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.
VEDA
Largest movements
- Receivables after one year -€42,598
down €42,598 (-40.2%), from €106,000 to €63,402
- Receivables within one year +€9,134
up €9,134 (+29.9%), from €30,574 to €39,708
of which Trade receivables: +€23,378
- Deferred charges and accrued income -€4,497
down €4,497 (-65.2%), from €6,893 to €2,396
- Reserves -€51,132
down €51,132 (-32.2%), from €158,632 to €107,500
- Tax, wage and social debts +€14,428
up €14,428 (+267.5%), from €5,393 to €19,821
of which Taxes: +€14,570
- Accrued charges and deferred income -€2,807
no longer reported in 2025 (was €2,807)
- Financial income -€44,622
down €44,622 (-89.4%), from €49,925 to €5,303
of which Non-recurring financial income: -€45,684
- Taxes +€27,683
up €27,683 (+254.8%), from €10,866 to €38,549
- Gross operating margin +€22,913
up €22,913 (+47.0%), from €48,783 to €71,697
- Depreciation +€1,018
up €1,018 (+8.7%), from €11,725 to €12,743
- Financial charges +€901
up €901 (+203.9%), from €442 to €1,342
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 | €198,584 | €159,087 | -€39,496 | -19.9% |
| Fixed assets | 21/28 | €30,561 | €29,172 | -€1,389 | -4.5% |
| Tangible fixed assets | 22/27 | €30,561 | €29,172 | -€1,389 | -4.5% |
| Land and buildings | 22 | €19,631 | €15,115 | -€4,516 | -23.0% |
| Plant, machinery and equipment | 23 | €4,323 | €2,586 | -€1,738 | -40.2% |
| Furniture and vehicles | 24 | €6,607 | €11,472 | +€4,864 | +73.6% |
| Current assets | 29/58 | €168,022 | €129,915 | -€38,107 | -22.7% |
| Amounts receivable after more than one year | 29 | €106,000 | €63,402 | -€42,598 | -40.2% |
| Other amounts receivable | 291 | €106,000 | €63,402 | -€42,598 | -40.2% |
| Amounts receivable within one year | 40/41 | €30,574 | €39,708 | +€9,134 | +29.9% |
| Trade receivables | 40 | - | €23,378 | +€23,378 | |
| Other amounts receivable | 41 | €30,574 | €16,329 | -€14,245 | -46.6% |
| Cash at bank and in hand | 54/58 | €24,556 | €24,410 | -€146 | -0.6% |
| Deferred charges and accrued income | 490/1 | €6,893 | €2,396 | -€4,497 | -65.2% |
| Total equity and liabilities | 10/49 | €198,584 | €159,087 | -€39,496 | -19.9% |
| Equity | 10/15 | €177,232 | €126,100 | -€51,132 | -28.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €158,632 | €107,500 | -€51,132 | -32.2% |
| Distributable reserves | 133 | €158,632 | €107,500 | -€51,132 | -32.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €21,351 | €32,987 | +€11,636 | +54.5% |
| Amounts payable within one year | 42/48 | €18,544 | €32,987 | +€14,443 | +77.9% |
| Financial debts | 43 | €5,751 | €5,659 | -€92 | -1.6% |
| Credit institutions | 430/8 | €5,751 | €5,659 | -€92 | -1.6% |
| Trade debts | 44 | €7,120 | €7,507 | +€387 | +5.4% |
| Suppliers | 440/4 | €7,120 | €7,507 | +€387 | +5.4% |
| Taxes, remuneration and social security | 45 | €5,393 | €19,821 | +€14,428 | +267.5% |
| Taxes | 450/3 | €866 | €15,436 | +€14,570 | +1681.9% |
| Remuneration and social security | 454/9 | €4,527 | €4,385 | -€142 | -3.1% |
| Other amounts payable | 47/48 | €280 | €0 | -€280 | -100.0% |
| Accrued charges and deferred income | 492/3 | €2,807 | - | -€2,807 | |
| Non-recurring operating income | 76A | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,725 | €12,743 | +€1,018 | +8.7% |
| Other operating charges | 640/8 | €759 | €497 | -€263 | -34.6% |
| Gross operating margin | 9900 | €48,783 | €71,697 | +€22,913 | +47.0% |
| Operating profit (loss) | 9901 | €36,298 | €58,457 | +€22,158 | +61.0% |
| Financial income | 75/76B | €49,925 | €5,303 | -€44,622 | -89.4% |
| Recurring financial income | 75 | €4,241 | €5,303 | +€1,062 | +25.0% |
| Non-recurring financial income | 76B | €45,684 | - | -€45,684 | |
| Financial charges | 65/66B | €442 | €1,342 | +€901 | +203.9% |
| Recurring financial charges | 65 | €442 | €1,342 | +€901 | +203.9% |
| Profit (loss) for the period before taxes | 9903 | €85,781 | €62,417 | -€23,364 | -27.2% |
| Income taxes | 67/77 | €10,866 | €38,549 | +€27,683 | +254.8% |
| Profit (loss) for the period | 9904 | €74,915 | €23,868 | -€51,047 | -68.1% |
| Profit (loss) for the period to be appropriated | 9905 | €74,915 | €23,868 | -€51,047 | -68.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.