VEDDO: 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.
VEDDO
Largest movements
- Tangible fixed assets +€95,336
up €95,336 (+25.2%), from €378,171 to €473,506
of which Furniture and vehicles: +€99,612
- Receivables within one year +€78,639
up €78,639 (+153%), from €51,372 to €130,011
of which Trade receivables: +€55,716
- Stocks and contracts -€25,825
down €25,825 (-61.2%), from €42,175 to €16,350
- Advances received +€68,000
new in 2025: €68,000
- Debts after one year +€34,908
up €34,908 (+14.8%), from €235,971 to €270,879
- Trade debts +€15,150
up €15,150 (+47.6%), from €31,833 to €46,984
- Reserves +€12,018
up €12,018 (+13.2%), from €91,355 to €103,373
of which Distributable reserves: +€12,018
- Investment grants +€7,000
new in 2025: €7,000
- Depreciation +€5,644
up €5,644 (+13.1%), from €43,101 to €48,744
- Gross operating margin -€4,680
down €4,680 (-5.4%), from €87,240 to €82,560
- Financial charges -€1,613
down €1,613 (-12.5%), from €12,925 to €11,313
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €483,148 | €631,298 | +€148,150 | +30.7% |
| Formation expenses | 20 | €11,431 | €11,431 | = | 0.0% |
| Fixed assets | 21/28 | €378,171 | €473,506 | +€95,336 | +25.2% |
| Tangible fixed assets | 22/27 | €378,171 | €473,506 | +€95,336 | +25.2% |
| Land and buildings | 22 | €269,399 | €290,361 | +€20,963 | +7.8% |
| Plant, machinery and equipment | 23 | €96,918 | €71,679 | -€25,239 | -26.0% |
| Furniture and vehicles | 24 | €11,854 | €111,466 | +€99,612 | +840% |
| Current assets | 29/58 | €93,547 | €146,361 | +€52,814 | +56.5% |
| Stocks and contracts in progress | 3 | €42,175 | €16,350 | -€25,825 | -61.2% |
| Stocks | 30/36 | €42,175 | €16,350 | -€25,825 | -61.2% |
| Amounts receivable within one year | 40/41 | €51,372 | €130,011 | +€78,639 | +153% |
| Trade receivables | 40 | €51,372 | €107,087 | +€55,716 | +108% |
| Other amounts receivable | 41 | - | €22,923 | +€22,923 | |
| Total equity and liabilities | 10/49 | €483,148 | €631,298 | +€148,150 | +30.7% |
| Equity | 10/15 | €153,328 | €172,346 | +€19,018 | +12.4% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Contributions outside capital | 11 | €61,973 | €61,973 | = | 0.0% |
| Other | 1109/19 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €91,355 | €103,373 | +€12,018 | +13.2% |
| Non-distributable reserves | 130/1 | €4,452 | €4,452 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,452 | €4,452 | = | 0.0% |
| Distributable reserves | 133 | €86,903 | €98,921 | +€12,018 | +13.8% |
| Investment grants | 15 | - | €7,000 | +€7,000 | |
| Amounts payable | 17/49 | €329,820 | €458,952 | +€129,132 | +39.2% |
| Amounts payable after more than one year | 17 | €235,971 | €270,879 | +€34,908 | +14.8% |
| Financial debts | 170/4 | €235,971 | €270,879 | +€34,908 | +14.8% |
| Amounts payable within one year | 42/48 | €93,849 | €188,073 | +€94,224 | +100% |
| Current portion of amounts payable after more than one year | 42 | €41,014 | €47,692 | +€6,678 | +16.3% |
| Financial debts | 43 | €10,118 | €8,235 | -€1,883 | -18.6% |
| Credit institutions | 430/8 | €10,118 | €8,235 | -€1,883 | -18.6% |
| Trade debts | 44 | €31,833 | €46,984 | +€15,150 | +47.6% |
| Suppliers | 440/4 | €31,833 | €46,984 | +€15,150 | +47.6% |
| Advances received on contracts in progress | 46 | - | €68,000 | +€68,000 | |
| Taxes, remuneration and social security | 45 | €10,852 | €14,985 | +€4,133 | +38.1% |
| Taxes | 450/3 | €10,852 | €14,985 | +€4,133 | +38.1% |
| Other amounts payable | 47/48 | €30 | €2,177 | +€2,146 | +7,048% |
| Remuneration, social security and pensions | 62 | €675 | - | -€675 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,101 | €48,744 | +€5,644 | +13.1% |
| Other operating charges | 640/8 | €2,851 | €3,083 | +€232 | +8.1% |
| Gross operating margin | 9900 | €87,240 | €82,560 | -€4,680 | -5.4% |
| Operating profit (loss) | 9901 | €40,613 | €30,733 | -€9,881 | -24.3% |
| Financial charges | 65/66B | €12,925 | €11,313 | -€1,613 | -12.5% |
| Recurring financial charges | 65 | €12,925 | €11,313 | -€1,613 | -12.5% |
| Profit (loss) for the period before taxes | 9903 | €27,688 | €19,420 | -€8,268 | -29.9% |
| Income taxes | 67/77 | €7,583 | €7,402 | -€180 | -2.4% |
| Profit (loss) for the period | 9904 | €20,105 | €12,018 | -€8,087 | -40.2% |
| Profit (loss) for the period to be appropriated | 9905 | €20,105 | €12,018 | -€8,087 | -40.2% |
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 15 October 2026 via checked.be.