VEJA: 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.
VEJA
Largest movements
- Tangible fixed assets -€18,825
down €18,825 (-17.9%), from €105,192 to €86,368
- Cash +€14,115
up €14,115 (+420%), from €3,358 to €17,473
mainly Tax, wage and social debts (+€155,247) and Depreciation (+€32,838)
- Receivables within one year -€9,916
down €9,916 (-4.7%), from €209,939 to €200,023
of which Other amounts receivable: -€10,142
- Deferred charges and accrued income +€9,735
up €9,735 (+6.3%), from €155,748 to €165,483
- Tax, wage and social debts +€155,247
up €155,247 (+97.4%), from €159,437 to €314,683
of which Remuneration and social security: +€163,515
- Debts after one year -€122,282
down €122,282 (-32.1%), from €380,811 to €258,529
- Trade debts -€82,736
down €82,736 (-74.4%), from €111,154 to €28,417
- Current portion of long-term debt +€24,659
up €24,659 (+22.5%), from €109,584 to €134,243
- Short-term financial debts +€23,221
new in 2025: €23,221
- Gross operating margin +€176,039
up €176,039 (+18.9%), from €929,654 to €1.1m
- Staff costs +€160,585
up €160,585 (+17.9%), from €894,753 to €1.1m
- Financial income -€46,913
down €46,913 (-97.7%), from €48,000 to €1,087
of which Non-recurring financial income: -€48,000
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 | €792,955 | €791,697 | -€1,258 | -0.2% |
| Fixed assets | 21/28 | €105,725 | €86,901 | -€18,825 | -17.8% |
| Tangible fixed assets | 22/27 | €105,192 | €86,368 | -€18,825 | -17.9% |
| Plant, machinery and equipment | 23 | €74,878 | €67,598 | -€7,280 | -9.7% |
| Furniture and vehicles | 24 | €11,527 | €6,129 | -€5,398 | -46.8% |
| Other tangible fixed assets | 26 | €18,787 | €12,640 | -€6,147 | -32.7% |
| Financial fixed assets | 28 | €533 | €533 | = | 0.0% |
| Current assets | 29/58 | €687,229 | €704,796 | +€17,567 | +2.6% |
| Stocks and contracts in progress | 3 | €318,185 | €321,818 | +€3,633 | +1.1% |
| Stocks | 30/36 | €318,185 | €321,818 | +€3,633 | +1.1% |
| Amounts receivable within one year | 40/41 | €209,939 | €200,023 | -€9,916 | -4.7% |
| Trade receivables | 40 | €181,951 | €182,177 | +€225 | +0.1% |
| Other amounts receivable | 41 | €27,988 | €17,846 | -€10,142 | -36.2% |
| Cash at bank and in hand | 54/58 | €3,358 | €17,473 | +€14,115 | +420% |
| Deferred charges and accrued income | 490/1 | €155,748 | €165,483 | +€9,735 | +6.3% |
| Total equity and liabilities | 10/49 | €792,955 | €791,697 | -€1,258 | -0.2% |
| Equity | 10/15 | €14,415 | €1,345 | -€13,070 | -90.7% |
| Contributions | 10/11 | €243,592 | €243,592 | = | 0.0% |
| Reserves | 13 | €69,146 | €69,146 | = | 0.0% |
| Non-distributable reserves | 130/1 | €14,452 | €14,452 | = | 0.0% |
| Reserves not available under the articles | 1311 | €14,452 | €14,452 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €35,945 | €35,945 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€298,323 | -€311,393 | -€13,070 | -4.4% |
| Amounts payable | 17/49 | €778,539 | €790,352 | +€11,812 | +1.5% |
| Amounts payable after more than one year | 17 | €380,811 | €258,529 | -€122,282 | -32.1% |
| Financial debts | 170/4 | €380,811 | €258,529 | -€122,282 | -32.1% |
| Amounts payable within one year | 42/48 | €380,219 | €507,713 | +€127,494 | +33.5% |
| Current portion of amounts payable after more than one year | 42 | €109,584 | €134,243 | +€24,659 | +22.5% |
| Financial debts | 43 | - | €23,221 | +€23,221 | |
| Credit institutions | 430/8 | - | €23,221 | +€23,221 | |
| Trade debts | 44 | €111,154 | €28,417 | -€82,736 | -74.4% |
| Suppliers | 440/4 | €111,154 | €28,417 | -€82,736 | -74.4% |
| Taxes, remuneration and social security | 45 | €159,437 | €314,683 | +€155,247 | +97.4% |
| Taxes | 450/3 | €60,201 | €51,934 | -€8,268 | -13.7% |
| Remuneration and social security | 454/9 | €99,235 | €262,750 | +€163,515 | +165% |
| Other amounts payable | 47/48 | €45 | €7,148 | +€7,103 | +15,785% |
| Accrued charges and deferred income | 492/3 | €17,509 | €24,109 | +€6,600 | +37.7% |
| Remuneration, social security and pensions | 62 | €894,753 | €1,055,338 | +€160,585 | +17.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,260 | €32,838 | -€7,422 | -18.4% |
| Other operating charges | 640/8 | €6,405 | €10,257 | +€3,851 | +60.1% |
| Non-recurring operating charges | 66A | €10,653 | - | -€10,653 | |
| Gross operating margin | 9900 | €929,654 | €1,105,693 | +€176,039 | +18.9% |
| Operating profit (loss) | 9901 | -€22,418 | €7,261 | +€29,679 | |
| Financial income | 75/76B | €48,000 | €1,087 | -€46,913 | -97.7% |
| Recurring financial income | 75 | €48,000 | €1,087 | -€46,913 | -97.7% |
| Non-recurring financial income | 76B | €48,000 | - | -€48,000 | |
| Financial charges | 65/66B | €21,020 | €21,418 | +€398 | +1.9% |
| Recurring financial charges | 65 | €21,020 | €7,729 | -€13,291 | -63.2% |
| Non-recurring financial charges | 66B | - | €13,689 | +€13,689 | |
| Profit (loss) for the period before taxes | 9903 | €4,562 | -€13,070 | -€17,632 | |
| Income taxes | 67/77 | €982 | - | -€982 | |
| Profit (loss) for the period | 9904 | €3,580 | -€13,070 | -€16,650 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,580 | -€13,070 | -€16,650 |
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.