VEEHANDEL PUTSEYS: 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.
VEEHANDEL PUTSEYS
Largest movements
- Receivables within one year +€224,679
up €224,679 (+123%), from €182,974 to €407,654
of which Trade receivables: +€238,728
- Tangible fixed assets +€157,209
up €157,209 (+129%), from €122,234 to €279,443
of which Leasing and similar rights: +€127,439
- Cash -€70,659
down €70,659 (-25.3%), from €279,419 to €208,761
mainly Receivables within one year (-€224,679) and Investment in fixed assets (net) (-€214,688)
- Reserves +€166,850
up €166,850 (+56.4%), from €295,799 to €462,649
of which Distributable reserves: +€166,850
- Debts after one year +€77,089
new in 2025: €77,089
- Trade debts +€31,128
up €31,128 (+58.0%), from €53,672 to €84,800
- Current portion of long-term debt +€19,316
new in 2025: €19,316
- Other debts +€16,677
up €16,677 (+6.2%), from €268,022 to €284,699
- Gross operating margin +€186,481
up €186,481 (+117%), from €159,100 to €345,581
- Taxes +€44,245
up €44,245 (+177%), from €24,936 to €69,182
- Other operating charges +€21,733
up €21,733 (+201%), from €10,794 to €32,527
- Depreciation +€16,941
up €16,941 (+41.7%), from €40,636 to €57,576
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 | €826,003 | €1,147,732 | +€321,729 | +39.0% |
| Fixed assets | 21/28 | €122,466 | €279,578 | +€157,112 | +128% |
| Intangible fixed assets | 21 | €97 | - | -€97 | |
| Tangible fixed assets | 22/27 | €122,234 | €279,443 | +€157,209 | +129% |
| Plant, machinery and equipment | 23 | €64,308 | €74,573 | +€10,265 | +16.0% |
| Furniture and vehicles | 24 | €57,926 | €77,432 | +€19,505 | +33.7% |
| Leasing and similar rights | 25 | - | €127,439 | +€127,439 | |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €703,537 | €868,154 | +€164,617 | +23.4% |
| Stocks and contracts in progress | 3 | €236,133 | €246,220 | +€10,087 | +4.3% |
| Stocks | 30/36 | €236,133 | €246,220 | +€10,087 | +4.3% |
| Amounts receivable within one year | 40/41 | €182,974 | €407,654 | +€224,679 | +123% |
| Trade receivables | 40 | €158,844 | €397,572 | +€238,728 | +150% |
| Other amounts receivable | 41 | €24,130 | €10,081 | -€14,049 | -58.2% |
| Cash at bank and in hand | 54/58 | €279,419 | €208,761 | -€70,659 | -25.3% |
| Deferred charges and accrued income | 490/1 | €5,011 | €5,520 | +€510 | +10.2% |
| Total equity and liabilities | 10/49 | €826,003 | €1,147,732 | +€321,729 | +39.0% |
| Equity | 10/15 | €455,077 | €621,926 | +€166,850 | +36.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €295,799 | €462,649 | +€166,850 | +56.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €289,599 | €456,449 | +€166,850 | +57.6% |
| Profit (loss) carried forward | 14 | €97,277 | €97,277 | = | 0.0% |
| Amounts payable | 17/49 | €370,926 | €525,806 | +€154,880 | +41.8% |
| Amounts payable after more than one year | 17 | - | €77,089 | +€77,089 | |
| Financial debts | 170/4 | - | €77,089 | +€77,089 | |
| Amounts payable within one year | 42/48 | €370,926 | €448,717 | +€77,791 | +21.0% |
| Current portion of amounts payable after more than one year | 42 | - | €19,316 | +€19,316 | |
| Trade debts | 44 | €53,672 | €84,800 | +€31,128 | +58.0% |
| Suppliers | 440/4 | €53,672 | €84,800 | +€31,128 | +58.0% |
| Taxes, remuneration and social security | 45 | €49,232 | €59,902 | +€10,670 | +21.7% |
| Taxes | 450/3 | €49,232 | €59,902 | +€10,670 | +21.7% |
| Other amounts payable | 47/48 | €268,022 | €284,699 | +€16,677 | +6.2% |
| Non-recurring operating income | 76A | €4,000 | €9,222 | +€5,222 | +131% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,636 | €57,576 | +€16,941 | +41.7% |
| Other operating charges | 640/8 | €10,794 | €32,527 | +€21,733 | +201% |
| Gross operating margin | 9900 | €159,100 | €345,581 | +€186,481 | +117% |
| Operating profit (loss) | 9901 | €107,670 | €255,477 | +€147,807 | +137% |
| Financial income | 75/76B | €68 | €45 | -€23 | -33.4% |
| Recurring financial income | 75 | €68 | €45 | -€23 | -33.4% |
| Financial charges | 65/66B | €20,269 | €19,491 | -€778 | -3.8% |
| Recurring financial charges | 65 | €20,269 | €19,491 | -€778 | -3.8% |
| Profit (loss) for the period before taxes | 9903 | €87,469 | €236,031 | +€148,563 | +170% |
| Income taxes | 67/77 | €24,936 | €69,182 | +€44,245 | +177% |
| Profit (loss) for the period | 9904 | €62,532 | €166,850 | +€104,318 | +167% |
| Profit (loss) for the period to be appropriated | 9905 | €62,532 | €166,850 | +€104,318 | +167% |
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 20 October 2026 via checked.be.