VEEGRO: 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.
VEEGRO
Largest movements
- Receivables within one year +€123,878
up €123,878 (+57.5%), from €215,420 to €339,298
of which Other amounts receivable: +€66,932
- Cash -€85,346
down €85,346 (-42.9%), from €198,787 to €113,441
mainly Receivables within one year (-€123,878) and Trade debts (-€35,392)
- Reserves +€71,500
up €71,500 (+10.7%), from €667,249 to €738,749
of which Distributable reserves: +€657,500
- Trade debts -€35,392
down €35,392 (-33.5%), from €105,761 to €70,369
- Staff costs +€28,562
up €28,562 (+224%), from €12,742 to €41,304
- Gross operating margin +€10,257
up €10,257 (+6.5%), from €158,524 to €168,781
- Financial income +€8,116
up €8,116 (+115%), from €7,051 to €15,167
- Other operating charges +€5,623
up €5,623 (+19.8%), from €28,398 to €34,021
- Taxes -€5,265
down €5,265 (-16.4%), from €32,138 to €26,873
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 | €1,008,588 | €1,050,040 | +€41,452 | +4.1% |
| Fixed assets | 21/28 | €129,727 | €123,707 | -€6,020 | -4.6% |
| Tangible fixed assets | 22/27 | €24,798 | €18,778 | -€6,020 | -24.3% |
| Plant, machinery and equipment | 23 | €14,532 | €13,645 | -€887 | -6.1% |
| Furniture and vehicles | 24 | €1,466 | €733 | -€733 | -50.0% |
| Other tangible fixed assets | 26 | €8,800 | €4,400 | -€4,400 | -50.0% |
| Financial fixed assets | 28 | €104,929 | €104,929 | = | 0.0% |
| Current assets | 29/58 | €878,861 | €926,333 | +€47,472 | +5.4% |
| Amounts receivable within one year | 40/41 | €215,420 | €339,298 | +€123,878 | +57.5% |
| Trade receivables | 40 | €161,302 | €218,248 | +€56,946 | +35.3% |
| Other amounts receivable | 41 | €54,118 | €121,050 | +€66,932 | +124% |
| Current investments | 50/53 | €464,654 | €473,594 | +€8,940 | +1.9% |
| Cash at bank and in hand | 54/58 | €198,787 | €113,441 | -€85,346 | -42.9% |
| Total equity and liabilities | 10/49 | €1,008,588 | €1,050,040 | +€41,452 | +4.1% |
| Equity | 10/15 | €863,766 | €935,506 | +€71,740 | +8.3% |
| Reserves | 13 | €667,249 | €738,749 | +€71,500 | +10.7% |
| Non-distributable reserves | 130/1 | €14,280 | €14,280 | = | 0.0% |
| Other | 1319 | €14,280 | €14,280 | = | 0.0% |
| Tax-exempt reserves | 132 | €586,000 | - | -€586,000 | |
| Distributable reserves | 133 | €66,969 | €724,469 | +€657,500 | +982% |
| Profit (loss) carried forward | 14 | €196,517 | €196,757 | +€240 | +0.1% |
| Amounts payable | 17/49 | €144,822 | €114,534 | -€30,288 | -20.9% |
| Amounts payable within one year | 42/48 | €144,822 | €114,534 | -€30,288 | -20.9% |
| Trade debts | 44 | €105,761 | €70,369 | -€35,392 | -33.5% |
| Suppliers | 440/4 | €105,761 | €70,369 | -€35,392 | -33.5% |
| Taxes, remuneration and social security | 45 | €36,114 | €39,002 | +€2,888 | +8.0% |
| Taxes | 450/3 | €36,114 | €36,960 | +€846 | +2.3% |
| Remuneration and social security | 454/9 | - | €2,042 | +€2,042 | |
| Other amounts payable | 47/48 | €2,947 | €5,163 | +€2,216 | +75.2% |
| Remuneration, social security and pensions | 62 | €12,742 | €41,304 | +€28,562 | +224% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,850 | €9,736 | +€886 | +10.0% |
| Other operating charges | 640/8 | €28,398 | €34,021 | +€5,623 | +19.8% |
| Gross operating margin | 9900 | €158,524 | €168,781 | +€10,257 | +6.5% |
| Operating profit (loss) | 9901 | €108,534 | €83,720 | -€24,814 | -22.9% |
| Financial income | 75/76B | €7,051 | €15,167 | +€8,116 | +115% |
| Recurring financial income | 75 | €7,051 | €15,167 | +€8,116 | +115% |
| Financial charges | 65/66B | €232 | €274 | +€42 | +18.1% |
| Recurring financial charges | 65 | €232 | €274 | +€42 | +18.1% |
| Profit (loss) for the period before taxes | 9903 | €115,353 | €98,613 | -€16,740 | -14.5% |
| Income taxes | 67/77 | €32,138 | €26,873 | -€5,265 | -16.4% |
| Profit (loss) for the period | 9904 | €83,215 | €71,740 | -€11,475 | -13.8% |
| Profit (loss) for the period to be appropriated | 9905 | €83,215 | €71,740 | -€11,475 | -13.8% |
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.