Vefica: 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.
What changed
Vefica
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€535,576
2024 · -€139,738-€395,838
Equity
€1.2m
2024 · €1.7m-€535,576
Cash
€16,737
2024 · €22,928-€6,191
Balance sheet total
€1.7m
2024 · €2.2m-€498,700
Largest movements
Assets
- Financial fixed assets -€544,815
down €544,815 (-95.7%), from €569,560 to €24,745
- Intangible fixed assets +€469,618
new in 2025: €469,618
- Receivables within one year -€243,024
down €243,024 (-98.1%), from €247,766 to €4,742
- Tangible fixed assets -€147,794
down €147,794 (-13.0%), from €1.1m to €987,759
Equity and liabilities
- Profit (loss) carried forward -€535,576
down €535,576 (-36.1%), from -€1.5m to -€2.0m
Income statement
- Depreciation +€52,424
up €52,424 (+35.5%), from €147,550 to €199,974
- Other operating charges +€34,009
up €34,009 (+3,443%), from €988 to €34,996
- Gross operating margin -€21,273
down €21,273, from €17,353 to -€3,921
- Staff costs +€11,228
new in 2025: €11,228
- Financial income -€6,816
down €6,816 (-86.9%), from €7,844 to €1,028
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.
Result 2024
-€139,738
Gross operating margin
-€21,273
Staff costs
-€11,228
Depreciation
-€52,424
Other operating charges
-€34,009
Other operating items
-€269,802
Financial income
-€6,816
Financial charges
-€646
Taxes
+€360
Result 2025
-€535,576
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€52,937
Investment
+€44,283
Financing
+€2,463
Cash 2024
€22,928
From operations (derived)
-€52,937
Net result for the year
-€535,576
Depreciation
+€199,974
Receivables within one year
+€243,024
Deferred charges and accrued income
+€5,228
Trade debts
+€838
Tax, wage and social debts
+€1,394
Advances received
+€1,359
Other debts
+€14,988
Accrued charges and deferred income
+€15,834
Investment (derived)
+€44,283
Investment in fixed assets (net)
+€23,017
Current investments
+€21,266
Financing
+€2,463
Short-term financial debts
+€2,463
Cash 2025
€16,737
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,188,942 | €1,690,242 | -€498,700 | -22.8% |
| Fixed assets | 21/28 | €1,705,113 | €1,482,122 | -€222,991 | -13.1% |
| Intangible fixed assets | 21 | - | €469,618 | +€469,618 | |
| Tangible fixed assets | 22/27 | €1,135,553 | €987,759 | -€147,794 | -13.0% |
| Land and buildings | 22 | €1,135,553 | €987,759 | -€147,794 | -13.0% |
| Financial fixed assets | 28 | €569,560 | €24,745 | -€544,815 | -95.7% |
| Current assets | 29/58 | €483,829 | €208,120 | -€275,709 | -57.0% |
| Amounts receivable within one year | 40/41 | €247,766 | €4,742 | -€243,024 | -98.1% |
| Other amounts receivable | 41 | €247,766 | €4,742 | -€243,024 | -98.1% |
| Current investments | 50/53 | €207,391 | €186,125 | -€21,266 | -10.3% |
| Cash at bank and in hand | 54/58 | €22,928 | €16,737 | -€6,191 | -27.0% |
| Deferred charges and accrued income | 490/1 | €5,745 | €516 | -€5,228 | -91.0% |
| Total equity and liabilities | 10/49 | €2,188,942 | €1,690,242 | -€498,700 | -22.8% |
| Equity | 10/15 | €1,694,287 | €1,158,710 | -€535,576 | -31.6% |
| Contributions | 10/11 | €3,178,972 | €3,178,972 | = | 0.0% |
| Capital | 10 | €3,178,972 | €0 | -€3.2m | -100% |
| Issued capital | 100 | €3,178,972 | €0 | -€3.2m | -100% |
| Contributions outside capital | 11 | - | €3,178,972 | +€3.2m | |
| Other | 1109/19 | - | €3,178,972 | +€3.2m | |
| Profit (loss) carried forward | 14 | -€1,484,685 | -€2,020,262 | -€535,576 | -36.1% |
| Amounts payable | 17/49 | €494,655 | €531,532 | +€36,876 | +7.5% |
| Amounts payable after more than one year | 17 | €390,000 | €390,000 | = | 0.0% |
| Financial debts | 170/4 | €390,000 | €390,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €9,651 | €30,694 | +€21,042 | +218% |
| Financial debts | 43 | - | €2,463 | +€2,463 | |
| Credit institutions | 430/8 | - | €2,463 | +€2,463 | |
| Trade debts | 44 | €1,332 | €2,170 | +€838 | +62.9% |
| Suppliers | 440/4 | €1,332 | €2,170 | +€838 | +62.9% |
| Advances received on contracts in progress | 46 | - | €1,359 | +€1,359 | |
| Taxes, remuneration and social security | 45 | - | €1,394 | +€1,394 | |
| Remuneration and social security | 454/9 | - | €1,394 | +€1,394 | |
| Other amounts payable | 47/48 | €8,319 | €23,307 | +€14,988 | +180% |
| Accrued charges and deferred income | 492/3 | €95,004 | €110,838 | +€15,834 | +16.7% |
| Non-recurring operating income | 76A | €12,500 | €0 | -€12,500 | -100% |
| Remuneration, social security and pensions | 62 | - | €11,228 | +€11,228 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €147,550 | €199,974 | +€52,424 | +35.5% |
| Other operating charges | 640/8 | €988 | €34,996 | +€34,009 | +3,443% |
| Non-recurring operating charges | 66A | - | €269,802 | +€269,802 | |
| Gross operating margin | 9900 | €17,353 | -€3,921 | -€21,273 | |
| Operating profit (loss) | 9901 | -€131,186 | -€519,921 | -€388,736 | -296% |
| Financial income | 75/76B | €7,844 | €1,028 | -€6,816 | -86.9% |
| Recurring financial income | 75 | €7,844 | €1,028 | -€6,816 | -86.9% |
| Financial charges | 65/66B | €16,037 | €16,683 | +€646 | +4.0% |
| Recurring financial charges | 65 | €16,037 | €16,683 | +€646 | +4.0% |
| Profit (loss) for the period before taxes | 9903 | -€139,378 | -€535,576 | -€396,198 | -284% |
| Income taxes | 67/77 | €360 | €0 | -€360 | -100% |
| Profit (loss) for the period | 9904 | -€139,738 | -€535,576 | -€395,838 | -283% |
| Profit (loss) for the period to be appropriated | 9905 | -€139,738 | -€535,576 | -€395,838 | -283% |
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 14 October 2026 via checked.be.