VECOVER: 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.
VECOVER
Largest movements
- Receivables within one year -€15,019
down €15,019 (-42.1%), from €35,702 to €20,683
of which Trade receivables: -€18,384
- Stocks and contracts -€13,774
down €13,774 (-72.8%), from €18,930 to €5,156
- Tangible fixed assets -€10,642
down €10,642 (-51.3%), from €20,728 to €10,086
of which Furniture and vehicles: -€5,829
- Cash -€3,143
down €3,143 (-2.4%), from €129,640 to €126,497
mainly Other debts (-€56,043) and Trade debts (-€12,436)
- Other debts -€56,043
down €56,043 (-67.2%), from €83,412 to €27,369
- Profit (loss) carried forward +€29,499
up €29,499 (+42.9%), from €68,814 to €98,313
- Trade debts -€12,436
down €12,436 (-54.9%), from €22,663 to €10,227
- Accrued charges and deferred income -€2,883
down €2,883 (-38.7%), from €7,457 to €4,574
- Gross operating margin +€31,024
up €31,024 (+149%), from €20,835 to €51,859
- Taxes +€10,169
up €10,169 (+624%), from €1,631 to €11,800
- Depreciation -€5,340
down €5,340 (-33.4%), from €15,982 to €10,642
- Financial charges -€2,728
down €2,728 (-35.6%), from €7,658 to €4,929
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 | €208,962 | €166,015 | -€42,947 | -20.6% |
| Fixed assets | 21/28 | €22,458 | €11,816 | -€10,642 | -47.4% |
| Tangible fixed assets | 22/27 | €20,728 | €10,086 | -€10,642 | -51.3% |
| Plant, machinery and equipment | 23 | €14,048 | €9,348 | -€4,700 | -33.5% |
| Furniture and vehicles | 24 | €5,829 | - | -€5,829 | |
| Other tangible fixed assets | 26 | €851 | €738 | -€113 | -13.3% |
| Financial fixed assets | 28 | €1,730 | €1,730 | = | 0.0% |
| Current assets | 29/58 | €186,504 | €154,199 | -€32,305 | -17.3% |
| Stocks and contracts in progress | 3 | €18,930 | €5,156 | -€13,774 | -72.8% |
| Stocks | 30/36 | €18,930 | €5,156 | -€13,774 | -72.8% |
| Amounts receivable within one year | 40/41 | €35,702 | €20,683 | -€15,019 | -42.1% |
| Trade receivables | 40 | €35,702 | €17,318 | -€18,384 | -51.5% |
| Other amounts receivable | 41 | - | €3,364 | +€3,364 | |
| Cash at bank and in hand | 54/58 | €129,640 | €126,497 | -€3,143 | -2.4% |
| Deferred charges and accrued income | 490/1 | €2,231 | €1,863 | -€368 | -16.5% |
| Total equity and liabilities | 10/49 | €208,962 | €166,015 | -€42,947 | -20.6% |
| Equity | 10/15 | €91,215 | €120,714 | +€29,499 | +32.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €10,001 | €10,001 | = | 0.0% |
| Distributable reserves | 133 | €10,001 | €10,001 | = | 0.0% |
| Profit (loss) carried forward | 14 | €68,814 | €98,313 | +€29,499 | +42.9% |
| Amounts payable | 17/49 | €117,746 | €45,301 | -€72,445 | -61.5% |
| Amounts payable within one year | 42/48 | €110,290 | €40,727 | -€69,563 | -63.1% |
| Trade debts | 44 | €22,663 | €10,227 | -€12,436 | -54.9% |
| Suppliers | 440/4 | €22,663 | €10,227 | -€12,436 | -54.9% |
| Taxes, remuneration and social security | 45 | €4,215 | €3,131 | -€1,084 | -25.7% |
| Taxes | 450/3 | €4,215 | €3,131 | -€1,084 | -25.7% |
| Other amounts payable | 47/48 | €83,412 | €27,369 | -€56,043 | -67.2% |
| Accrued charges and deferred income | 492/3 | €7,457 | €4,574 | -€2,883 | -38.7% |
| Remuneration, social security and pensions | 62 | €106 | - | -€106 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,982 | €10,642 | -€5,340 | -33.4% |
| Other operating charges | 640/8 | €1,068 | €985 | -€84 | -7.8% |
| Non-recurring operating charges | 66A | €2,199 | - | -€2,199 | |
| Gross operating margin | 9900 | €20,835 | €51,859 | +€31,024 | +149% |
| Operating profit (loss) | 9901 | €1,480 | €40,232 | +€38,752 | +2,619% |
| Financial income | 75/76B | €6,048 | €5,996 | -€52 | -0.9% |
| Recurring financial income | 75 | €6,048 | €5,996 | -€52 | -0.9% |
| Financial charges | 65/66B | €7,658 | €4,929 | -€2,728 | -35.6% |
| Recurring financial charges | 65 | €7,658 | €4,929 | -€2,728 | -35.6% |
| Profit (loss) for the period before taxes | 9903 | -€130 | €41,299 | +€41,429 | |
| Income taxes | 67/77 | €1,631 | €11,800 | +€10,169 | +624% |
| Profit (loss) for the period | 9904 | -€1,761 | €29,499 | +€31,259 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,761 | €29,499 | +€31,259 |
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 17 October 2026 via checked.be.