VEEM: 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.
VEEM
Largest movements
- Cash -€48,290
down €48,290 (-74.1%), from €65,195 to €16,905
mainly Investment in fixed assets (net) (-€66,275) and Other debts (-€8,543)
- Tangible fixed assets +€44,347
up €44,347 (+32.5%), from €136,593 to €180,939
of which Land and buildings: +€45,245
- Reserves +€10,178
up €10,178 (+18.3%), from €55,668 to €65,846
- Other debts -€8,543
down €8,543 (-7.0%), from €121,578 to €113,036
- Tax, wage and social debts -€3,949
no longer reported in 2025 (was €3,949)
- Gross operating margin -€12,848
down €12,848 (-22.8%), from €56,393 to €43,544
- Taxes -€4,485
down €4,485 (-47.5%), from €9,449 to €4,963
- Depreciation +€1,368
up €1,368 (+6.7%), from €20,560 to €21,928
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 | €203,023 | €200,162 | -€2,861 | -1.4% |
| Fixed assets | 21/28 | €136,593 | €180,939 | +€44,347 | +32.5% |
| Tangible fixed assets | 22/27 | €136,593 | €180,939 | +€44,347 | +32.5% |
| Land and buildings | 22 | €130,550 | €175,795 | +€45,245 | +34.7% |
| Plant, machinery and equipment | 23 | €6,043 | €5,144 | -€898 | -14.9% |
| Current assets | 29/58 | €66,431 | €19,222 | -€47,208 | -71.1% |
| Amounts receivable within one year | 40/41 | - | €1,097 | +€1,097 | |
| Other amounts receivable | 41 | - | €1,097 | +€1,097 | |
| Cash at bank and in hand | 54/58 | €65,195 | €16,905 | -€48,290 | -74.1% |
| Deferred charges and accrued income | 490/1 | €1,236 | €1,221 | -€15 | -1.2% |
| Total equity and liabilities | 10/49 | €203,023 | €200,162 | -€2,861 | -1.4% |
| Equity | 10/15 | €74,260 | €84,438 | +€10,178 | +13.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €55,668 | €65,846 | +€10,178 | +18.3% |
| Distributable reserves | 133 | €55,668 | €65,846 | +€10,178 | +18.3% |
| Amounts payable | 17/49 | €128,763 | €115,724 | -€13,039 | -10.1% |
| Amounts payable within one year | 42/48 | €126,821 | €114,424 | -€12,397 | -9.8% |
| Trade debts | 44 | €1,294 | €1,388 | +€94 | +7.3% |
| Suppliers | 440/4 | €1,294 | €1,388 | +€94 | +7.3% |
| Taxes, remuneration and social security | 45 | €3,949 | - | -€3,949 | |
| Taxes | 450/3 | €3,949 | - | -€3,949 | |
| Other amounts payable | 47/48 | €121,578 | €113,036 | -€8,543 | -7.0% |
| Accrued charges and deferred income | 492/3 | €1,942 | €1,300 | -€642 | -33.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,560 | €21,928 | +€1,368 | +6.7% |
| Other operating charges | 640/8 | €6,237 | €6,384 | +€147 | +2.4% |
| Gross operating margin | 9900 | €56,393 | €43,544 | -€12,848 | -22.8% |
| Operating profit (loss) | 9901 | €29,596 | €15,232 | -€14,363 | -48.5% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €105 | €91 | -€14 | -13.4% |
| Recurring financial charges | 65 | €105 | €91 | -€14 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | €29,491 | €15,141 | -€14,350 | -48.7% |
| Income taxes | 67/77 | €9,449 | €4,963 | -€4,485 | -47.5% |
| Profit (loss) for the period | 9904 | €20,043 | €10,178 | -€9,865 | -49.2% |
| Profit (loss) for the period to be appropriated | 9905 | €20,043 | €10,178 | -€9,865 | -49.2% |
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 2 October 2026 via checked.be.