VECONOM: 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.
VECONOM
Largest movements
- Receivables within one year +€131,410
up €131,410 (+22,498%), from €584 to €131,994
- Cash +€56,553
up €56,553 (+32.6%), from €173,361 to €229,913
mainly Net result for the year (+€181,011) and Tax, wage and social debts (+€28,301)
- Tangible fixed assets -€11,683
down €11,683 (-20.9%), from €55,894 to €44,211
of which Land and buildings: -€11,384
- Reserves +€170,107
up €170,107 (+52.8%), from €322,429 to €492,536
of which Distributable reserves: +€170,107
- Tax, wage and social debts +€28,301
up €28,301 (+112%), from €25,289 to €53,589
- Other debts -€22,593
down €22,593 (-29.9%), from €75,440 to €52,847
- Gross operating margin +€83,143
up €83,143 (+44.9%), from €185,004 to €268,147
- Taxes +€26,009
up €26,009 (+48.6%), from €53,536 to €79,545
- Financial income -€8,420
down €8,420 (-55.4%), from €15,192 to €6,772
- Depreciation -€5,051
down €5,051 (-30.2%), from €16,734 to €11,683
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 | €544,543 | €720,822 | +€176,280 | +32.4% |
| Fixed assets | 21/28 | €55,894 | €44,211 | -€11,683 | -20.9% |
| Tangible fixed assets | 22/27 | €55,894 | €44,211 | -€11,683 | -20.9% |
| Land and buildings | 22 | €54,998 | €43,613 | -€11,384 | -20.7% |
| Plant, machinery and equipment | 23 | €897 | €598 | -€299 | -33.3% |
| Current assets | 29/58 | €488,648 | €676,611 | +€187,963 | +38.5% |
| Amounts receivable within one year | 40/41 | €584 | €131,994 | +€131,410 | +22,498% |
| Trade receivables | 40 | €584 | €131,994 | +€131,410 | +22,498% |
| Current investments | 50/53 | €314,704 | €314,704 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €173,361 | €229,913 | +€56,553 | +32.6% |
| Total equity and liabilities | 10/49 | €544,543 | €720,822 | +€176,280 | +32.4% |
| Equity | 10/15 | €443,158 | €613,265 | +€170,107 | +38.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €322,429 | €492,536 | +€170,107 | +52.8% |
| Non-distributable reserves | 130/1 | €22,740 | €22,740 | = | 0.0% |
| Reserves not available under the articles | 1311 | €22,740 | €22,740 | = | 0.0% |
| Distributable reserves | 133 | €299,689 | €469,796 | +€170,107 | +56.8% |
| Profit (loss) carried forward | 14 | €102,129 | €102,129 | = | 0.0% |
| Amounts payable | 17/49 | €101,385 | €107,558 | +€6,173 | +6.1% |
| Amounts payable within one year | 42/48 | €101,385 | €107,558 | +€6,173 | +6.1% |
| Trade debts | 44 | €657 | €1,122 | +€465 | +70.8% |
| Suppliers | 440/4 | €657 | €1,122 | +€465 | +70.8% |
| Taxes, remuneration and social security | 45 | €25,289 | €53,589 | +€28,301 | +112% |
| Taxes | 450/3 | €25,289 | €53,589 | +€28,301 | +112% |
| Other amounts payable | 47/48 | €75,440 | €52,847 | -€22,593 | -29.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,734 | €11,683 | -€5,051 | -30.2% |
| Other operating charges | 640/8 | €2,529 | €2,608 | +€79 | +3.1% |
| Gross operating margin | 9900 | €185,004 | €268,147 | +€83,143 | +44.9% |
| Operating profit (loss) | 9901 | €165,741 | €253,856 | +€88,115 | +53.2% |
| Financial income | 75/76B | €15,192 | €6,772 | -€8,420 | -55.4% |
| Recurring financial income | 75 | €15,192 | €6,772 | -€8,420 | -55.4% |
| Financial charges | 65/66B | €197 | €72 | -€125 | -63.4% |
| Recurring financial charges | 65 | €197 | €72 | -€125 | -63.4% |
| Profit (loss) for the period before taxes | 9903 | €180,736 | €260,556 | +€79,820 | +44.2% |
| Income taxes | 67/77 | €53,536 | €79,545 | +€26,009 | +48.6% |
| Profit (loss) for the period | 9904 | €127,200 | €181,011 | +€53,811 | +42.3% |
| Profit (loss) for the period to be appropriated | 9905 | €127,200 | €181,011 | +€53,811 | +42.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.