Veda: 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.
What changed
Veda
NACE 70.200, Business and other management consultancy
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€531,480
2024 · €448,162+€83,318
Equity
€4.4m
2024 · €5.2m-€821,643
Cash
€128,433
2024 · €254,982-€126,548
Balance sheet total
€21.6m
2024 · €11.5m+€10.0m
Largest movements
Assets
- Financial fixed assets +€11.5m
up €11.5m (+4509.8%), from €255,000 to €11.8m
- Current investments -€960,606
down €960,606 (-100.0%), from €960,606 to €0
- Tangible fixed assets -€334,961
down €334,961 (-3.9%), from €8.6m to €8.3m
of which Land and buildings: -€278,715
- Receivables after one year -€275,294
down €275,294 (-21.4%), from €1.3m to €1.0m
- Receivables within one year +€243,429
up €243,429 (+960.6%), from €25,340 to €268,769
of which Trade receivables: +€193,429
Equity and liabilities
- Other debts +€6.4m
up €6.4m (+175.9%), from €3.6m to €10.0m
- Debts after one year +€2.3m
up €2.3m (+116.4%), from €2.0m to €4.3m
- Short-term financial debts +€1.8m
new in 2025: €1.8m
- Reserves -€821,643
down €821,643 (-33.3%), from €2.5m to €1.6m
of which Distributable reserves: -€819,043
- Current portion of long-term debt +€302,490
up €302,490 (+117.8%), from €256,850 to €559,340
Income statement
- Financial charges -€336,781
down €336,781 (-49.5%), from €680,691 to €343,910
of which Non-recurring financial charges: -€435,282
- Financial income -€172,660
down €172,660 (-66.8%), from €258,608 to €85,948
- Taxes +€37,266
up €37,266 (+15.8%), from €236,555 to €273,822
- Gross operating margin -€30,560
down €30,560 (-1.5%), from €2.0m to €2.0m
- Staff costs +€21,755
up €21,755 (+7.9%), from €273,694 to €295,449
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.
Result 2024
€448,162
Gross operating margin
-€30,560
Staff costs
-€21,755
Depreciation
+€3,256
Other operating charges
-€10,271
Other operating items
-€17,496
Financial income
-€172,660
Financial charges
+€336,781
Taxes
-€37,266
Deferred taxes and other
+€33,290
Result 2025
€531,480
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.
From operations
+€7.5m
Investment
-€10.7m
Financing
+€3.0m
Cash 2024
€254,982
From operations (derived)
+€7.5m
Net result for the year
+€531,480
Depreciation
+€494,063
Receivables after one year
+€275,294
Receivables within one year
-€243,429
Smaller working-capital items
-€1,777
Trade debts
+€117,276
Other debts
+€6.4m
Investment (derived)
-€10.7m
Investment in fixed assets (net)
-€11.7m
Current investments
+€960,606
Financing
+€3.0m
Debts after one year
+€2.3m
Current portion of long-term debt
+€302,490
Short-term financial debts
+€1.8m
Contributions, distributions and other
-€1.4m
Cash 2025
€128,433
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,516,348 | €21,559,281 | +€10.0m | +87.2% |
| Fixed assets | 21/28 | €8,879,213 | €20,044,251 | +€11.2m | +125.7% |
| Tangible fixed assets | 22/27 | €8,624,213 | €8,289,251 | -€334,961 | -3.9% |
| Land and buildings | 22 | €7,854,367 | €7,575,652 | -€278,715 | -3.5% |
| Plant, machinery and equipment | 23 | €565 | €0 | -€565 | -100.0% |
| Furniture and vehicles | 24 | €769,280 | €713,599 | -€55,681 | -7.2% |
| Financial fixed assets | 28 | €255,000 | €11,755,000 | +€11.5m | +4509.8% |
| Current assets | 29/58 | €2,637,135 | €1,515,029 | -€1.1m | -42.6% |
| Amounts receivable after more than one year | 29 | €1,287,181 | €1,011,887 | -€275,294 | -21.4% |
| Other amounts receivable | 291 | €1,287,181 | €1,011,887 | -€275,294 | -21.4% |
| Amounts receivable within one year | 40/41 | €25,340 | €268,769 | +€243,429 | +960.6% |
| Trade receivables | 40 | €25,340 | €218,769 | +€193,429 | +763.3% |
| Other amounts receivable | 41 | €0 | €50,000 | +€50,000 | |
| Current investments | 50/53 | €960,606 | €0 | -€960,606 | -100.0% |
| Cash at bank and in hand | 54/58 | €254,982 | €128,433 | -€126,548 | -49.6% |
