VECOTRADE BELGIUM: 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.
VECOTRADE BELGIUM
Largest movements
- Stocks and contracts +€1.2m
up €1.2m (+597%), from €199,250 to €1.4m
- Receivables within one year -€591,024
down €591,024 (-36.7%), from €1.6m to €1.0m
of which Trade receivables: -€582,112
- Cash +€66,506
up €66,506 (+37.5%), from €177,163 to €243,668
mainly Receivables within one year (+€591,024) and Short-term financial debts (+€431,760)
- Tangible fixed assets -€63,328
down €63,328 (-8.7%), from €731,914 to €668,585
- Short-term financial debts +€431,760
up €431,760 (+78.3%), from €551,160 to €982,920
- Advances received +€305,120
new in 2025: €305,120
- Trade debts -€268,577
down €268,577 (-26.2%), from €1.0m to €758,441
- Profit (loss) carried forward +€169,502
up €169,502 (+21.8%), from €778,474 to €947,976
- Gross operating margin +€197,856
up €197,856 (+46.2%), from €428,004 to €625,859
- Write-downs +€120,000
new in 2025: €120,000
- Taxes +€27,198
up €27,198 (+93.7%), from €29,042 to €56,240
- Staff costs -€19,341
down €19,341 (-30.7%), from €62,931 to €43,590
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 | €2,720,749 | €3,323,303 | +€602,554 | +22.1% |
| Fixed assets | 21/28 | €731,914 | €668,585 | -€63,328 | -8.7% |
| Tangible fixed assets | 22/27 | €731,914 | €668,585 | -€63,328 | -8.7% |
| Land and buildings | 22 | €519,862 | €495,169 | -€24,693 | -4.7% |
| Plant, machinery and equipment | 23 | €152,367 | €132,572 | -€19,795 | -13.0% |
| Furniture and vehicles | 24 | €59,685 | €40,845 | -€18,840 | -31.6% |
| Current assets | 29/58 | €1,988,835 | €2,654,718 | +€665,882 | +33.5% |
| Stocks and contracts in progress | 3 | €199,250 | €1,389,550 | +€1.2m | +597% |
| Stocks | 30/36 | €199,250 | €1,389,550 | +€1.2m | +597% |
| Amounts receivable within one year | 40/41 | €1,608,936 | €1,017,912 | -€591,024 | -36.7% |
| Trade receivables | 40 | €1,599,161 | €1,017,049 | -€582,112 | -36.4% |
| Other amounts receivable | 41 | €9,775 | €863 | -€8,912 | -91.2% |
| Cash at bank and in hand | 54/58 | €177,163 | €243,668 | +€66,506 | +37.5% |
| Deferred charges and accrued income | 490/1 | €3,486 | €3,587 | +€101 | +2.9% |
| Total equity and liabilities | 10/49 | €2,720,749 | €3,323,303 | +€602,554 | +22.1% |
| Equity | 10/15 | €934,898 | €1,101,130 | +€166,232 | +17.8% |
| Contributions | 10/11 | €105,000 | €105,000 | = | 0.0% |
| Capital | 10 | €105,000 | €105,000 | = | 0.0% |
| Issued capital | 100 | €105,000 | €105,000 | = | 0.0% |
| Reserves | 13 | €10,500 | €10,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,500 | €10,500 | = | 0.0% |
| Legal reserve | 130 | €10,500 | €10,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €778,474 | €947,976 | +€169,502 | +21.8% |
| Investment grants | 15 | €40,924 | €37,654 | -€3,270 | -8.0% |
| Amounts payable | 17/49 | €1,785,851 | €2,222,174 | +€436,322 | +24.4% |
| Amounts payable within one year | 42/48 | €1,780,921 | €2,218,514 | +€437,593 | +24.6% |
| Financial debts | 43 | €551,160 | €982,920 | +€431,760 | +78.3% |
| Credit institutions | 430/8 | €551,160 | €982,920 | +€431,760 | +78.3% |
| Trade debts | 44 | €1,027,018 | €758,441 | -€268,577 | -26.2% |
| Suppliers | 440/4 | €1,027,018 | €758,441 | -€268,577 | -26.2% |
| Advances received on contracts in progress | 46 | - | €305,120 | +€305,120 | |
| Taxes, remuneration and social security | 45 | €52,728 | €22,017 | -€30,710 | -58.2% |
| Taxes | 450/3 | €45,003 | €18,261 | -€26,742 | -59.4% |
| Remuneration and social security | 454/9 | €7,725 | €3,756 | -€3,969 | -51.4% |
| Other amounts payable | 47/48 | €150,015 | €150,015 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €4,931 | €3,660 | -€1,271 | -25.8% |
| Non-recurring operating income | 76A | €369 | - | -€369 | |
| Remuneration, social security and pensions | 62 | €62,931 | €43,590 | -€19,341 | -30.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,621 | €67,658 | -€963 | -1.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €120,000 | +€120,000 | |
| Other operating charges | 640/8 | €1,286 | €1,499 | +€213 | +16.6% |
| Gross operating margin | 9900 | €428,004 | €625,859 | +€197,856 | +46.2% |
| Operating profit (loss) | 9901 | €295,166 | €393,112 | +€97,946 | +33.2% |
| Financial income | 75/76B | €4,288 | €7,810 | +€3,522 | +82.1% |
| Recurring financial income | 75 | €4,288 | €7,810 | +€3,522 | +82.1% |
| Financial charges | 65/66B | €31,126 | €25,180 | -€5,947 | -19.1% |
| Recurring financial charges | 65 | €31,126 | €25,180 | -€5,947 | -19.1% |
| Profit (loss) for the period before taxes | 9903 | €268,327 | €375,742 | +€107,415 | +40.0% |
| Income taxes | 67/77 | €29,042 | €56,240 | +€27,198 | +93.7% |
| Profit (loss) for the period | 9904 | €239,285 | €319,502 | +€80,217 | +33.5% |
| Profit (loss) for the period to be appropriated | 9905 | €239,285 | €319,502 | +€80,217 | +33.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.