2.3m | -10.2% |
| Other amounts receivable | 291 | €22,080,000 | €19,820,000 | -€2.3m | -10.2% |
| Amounts receivable within one year | 40/41 | €113,542 | €216,496 | +€102,953 | +90.7% |
| Trade receivables | 40 | €113,542 | €192,906 | +€79,363 | +69.9% |
| Other amounts receivable | 41 | - | €23,590 | +€23,590 | |
| Cash at bank and in hand | 54/58 | €209,540 | €92,322 | -€117,218 | -55.9% |
| Deferred charges and accrued income | 490/1 | €896,736 | €1,088,420 | +€191,684 | +21.4% |
| Total equity and liabilities | 10/49 | €25,157,405 | €23,289,928 | -€1.9m | -7.4% |
| Equity | 10/15 | €13,251,107 | €13,162,814 | -€88,293 | -0.7% |
| Contributions | 10/11 | €12,500,000 | €12,500,000 | = | 0.0% |
| Capital | 10 | €12,500,000 | €12,500,000 | = | 0.0% |
| Issued capital | 100 | €12,500,000 | €12,500,000 | = | 0.0% |
| Reserves | 13 | €751,000 | €662,814 | -€88,186 | -11.7% |
| Non-distributable reserves | 130/1 | €638,165 | €662,814 | +€24,649 | +3.9% |
| Legal reserve | 130 | €38,165 | €62,814 | +€24,649 | +64.6% |
| Other | 1319 | €600,000 | €600,000 | = | 0.0% |
| Distributable reserves | 133 | €112,835 | - | -€112,835 | |
| Profit (loss) carried forward | 14 | €107 | - | -€107 | |
| Amounts payable | 17/49 | €11,906,298 | €10,127,114 | -€1.8m | -14.9% |
| Amounts payable after more than one year | 17 | €11,150,000 | €9,450,000 | -€1.7m | -15.2% |
| Financial debts | 170/4 | €11,150,000 | €9,450,000 | -€1.7m | -15.2% |
| Amounts payable within one year | 42/48 | €278,018 | €237,449 | -€40,570 | -14.6% |
| Trade debts | 44 | €15,848 | €20,583 | +€4,735 | +29.9% |
| Suppliers | 440/4 | €15,848 | €20,583 | +€4,735 | +29.9% |
| Taxes, remuneration and social security | 45 | €252,170 | €147,600 | -€104,570 | -41.5% |
| Taxes | 450/3 | €249,381 | €144,811 | -€104,570 | -41.9% |
| Remuneration and social security | 454/9 | €2,789 | €2,789 | = | 0.0% |
| Other amounts payable | 47/48 | €10,000 | €69,265 | +€59,265 | +593% |
| Accrued charges and deferred income | 492/3 | €478,279 | €439,666 | -€38,614 | -8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €349,535 | €433,203 | +€83,668 | +23.9% |
| Other operating charges | 640/8 | €6,308 | €4,466 | -€1,842 | -29.2% |
| Gross operating margin | 9900 | €371,207 | €439,707 | +€68,500 | +18.5% |
| Operating profit (loss) | 9901 | €15,364 | €2,038 | -€13,326 | -86.7% |
| Financial income | 75/76B | €896,656 | €1,088,420 | +€191,764 | +21.4% |
| Recurring financial income | 75 | €896,656 | €1,088,420 | +€191,764 | +21.4% |
| Financial charges | 65/66B | €477,927 | €439,719 | -€38,209 | -8.0% |
| Recurring financial charges | 65 | €477,927 | €439,719 | -€38,209 | -8.0% |
| Profit (loss) for the period before taxes | 9903 | €434,092 | €650,740 | +€216,647 | +49.9% |
| Income taxes | 67/77 | €126,083 | €157,767 | +€31,684 | +25.1% |
| Profit (loss) for the period | 9904 | €308,009 | €492,972 | +€184,963 | +60.1% |
| Profit (loss) for the period to be appropriated | 9905 | €308,009 | €492,972 | +€184,963 | +60.1% |
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 30 October 2026 via checked.be.