VEF MANAGEMENT: 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.
VEF MANAGEMENT
Largest movements
- Cash +€273,600
up €273,600 (+104.9%), from €260,887 to €534,487
mainly Net result for the year (+€343,224) and Depreciation (+€20,964)
- Reserves +€350,000
up €350,000 (+23.8%), from €1.5m to €1.8m
- Current portion of long-term debt -€91,031
no longer reported in 2025 (was €91,031)
- Financial income +€90,000
up €90,000 (+40.0%), from €225,000 to €315,000
- Gross operating margin +€43,064
up €43,064 (+305.6%), from €14,091 to €57,155
- Depreciation +€9,973
up €9,973 (+90.7%), from €10,991 to €20,964
- Taxes +€2,839
up €2,839 (+162.7%), from €1,744 to €4,583
- Other operating charges -€1,869
down €1,869 (-45.1%), from €4,147 to €2,278
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 | €1,872,307 | €2,128,757 | +€256,450 | +13.7% |
| Fixed assets | 21/28 | €1,609,626 | €1,588,662 | -€20,964 | -1.3% |
| Tangible fixed assets | 22/27 | €79,493 | €58,529 | -€20,964 | -26.4% |
| Furniture and vehicles | 24 | €79,493 | €58,529 | -€20,964 | -26.4% |
| Financial fixed assets | 28 | €1,530,133 | €1,530,133 | = | 0.0% |
| Current assets | 29/58 | €262,681 | €540,094 | +€277,414 | +105.6% |
| Amounts receivable within one year | 40/41 | €1,794 | €5,607 | +€3,813 | +212.6% |
| Other amounts receivable | 41 | €1,794 | €5,607 | +€3,813 | +212.6% |
| Cash at bank and in hand | 54/58 | €260,887 | €534,487 | +€273,600 | +104.9% |
| Total equity and liabilities | 10/49 | €1,872,307 | €2,128,757 | +€256,450 | +13.7% |
| Equity | 10/15 | €1,779,484 | €2,122,708 | +€343,224 | +19.3% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €1,470,000 | €1,820,000 | +€350,000 | +23.8% |
| Distributable reserves | 133 | €1,470,000 | €1,820,000 | +€350,000 | +23.8% |
| Profit (loss) carried forward | 14 | €9,484 | €2,708 | -€6,776 | -71.5% |
| Amounts payable | 17/49 | €92,823 | €6,049 | -€86,774 | -93.5% |
| Amounts payable within one year | 42/48 | €92,823 | €6,049 | -€86,774 | -93.5% |
| Current portion of amounts payable after more than one year | 42 | €91,031 | - | -€91,031 | |
| Trade debts | 44 | €382 | €6,049 | +€5,667 | +1483.8% |
| Suppliers | 440/4 | €382 | €6,049 | +€5,667 | +1483.8% |
| Taxes, remuneration and social security | 45 | €1,411 | - | -€1,411 | |
| Taxes | 450/3 | €1,411 | - | -€1,411 | |
| Turnover | 70 | - | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,991 | €20,964 | +€9,973 | +90.7% |
| Other operating charges | 640/8 | €4,147 | €2,278 | -€1,869 | -45.1% |
| Gross operating margin | 9900 | €14,091 | €57,155 | +€43,064 | +305.6% |
| Operating profit (loss) | 9901 | -€1,047 | €33,912 | +€34,959 | |
| Financial income | 75/76B | €225,000 | €315,000 | +€90,000 | +40.0% |
| Recurring financial income | 75 | €225,000 | €315,000 | +€90,000 | +40.0% |
| Financial charges | 65/66B | €2,280 | €1,105 | -€1,174 | -51.5% |
| Recurring financial charges | 65 | €2,280 | €1,105 | -€1,174 | -51.5% |
| Profit (loss) for the period before taxes | 9903 | €221,673 | €347,807 | +€126,133 | +56.9% |
| Income taxes | 67/77 | €1,744 | €4,583 | +€2,839 | +162.7% |
| Profit (loss) for the period | 9904 | €219,929 | €343,224 | +€123,295 | +56.1% |
| Profit (loss) for the period to be appropriated | 9905 | €219,929 | €343,224 | +€123,295 | +56.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.