VECON: what changed
Two fiscal 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
- Financial fixed assets +€237,446
up €237,446 (+84.2%), from €281,843 to €519,289
- Receivables within one year +€139,910
up €139,910 (+48.9%), from €286,117 to €426,027
of which Trade receivables: +€143,955
- Current investments -€88,254
down €88,254 (-94.1%), from €93,757 to €5,504
- Deferred charges and accrued income +€44,852
up €44,852 (+461.9%), from €9,710 to €54,562
- Cash +€11,104
up €11,104 (+152.9%), from €7,263 to €18,368
mainly Contributions, distributions and other (+€237,611) and Current investments (+€88,254)
- Revaluation surpluses +€232,295
up €232,295 (+477.6%), from €48,634 to €280,929
- Reserves +€84,577
up €84,577 (+17.4%), from €485,131 to €569,708
- Trade debts +€71,199
up €71,199 (+3272.7%), from €2,176 to €73,374
- Short-term financial debts -€30,379
down €30,379 (-100.0%), from €30,379 to €0
- Tax, wage and social debts -€24,874
down €24,874 (-42.1%), from €59,123 to €34,248
of which Taxes: -€24,874
- Financial income -€75,772
down €75,772 (-95.8%), from €79,130 to €3,358
- Gross operating margin +€37,983
up €37,983 (+49.6%), from €76,638 to €114,622
- Taxes +€15,422
up €15,422 (+101.3%), from €15,231 to €30,653
- Financial charges -€15,257
down €15,257, from €11,111 to -€4,146
- Other operating charges +€8,746
up €8,746 (+369.2%), from €2,369 to €11,116
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
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 | €684,856 | €1,030,733 | +€345,877 | +50.5% |
| Fixed assets | 21/28 | €288,008 | €526,273 | +€238,264 | +82.7% |
| Tangible fixed assets | 22/27 | €6,165 | €6,984 | +€819 | +13.3% |
| Plant, machinery and equipment | 23 | - | €1,719 | +€1,719 | |
| Furniture and vehicles | 24 | €2,854 | €1,954 | -€900 | -31.5% |
| Leasing and similar rights | 25 | - | €0 | = | |
| Other tangible fixed assets | 26 | €3,311 | €3,311 | = | 0.0% |
| Financial fixed assets | 28 | €281,843 | €519,289 | +€237,446 | +84.2% |
| Current assets | 29/58 | €396,848 | €504,461 | +€107,613 | +27.1% |
| Amounts receivable within one year | 40/41 | €286,117 | €426,027 | +€139,910 | +48.9% |
| Trade receivables | 40 | €8,301 | €152,256 | +€143,955 | +1734.2% |
| Other amounts receivable | 41 | €277,817 | €273,771 | -€4,045 | -1.5% |
| Current investments | 50/53 | €93,757 | €5,504 | -€88,254 | -94.1% |
| Cash at bank and in hand | 54/58 | €7,263 | €18,368 | +€11,104 | +152.9% |
| Deferred charges and accrued income | 490/1 | €9,710 | €54,562 | +€44,852 | +461.9% |
| Total equity and liabilities | 10/49 | €684,856 | €1,030,733 | +€345,877 | +50.5% |
| Equity | 10/15 | €572,282 | €889,154 | +€316,872 | +55.4% |
| Contributions | 10/11 | €38,517 | €38,517 | = | 0.0% |
| Revaluation surpluses | 12 | €48,634 | €280,929 | +€232,295 | +477.6% |
| Reserves | 13 | €485,131 | €569,708 | +€84,577 | +17.4% |
| Distributable reserves | 133 | €485,131 | €569,708 | +€84,577 | +17.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €112,574 | €141,580 | +€29,006 | +25.8% |
| Amounts payable after more than one year | 17 | - | €17,298 | +€17,298 | |
| Financial debts | 170/4 | - | €17,298 | +€17,298 | |
| Amounts payable within one year | 42/48 | €112,574 | €124,281 | +€11,707 | +10.4% |
| Current portion of amounts payable after more than one year | 42 | €20,896 | €16,659 | -€4,238 | -20.3% |
| Financial debts | 43 | €30,379 | €0 | -€30,379 | -100.0% |
| Credit institutions | 430/8 | €30,379 | €0 | -€30,379 | -100.0% |
| Trade debts | 44 | €2,176 | €73,374 | +€71,199 | +3272.7% |
| Suppliers | 440/4 | €2,176 | €73,374 | +€71,199 | +3272.7% |
| Taxes, remuneration and social security | 45 | €59,123 | €34,248 | -€24,874 | -42.1% |
| Taxes | 450/3 | €59,123 | €34,248 | -€24,874 | -42.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €3,727 | €0 | -€3,727 | -100.0% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,115 | €969 | -€1,147 | -54.2% |
| Other operating charges | 640/8 | €2,369 | €11,116 | +€8,746 | +369.2% |
| Non-recurring operating charges | 66A | - | €128 | +€128 | |
| Gross operating margin | 9900 | €76,638 | €114,622 | +€37,983 | +49.6% |
| Operating profit (loss) | 9901 | €72,154 | €102,410 | +€30,256 | +41.9% |
| Financial income | 75/76B | €79,130 | €3,358 | -€75,772 | -95.8% |
| Recurring financial income | 75 | €79,130 | €3,358 | -€75,772 | -95.8% |
| Financial charges | 65/66B | €11,111 | -€4,146 | -€15,257 | |
| Recurring financial charges | 65 | €11,111 | -€4,146 | -€15,257 | |
| Profit (loss) for the period before taxes | 9903 | €140,173 | €109,913 | -€30,259 | -21.6% |
| Income taxes | 67/77 | €15,231 | €30,653 | +€15,422 | +101.3% |
| Profit (loss) for the period | 9904 | €124,942 | €79,261 | -€45,681 | -36.6% |
| Profit (loss) for the period to be appropriated | 9905 | €124,942 | €79,261 | -€45,681 | -36.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.