VEDA: 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.
VEDA
Largest movements
- Current investments +€482,039
up €482,039 (+13.9%), from €3.5m to €3.9m
- Cash -€336,890
down €336,890 (-44.5%), from €756,927 to €420,037
mainly Current investments (-€482,039) and Investment in fixed assets (net) (-€142,552)
- Financial fixed assets +€111,493
up €111,493 (+11.7%), from €954,905 to €1.1m
- Reserves +€298,826
up €298,826 (+5.8%), from €5.1m to €5.4m
of which Distributable reserves: +€298,755
- Financial income +€289,440
up €289,440 (+2597.3%), from €11,144 to €300,584
- Gross operating margin +€87,048
up €87,048, from -€13,224 to €73,823
- Taxes +€12,851
up €12,851 (+391.0%), from €3,287 to €16,137
- Financial charges -€8,292
down €8,292 (-22.7%), from €36,451 to €28,159
- Depreciation +€2,092
up €2,092 (+8.1%), from €25,706 to €27,798
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,912,130 | €6,127,992 | +€215,863 | +3.7% |
| Fixed assets | 21/28 | €1,412,286 | €1,527,040 | +€114,754 | +8.1% |
| Tangible fixed assets | 22/27 | €457,381 | €460,642 | +€3,261 | +0.7% |
| Land and buildings | 22 | €432,660 | €423,646 | -€9,013 | -2.1% |
| Plant, machinery and equipment | 23 | €7,137 | €20,489 | +€13,352 | +187.1% |
| Furniture and vehicles | 24 | €17,584 | €16,506 | -€1,078 | -6.1% |
| Financial fixed assets | 28 | €954,905 | €1,066,398 | +€111,493 | +11.7% |
| Current assets | 29/58 | €4,499,844 | €4,600,952 | +€101,109 | +2.2% |
| Amounts receivable after more than one year | 29 | €266,282 | €212,620 | -€53,662 | -20.2% |
| Other amounts receivable | 291 | €266,282 | €212,620 | -€53,662 | -20.2% |
| Current investments | 50/53 | €3,461,899 | €3,943,938 | +€482,039 | +13.9% |
| Cash at bank and in hand | 54/58 | €756,927 | €420,037 | -€336,890 | -44.5% |
| Deferred charges and accrued income | 490/1 | €14,736 | €24,358 | +€9,623 | +65.3% |
| Total equity and liabilities | 10/49 | €5,912,130 | €6,127,992 | +€215,863 | +3.7% |
| Equity | 10/15 | €5,310,535 | €5,609,361 | +€298,826 | +5.6% |
| Contributions | 10/11 | €176,306 | €176,306 | = | 0.0% |
| Reserves | 13 | €5,134,228 | €5,433,054 | +€298,826 | +5.8% |
| Non-distributable reserves | 130/1 | €317,483 | €317,483 | = | 0.0% |
| Reserves not available under the articles | 1311 | €317,483 | €317,483 | = | 0.0% |
| Tax-exempt reserves | 132 | €240 | €311 | +€71 | +29.7% |
| Distributable reserves | 133 | €4,816,506 | €5,115,261 | +€298,755 | +6.2% |
| Amounts payable | 17/49 | €601,595 | €518,632 | -€82,963 | -13.8% |
| Amounts payable after more than one year | 17 | €208,081 | €154,605 | -€53,476 | -25.7% |
| Financial debts | 170/4 | €208,081 | €154,605 | -€53,476 | -25.7% |
| Amounts payable within one year | 42/48 | €322,415 | €282,797 | -€39,618 | -12.3% |
| Current portion of amounts payable after more than one year | 42 | €50,972 | €53,476 | +€2,504 | +4.9% |
| Trade debts | 44 | €4,912 | €574 | -€4,338 | -88.3% |
| Suppliers | 440/4 | €4,912 | €574 | -€4,338 | -88.3% |
| Taxes, remuneration and social security | 45 | €136 | €276 | +€140 | +103.0% |
| Taxes | 450/3 | €136 | €276 | +€140 | +103.0% |
| Other amounts payable | 47/48 | €266,396 | €228,471 | -€37,924 | -14.2% |
| Accrued charges and deferred income | 492/3 | €71,099 | €81,230 | +€10,131 | +14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,706 | €27,798 | +€2,092 | +8.1% |
| Other operating charges | 640/8 | €3,373 | €3,486 | +€113 | +3.4% |
| Gross operating margin | 9900 | -€13,224 | €73,823 | +€87,048 | |
| Operating profit (loss) | 9901 | -€42,304 | €42,539 | +€84,843 | |
| Financial income | 75/76B | €11,144 | €300,584 | +€289,440 | +2597.3% |
| Recurring financial income | 75 | €11,144 | €300,584 | +€289,440 | +2597.3% |
| Financial charges | 65/66B | €36,451 | €28,159 | -€8,292 | -22.7% |
| Recurring financial charges | 65 | €36,451 | €28,159 | -€8,292 | -22.7% |
| Profit (loss) for the period before taxes | 9903 | -€67,611 | €314,964 | +€382,575 | |
| Transfer to deferred taxes | 680 | €67 | €71 | +€4 | +6.6% |
| Income taxes | 67/77 | €3,287 | €16,137 | +€12,851 | +391.0% |
| Profit (loss) for the period | 9904 | -€70,965 | €298,755 | +€369,719 | |
| Profit (loss) for the period to be appropriated | 9905 | -€70,965 | €298,755 | +€369,719 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.