VEISTERS: 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.
VEISTERS
Largest movements
- Stocks and contracts +€173,095
up €173,095 (+156%), from €110,890 to €283,985
of which Contracts in progress: +€173,513
- Tangible fixed assets +€171,691
up €171,691 (+16.9%), from €1.0m to €1.2m
of which Land and buildings: +€201,216
- Receivables within one year +€127,161
up €127,161 (+24.4%), from €520,949 to €648,111
of which Trade receivables: +€103,282
- Cash -€102,797
down €102,797 (-79.2%), from €129,783 to €26,985
mainly Contributions, distributions and other (-€400,000) and Investment in fixed assets (net) (-€211,838)
- Other debts +€247,055
up €247,055 (+87.4%), from €282,516 to €529,571
- Short-term financial debts +€125,000
up €125,000 (+250%), from €50,000 to €175,000
- Trade debts -€81,815
down €81,815 (-31.2%), from €261,940 to €180,125
- Tax, wage and social debts +€80,904
up €80,904 (+112%), from €72,354 to €153,258
of which Taxes: +€80,880
- Reserves +€77,559
up €77,559 (+26.3%), from €295,084 to €372,643
of which Distributable reserves: +€75,670
- Turnover +€1.1m
up €1.1m (+30.1%), from €3.7m to €4.9m
- Purchases and services +€949,283
up €949,283 (+34.2%), from €2.8m to €3.7m
- Gross operating margin +€515,271
up €515,271 (+63.9%), from €806,452 to €1.3m
- Taxes +€109,123
up €109,123 (+164%), from €66,728 to €175,851
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 | €1,814,429 | €2,174,247 | +€359,818 | +19.8% |
| Fixed assets | 21/28 | €1,043,287 | €1,213,197 | +€169,911 | +16.3% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €1,017,495 | €1,189,186 | +€171,691 | +16.9% |
| Land and buildings | 22 | €861,256 | €1,062,473 | +€201,216 | +23.4% |
| Plant, machinery and equipment | 23 | €23,949 | €43,591 | +€19,642 | +82.0% |
| Furniture and vehicles | 24 | €11,551 | €12,341 | +€789 | +6.8% |
| Other tangible fixed assets | 26 | - | €70,782 | +€70,782 | |
| Assets under construction and advance payments | 27 | €120,739 | - | -€120,739 | |
| Financial fixed assets | 28 | €25,792 | €24,011 | -€1,781 | -6.9% |
| Current assets | 29/58 | €771,142 | €961,050 | +€189,908 | +24.6% |
| Stocks and contracts in progress | 3 | €110,890 | €283,985 | +€173,095 | +156% |
| Stocks | 30/36 | €44,975 | €44,557 | -€418 | -0.9% |
| Contracts in progress | 37 | €65,915 | €239,428 | +€173,513 | +263% |
| Amounts receivable within one year | 40/41 | €520,949 | €648,111 | +€127,161 | +24.4% |
| Trade receivables | 40 | €462,032 | €565,315 | +€103,282 | +22.4% |
| Other amounts receivable | 41 | €58,917 | €82,796 | +€23,879 | +40.5% |
| Cash at bank and in hand | 54/58 | €129,783 | €26,985 | -€102,797 | -79.2% |
| Deferred charges and accrued income | 490/1 | €9,520 | €1,968 | -€7,552 | -79.3% |
| Total equity and liabilities | 10/49 | €1,814,429 | €2,174,247 | +€359,818 | +19.8% |
| Equity | 10/15 | €390,084 | €467,643 | +€77,559 | +19.9% |
| Contributions | 10/11 | €95,000 | €95,000 | = | 0.0% |
| Capital | 10 | €95,000 | €95,000 | = | 0.0% |
| Issued capital | 100 | €95,000 | €95,000 | = | 0.0% |
| Reserves | 13 | €295,084 | €372,643 | +€77,559 | +26.3% |
| Non-distributable reserves | 130/1 | €17,111 | €19,000 | +€1,889 | +11.0% |
| Legal reserve | 130 | €7,611 | €9,500 | +€1,889 | +24.8% |
| Reserves not available under the articles | 1311 | €9,500 | €9,500 | = | 0.0% |
| Distributable reserves | 133 | €277,973 | €353,643 | +€75,670 | +27.2% |
| Amounts payable | 17/49 | €1,424,345 | €1,706,604 | +€282,259 | +19.8% |
| Amounts payable after more than one year | 17 | €643,036 | €600,228 | -€42,808 | -6.7% |
| Financial debts | 170/4 | €643,036 | €600,228 | -€42,808 | -6.7% |
| Amounts payable within one year | 42/48 | €777,565 | €1,102,870 | +€325,304 | +41.8% |
| Current portion of amounts payable after more than one year | 42 | €41,280 | €42,808 | +€1,528 | +3.7% |
| Financial debts | 43 | €50,000 | €175,000 | +€125,000 | +250% |
| Other loans | 439 | €50,000 | €175,000 | +€125,000 | +250% |
| Trade debts | 44 | €261,940 | €180,125 | -€81,815 | -31.2% |
| Suppliers | 440/4 | €261,940 | €180,125 | -€81,815 | -31.2% |
| Advances received on contracts in progress | 46 | €69,476 | €22,109 | -€47,367 | -68.2% |
| Taxes, remuneration and social security | 45 | €72,354 | €153,258 | +€80,904 | +112% |
| Taxes | 450/3 | €31,320 | €112,200 | +€80,880 | +258% |
| Remuneration and social security | 454/9 | €41,034 | €41,058 | +€24 | +0.1% |
| Other amounts payable | 47/48 | €282,516 | €529,571 | +€247,055 | +87.4% |
| Accrued charges and deferred income | 492/3 | €3,744 | €3,506 | -€238 | -6.4% |
| Turnover | 70 | €3,744,534 | €4,871,251 | +€1.1m | +30.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €2,777,493 | €3,726,776 | +€949,283 | +34.2% |
| Remuneration, social security and pensions | 62 | €481,329 | €522,542 | +€41,212 | +8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,871 | €41,927 | +€7,056 | +20.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,053 | +€3,053 | |
| Other operating charges | 640/8 | €16,858 | €28,594 | +€11,737 | +69.6% |
| Non-recurring operating charges | 66A | - | €1,990 | +€1,990 | |
| Gross operating margin | 9900 | €806,452 | €1,321,723 | +€515,271 | +63.9% |
| Operating profit (loss) | 9901 | €273,394 | €723,618 | +€450,223 | +165% |
| Financial income | 75/76B | €69 | €17 | -€52 | -75.1% |
| Recurring financial income | 75 | €69 | €17 | -€52 | -75.1% |
| Financial charges | 65/66B | €54,518 | €70,224 | +€15,706 | +28.8% |
| Recurring financial charges | 65 | €54,518 | €70,224 | +€15,706 | +28.8% |
| Profit (loss) for the period before taxes | 9903 | €218,945 | €653,411 | +€434,466 | +198% |
| Income taxes | 67/77 | €66,728 | €175,851 | +€109,123 | +164% |
| Profit (loss) for the period | 9904 | €152,217 | €477,559 | +€325,343 | +214% |
| Profit (loss) for the period to be appropriated | 9905 | €152,217 | €477,559 | +€325,343 | +214% |
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 16 October 2026 via checked.be.