VeCon&Trade: 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&Trade
Largest movements
- Receivables within one year -€106,456
down €106,456 (-54.0%), from €197,009 to €90,554
of which Trade receivables: -€110,090
- Cash +€18,927
up €18,927 (+76.1%), from €24,855 to €43,783
mainly Receivables within one year (+€106,456) and Net result for the year (+€79,060)
- Reserves -€65,628
down €65,628 (-58.4%), from €112,409 to €46,781
- Tax, wage and social debts -€45,200
down €45,200 (-51.9%), from €87,017 to €41,817
of which Taxes: -€38,523
- Other debts +€32,279
new in 2025: €32,279
- Debts after one year -€10,000
down €10,000 (-40.0%), from €25,000 to €15,000
- Accrued charges and deferred income +€4,490
up €4,490 (+140%), from €3,201 to €7,691
- Gross operating margin -€60,158
down €60,158 (-20.7%), from €289,933 to €229,776
- Staff costs -€16,789
down €16,789 (-12.3%), from €136,385 to €119,596
- Taxes -€12,978
down €12,978 (-33.9%), from €38,272 to €25,294
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 | €249,807 | €162,001 | -€87,806 | -35.1% |
| Fixed assets | 21/28 | €23,178 | €23,129 | -€49 | -0.2% |
| Tangible fixed assets | 22/27 | €23,178 | €23,129 | -€49 | -0.2% |
| Plant, machinery and equipment | 23 | €445 | €808 | +€362 | +81.4% |
| Furniture and vehicles | 24 | €887 | €2,860 | +€1,974 | +223% |
| Other tangible fixed assets | 26 | €21,846 | €19,461 | -€2,385 | -10.9% |
| Current assets | 29/58 | €226,629 | €138,873 | -€87,757 | -38.7% |
| Amounts receivable within one year | 40/41 | €197,009 | €90,554 | -€106,456 | -54.0% |
| Trade receivables | 40 | €134,290 | €24,200 | -€110,090 | -82.0% |
| Other amounts receivable | 41 | €62,719 | €66,354 | +€3,634 | +5.8% |
| Cash at bank and in hand | 54/58 | €24,855 | €43,783 | +€18,927 | +76.1% |
| Deferred charges and accrued income | 490/1 | €4,765 | €4,536 | -€228 | -4.8% |
| Total equity and liabilities | 10/49 | €249,807 | €162,001 | -€87,806 | -35.1% |
| Equity | 10/15 | €114,409 | €48,781 | -€65,628 | -57.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €112,409 | €46,781 | -€65,628 | -58.4% |
| Distributable reserves | 133 | €112,409 | €46,781 | -€65,628 | -58.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €135,398 | €113,220 | -€22,178 | -16.4% |
| Amounts payable after more than one year | 17 | €25,000 | €15,000 | -€10,000 | -40.0% |
| Financial debts | 170/4 | €25,000 | €15,000 | -€10,000 | -40.0% |
| Amounts payable within one year | 42/48 | €107,197 | €90,530 | -€16,668 | -15.5% |
| Current portion of amounts payable after more than one year | 42 | €13,500 | €12,300 | -€1,200 | -8.9% |
| Trade debts | 44 | €6,681 | €4,134 | -€2,547 | -38.1% |
| Suppliers | 440/4 | €6,681 | €4,134 | -€2,547 | -38.1% |
| Taxes, remuneration and social security | 45 | €87,017 | €41,817 | -€45,200 | -51.9% |
| Taxes | 450/3 | €57,538 | €19,015 | -€38,523 | -67.0% |
| Remuneration and social security | 454/9 | €29,478 | €22,802 | -€6,676 | -22.6% |
| Other amounts payable | 47/48 | - | €32,279 | +€32,279 | |
| Accrued charges and deferred income | 492/3 | €3,201 | €7,691 | +€4,490 | +140% |
| Non-recurring operating income | 76A | €13,694 | €0 | -€13,694 | -100% |
| Remuneration, social security and pensions | 62 | €136,385 | €119,596 | -€16,789 | -12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,786 | €3,862 | +€1,076 | +38.6% |
| Other operating charges | 640/8 | €852 | €1,332 | +€480 | +56.3% |
| Gross operating margin | 9900 | €289,933 | €229,776 | -€60,158 | -20.7% |
| Operating profit (loss) | 9901 | €149,910 | €104,986 | -€44,924 | -30.0% |
| Financial income | 75/76B | €3,096 | €1,438 | -€1,658 | -53.5% |
| Recurring financial income | 75 | €3,096 | €1,438 | -€1,658 | -53.5% |
| Financial charges | 65/66B | €2,326 | €2,071 | -€255 | -11.0% |
| Recurring financial charges | 65 | €2,326 | €2,071 | -€255 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | €150,681 | €104,354 | -€46,327 | -30.7% |
| Income taxes | 67/77 | €38,272 | €25,294 | -€12,978 | -33.9% |
| Profit (loss) for the period | 9904 | €112,409 | €79,060 | -€33,349 | -29.7% |
| Profit (loss) for the period to be appropriated | 9905 | €112,409 | €79,060 | -€33,349 | -29.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.