VEDO: 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.
VEDO
Largest movements
- Tangible fixed assets +€23,583
up €23,583 (+1624.2%), from €1,452 to €25,035
of which Leasing and similar rights: +€23,583
- Deferred charges and accrued income -€4,574
down €4,574 (-15.4%), from €29,777 to €25,203
- Debts after one year +€15,877
up €15,877 (+376.8%), from €4,214 to €20,091
- Profit (loss) carried forward -€12,499
down €12,499 (-41.4%), from €30,196 to €17,697
- Current portion of long-term debt +€8,563
up €8,563 (+171.6%), from €4,989 to €13,552
- Short-term financial debts +€5,675
up €5,675 (+41.0%), from €13,841 to €19,516
- Trade debts +€2,534
up €2,534 (+36.4%), from €6,958 to €9,492
- Gross operating margin -€45,244
down €45,244 (-97.4%), from €46,468 to €1,223
- Financial charges +€3,546
up €3,546 (+80.0%), from €4,432 to €7,977
of which Non-recurring financial charges: +€1,791
- Taxes -€2,609
no longer reported in 2025 (was €2,609)
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
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 | €83,963 | €103,368 | +€19,405 | +23.1% |
| Fixed assets | 21/28 | €1,452 | €25,035 | +€23,583 | +1624.2% |
| Tangible fixed assets | 22/27 | €1,452 | €25,035 | +€23,583 | +1624.2% |
| Plant, machinery and equipment | 23 | €0 | - | -€0 | |
| Leasing and similar rights | 25 | €1,452 | €25,035 | +€23,583 | +1624.3% |
| Current assets | 29/58 | €82,511 | €78,333 | -€4,178 | -5.1% |
| Amounts receivable within one year | 40/41 | €52,734 | €53,131 | +€396 | +0.8% |
| Trade receivables | 40 | €5,344 | €3,237 | -€2,107 | -39.4% |
| Other amounts receivable | 41 | €47,390 | €49,894 | +€2,504 | +5.3% |
| Deferred charges and accrued income | 490/1 | €29,777 | €25,203 | -€4,574 | -15.4% |
| Total equity and liabilities | 10/49 | €83,963 | €103,368 | +€19,405 | +23.1% |
| Equity | 10/15 | €51,353 | €38,854 | -€12,499 | -24.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €2,565 | €2,565 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €706 | €706 | = | 0.0% |
| Profit (loss) carried forward | 14 | €30,196 | €17,697 | -€12,499 | -41.4% |
| Amounts payable | 17/49 | €32,610 | €64,514 | +€31,904 | +97.8% |
| Amounts payable after more than one year | 17 | €4,214 | €20,091 | +€15,877 | +376.8% |
| Financial debts | 170/4 | €4,214 | €20,091 | +€15,877 | +376.8% |
| Amounts payable within one year | 42/48 | €28,396 | €44,423 | +€16,027 | +56.4% |
| Current portion of amounts payable after more than one year | 42 | €4,989 | €13,552 | +€8,563 | +171.6% |
| Financial debts | 43 | €13,841 | €19,516 | +€5,675 | +41.0% |
| Credit institutions | 430/8 | €13,841 | €19,516 | +€5,675 | +41.0% |
| Trade debts | 44 | €6,958 | €9,492 | +€2,534 | +36.4% |
| Suppliers | 440/4 | €6,958 | €9,492 | +€2,534 | +36.4% |
| Taxes, remuneration and social security | 45 | €2,609 | €1,819 | -€790 | -30.3% |
| Taxes | 450/3 | €2,609 | - | -€2,609 | |
| Remuneration and social security | 454/9 | - | €1,819 | +€1,819 | |
| Other amounts payable | 47/48 | - | €44 | +€44 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,523 | €4,827 | +€304 | +6.7% |
| Other operating charges | 640/8 | €1,084 | €918 | -€166 | -15.3% |
| Gross operating margin | 9900 | €46,468 | €1,223 | -€45,244 | -97.4% |
| Operating profit (loss) | 9901 | €40,861 | -€4,522 | -€45,383 | |
| Financial charges | 65/66B | €4,432 | €7,977 | +€3,546 | +80.0% |
| Recurring financial charges | 65 | €4,432 | €6,186 | +€1,755 | +39.6% |
| Non-recurring financial charges | 66B | - | €1,791 | +€1,791 | |
| Profit (loss) for the period before taxes | 9903 | €36,429 | -€12,499 | -€48,928 | |
| Income taxes | 67/77 | €2,609 | - | -€2,609 | |
| Profit (loss) for the period | 9904 | €33,821 | -€12,499 | -€46,320 | |
| Profit (loss) for the period to be appropriated | 9905 | €33,821 | -€12,499 | -€46,320 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.