VEKA: 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.
VEKA
Largest movements
- Stocks and contracts -€112,072
down €112,072 (-15.2%), from €738,081 to €626,008
- Receivables within one year +€22,909
up €22,909 (+9.9%), from €232,000 to €254,909
- Cash +€21,551
up €21,551 (+167%), from €12,889 to €34,439
mainly Current portion of long-term debt (+€130,750) and Stocks and contracts (+€112,072)
- Tangible fixed assets -€14,595
down €14,595 (-41.9%), from €34,799 to €20,204
- Deferred charges and accrued income +€13,718
new in 2025: €13,718
- Current portion of long-term debt +€130,750
up €130,750 (+814%), from €16,067 to €146,817
- Reserves -€85,542
down €85,542 (-27.0%), from €316,882 to €231,340
of which Distributable reserves: -€85,542
- Debts after one year -€79,327
down €79,327 (-19.8%), from €400,017 to €320,690
- Other debts -€18,668
down €18,668 (-30.3%), from €61,673 to €43,005
- Gross operating margin -€67,707
down €67,707, from €18,008 to -€49,700
- Financial charges -€6,631
down €6,631 (-25.7%), from €25,830 to €19,200
- Depreciation +€1,047
up €1,047 (+7.7%), from €13,548 to €14,595
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 | €1,022,463 | €953,973 | -€68,490 | -6.7% |
| Fixed assets | 21/28 | €39,494 | €24,899 | -€14,595 | -37.0% |
| Tangible fixed assets | 22/27 | €34,799 | €20,204 | -€14,595 | -41.9% |
| Furniture and vehicles | 24 | €34,799 | €20,204 | -€14,595 | -41.9% |
| Financial fixed assets | 28 | €4,695 | €4,695 | = | 0.0% |
| Current assets | 29/58 | €982,969 | €929,074 | -€53,895 | -5.5% |
| Stocks and contracts in progress | 3 | €738,081 | €626,008 | -€112,072 | -15.2% |
| Stocks | 30/36 | €738,081 | €626,008 | -€112,072 | -15.2% |
| Amounts receivable within one year | 40/41 | €232,000 | €254,909 | +€22,909 | +9.9% |
| Other amounts receivable | 41 | €232,000 | €254,909 | +€22,909 | +9.9% |
| Cash at bank and in hand | 54/58 | €12,889 | €34,439 | +€21,551 | +167% |
| Deferred charges and accrued income | 490/1 | - | €13,718 | +€13,718 | |
| Total equity and liabilities | 10/49 | €1,022,463 | €953,973 | -€68,490 | -6.7% |
| Equity | 10/15 | €526,882 | €441,340 | -€85,542 | -16.2% |
| Contributions | 10/11 | €210,000 | €210,000 | = | 0.0% |
| Capital | 10 | €210,000 | €210,000 | = | 0.0% |
| Issued capital | 100 | €210,000 | €210,000 | = | 0.0% |
| Reserves | 13 | €316,882 | €231,340 | -€85,542 | -27.0% |
| Non-distributable reserves | 130/1 | €21,000 | €21,000 | = | 0.0% |
| Legal reserve | 130 | €21,000 | €21,000 | = | 0.0% |
| Distributable reserves | 133 | €295,882 | €210,340 | -€85,542 | -28.9% |
| Amounts payable | 17/49 | €495,581 | €512,633 | +€17,052 | +3.4% |
| Amounts payable after more than one year | 17 | €400,017 | €320,690 | -€79,327 | -19.8% |
| Financial debts | 170/4 | €400,017 | €320,690 | -€79,327 | -19.8% |
| Amounts payable within one year | 42/48 | €95,564 | €191,943 | +€96,379 | +101% |
| Current portion of amounts payable after more than one year | 42 | €16,067 | €146,817 | +€130,750 | +814% |
| Trade debts | 44 | €7,719 | €1,511 | -€6,208 | -80.4% |
| Suppliers | 440/4 | €7,719 | €1,511 | -€6,208 | -80.4% |
| Taxes, remuneration and social security | 45 | €10,105 | €609 | -€9,496 | -94.0% |
| Taxes | 450/3 | €10,105 | €609 | -€9,496 | -94.0% |
| Other amounts payable | 47/48 | €61,673 | €43,005 | -€18,668 | -30.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,548 | €14,595 | +€1,047 | +7.7% |
| Other operating charges | 640/8 | €995 | €1,448 | +€452 | +45.5% |
| Gross operating margin | 9900 | €18,008 | -€49,700 | -€67,707 | |
| Operating profit (loss) | 9901 | €3,464 | -€65,743 | -€69,207 | |
| Financial income | 75/76B | €405 | €10 | -€395 | -97.5% |
| Recurring financial income | 75 | €405 | €10 | -€395 | -97.5% |
| Financial charges | 65/66B | €25,830 | €19,200 | -€6,631 | -25.7% |
| Recurring financial charges | 65 | €25,830 | €19,200 | -€6,631 | -25.7% |
| Profit (loss) for the period before taxes | 9903 | -€21,961 | -€84,932 | -€62,971 | -287% |
| Income taxes | 67/77 | €575 | €609 | +€34 | +5.9% |
| Profit (loss) for the period | 9904 | -€22,537 | -€85,542 | -€63,005 | -280% |
| Profit (loss) for the period to be appropriated | 9905 | -€22,537 | -€85,542 | -€63,005 | -280% |
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 23 October 2026 via checked.be.