VEFA: 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.
VEFA
Largest movements
- Receivables within one year -€179,266
down €179,266 (-60.9%), from €294,493 to €115,227
of which Other amounts receivable: -€179,731
- Profit (loss) carried forward -€103,922
down €103,922, from €7,744 to -€96,178
- Debts after one year -€85,791
down €85,791 (-16.1%), from €533,627 to €447,836
of which Financial debts: -€85,791
- Gross operating margin -€147,081
down €147,081, from €88,749 to -€58,332
- Financial charges -€11,734
no longer reported in 2025 (was €11,734)
- Purchases and services -€11,483
down €11,483 (-36.5%), from €31,438 to €19,955
- Turnover +€8,083
up €8,083 (+6.7%), from €119,970 to €128,053
- Taxes -€2,580
no longer reported in 2025 (was €2,580)
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 | €1,236,241 | €1,051,924 | -€184,317 | -14.9% |
| Fixed assets | 21/28 | €925,235 | €914,325 | -€10,910 | -1.2% |
| Tangible fixed assets | 22/27 | €925,111 | €914,201 | -€10,910 | -1.2% |
| Land and buildings | 22 | €925,111 | €912,784 | -€12,327 | -1.3% |
| Plant, machinery and equipment | 23 | - | €1,417 | +€1,417 | |
| Financial fixed assets | 28 | €124 | €124 | +€0 | 0.0% |
| Current assets | 29/58 | €311,006 | €137,599 | -€173,407 | -55.8% |
| Amounts receivable within one year | 40/41 | €294,493 | €115,227 | -€179,266 | -60.9% |
| Trade receivables | 40 | €180 | €645 | +€465 | +258% |
| Other amounts receivable | 41 | €294,313 | €114,582 | -€179,731 | -61.1% |
| Cash at bank and in hand | 54/58 | €16,513 | €22,372 | +€5,859 | +35.5% |
| Total equity and liabilities | 10/49 | €1,236,241 | €1,051,924 | -€184,317 | -14.9% |
| Equity | 10/15 | €531,295 | €427,374 | -€103,921 | -19.6% |
| Contributions | 10/11 | €475,956 | €475,956 | +€0 | 0.0% |
| Capital | 10 | €475,956 | €475,956 | +€0 | 0.0% |
| Issued capital | 100 | €475,956 | €475,956 | +€0 | 0.0% |
| Reserves | 13 | €47,596 | €47,596 | +€0 | 0.0% |
| Non-distributable reserves | 130/1 | €47,596 | €47,596 | +€0 | 0.0% |
| Legal reserve | 130 | €47,596 | €47,596 | +€0 | 0.0% |
| Profit (loss) carried forward | 14 | €7,744 | -€96,178 | -€103,922 | |
| Amounts payable | 17/49 | €704,945 | €624,550 | -€80,395 | -11.4% |
| Amounts payable after more than one year | 17 | €533,627 | €447,836 | -€85,791 | -16.1% |
| Financial debts | 170/4 | €530,627 | €444,836 | -€85,791 | -16.2% |
| Other amounts payable | 178/9 | €3,000 | €3,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €171,318 | €176,714 | +€5,396 | +3.1% |
| Current portion of amounts payable after more than one year | 42 | €69,661 | €78,623 | +€8,962 | +12.9% |
| Trade debts | 44 | €700 | €0 | -€700 | -100% |
| Suppliers | 440/4 | €700 | €0 | -€700 | -100% |
| Taxes, remuneration and social security | 45 | €2,580 | - | -€2,580 | |
| Taxes | 450/3 | €2,580 | - | -€2,580 | |
| Other amounts payable | 47/48 | €98,378 | €98,091 | -€287 | -0.3% |
| Turnover | 70 | €119,970 | €128,053 | +€8,083 | +6.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €31,438 | €19,955 | -€11,483 | -36.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,825 | €34,982 | +€157 | +0.5% |
| Other operating charges | 640/8 | €10,490 | €10,609 | +€119 | +1.1% |
| Gross operating margin | 9900 | €88,749 | -€58,332 | -€147,081 | |
| Operating profit (loss) | 9901 | €43,433 | -€103,923 | -€147,356 | |
| Financial charges | 65/66B | €11,734 | - | -€11,734 | |
| Recurring financial charges | 65 | €11,734 | - | -€11,734 | |
| Profit (loss) for the period before taxes | 9903 | €31,699 | -€103,923 | -€135,622 | |
| Income taxes | 67/77 | €2,580 | - | -€2,580 | |
| Profit (loss) for the period | 9904 | €29,120 | -€103,923 | -€133,043 | |
| Profit (loss) for the period to be appropriated | 9905 | €29,120 | -€103,923 | -€133,043 |
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 13 October 2026 via checked.be.