VEEP: 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.
VEEP
Largest movements
- Tangible fixed assets -€59,939
down €59,939 (-7.1%), from €844,477 to €784,538
of which Land and buildings: -€51,176
- Cash -€48,741
down €48,741 (-32.0%), from €152,317 to €103,575
mainly Contributions, distributions and other (-€80,000) and Debts after one year (-€79,781)
- Stocks and contracts +€24,276
up €24,276 (+41.8%), from €58,012 to €82,288
- Debts after one year -€79,781
down €79,781 (-14.5%), from €551,854 to €472,073
of which Financial debts: -€77,281
- Other debts +€78,573
up €78,573 (+4830.2%), from €1,627 to €80,200
- Trade debts -€71,194
down €71,194 (-65.8%), from €108,123 to €36,929
- Advances received -€60,815
down €60,815 (-22.0%), from €277,018 to €216,203
- Tax, wage and social debts +€48,653
up €48,653 (+195.1%), from €24,938 to €73,591
of which Taxes: +€33,711
- Gross operating margin +€138,164
up €138,164 (+52.5%), from €262,961 to €401,125
- Staff costs +€41,904
up €41,904 (+28.6%), from €146,710 to €188,614
- Taxes +€25,478
up €25,478 (+368.9%), from €6,907 to €32,386
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 | €1,192,980 | €1,112,653 | -€80,327 | -6.7% |
| Fixed assets | 21/28 | €845,577 | €785,638 | -€59,939 | -7.1% |
| Tangible fixed assets | 22/27 | €844,477 | €784,538 | -€59,939 | -7.1% |
| Land and buildings | 22 | €769,859 | €718,683 | -€51,176 | -6.6% |
| Plant, machinery and equipment | 23 | €46,332 | €51,338 | +€5,007 | +10.8% |
| Furniture and vehicles | 24 | €28,286 | €14,517 | -€13,769 | -48.7% |
| Financial fixed assets | 28 | €1,100 | €1,100 | = | 0.0% |
| Current assets | 29/58 | €347,403 | €327,015 | -€20,388 | -5.9% |
| Stocks and contracts in progress | 3 | €58,012 | €82,288 | +€24,276 | +41.8% |
| Stocks | 30/36 | €58,012 | €82,288 | +€24,276 | +41.8% |
| Amounts receivable within one year | 40/41 | €133,788 | €137,197 | +€3,409 | +2.5% |
| Trade receivables | 40 | €100,501 | €61,903 | -€38,598 | -38.4% |
| Other amounts receivable | 41 | €33,287 | €75,294 | +€42,006 | +126.2% |
| Cash at bank and in hand | 54/58 | €152,317 | €103,575 | -€48,741 | -32.0% |
| Deferred charges and accrued income | 490/1 | €3,286 | €3,955 | +€668 | +20.3% |
| Total equity and liabilities | 10/49 | €1,192,980 | €1,112,653 | -€80,327 | -6.7% |
| Equity | 10/15 | €154,823 | €156,376 | +€1,553 | +1.0% |
| Contributions | 10/11 | €22,500 | €22,500 | = | 0.0% |
| Reserves | 13 | €132,323 | €133,876 | +€1,553 | +1.2% |
| Non-distributable reserves | 130/1 | €2,250 | €2,250 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,250 | €2,250 | = | 0.0% |
| Distributable reserves | 133 | €130,073 | €131,626 | +€1,553 | +1.2% |
| Amounts payable | 17/49 | €1,038,157 | €956,277 | -€81,880 | -7.9% |
| Amounts payable after more than one year | 17 | €551,854 | €472,073 | -€79,781 | -14.5% |
| Financial debts | 170/4 | €549,354 | €472,073 | -€77,281 | -14.1% |
| Other amounts payable | 178/9 | €2,500 | - | -€2,500 | |
| Amounts payable within one year | 42/48 | €486,303 | €484,204 | -€2,099 | -0.4% |
| Current portion of amounts payable after more than one year | 42 | €74,598 | €77,281 | +€2,683 | +3.6% |
| Trade debts | 44 | €108,123 | €36,929 | -€71,194 | -65.8% |
| Suppliers | 440/4 | €108,123 | €36,929 | -€71,194 | -65.8% |
| Advances received on contracts in progress | 46 | €277,018 | €216,203 | -€60,815 | -22.0% |
| Taxes, remuneration and social security | 45 | €24,938 | €73,591 | +€48,653 | +195.1% |
| Taxes | 450/3 | €11,998 | €45,709 | +€33,711 | +281.0% |
| Remuneration and social security | 454/9 | €12,939 | €27,881 | +€14,942 | +115.5% |
| Other amounts payable | 47/48 | €1,627 | €80,200 | +€78,573 | +4830.2% |
| Remuneration, social security and pensions | 62 | €146,710 | €188,614 | +€41,904 | +28.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,575 | €73,499 | +€924 | +1.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,068 | €5,399 | +€3,331 | +161.1% |
| Other operating charges | 640/8 | €12,658 | €15,134 | +€2,475 | +19.6% |
| Non-recurring operating charges | 66A | €2,551 | - | -€2,551 | |
| Gross operating margin | 9900 | €262,961 | €401,125 | +€138,164 | +52.5% |
| Operating profit (loss) | 9901 | €26,398 | €118,479 | +€92,081 | +348.8% |
| Financial income | 75/76B | €15,357 | €17,917 | +€2,560 | +16.7% |
| Recurring financial income | 75 | €15,357 | €17,917 | +€2,560 | +16.7% |
| Financial charges | 65/66B | €25,379 | €22,458 | -€2,921 | -11.5% |
| Recurring financial charges | 65 | €25,379 | €22,458 | -€2,921 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | €16,377 | €113,939 | +€97,562 | +595.7% |
| Income taxes | 67/77 | €6,907 | €32,386 | +€25,478 | +368.9% |
| Profit (loss) for the period | 9904 | €9,469 | €81,553 | +€72,084 | +761.2% |
| Profit (loss) for the period to be appropriated | 9905 | €9,469 | €81,553 | +€72,084 | +761.2% |
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 7 October 2026 via checked.be.