VEFO: 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.
VEFO
Largest movements
- Cash -€261,167
down €261,167 (-61.7%), from €423,073 to €161,906
mainly Contributions, distributions and other (-€304,370) and Tax, wage and social debts (-€103,150)
- Receivables within one year -€48,735
down €48,735 (-10.3%), from €472,154 to €423,419
of which Other amounts receivable: -€88,756
- Reserves -€209,213
down €209,213 (-12.2%), from €1.7m to €1.5m
- Tax, wage and social debts -€103,150
down €103,150 (-76.8%), from €134,311 to €31,161
of which Taxes: -€102,990
- Taxes +€12,888
up €12,888 (+30.6%), from €42,165 to €55,054
- Gross operating margin -€8,749
down €8,749 (-6.0%), from €144,831 to €136,082
- Financial income +€6,451
up €6,451 (+56.2%), from €11,479 to €17,930
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 | €1,865,480 | €1,554,643 | -€310,837 | -16.7% |
| Fixed assets | 21/28 | €968,266 | €967,296 | -€971 | -0.1% |
| Tangible fixed assets | 22/27 | €1,275 | €304 | -€971 | -76.1% |
| Furniture and vehicles | 24 | €1,275 | €304 | -€971 | -76.1% |
| Financial fixed assets | 28 | €966,992 | €966,992 | = | 0.0% |
| Current assets | 29/58 | €897,214 | €587,347 | -€309,867 | -34.5% |
| Amounts receivable within one year | 40/41 | €472,154 | €423,419 | -€48,735 | -10.3% |
| Trade receivables | 40 | €246,633 | €286,654 | +€40,021 | +16.2% |
| Other amounts receivable | 41 | €225,521 | €136,765 | -€88,756 | -39.4% |
| Cash at bank and in hand | 54/58 | €423,073 | €161,906 | -€261,167 | -61.7% |
| Deferred charges and accrued income | 490/1 | €1,987 | €2,021 | +€35 | +1.7% |
| Total equity and liabilities | 10/49 | €1,865,480 | €1,554,643 | -€310,837 | -16.7% |
| Equity | 10/15 | €1,729,976 | €1,520,764 | -€209,213 | -12.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,709,976 | €1,500,764 | -€209,213 | -12.2% |
| Distributable reserves | 133 | €1,709,976 | €1,500,764 | -€209,213 | -12.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €135,504 | €33,879 | -€101,625 | -75.0% |
| Amounts payable within one year | 42/48 | €135,504 | €33,879 | -€101,625 | -75.0% |
| Trade debts | 44 | €1,193 | €2,717 | +€1,525 | +128% |
| Suppliers | 440/4 | €1,193 | €2,717 | +€1,525 | +128% |
| Taxes, remuneration and social security | 45 | €134,311 | €31,161 | -€103,150 | -76.8% |
| Taxes | 450/3 | €134,151 | €31,161 | -€102,990 | -76.8% |
| Remuneration and social security | 454/9 | €160 | €0 | -€160 | -100% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,103 | €971 | -€133 | -12.0% |
| Other operating charges | 640/8 | €993 | €1,620 | +€627 | +63.2% |
| Non-recurring operating charges | 66A | €88,663 | €0 | -€88,663 | -100% |
| Gross operating margin | 9900 | €144,831 | €136,082 | -€8,749 | -6.0% |
| Operating profit (loss) | 9901 | €54,072 | €133,491 | +€79,419 | +147% |
| Financial income | 75/76B | €11,479 | €17,930 | +€6,451 | +56.2% |
| Recurring financial income | 75 | €11,479 | €17,930 | +€6,451 | +56.2% |
| Financial charges | 65/66B | €1,321 | €1,210 | -€111 | -8.4% |
| Recurring financial charges | 65 | €1,321 | €1,210 | -€111 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | €64,229 | €150,211 | +€85,981 | +134% |
| Income taxes | 67/77 | €42,165 | €55,054 | +€12,888 | +30.6% |
| Profit (loss) for the period | 9904 | €22,064 | €95,157 | +€73,093 | +331% |
| Profit (loss) for the period to be appropriated | 9905 | €22,064 | €95,157 | +€73,093 | +331% |
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.