VECOMAX: 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.
VECOMAX
Largest movements
- Tangible fixed assets -€20,649
down €20,649 (-7.4%), from €277,924 to €257,275
of which Land and buildings: -€14,347
- Receivables within one year -€13,361
down €13,361 (-99.8%), from €13,391 to €30
of which Other amounts receivable: -€8,421
- Provisions +€104,000
new in 2025: €104,000
- Profit (loss) carried forward -€96,722
down €96,722, from €21,633 to -€75,089
- Debts after one year -€22,078
down €22,078 (-7.5%), from €295,291 to €273,213
- Tax, wage and social debts -€11,798
down €11,798 (-65.1%), from €18,119 to €6,321
- Other debts -€5,280
down €5,280 (-38.8%), from €13,596 to €8,316
- Provisions +€104,000
new in 2025: €104,000
- Gross operating margin +€3,460
up €3,460 (+8.9%), from €38,827 to €42,288
- Taxes -€2,847
down €2,847 (-93.9%), from €3,033 to €186
- Financial charges +€1,822
up €1,822 (+22.2%), from €8,202 to €10,023
- Other operating charges +€1,013
up €1,013 (+30.1%), from €3,362 to €4,375
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 | €397,131 | €363,446 | -€33,685 | -8.5% |
| Fixed assets | 21/28 | €281,474 | €260,825 | -€20,649 | -7.3% |
| Tangible fixed assets | 22/27 | €277,924 | €257,275 | -€20,649 | -7.4% |
| Land and buildings | 22 | €269,497 | €255,151 | -€14,347 | -5.3% |
| Furniture and vehicles | 24 | €2,361 | €2,125 | -€236 | -10.0% |
| Other tangible fixed assets | 26 | €6,066 | €0 | -€6,066 | -100% |
| Financial fixed assets | 28 | €3,550 | €3,550 | = | 0.0% |
| Current assets | 29/58 | €115,656 | €102,620 | -€13,036 | -11.3% |
| Amounts receivable after more than one year | 29 | €100,000 | €100,000 | = | 0.0% |
| Other amounts receivable | 291 | €100,000 | €100,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €13,391 | €30 | -€13,361 | -99.8% |
| Trade receivables | 40 | €4,939 | €0 | -€4,939 | -100% |
| Other amounts receivable | 41 | €8,451 | €30 | -€8,421 | -99.6% |
| Cash at bank and in hand | 54/58 | €2,001 | €1 | -€2,000 | -100.0% |
| Deferred charges and accrued income | 490/1 | €264 | €2,590 | +€2,325 | +879% |
| Total equity and liabilities | 10/49 | €397,131 | €363,446 | -€33,685 | -8.5% |
| Equity | 10/15 | €35,693 | -€61,029 | -€96,722 | |
| Contributions | 10/11 | €12,200 | €12,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €21,633 | -€75,089 | -€96,722 | |
| Provisions and deferred taxes | 16 | - | €104,000 | +€104,000 | |
| Provisions for liabilities and charges | 160/5 | - | €104,000 | +€104,000 | |
| Other liabilities and charges | 164/5 | - | €104,000 | +€104,000 | |
| Amounts payable | 17/49 | €361,437 | €320,475 | -€40,963 | -11.3% |
| Amounts payable after more than one year | 17 | €295,291 | €273,213 | -€22,078 | -7.5% |
| Financial debts | 170/4 | €295,291 | €273,213 | -€22,078 | -7.5% |
| Amounts payable within one year | 42/48 | €66,146 | €45,095 | -€21,051 | -31.8% |
| Current portion of amounts payable after more than one year | 42 | €21,563 | €20,498 | -€1,065 | -4.9% |
| Financial debts | 43 | €10,931 | €6,660 | -€4,271 | -39.1% |
| Credit institutions | 430/8 | €10,931 | €6,660 | -€4,271 | -39.1% |
| Trade debts | 44 | €1,937 | €3,300 | +€1,364 | +70.4% |
| Suppliers | 440/4 | €1,937 | €3,300 | +€1,364 | +70.4% |
| Taxes, remuneration and social security | 45 | €18,119 | €6,321 | -€11,798 | -65.1% |
| Taxes | 450/3 | €18,119 | €6,321 | -€11,798 | -65.1% |
| Other amounts payable | 47/48 | €13,596 | €8,316 | -€5,280 | -38.8% |
| Accrued charges and deferred income | 492/3 | €0 | €2,167 | +€2,167 | |
| Remuneration, social security and pensions | 62 | €1,714 | €1,540 | -€174 | -10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,553 | €21,736 | +€183 | +0.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €104,000 | +€104,000 | |
| Other operating charges | 640/8 | €3,362 | €4,375 | +€1,013 | +30.1% |
| Gross operating margin | 9900 | €38,827 | €42,288 | +€3,460 | +8.9% |
| Operating profit (loss) | 9901 | €12,198 | -€89,363 | -€101,561 | |
| Financial income | 75/76B | €2,850 | €2,850 | = | 0.0% |
| Recurring financial income | 75 | €2,850 | €2,850 | = | 0.0% |
| Financial charges | 65/66B | €8,202 | €10,023 | +€1,822 | +22.2% |
| Recurring financial charges | 65 | €8,202 | €10,023 | +€1,822 | +22.2% |
| Profit (loss) for the period before taxes | 9903 | €6,847 | -€96,536 | -€103,383 | |
| Income taxes | 67/77 | €3,033 | €186 | -€2,847 | -93.9% |
| Profit (loss) for the period | 9904 | €3,813 | -€96,722 | -€100,536 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,813 | -€96,722 | -€100,536 |
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 14 October 2026 via checked.be.