VECON: 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.
VECON
Largest movements
- Current investments -€51,135
down €51,135 (-73.8%), from €69,245 to €18,109
- Tangible fixed assets -€7,551
down €7,551 (-43.5%), from €17,355 to €9,803
of which Furniture and vehicles: -€6,700
- Stocks and contracts -€7,148
down €7,148 (-26.2%), from €27,271 to €20,123
- Financial fixed assets +€3,750
up €3,750 (+166.7%), from €2,250 to €6,000
- Receivables within one year +€2,092
up €2,092 (+27.3%), from €7,664 to €9,755
of which Trade receivables: +€1,159
- Profit (loss) carried forward -€44,297
down €44,297 (-44.2%), from -€100,131 to -€144,428
- Trade debts -€7,692
down €7,692 (-74.8%), from €10,280 to €2,588
- Other debts -€4,494
down €4,494 (-19.7%), from €22,764 to €18,270
- Tax, wage and social debts -€3,500
no longer reported in 2025 (was €3,500)
- Gross operating margin +€21,476
up €21,476 (+37.3%), from -€57,554 to -€36,078
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.
Cash bridge derived
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 | €123,961 | €63,978 | -€59,983 | -48.4% |
| Fixed assets | 21/28 | €19,605 | €15,803 | -€3,801 | -19.4% |
| Tangible fixed assets | 22/27 | €17,355 | €9,803 | -€7,551 | -43.5% |
| Plant, machinery and equipment | 23 | €3,496 | €2,644 | -€851 | -24.4% |
| Furniture and vehicles | 24 | €13,859 | €7,159 | -€6,700 | -48.3% |
| Financial fixed assets | 28 | €2,250 | €6,000 | +€3,750 | +166.7% |
| Current assets | 29/58 | €104,356 | €48,175 | -€56,181 | -53.8% |
| Stocks and contracts in progress | 3 | €27,271 | €20,123 | -€7,148 | -26.2% |
| Stocks | 30/36 | €27,271 | €20,123 | -€7,148 | -26.2% |
| Amounts receivable within one year | 40/41 | €7,664 | €9,755 | +€2,092 | +27.3% |
| Trade receivables | 40 | €5,824 | €6,983 | +€1,159 | +19.9% |
| Other amounts receivable | 41 | €1,840 | €2,772 | +€932 | +50.7% |
| Current investments | 50/53 | €69,245 | €18,109 | -€51,135 | -73.8% |
| Deferred charges and accrued income | 490/1 | €177 | €187 | +€10 | +5.6% |
| Total equity and liabilities | 10/49 | €123,961 | €63,978 | -€59,983 | -48.4% |
| Equity | 10/15 | €86,177 | €41,880 | -€44,297 | -51.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €124,308 | €124,308 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €118,108 | €118,108 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€100,131 | -€144,428 | -€44,297 | -44.2% |
| Amounts payable | 17/49 | €37,784 | €22,098 | -€15,685 | -41.5% |
| Amounts payable within one year | 42/48 | €36,544 | €20,859 | -€15,685 | -42.9% |
| Trade debts | 44 | €10,280 | €2,588 | -€7,692 | -74.8% |
| Suppliers | 440/4 | €10,280 | €2,588 | -€7,692 | -74.8% |
| Taxes, remuneration and social security | 45 | €3,500 | - | -€3,500 | |
| Taxes | 450/3 | €3,500 | - | -€3,500 | |
| Other amounts payable | 47/48 | €22,764 | €18,270 | -€4,494 | -19.7% |
| Accrued charges and deferred income | 492/3 | €1,239 | €1,239 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,461 | €7,551 | +€91 | +1.2% |
| Other operating charges | 640/8 | €473 | €185 | -€287 | -60.8% |
| Gross operating margin | 9900 | -€57,554 | -€36,078 | +€21,476 | +37.3% |
| Operating profit (loss) | 9901 | -€65,487 | -€43,814 | +€21,672 | +33.1% |
| Financial income | 75/76B | - | €501 | +€501 | |
| Recurring financial income | 75 | - | €501 | +€501 | |
| Financial charges | 65/66B | €1,062 | €984 | -€78 | -7.3% |
| Recurring financial charges | 65 | €1,062 | €984 | -€78 | -7.3% |
| Profit (loss) for the period before taxes | 9903 | -€66,548 | -€44,297 | +€22,251 | +33.4% |
| Profit (loss) for the period | 9904 | -€66,548 | -€44,297 | +€22,251 | +33.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€66,548 | -€44,297 | +€22,251 | +33.4% |
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.