VEEDC: 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.
VEEDC
Largest movements
- Tangible fixed assets -€40,954
down €40,954 (-6.1%), from €671,073 to €630,119
of which Land and buildings: -€26,238
- Receivables within one year +€23,911
up €23,911 (+38.2%), from €62,527 to €86,438
of which Trade receivables: +€23,911
- Cash -€15,176
down €15,176 (-36.8%), from €41,272 to €26,096
mainly Receivables within one year (-€23,911) and Tax, wage and social debts (-€21,361)
- Tax, wage and social debts -€21,361
down €21,361 (-76.1%), from €28,064 to €6,702
- Debts after one year -€19,868
down €19,868 (-4.4%), from €450,297 to €430,430
- Trade debts +€9,972
up €9,972 (+90.6%), from €11,007 to €20,979
- Gross operating margin +€59,646
up €59,646 (+238%), from €25,081 to €84,727
- Financial income -€11,197
down €11,197 (-89.9%), from €12,461 to €1,264
- Financial charges -€5,184
down €5,184 (-13.0%), from €39,872 to €34,688
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 | €844,623 | €808,717 | -€35,906 | -4.3% |
| Fixed assets | 21/28 | €721,073 | €682,619 | -€38,454 | -5.3% |
| Tangible fixed assets | 22/27 | €671,073 | €630,119 | -€40,954 | -6.1% |
| Land and buildings | 22 | €627,154 | €600,917 | -€26,238 | -4.2% |
| Plant, machinery and equipment | 23 | €20,569 | €14,456 | -€6,113 | -29.7% |
| Furniture and vehicles | 24 | €23,350 | €14,747 | -€8,603 | -36.8% |
| Financial fixed assets | 28 | €50,000 | €52,500 | +€2,500 | +5.0% |
| Current assets | 29/58 | €123,550 | €126,098 | +€2,548 | +2.1% |
| Amounts receivable within one year | 40/41 | €62,527 | €86,438 | +€23,911 | +38.2% |
| Trade receivables | 40 | €62,382 | €86,292 | +€23,911 | +38.3% |
| Other amounts receivable | 41 | €145 | €145 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €41,272 | €26,096 | -€15,176 | -36.8% |
| Deferred charges and accrued income | 490/1 | €19,751 | €13,564 | -€6,187 | -31.3% |
| Total equity and liabilities | 10/49 | €844,623 | €808,717 | -€35,906 | -4.3% |
| Equity | 10/15 | €331,365 | €329,888 | -€1,477 | -0.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €476,860 | €476,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €475,000 | €475,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€157,895 | -€159,372 | -€1,477 | -0.9% |
| Amounts payable | 17/49 | €513,258 | €478,829 | -€34,429 | -6.7% |
| Amounts payable after more than one year | 17 | €450,297 | €430,430 | -€19,868 | -4.4% |
| Financial debts | 170/4 | €450,297 | €430,430 | -€19,868 | -4.4% |
| Amounts payable within one year | 42/48 | €62,961 | €48,400 | -€14,561 | -23.1% |
| Current portion of amounts payable after more than one year | 42 | €19,012 | €19,868 | +€856 | +4.5% |
| Trade debts | 44 | €11,007 | €20,979 | +€9,972 | +90.6% |
| Suppliers | 440/4 | €11,007 | €20,979 | +€9,972 | +90.6% |
| Taxes, remuneration and social security | 45 | €28,064 | €6,702 | -€21,361 | -76.1% |
| Taxes | 450/3 | €28,064 | €6,702 | -€21,361 | -76.1% |
| Other amounts payable | 47/48 | €4,879 | €851 | -€4,028 | -82.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,157 | €48,900 | -€257 | -0.5% |
| Other operating charges | 640/8 | €1,856 | €2,313 | +€457 | +24.6% |
| Gross operating margin | 9900 | €25,081 | €84,727 | +€59,646 | +238% |
| Operating profit (loss) | 9901 | -€25,933 | €33,513 | +€59,445 | |
| Financial income | 75/76B | €12,461 | €1,264 | -€11,197 | -89.9% |
| Recurring financial income | 75 | €12,461 | €1,264 | -€11,197 | -89.9% |
| Financial charges | 65/66B | €39,872 | €34,688 | -€5,184 | -13.0% |
| Recurring financial charges | 65 | €39,872 | €34,688 | -€5,184 | -13.0% |
| Profit (loss) for the period before taxes | 9903 | -€53,344 | €88 | +€53,432 | |
| Income taxes | 67/77 | €1,722 | €1,566 | -€157 | -9.1% |
| Profit (loss) for the period | 9904 | -€55,066 | -€1,477 | +€53,589 | +97.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€55,066 | -€1,477 | +€53,589 | +97.3% |
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.