VECONAL: 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.
VECONAL
Largest movements
- Cash +€155,523
up €155,523 (+292.9%), from €53,092 to €208,615
mainly Current investments (+€90,000) and Receivables within one year (+€33,413)
- Current investments -€90,000
down €90,000 (-100.0%), from €90,000 to €0
- Receivables within one year -€33,413
down €33,413 (-71.6%), from €46,659 to €13,246
of which Other amounts receivable: -€34,196
- Tangible fixed assets -€25,000
down €25,000 (-5.7%), from €437,632 to €412,632
- Reserves +€19,709
up €19,709 (+6.6%), from €300,337 to €320,046
of which Distributable reserves: +€23,256
- Debts after one year -€13,371
down €13,371 (-6.6%), from €201,092 to €187,720
- Gross operating margin -€23,997
down €23,997 (-26.7%), from €89,782 to €65,785
- Taxes +€10,526
up €10,526 (+414.9%), from €2,537 to €13,063
- Financial charges -€1,012
down €1,012 (-15.7%), from €6,453 to €5,441
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 | €629,888 | €635,775 | +€5,887 | +0.9% |
| Fixed assets | 21/28 | €437,632 | €412,632 | -€25,000 | -5.7% |
| Tangible fixed assets | 22/27 | €437,632 | €412,632 | -€25,000 | -5.7% |
| Land and buildings | 22 | €393,761 | €381,460 | -€12,301 | -3.1% |
| Plant, machinery and equipment | 23 | €306 | €103 | -€203 | -66.3% |
| Furniture and vehicles | 24 | €43,565 | €31,069 | -€12,496 | -28.7% |
| Current assets | 29/58 | €192,256 | €223,144 | +€30,887 | +16.1% |
| Amounts receivable within one year | 40/41 | €46,659 | €13,246 | -€33,413 | -71.6% |
| Trade receivables | 40 | - | €783 | +€783 | |
| Other amounts receivable | 41 | €46,659 | €12,463 | -€34,196 | -73.3% |
| Current investments | 50/53 | €90,000 | €0 | -€90,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €53,092 | €208,615 | +€155,523 | +292.9% |
| Deferred charges and accrued income | 490/1 | €2,506 | €1,283 | -€1,223 | -48.8% |
| Total equity and liabilities | 10/49 | €629,888 | €635,775 | +€5,887 | +0.9% |
| Equity | 10/15 | €306,537 | €326,246 | +€19,709 | +6.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €300,337 | €320,046 | +€19,709 | +6.6% |
| Tax-exempt reserves | 132 | €207,778 | €204,231 | -€3,547 | -1.7% |
| Distributable reserves | 133 | €92,560 | €115,816 | +€23,256 | +25.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €85,330 | €83,504 | -€1,826 | -2.1% |
| Deferred taxes | 168 | €85,330 | €83,504 | -€1,826 | -2.1% |
| Amounts payable | 17/49 | €238,021 | €226,025 | -€11,996 | -5.0% |
| Amounts payable after more than one year | 17 | €201,092 | €187,720 | -€13,371 | -6.6% |
| Financial debts | 170/4 | €201,092 | €187,720 | -€13,371 | -6.6% |
| Amounts payable within one year | 42/48 | €33,413 | €34,774 | +€1,361 | +4.1% |
| Current portion of amounts payable after more than one year | 42 | €18,905 | €14,474 | -€4,431 | -23.4% |
| Trade debts | 44 | €387 | €2,136 | +€1,748 | +451.4% |
| Suppliers | 440/4 | €387 | €2,136 | +€1,748 | +451.4% |
| Taxes, remuneration and social security | 45 | €127 | €659 | +€532 | +418.1% |
| Taxes | 450/3 | €127 | €659 | +€532 | +418.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €13,993 | €17,505 | +€3,512 | +25.1% |
| Accrued charges and deferred income | 492/3 | €3,516 | €3,531 | +€15 | +0.4% |
| Non-recurring operating income | 76A | €53,018 | €0 | -€53,018 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,552 | €25,000 | -€552 | -2.2% |
| Other operating charges | 640/8 | €4,307 | €4,236 | -€71 | -1.7% |
| Gross operating margin | 9900 | €89,782 | €65,785 | -€23,997 | -26.7% |
| Operating profit (loss) | 9901 | €59,923 | €36,549 | -€23,374 | -39.0% |
| Financial income | 75/76B | €936 | €671 | -€265 | -28.3% |
| Recurring financial income | 75 | €936 | €671 | -€265 | -28.3% |
| Financial charges | 65/66B | €6,453 | €5,441 | -€1,012 | -15.7% |
| Recurring financial charges | 65 | €6,453 | €5,441 | -€1,012 | -15.7% |
| Profit (loss) for the period before taxes | 9903 | €54,406 | €31,779 | -€22,627 | -41.6% |
| Transfer from deferred taxes | 780 | €1,826 | €1,826 | = | 0.0% |
| Transfer to deferred taxes | 680 | €13,255 | €0 | -€13,255 | -100.0% |
| Income taxes | 67/77 | €2,537 | €13,063 | +€10,526 | +414.9% |
| Profit (loss) for the period | 9904 | €40,440 | €20,542 | -€19,898 | -49.2% |
| Transfer from tax-exempt reserves | 789 | €3,547 | €3,547 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €39,764 | €0 | -€39,764 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,223 | €24,089 | +€19,866 | +470.4% |
Source: filed annual accounts (NBB), fiscal 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 September 2026 via checked.be.