VEE EXPRESS: 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.
VEE EXPRESS
Largest movements
- Receivables within one year -€28,929
down €28,929 (-36.4%), from €79,484 to €50,555
of which Trade receivables: -€32,352
- Cash +€22,711
up €22,711 (+127.9%), from €17,755 to €40,466
mainly Depreciation (+€42,799) and Net result for the year (+€35,037)
- Tangible fixed assets +€11,893
up €11,893 (+3.4%), from €350,788 to €362,681
of which Land and buildings: +€16,419
- Stocks and contracts +€5,250
up €5,250 (+15.1%), from €34,664 to €39,914
- Profit (loss) carried forward +€35,037
up €35,037 (+7.6%), from -€460,321 to -€425,284
- Trade debts -€20,060
down €20,060 (-14.7%), from €136,271 to €116,211
- Other debts -€15,263
down €15,263 (-2.1%), from €738,111 to €722,848
- Tax, wage and social debts +€15,211
up €15,211 (+10625.6%), from €143 to €15,354
- Turnover +€409,641
new in 2025: €409,641
- Purchases and services +€265,367
new in 2025: €265,367
- Gross operating margin +€125,842
up €125,842 (+682.8%), from €18,432 to €144,274
- Write-downs +€49,500
new in 2025: €49,500
- Depreciation +€33,084
up €33,084 (+340.6%), from €9,714 to €42,799
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
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 | €482,692 | €497,617 | +€14,925 | +3.1% |
| Fixed assets | 21/28 | €350,788 | €362,681 | +€11,893 | +3.4% |
| Tangible fixed assets | 22/27 | €350,788 | €362,681 | +€11,893 | +3.4% |
| Land and buildings | 22 | €313,184 | €329,603 | +€16,419 | +5.2% |
| Plant, machinery and equipment | 23 | €37,604 | €33,078 | -€4,526 | -12.0% |
| Current assets | 29/58 | €131,904 | €134,936 | +€3,032 | +2.3% |
| Stocks and contracts in progress | 3 | €34,664 | €39,914 | +€5,250 | +15.1% |
| Stocks | 30/36 | €34,664 | €39,914 | +€5,250 | +15.1% |
| Amounts receivable within one year | 40/41 | €79,484 | €50,555 | -€28,929 | -36.4% |
| Trade receivables | 40 | €47,221 | €14,869 | -€32,352 | -68.5% |
| Other amounts receivable | 41 | €32,263 | €35,686 | +€3,423 | +10.6% |
| Cash at bank and in hand | 54/58 | €17,755 | €40,466 | +€22,711 | +127.9% |
| Deferred charges and accrued income | 490/1 | - | €4,000 | +€4,000 | |
| Total equity and liabilities | 10/49 | €482,692 | €497,617 | +€14,925 | +3.1% |
| Equity | 10/15 | -€391,833 | -€356,796 | +€35,037 | +8.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €37,887 | €37,887 | = | 0.0% |
| Reserves | 13 | €12,000 | €12,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Legal reserve | 130 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€460,321 | -€425,284 | +€35,037 | +7.6% |
| Amounts payable | 17/49 | €874,525 | €854,413 | -€20,112 | -2.3% |
| Amounts payable within one year | 42/48 | €874,525 | €854,413 | -€20,112 | -2.3% |
| Trade debts | 44 | €136,271 | €116,211 | -€20,060 | -14.7% |
| Suppliers | 440/4 | €136,271 | €116,211 | -€20,060 | -14.7% |
| Taxes, remuneration and social security | 45 | €143 | €15,354 | +€15,211 | +10625.6% |
| Taxes | 450/3 | €143 | €15,354 | +€15,211 | +10625.6% |
| Other amounts payable | 47/48 | €738,111 | €722,848 | -€15,263 | -2.1% |
| Turnover | 70 | - | €409,641 | +€409,641 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €265,367 | +€265,367 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,714 | €42,799 | +€33,084 | +340.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €49,500 | +€49,500 | |
| Other operating charges | 640/8 | €1,097 | €397 | -€700 | -63.8% |
| Gross operating margin | 9900 | €18,432 | €144,274 | +€125,842 | +682.8% |
| Operating profit (loss) | 9901 | €7,621 | €51,579 | +€43,958 | +576.8% |
| Financial income | 75/76B | - | €57 | +€57 | |
| Recurring financial income | 75 | - | €57 | +€57 | |
| Financial charges | 65/66B | €6,846 | €44 | -€6,803 | -99.4% |
| Recurring financial charges | 65 | €6,846 | €44 | -€6,803 | -99.4% |
| Profit (loss) for the period before taxes | 9903 | €775 | €51,593 | +€50,818 | +6559.5% |
| Income taxes | 67/77 | €14,352 | €16,556 | +€2,204 | +15.4% |
| Profit (loss) for the period | 9904 | -€13,577 | €35,037 | +€48,614 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,577 | €35,037 | +€48,614 |
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 3 October 2026 via checked.be.