VEKO: 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.
VEKO
Largest movements
- Current investments +€1.7m
up €1.7m (+10.0%), from €16.9m to €18.6m
- Other debts +€1.6m
up €1.6m (+151%), from €1.0m to €2.6m
- Reserves +€1.3m
up €1.3m (+3.5%), from €35.9m to €37.2m
of which Non-distributable reserves: +€1.3m
- Tax, wage and social debts -€806,118
down €806,118 (-34.6%), from €2.3m to €1.5m
of which Taxes: -€802,496
- Financial income -€15.2m
down €15.2m (-92.8%), from €16.4m to €1.2m
- Taxes -€1.4m
down €1.4m (-87.9%), from €1.6m to €187,731
- Financial charges -€389,891
down €389,891, from €173,598 to -€216,292
- Gross operating margin -€22,619
down €22,619 (-16.6%), from €136,565 to €113,946
- Staff costs +€1,515
up €1,515 (+3.5%), from €43,759 to €45,274
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 | €39,296,271 | €41,361,080 | +€2.1m | +5.3% |
| Fixed assets | 21/28 | €6,312,931 | €6,317,507 | +€4,576 | +0.1% |
| Tangible fixed assets | 22/27 | €76,799 | €79,776 | +€2,976 | +3.9% |
| Land and buildings | 22 | €76,799 | €78,414 | +€1,615 | +2.1% |
| Furniture and vehicles | 24 | - | €1,362 | +€1,362 | |
| Financial fixed assets | 28 | €6,236,132 | €6,237,732 | +€1,600 | 0.0% |
| Current assets | 29/58 | €32,983,340 | €35,043,573 | +€2.1m | +6.2% |
| Amounts receivable within one year | 40/41 | €15,837,444 | €16,125,379 | +€287,935 | +1.8% |
| Trade receivables | 40 | €54,951 | €18,150 | -€36,801 | -67.0% |
| Other amounts receivable | 41 | €15,782,493 | €16,107,229 | +€324,736 | +2.1% |
| Current investments | 50/53 | €16,909,858 | €18,596,639 | +€1.7m | +10.0% |
| Cash at bank and in hand | 54/58 | €195,667 | €279,909 | +€84,242 | +43.1% |
| Deferred charges and accrued income | 490/1 | €40,370 | €41,646 | +€1,276 | +3.2% |
| Total equity and liabilities | 10/49 | €39,296,271 | €41,361,080 | +€2.1m | +5.3% |
| Equity | 10/15 | €35,913,793 | €37,184,474 | +€1.3m | +3.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €35,894,606 | €37,165,287 | +€1.3m | +3.5% |
| Non-distributable reserves | 130/1 | €26,162,606 | €27,433,287 | +€1.3m | +4.9% |
| Other | 1319 | €26,162,606 | €27,433,287 | +€1.3m | +4.9% |
| Tax-exempt reserves | 132 | €3,924 | €3,924 | = | 0.0% |
| Distributable reserves | 133 | €9,728,076 | €9,728,076 | = | 0.0% |
| Profit (loss) carried forward | 14 | €595 | €595 | = | 0.0% |
| Amounts payable | 17/49 | €3,382,478 | €4,176,606 | +€794,128 | +23.5% |
| Amounts payable within one year | 42/48 | €3,382,478 | €4,134,112 | +€751,634 | +22.2% |
| Trade debts | 44 | €24,800 | €26,227 | +€1,427 | +5.8% |
| Suppliers | 440/4 | €24,800 | €26,227 | +€1,427 | +5.8% |
| Taxes, remuneration and social security | 45 | €2,328,570 | €1,522,452 | -€806,118 | -34.6% |
| Taxes | 450/3 | €2,312,266 | €1,509,769 | -€802,496 | -34.7% |
| Remuneration and social security | 454/9 | €16,304 | €12,683 | -€3,622 | -22.2% |
| Other amounts payable | 47/48 | €1,029,108 | €2,585,433 | +€1.6m | +151% |
| Accrued charges and deferred income | 492/3 | - | €42,494 | +€42,494 | |
| Non-recurring operating income | 76A | €413 | - | -€413 | |
| Remuneration, social security and pensions | 62 | €43,759 | €45,274 | +€1,515 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,857 | €9,007 | +€1,151 | +14.6% |
| Other operating charges | 640/8 | €3,025 | €3,057 | +€31 | +1.0% |
| Non-recurring operating charges | 66A | €250 | - | -€250 | |
| Gross operating margin | 9900 | €136,565 | €113,946 | -€22,619 | -16.6% |
| Operating profit (loss) | 9901 | €81,674 | €56,608 | -€25,066 | -30.7% |
| Financial income | 75/76B | €16,368,808 | €1,185,512 | -€15.2m | -92.8% |
| Recurring financial income | 75 | €16,368,808 | €1,185,512 | -€15.2m | -92.8% |
| Financial charges | 65/66B | €173,598 | -€216,292 | -€389,891 | |
| Recurring financial charges | 65 | €173,598 | -€216,292 | -€389,891 | |
| Profit (loss) for the period before taxes | 9903 | €16,276,883 | €1,458,412 | -€14.8m | -91.0% |
| Income taxes | 67/77 | €1,555,063 | €187,731 | -€1.4m | -87.9% |
| Profit (loss) for the period | 9904 | €14,721,820 | €1,270,681 | -€13.5m | -91.4% |
| Profit (loss) for the period to be appropriated | 9905 | €14,721,820 | €1,270,681 | -€13.5m | -91.4% |
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 27 October 2026 via checked.be.