VECONOMICS: 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.
VECONOMICS
Largest movements
- Tangible fixed assets -€63,467
down €63,467 (-7.3%), from €874,860 to €811,394
of which Furniture and vehicles: -€37,001
- Cash +€35,562
up €35,562 (+79.1%), from €44,976 to €80,539
mainly Depreciation (+€70,597) and Net result for the year (+€30,654)
- Receivables within one year -€12,718
down €12,718 (-45.5%), from €27,981 to €15,263
of which Trade receivables: -€12,718
- Debts after one year -€33,049
down €33,049 (-29.0%), from €114,085 to €81,036
- Profit (loss) carried forward +€30,654
up €30,654 (+10.5%), from €291,746 to €322,400
- Other debts -€28,347
down €28,347 (-6.1%), from €462,530 to €434,184
- Gross operating margin +€21,750
up €21,750 (+16.2%), from €134,636 to €156,386
- Depreciation +€18,662
up €18,662 (+35.9%), from €51,935 to €70,597
- Staff costs -€3,059
down €3,059 (-7.1%), from €43,077 to €40,018
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 | €951,000 | €910,245 | -€40,755 | -4.3% |
| Fixed assets | 21/28 | €875,183 | €811,717 | -€63,467 | -7.3% |
| Tangible fixed assets | 22/27 | €874,860 | €811,394 | -€63,467 | -7.3% |
| Land and buildings | 22 | €780,067 | €748,055 | -€32,012 | -4.1% |
| Furniture and vehicles | 24 | €94,793 | €57,792 | -€37,001 | -39.0% |
| Other tangible fixed assets | 26 | - | €5,547 | +€5,547 | |
| Financial fixed assets | 28 | €323 | €323 | = | 0.0% |
| Current assets | 29/58 | €75,817 | €98,528 | +€22,711 | +30.0% |
| Amounts receivable within one year | 40/41 | €27,981 | €15,263 | -€12,718 | -45.5% |
| Trade receivables | 40 | €21,215 | €8,497 | -€12,718 | -59.9% |
| Other amounts receivable | 41 | €6,766 | €6,766 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €44,976 | €80,539 | +€35,562 | +79.1% |
| Deferred charges and accrued income | 490/1 | €2,860 | €2,727 | -€133 | -4.6% |
| Total equity and liabilities | 10/49 | €951,000 | €910,245 | -€40,755 | -4.3% |
| Equity | 10/15 | €312,206 | €342,860 | +€30,654 | +9.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €291,746 | €322,400 | +€30,654 | +10.5% |
| Amounts payable | 17/49 | €638,794 | €567,385 | -€71,409 | -11.2% |
| Amounts payable after more than one year | 17 | €114,085 | €81,036 | -€33,049 | -29.0% |
| Financial debts | 170/4 | €114,085 | €81,036 | -€33,049 | -29.0% |
| Amounts payable within one year | 42/48 | €518,052 | €479,691 | -€38,360 | -7.4% |
| Current portion of amounts payable after more than one year | 42 | €33,049 | €33,049 | = | 0.0% |
| Trade debts | 44 | €8,030 | €6,019 | -€2,011 | -25.0% |
| Suppliers | 440/4 | €8,030 | €6,019 | -€2,011 | -25.0% |
| Taxes, remuneration and social security | 45 | €14,442 | €6,439 | -€8,003 | -55.4% |
| Taxes | 450/3 | €9,662 | €1,488 | -€8,174 | -84.6% |
| Remuneration and social security | 454/9 | €4,780 | €4,951 | +€171 | +3.6% |
| Other amounts payable | 47/48 | €462,530 | €434,184 | -€28,347 | -6.1% |
| Accrued charges and deferred income | 492/3 | €6,657 | €6,657 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €43,077 | €40,018 | -€3,059 | -7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,935 | €70,597 | +€18,662 | +35.9% |
| Other operating charges | 640/8 | €5,373 | €5,063 | -€310 | -5.8% |
| Gross operating margin | 9900 | €134,636 | €156,386 | +€21,750 | +16.2% |
| Operating profit (loss) | 9901 | €34,250 | €40,708 | +€6,457 | +18.9% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €2,315 | €1,595 | -€721 | -31.1% |
| Recurring financial charges | 65 | €2,315 | €1,595 | -€721 | -31.1% |
| Profit (loss) for the period before taxes | 9903 | €31,935 | €39,113 | +€7,178 | +22.5% |
| Income taxes | 67/77 | €9,798 | €8,460 | -€1,338 | -13.7% |
| Profit (loss) for the period | 9904 | €22,137 | €30,654 | +€8,517 | +38.5% |
| Profit (loss) for the period to be appropriated | 9905 | €22,137 | €30,654 | +€8,517 | +38.5% |
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.