VEFISCO: 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.
VEFISCO
Largest movements
- Receivables within one year -€8,842
down €8,842 (-5.4%), from €163,100 to €154,258
of which Other amounts receivable: -€13,977
- Current investments +€6,486
up €6,486 (+19.3%), from €33,665 to €40,151
- Tangible fixed assets -€3,313
down €3,313 (-16.5%), from €20,121 to €16,808
of which Furniture and vehicles: -€5,953
- Profit (loss) carried forward +€7,627
up €7,627 (+5.5%), from €139,843 to €147,470
- Trade debts -€5,674
down €5,674 (-70.9%), from €8,006 to €2,332
- Debts after one year -€4,038
no longer reported in 2025 (was €4,038)
- Gross operating margin +€10,958
up €10,958 (+11.2%), from €97,456 to €108,414
- Write-downs -€7,700
down €7,700 (-76.5%), from €10,062 to €2,362
- Taxes -€5,558
down €5,558 (-37.5%), from €14,836 to €9,278
- Depreciation -€2,860
down €2,860 (-48.2%), from €5,938 to €3,078
- Financial charges -€1,526
down €1,526 (-45.1%), from €3,383 to €1,857
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €219,073 | €214,364 | -€4,709 | -2.1% |
| Fixed assets | 21/28 | €20,121 | €16,808 | -€3,313 | -16.5% |
| Tangible fixed assets | 22/27 | €20,121 | €16,808 | -€3,313 | -16.5% |
| Plant, machinery and equipment | 23 | €5,683 | €8,323 | +€2,640 | +46.5% |
| Furniture and vehicles | 24 | €14,438 | €8,485 | -€5,953 | -41.2% |
| Current assets | 29/58 | €198,952 | €197,556 | -€1,396 | -0.7% |
| Amounts receivable within one year | 40/41 | €163,100 | €154,258 | -€8,842 | -5.4% |
| Trade receivables | 40 | €106,909 | €112,044 | +€5,135 | +4.8% |
| Other amounts receivable | 41 | €56,191 | €42,214 | -€13,977 | -24.9% |
| Current investments | 50/53 | €33,665 | €40,151 | +€6,486 | +19.3% |
| Deferred charges and accrued income | 490/1 | €2,187 | €3,147 | +€960 | +43.9% |
| Total equity and liabilities | 10/49 | €219,073 | €214,364 | -€4,709 | -2.1% |
| Equity | 10/15 | €158,149 | €165,776 | +€7,627 | +4.8% |
| Contributions | 10/11 | €16,446 | €16,446 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €139,843 | €147,470 | +€7,627 | +5.5% |
| Provisions and deferred taxes | 16 | €2,125 | €2,125 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €2,125 | €2,125 | = | 0.0% |
| Other liabilities and charges | 164/5 | €2,125 | €2,125 | = | 0.0% |
| Amounts payable | 17/49 | €58,799 | €46,463 | -€12,336 | -21.0% |
| Amounts payable after more than one year | 17 | €4,038 | - | -€4,038 | |
| Financial debts | 170/4 | €4,038 | - | -€4,038 | |
| Amounts payable within one year | 42/48 | €54,452 | €46,447 | -€8,005 | -14.7% |
| Current portion of amounts payable after more than one year | 42 | €3,840 | €4,038 | +€198 | +5.2% |
| Financial debts | 43 | €9,999 | €9,999 | = | 0.0% |
| Credit institutions | 430/8 | €9,999 | €9,999 | = | 0.0% |
| Trade debts | 44 | €8,006 | €2,332 | -€5,674 | -70.9% |
| Suppliers | 440/4 | €8,006 | €2,332 | -€5,674 | -70.9% |
| Taxes, remuneration and social security | 45 | €12,607 | €12,078 | -€529 | -4.2% |
| Taxes | 450/3 | €6,678 | €5,824 | -€854 | -12.8% |
| Remuneration and social security | 454/9 | €5,929 | €6,254 | +€325 | +5.5% |
| Other amounts payable | 47/48 | €20,000 | €18,000 | -€2,000 | -10.0% |
| Accrued charges and deferred income | 492/3 | €309 | €16 | -€293 | -94.8% |
| Remuneration, social security and pensions | 62 | €51,759 | €52,542 | +€783 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,938 | €3,078 | -€2,860 | -48.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €10,062 | €2,362 | -€7,700 | -76.5% |
| Other operating charges | 640/8 | €252 | €874 | +€622 | +246.8% |
| Non-recurring operating charges | 66A | €10,050 | €12,502 | +€2,452 | +24.4% |
| Gross operating margin | 9900 | €97,456 | €108,414 | +€10,958 | +11.2% |
| Operating profit (loss) | 9901 | €19,395 | €37,056 | +€17,661 | +91.1% |
| Financial income | 75/76B | €1,947 | €1,706 | -€241 | -12.4% |
| Recurring financial income | 75 | €1,947 | €1,706 | -€241 | -12.4% |
| Financial charges | 65/66B | €3,383 | €1,857 | -€1,526 | -45.1% |
| Recurring financial charges | 65 | €3,383 | €1,857 | -€1,526 | -45.1% |
| Profit (loss) for the period before taxes | 9903 | €17,959 | €36,905 | +€18,946 | +105.5% |
| Income taxes | 67/77 | €14,836 | €9,278 | -€5,558 | -37.5% |
| Profit (loss) for the period | 9904 | €3,123 | €27,627 | +€24,504 | +784.6% |
| Profit (loss) for the period to be appropriated | 9905 | €3,123 | €27,627 | +€24,504 | +784.6% |
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 4 October 2026 via checked.be.