VEDEVE: 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.
VEDEVE
Largest movements
- Cash +€61,090
up €61,090 (+190%), from €32,206 to €93,297
mainly Net result for the year (+€112,808) and Depreciation (+€39,305)
- Current investments +€39,908
new in 2025: €39,908
- Tangible fixed assets -€39,305
down €39,305 (-14.3%), from €274,500 to €235,195
- Receivables within one year -€28,254
down €28,254 (-98.7%), from €28,616 to €362
of which Trade receivables: -€21,136
- Stocks and contracts -€11,548
down €11,548 (-9.0%), from €128,781 to €117,233
- Reserves +€112,808
up €112,808 (+42.2%), from €267,217 to €380,026
of which Distributable reserves: +€115,243
- Debts after one year -€42,937
down €42,937 (-64.5%), from €66,563 to €23,625
- Other debts -€26,230
down €26,230 (-81.8%), from €32,052 to €5,822
- Trade debts -€22,268
down €22,268 (-89.9%), from €24,761 to €2,493
- Gross operating margin -€62,656
down €62,656 (-23.2%), from €269,996 to €207,341
- Taxes -€10,667
down €10,667 (-16.5%), from €64,468 to €53,801
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 | €464,492 | €486,953 | +€22,461 | +4.8% |
| Fixed assets | 21/28 | €274,500 | €235,195 | -€39,305 | -14.3% |
| Tangible fixed assets | 22/27 | €274,500 | €235,195 | -€39,305 | -14.3% |
| Land and buildings | 22 | €89,281 | €80,251 | -€9,029 | -10.1% |
| Plant, machinery and equipment | 23 | €85,723 | €71,412 | -€14,311 | -16.7% |
| Furniture and vehicles | 24 | €99,496 | €83,532 | -€15,964 | -16.0% |
| Current assets | 29/58 | €189,992 | €251,758 | +€61,766 | +32.5% |
| Stocks and contracts in progress | 3 | €128,781 | €117,233 | -€11,548 | -9.0% |
| Stocks | 30/36 | €128,781 | €117,233 | -€11,548 | -9.0% |
| Amounts receivable within one year | 40/41 | €28,616 | €362 | -€28,254 | -98.7% |
| Trade receivables | 40 | €21,136 | €0 | -€21,136 | -100% |
| Other amounts receivable | 41 | €7,481 | €362 | -€7,119 | -95.2% |
| Current investments | 50/53 | - | €39,908 | +€39,908 | |
| Cash at bank and in hand | 54/58 | €32,206 | €93,297 | +€61,090 | +190% |
| Deferred charges and accrued income | 490/1 | €389 | €958 | +€569 | +146% |
| Total equity and liabilities | 10/49 | €464,492 | €486,953 | +€22,461 | +4.8% |
| Equity | 10/15 | €285,809 | €398,618 | +€112,808 | +39.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €267,217 | €380,026 | +€112,808 | +42.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €15,172 | €12,738 | -€2,434 | -16.0% |
| Distributable reserves | 133 | €252,045 | €367,288 | +€115,243 | +45.7% |
| Provisions and deferred taxes | 16 | €5,058 | €4,246 | -€811 | -16.0% |
| Deferred taxes | 168 | €5,058 | €4,246 | -€811 | -16.0% |
| Amounts payable | 17/49 | €173,625 | €84,089 | -€89,536 | -51.6% |
| Amounts payable after more than one year | 17 | €66,563 | €23,625 | -€42,937 | -64.5% |
| Financial debts | 170/4 | €66,563 | €23,625 | -€42,937 | -64.5% |
| Amounts payable within one year | 42/48 | €104,218 | €57,032 | -€47,186 | -45.3% |
| Current portion of amounts payable after more than one year | 42 | €42,937 | €42,937 | = | 0.0% |
| Trade debts | 44 | €24,761 | €2,493 | -€22,268 | -89.9% |
| Suppliers | 440/4 | €24,761 | €2,493 | -€22,268 | -89.9% |
| Taxes, remuneration and social security | 45 | €4,468 | €5,779 | +€1,311 | +29.4% |
| Taxes | 450/3 | €4,468 | €5,779 | +€1,311 | +29.4% |
| Other amounts payable | 47/48 | €32,052 | €5,822 | -€26,230 | -81.8% |
| Accrued charges and deferred income | 492/3 | €2,845 | €3,433 | +€588 | +20.7% |
| Non-recurring operating income | 76A | €22,722 | €0 | -€22,722 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,659 | €39,305 | +€2,646 | +7.2% |
| Other operating charges | 640/8 | €1,531 | €1,576 | +€45 | +3.0% |
| Gross operating margin | 9900 | €269,996 | €207,341 | -€62,656 | -23.2% |
| Operating profit (loss) | 9901 | €231,806 | €166,460 | -€65,347 | -28.2% |
| Financial income | 75/76B | €25 | €19 | -€6 | -24.7% |
| Recurring financial income | 75 | €25 | €19 | -€6 | -24.7% |
| Financial charges | 65/66B | €1,191 | €681 | -€510 | -42.9% |
| Recurring financial charges | 65 | €1,191 | €681 | -€510 | -42.9% |
| Profit (loss) for the period before taxes | 9903 | €230,640 | €165,798 | -€64,842 | -28.1% |
| Transfer from deferred taxes | 780 | €623 | €811 | +€189 | +30.3% |
| Transfer to deferred taxes | 680 | €5,680 | €0 | -€5,680 | -100% |
| Income taxes | 67/77 | €64,468 | €53,801 | -€10,667 | -16.5% |
| Profit (loss) for the period | 9904 | €161,115 | €112,808 | -€48,307 | -30.0% |
| Transfer from tax-exempt reserves | 789 | €1,869 | €2,434 | +€566 | +30.3% |
| Transfer to tax-exempt reserves | 689 | €17,041 | €0 | -€17,041 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €145,943 | €115,243 | -€30,700 | -21.0% |
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 14 October 2026 via checked.be.