VeeMax: 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.
VeeMax
Largest movements
- Tangible fixed assets +€292,800
up €292,800 (+311.0%), from €94,150 to €386,950
of which Land and buildings: +€260,262
- Current investments -€50,488
down €50,488 (-61.4%), from €82,265 to €31,777
- Receivables within one year -€33,818
down €33,818 (-48.2%), from €70,154 to €36,336
of which Trade receivables: -€39,600
- Cash +€19,551
up €19,551 (+454.7%), from €4,300 to €23,850
mainly Debts after one year (+€253,746) and Net result for the year (+€73,654)
- Debts after one year +€253,746
up €253,746 (+1557.6%), from €16,291 to €270,036
- Reserves -€51,129
down €51,129 (-77.7%), from €65,783 to €14,654
- Other debts +€30,096
up €30,096 (+26.2%), from €114,967 to €145,063
- Tax, wage and social debts -€26,616
down €26,616 (-82.2%), from €32,372 to €5,756
- Current portion of long-term debt +€22,090
up €22,090 (+211.4%), from €10,449 to €32,539
- Financial income -€31,067
down €31,067 (-88.6%), from €35,055 to €3,989
- Depreciation +€23,662
up €23,662 (+223.1%), from €10,606 to €34,268
- Gross operating margin +€15,783
up €15,783 (+12.4%), from €127,585 to €143,368
- Taxes -€13,470
down €13,470 (-42.2%), from €31,946 to €18,476
- Financial charges +€11,479
up €11,479 (+179.4%), from €6,397 to €17,876
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 | €252,515 | €479,947 | +€227,433 | +90.1% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €94,150 | €386,950 | +€292,800 | +311.0% |
| Tangible fixed assets | 22/27 | €94,150 | €386,950 | +€292,800 | +311.0% |
| Land and buildings | 22 | €62,202 | €322,464 | +€260,262 | +418.4% |
| Plant, machinery and equipment | 23 | €2,562 | €13,979 | +€11,417 | +445.6% |
| Furniture and vehicles | 24 | €2,987 | €2,445 | -€542 | -18.1% |
| Leasing and similar rights | 25 | €26,399 | €48,061 | +€21,663 | +82.1% |
| Current assets | 29/58 | €158,365 | €92,998 | -€65,367 | -41.3% |
| Amounts receivable within one year | 40/41 | €70,154 | €36,336 | -€33,818 | -48.2% |
| Trade receivables | 40 | €69,239 | €29,639 | -€39,600 | -57.2% |
| Other amounts receivable | 41 | €915 | €6,697 | +€5,782 | +631.9% |
| Current investments | 50/53 | €82,265 | €31,777 | -€50,488 | -61.4% |
| Cash at bank and in hand | 54/58 | €4,300 | €23,850 | +€19,551 | +454.7% |
| Deferred charges and accrued income | 490/1 | €1,646 | €1,034 | -€612 | -37.2% |
| Total equity and liabilities | 10/49 | €252,515 | €479,947 | +€227,433 | +90.1% |
| Equity | 10/15 | €70,783 | €19,654 | -€51,129 | -72.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €65,783 | €14,654 | -€51,129 | -77.7% |
| Distributable reserves | 133 | €65,783 | €14,654 | -€51,129 | -77.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €181,732 | €460,293 | +€278,562 | +153.3% |
| Amounts payable after more than one year | 17 | €16,291 | €270,036 | +€253,746 | +1557.6% |
| Financial debts | 170/4 | €16,291 | €270,036 | +€253,746 | +1557.6% |
| Amounts payable within one year | 42/48 | €164,063 | €187,754 | +€23,691 | +14.4% |
| Current portion of amounts payable after more than one year | 42 | €10,449 | €32,539 | +€22,090 | +211.4% |
| Financial debts | 43 | - | €20 | +€20 | |
| Credit institutions | 430/8 | - | €20 | +€20 | |
| Trade debts | 44 | €6,275 | €4,376 | -€1,899 | -30.3% |
| Suppliers | 440/4 | €6,275 | €4,376 | -€1,899 | -30.3% |
| Taxes, remuneration and social security | 45 | €32,372 | €5,756 | -€26,616 | -82.2% |
| Taxes | 450/3 | €32,372 | €5,756 | -€26,616 | -82.2% |
| Other amounts payable | 47/48 | €114,967 | €145,063 | +€30,096 | +26.2% |
| Accrued charges and deferred income | 492/3 | €1,378 | €2,503 | +€1,126 | +81.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,606 | €34,268 | +€23,662 | +223.1% |
| Other operating charges | 640/8 | €1,241 | €3,082 | +€1,840 | +148.3% |
| Gross operating margin | 9900 | €127,585 | €143,368 | +€15,783 | +12.4% |
| Operating profit (loss) | 9901 | €115,738 | €106,018 | -€9,720 | -8.4% |
| Financial income | 75/76B | €35,055 | €3,989 | -€31,067 | -88.6% |
| Recurring financial income | 75 | €35,055 | €3,989 | -€31,067 | -88.6% |
| Financial charges | 65/66B | €6,397 | €17,876 | +€11,479 | +179.4% |
| Recurring financial charges | 65 | €6,397 | €17,876 | +€11,479 | +179.4% |
| Profit (loss) for the period before taxes | 9903 | €144,396 | €92,130 | -€52,266 | -36.2% |
| Income taxes | 67/77 | €31,946 | €18,476 | -€13,470 | -42.2% |
| Profit (loss) for the period | 9904 | €112,450 | €73,654 | -€38,796 | -34.5% |
| Profit (loss) for the period to be appropriated | 9905 | €112,450 | €73,654 | -€38,796 | -34.5% |
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 8 October 2026 via checked.be.