| Deferred charges and accrued income | 490/1 | €109,026 | €105,940 | -€3,086 | -2.8% |
| Total equity and liabilities | 10/49 | €11,516,348 | €21,559,281 | +€10.0m | +87.2% |
| Equity | 10/15 | €5,243,725 | €4,422,082 | -€821,643 | -15.7% |
| Contributions | 10/11 | €2,776,366 | €2,776,366 | = | 0.0% |
| Capital | 10 | €2,766,000 | €2,766,000 | = | 0.0% |
| Issued capital | 100 | €2,766,000 | €2,766,000 | = | 0.0% |
| Contributions outside capital | 11 | €10,366 | €10,366 | = | 0.0% |
| Share premium | 1100/10 | €10,366 | €10,366 | = | 0.0% |
| Reserves | 13 | €2,467,359 | €1,645,716 | -€821,643 | -33.3% |
| Non-distributable reserves | 130/1 | €250,491 | €276,600 | +€26,109 | +10.4% |
| Legal reserve | 130 | €250,491 | €276,600 | +€26,109 | +10.4% |
| Tax-exempt reserves | 132 | €329,954 | €301,245 | -€28,709 | -8.7% |
| Distributable reserves | 133 | €1,886,914 | €1,067,871 | -€819,043 | -43.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €84,009 | €75,256 | -€8,753 | -10.4% |
| Deferred taxes | 168 | €84,009 | €75,256 | -€8,753 | -10.4% |
| Amounts payable | 17/49 | €6,188,613 | €17,061,943 | +€10.9m | +175.7% |
| Amounts payable after more than one year | 17 | €1,968,063 | €4,258,723 | +€2.3m | +116.4% |
| Financial debts | 170/4 | €1,968,063 | €4,258,723 | +€2.3m | +116.4% |
| Amounts payable within one year | 42/48 | €3,997,112 | €12,585,147 | +€8.6m | +214.9% |
| Current portion of amounts payable after more than one year | 42 | €256,850 | €559,340 | +€302,490 | +117.8% |
| Financial debts | 43 | - | €1,800,000 | +€1.8m | |
| Credit institutions | 430/8 | - | €1,800,000 | +€1.8m | |
| Trade debts | 44 | €15,867 | €133,143 | +€117,276 | +739.1% |
| Suppliers | 440/4 | €15,867 | €133,143 | +€117,276 | +739.1% |
| Taxes, remuneration and social security | 45 | €109,663 | €118,919 | +€9,256 | +8.4% |
| Taxes | 450/3 | €80,962 | €91,398 | +€10,435 | +12.9% |
| Remuneration and social security | 454/9 | €28,701 | €27,522 | -€1,179 | -4.1% |
| Other amounts payable | 47/48 | €3,614,732 | €9,973,745 | +€6.4m | +175.9% |
| Accrued charges and deferred income | 492/3 | €223,439 | €218,073 | -€5,366 | -2.4% |
| Non-recurring operating income | 76A | €172,873 | €0 | -€172,873 | -100.0% |
| Remuneration, social security and pensions | 62 | €273,694 | €295,449 | +€21,755 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €497,319 | €494,063 | -€3,256 | -0.7% |
| Other operating charges | 640/8 | €132,948 | €143,218 | +€10,271 | +7.7% |
| Non-recurring operating charges | 66A | €0 | €17,496 | +€17,496 | |
| Gross operating margin | 9900 | €2,035,297 | €2,004,737 | -€30,560 | -1.5% |
| Operating profit (loss) | 9901 | €1,131,337 | €1,054,510 | -€76,826 | -6.8% |
| Financial income | 75/76B | €258,608 | €85,948 | -€172,660 | -66.8% |
| Recurring financial income | 75 | €258,608 | €85,948 | -€172,660 | -66.8% |
| Financial charges | 65/66B | €680,691 | €343,910 | -€336,781 | -49.5% |
| Recurring financial charges | 65 | €245,409 | €343,910 | +€98,501 | +40.1% |
| Non-recurring financial charges | 66B | €435,282 | €0 | -€435,282 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €709,254 | €796,549 | +€87,295 | +12.3% |
| Transfer from deferred taxes | 780 | €8,038 | €8,753 | +€715 | +8.9% |
| Transfer to deferred taxes | 680 | €32,575 | €0 | -€32,575 | -100.0% |
| Income taxes | 67/77 | €236,555 | €273,822 | +€37,266 | +15.8% |
| Profit (loss) for the period | 9904 | €448,162 | €531,480 | +€83,318 | +18.6% |
| Transfer from tax-exempt reserves | 789 | €25,849 | €28,709 | +€2,860 | +11.1% |
| Transfer to tax-exempt reserves | 689 | €130,298 | €0 | -€130,298 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €343,713 | €560,189 | +€216,477 | +63.0% |
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 11 October 2026 via checked.be.