VEDA BUSINESS: 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 BUSINESS
Largest movements
- Cash +€247,338
up €247,338 (+52.2%), from €473,392 to €720,730
mainly Net result for the year (+€181,248) and Depreciation (+€62,729)
- Tangible fixed assets -€51,651
down €51,651 (-9.6%), from €539,564 to €487,913
- Reserves +€181,248
up €181,248 (+9.3%), from €2.0m to €2.1m
of which Distributable reserves: +€90,652
- Current portion of long-term debt -€35,000
no longer reported in 2025 (was €35,000)
- Tax, wage and social debts +€30,822
up €30,822 (+45.6%), from €67,596 to €98,418
of which Taxes: +€31,615
- Taxes -€15,007
down €15,007 (-17.4%), from €86,227 to €71,220
- Financial income -€13,740
down €13,740 (-66.4%), from €20,698 to €6,958
- Gross operating margin -€4,282
down €4,282 (-1.2%), from €354,089 to €349,807
- Financial charges +€4,099
up €4,099 (+17.5%), from €23,459 to €27,557
- Depreciation -€3,656
down €3,656 (-5.5%), from €66,385 to €62,729
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 | €2,453,755 | €2,662,636 | +€208,882 | +8.5% |
| Fixed assets | 21/28 | €1,054,802 | €993,188 | -€61,614 | -5.8% |
| Intangible fixed assets | 21 | €105,012 | €95,049 | -€9,963 | -9.5% |
| Tangible fixed assets | 22/27 | €539,564 | €487,913 | -€51,651 | -9.6% |
| Land and buildings | 22 | €456,175 | €431,050 | -€25,124 | -5.5% |
| Plant, machinery and equipment | 23 | €29,332 | €19,816 | -€9,516 | -32.4% |
| Furniture and vehicles | 24 | €54,058 | €37,046 | -€17,011 | -31.5% |
| Financial fixed assets | 28 | €410,226 | €410,226 | = | 0.0% |
| Current assets | 29/58 | €1,398,953 | €1,669,448 | +€270,496 | +19.3% |
| Amounts receivable within one year | 40/41 | €422,072 | €441,742 | +€19,670 | +4.7% |
| Trade receivables | 40 | €399,981 | €438,521 | +€38,539 | +9.6% |
| Other amounts receivable | 41 | €22,091 | €3,221 | -€18,870 | -85.4% |
| Current investments | 50/53 | €503,405 | €503,405 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €473,392 | €720,730 | +€247,338 | +52.2% |
| Deferred charges and accrued income | 490/1 | €84 | €3,572 | +€3,488 | +4,146% |
| Total equity and liabilities | 10/49 | €2,453,755 | €2,662,636 | +€208,882 | +8.5% |
| Equity | 10/15 | €1,969,272 | €2,150,520 | +€181,248 | +9.2% |
| Contributions | 10/11 | €19,004 | €19,004 | = | 0.0% |
| Reserves | 13 | €1,950,269 | €2,131,517 | +€181,248 | +9.3% |
| Tax-exempt reserves | 132 | €10,000 | €100,596 | +€90,596 | +906% |
| Distributable reserves | 133 | €1,940,269 | €2,030,921 | +€90,652 | +4.7% |
| Amounts payable | 17/49 | €484,482 | €512,116 | +€27,634 | +5.7% |
| Amounts payable within one year | 42/48 | €484,482 | €512,116 | +€27,634 | +5.7% |
| Current portion of amounts payable after more than one year | 42 | €35,000 | - | -€35,000 | |
| Trade debts | 44 | €4,267 | €16,661 | +€12,395 | +290% |
| Suppliers | 440/4 | €4,267 | €16,661 | +€12,395 | +290% |
| Taxes, remuneration and social security | 45 | €67,596 | €98,418 | +€30,822 | +45.6% |
| Taxes | 450/3 | €66,803 | €98,418 | +€31,615 | +47.3% |
| Remuneration and social security | 454/9 | €792 | - | -€792 | |
| Other amounts payable | 47/48 | €377,620 | €397,037 | +€19,417 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,385 | €62,729 | -€3,656 | -5.5% |
| Other operating charges | 640/8 | €12,329 | €14,011 | +€1,682 | +13.6% |
| Gross operating margin | 9900 | €354,089 | €349,807 | -€4,282 | -1.2% |
| Operating profit (loss) | 9901 | €275,376 | €273,067 | -€2,308 | -0.8% |
| Financial income | 75/76B | €20,698 | €6,958 | -€13,740 | -66.4% |
| Recurring financial income | 75 | €20,698 | €6,958 | -€13,740 | -66.4% |
| Financial charges | 65/66B | €23,459 | €27,557 | +€4,099 | +17.5% |
| Recurring financial charges | 65 | €23,459 | €27,557 | +€4,099 | +17.5% |
| Profit (loss) for the period before taxes | 9903 | €272,615 | €252,468 | -€20,147 | -7.4% |
| Income taxes | 67/77 | €86,227 | €71,220 | -€15,007 | -17.4% |
| Profit (loss) for the period | 9904 | €186,388 | €181,248 | -€5,140 | -2.8% |
| Transfer to tax-exempt reserves | 689 | - | €90,596 | +€90,596 | |
| Profit (loss) for the period to be appropriated | 9905 | €186,388 | €90,652 | -€95,736 | -51.4% |
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 30 October 2026 via checked.be.