VEEF - NOE: 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.
VEEF - NOE
Largest movements
- Current investments +€45,000
up €45,000 (+90.0%), from €50,000 to €95,000
- Cash +€9,185
up €9,185 (+104.7%), from €8,769 to €17,954
mainly Net result for the year (+€45,759) and Tax, wage and social debts (+€4,954)
- Tangible fixed assets -€4,127
down €4,127 (-31.6%), from €13,070 to €8,943
- Deferred charges and accrued income -€2,765
no longer reported in 2025 (was €2,765)
- Reserves +€41,697
up €41,697 (+32.2%), from €129,365 to €171,062
of which Distributable reserves: +€43,557
- Tax, wage and social debts +€4,954
up €4,954 (+119.4%), from €4,148 to €9,102
No income-statement line moved by more than 1% of the activity.
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 | €152,276 | €198,906 | +€46,630 | +30.6% |
| Fixed assets | 21/28 | €13,070 | €8,943 | -€4,127 | -31.6% |
| Tangible fixed assets | 22/27 | €13,070 | €8,943 | -€4,127 | -31.6% |
| Furniture and vehicles | 24 | €13,070 | €8,943 | -€4,127 | -31.6% |
| Current assets | 29/58 | €139,206 | €189,963 | +€50,757 | +36.5% |
| Amounts receivable within one year | 40/41 | €77,673 | €77,009 | -€664 | -0.9% |
| Trade receivables | 40 | €25,410 | €25,410 | = | 0.0% |
| Other amounts receivable | 41 | €52,263 | €51,599 | -€664 | -1.3% |
| Current investments | 50/53 | €50,000 | €95,000 | +€45,000 | +90.0% |
| Cash at bank and in hand | 54/58 | €8,769 | €17,954 | +€9,185 | +104.7% |
| Deferred charges and accrued income | 490/1 | €2,765 | - | -€2,765 | |
| Total equity and liabilities | 10/49 | €152,276 | €198,906 | +€46,630 | +30.6% |
| Equity | 10/15 | €147,965 | €189,662 | +€41,697 | +28.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €129,365 | €171,062 | +€41,697 | +32.2% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Other | 1319 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €127,505 | €171,062 | +€43,557 | +34.2% |
| Amounts payable | 17/49 | €4,311 | €9,244 | +€4,933 | +114.4% |
| Amounts payable within one year | 42/48 | €4,311 | €9,244 | +€4,933 | +114.4% |
| Trade debts | 44 | €163 | €142 | -€21 | -12.9% |
| Suppliers | 440/4 | €163 | €142 | -€21 | -12.9% |
| Taxes, remuneration and social security | 45 | €4,148 | €9,102 | +€4,954 | +119.4% |
| Taxes | 450/3 | €4,148 | €9,102 | +€4,954 | +119.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,127 | €4,127 | = | 0.0% |
| Other operating charges | 640/8 | €767 | €781 | +€14 | +1.8% |
| Gross operating margin | 9900 | €73,139 | €73,741 | +€602 | +0.8% |
| Operating profit (loss) | 9901 | €68,244 | €68,833 | +€588 | +0.9% |
| Financial income | 75/76B | €34 | €43 | +€9 | +27.8% |
| Recurring financial income | 75 | €34 | €43 | +€9 | +27.8% |
| Financial charges | 65/66B | €66 | €90 | +€24 | +36.0% |
| Recurring financial charges | 65 | €66 | €90 | +€24 | +36.0% |
| Profit (loss) for the period before taxes | 9903 | €68,212 | €68,786 | +€574 | +0.8% |
| Income taxes | 67/77 | €22,747 | €23,027 | +€279 | +1.2% |
| Profit (loss) for the period | 9904 | €45,464 | €45,759 | +€294 | +0.6% |
| Profit (loss) for the period to be appropriated | 9905 | €45,464 | €45,759 | +€294 | +0.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.