VED MANAGEMENT: 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.
VED MANAGEMENT
Largest movements
- Tangible fixed assets +€30,953
up €30,953 (+9.3%), from €334,453 to €365,406
of which Land and buildings: +€25,730
- Deferred charges and accrued income +€8,193
up €8,193 (+502.1%), from €1,632 to €9,824
- Cash +€5,946
up €5,946 (+94.6%), from €6,287 to €12,233
mainly Net result for the year (+€26,826) and Depreciation (+€16,849)
- Profit (loss) carried forward +€26,826
up €26,826 (+196.7%), from €13,636 to €40,462
- Debts after one year -€14,805
down €14,805 (-5.5%), from €267,677 to €252,872
- Other debts +€12,410
up €12,410 (+29.6%), from €41,996 to €54,406
- Tax, wage and social debts +€12,122
up €12,122 (+164.6%), from €7,365 to €19,488
- Trade debts +€9,023
up €9,023 (+1296.9%), from €696 to €9,719
- Depreciation -€46,477
down €46,477 (-73.4%), from €63,326 to €16,849
- Gross operating margin -€30,867
down €30,867 (-31.1%), from €99,283 to €68,417
- Taxes +€3,308
up €3,308 (+87.9%), from €3,765 to €7,073
- Financial charges -€1,969
down €1,969 (-11.1%), from €17,722 to €15,752
- Other operating charges +€1,081
up €1,081 (+129.5%), from €835 to €1,916
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 | €409,417 | €455,710 | +€46,294 | +11.3% |
| Fixed assets | 21/28 | €334,453 | €365,406 | +€30,953 | +9.3% |
| Tangible fixed assets | 22/27 | €334,453 | €365,406 | +€30,953 | +9.3% |
| Land and buildings | 22 | €334,453 | €360,183 | +€25,730 | +7.7% |
| Other tangible fixed assets | 26 | - | €5,223 | +€5,223 | |
| Current assets | 29/58 | €74,963 | €90,304 | +€15,341 | +20.5% |
| Amounts receivable within one year | 40/41 | €67,045 | €68,248 | +€1,203 | +1.8% |
| Trade receivables | 40 | €67,045 | €68,248 | +€1,203 | +1.8% |
| Cash at bank and in hand | 54/58 | €6,287 | €12,233 | +€5,946 | +94.6% |
| Deferred charges and accrued income | 490/1 | €1,632 | €9,824 | +€8,193 | +502.1% |
| Total equity and liabilities | 10/49 | €409,417 | €455,710 | +€46,294 | +11.3% |
| Equity | 10/15 | €73,636 | €100,462 | +€26,826 | +36.4% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,636 | €40,462 | +€26,826 | +196.7% |
| Amounts payable | 17/49 | €335,781 | €355,249 | +€19,468 | +5.8% |
| Amounts payable after more than one year | 17 | €267,677 | €252,872 | -€14,805 | -5.5% |
| Financial debts | 170/4 | €267,677 | €252,872 | -€14,805 | -5.5% |
| Amounts payable within one year | 42/48 | €65,285 | €99,618 | +€34,333 | +52.6% |
| Current portion of amounts payable after more than one year | 42 | €15,228 | €16,005 | +€777 | +5.1% |
| Trade debts | 44 | €696 | €9,719 | +€9,023 | +1296.9% |
| Suppliers | 440/4 | €696 | €9,719 | +€9,023 | +1296.9% |
| Taxes, remuneration and social security | 45 | €7,365 | €19,488 | +€12,122 | +164.6% |
| Taxes | 450/3 | €7,365 | €19,488 | +€12,122 | +164.6% |
| Other amounts payable | 47/48 | €41,996 | €54,406 | +€12,410 | +29.6% |
| Accrued charges and deferred income | 492/3 | €2,819 | €2,759 | -€60 | -2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,326 | €16,849 | -€46,477 | -73.4% |
| Other operating charges | 640/8 | €835 | €1,916 | +€1,081 | +129.5% |
| Gross operating margin | 9900 | €99,283 | €68,417 | -€30,867 | -31.1% |
| Operating profit (loss) | 9901 | €35,123 | €49,651 | +€14,529 | +41.4% |
| Financial charges | 65/66B | €17,722 | €15,752 | -€1,969 | -11.1% |
| Recurring financial charges | 65 | €17,722 | €15,752 | -€1,969 | -11.1% |
| Profit (loss) for the period before taxes | 9903 | €17,401 | €33,899 | +€16,498 | +94.8% |
| Income taxes | 67/77 | €3,765 | €7,073 | +€3,308 | +87.9% |
| Profit (loss) for the period | 9904 | €13,636 | €26,826 | +€13,190 | +96.7% |
| Profit (loss) for the period to be appropriated | 9905 | €13,636 | €26,826 | +€13,190 | +96.7% |
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 4 October 2026 via checked.be.