VEKO RECYCLING: 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 RECYCLING
Largest movements
- Cash +€2.1m
up €2.1m (+122%), from €1.7m to €3.7m
mainly Trade debts (+€1.7m) and Net result for the year (+€1.6m)
- Current investments -€250,000
down €250,000 (-100%), from €250,000 to €0
- Tangible fixed assets +€164,160
up €164,160 (+33.1%), from €496,339 to €660,499
of which Plant, machinery and equipment: +€299,558
- Trade debts +€1.7m
up €1.7m (+408%), from €428,085 to €2.2m
- Debts after one year +€281,111
new in 2025: €281,111
- Current portion of long-term debt +€95,480
up €95,480 (+187%), from €51,186 to €146,667
- Reserves -€62,387
down €62,387 (-4.9%), from €1.3m to €1.2m
of which Distributable reserves: -€62,387
- Gross operating margin -€112,925
down €112,925 (-5.7%), from €2.0m to €1.9m
- Financial income -€34,128
down €34,128 (-76.6%), from €44,581 to €10,453
- Other operating charges +€31,493
up €31,493 (+873%), from €3,607 to €35,099
- Taxes -€27,137
down €27,137 (-30.6%), from €88,617 to €61,480
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 | €3,646,505 | €5,656,336 | +€2.0m | +55.1% |
| Fixed assets | 21/28 | €496,339 | €660,499 | +€164,160 | +33.1% |
| Tangible fixed assets | 22/27 | €496,339 | €660,499 | +€164,160 | +33.1% |
| Plant, machinery and equipment | 23 | €276,986 | €576,545 | +€299,558 | +108% |
| Furniture and vehicles | 24 | €217,642 | €83,955 | -€133,687 | -61.4% |
| Other tangible fixed assets | 26 | €1,711 | €0 | -€1,711 | -100% |
| Current assets | 29/58 | €3,150,166 | €4,995,837 | +€1.8m | +58.6% |
| Amounts receivable after more than one year | 29 | €28,651 | €0 | -€28,651 | -100% |
| Other amounts receivable | 291 | €28,651 | €0 | -€28,651 | -100% |
| Stocks and contracts in progress | 3 | €27,845 | €74,145 | +€46,300 | +166% |
| Stocks | 30/36 | €27,845 | €74,145 | +€46,300 | +166% |
| Amounts receivable within one year | 40/41 | €1,142,248 | €1,163,022 | +€20,774 | +1.8% |
| Trade receivables | 40 | €974,691 | €674,507 | -€300,184 | -30.8% |
| Other amounts receivable | 41 | €167,557 | €488,515 | +€320,958 | +192% |
| Current investments | 50/53 | €250,000 | €0 | -€250,000 | -100% |
| Cash at bank and in hand | 54/58 | €1,686,332 | €3,743,905 | +€2.1m | +122% |
| Deferred charges and accrued income | 490/1 | €15,089 | €14,766 | -€324 | -2.1% |
| Total equity and liabilities | 10/49 | €3,646,505 | €5,656,336 | +€2.0m | +55.1% |
| Equity | 10/15 | €1,292,286 | €1,229,900 | -€62,387 | -4.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,272,286 | €1,209,900 | -€62,387 | -4.9% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €1,270,286 | €1,207,900 | -€62,387 | -4.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €2,354,219 | €4,426,437 | +€2.1m | +88.0% |
| Amounts payable after more than one year | 17 | - | €281,111 | +€281,111 | |
| Financial debts | 170/4 | - | €281,111 | +€281,111 | |
| Amounts payable within one year | 42/48 | €2,350,985 | €4,145,193 | +€1.8m | +76.3% |
| Current portion of amounts payable after more than one year | 42 | €51,186 | €146,667 | +€95,480 | +187% |
| Trade debts | 44 | €428,085 | €2,174,078 | +€1.7m | +408% |
| Suppliers | 440/4 | €428,085 | €2,174,078 | +€1.7m | +408% |
| Taxes, remuneration and social security | 45 | €31,474 | €38,974 | +€7,499 | +23.8% |
| Taxes | 450/3 | €31,474 | €38,974 | +€7,499 | +23.8% |
| Other amounts payable | 47/48 | €1,840,239 | €1,785,475 | -€54,764 | -3.0% |
| Accrued charges and deferred income | 492/3 | €3,234 | €133 | -€3,101 | -95.9% |
| Remuneration, social security and pensions | 62 | €218 | €0 | -€218 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €204,997 | €188,238 | -€16,759 | -8.2% |
| Other operating charges | 640/8 | €3,607 | €35,099 | +€31,493 | +873% |
| Gross operating margin | 9900 | €1,976,039 | €1,863,114 | -€112,925 | -5.7% |
| Operating profit (loss) | 9901 | €1,767,217 | €1,639,776 | -€127,441 | -7.2% |
| Financial income | 75/76B | €44,581 | €10,453 | -€34,128 | -76.6% |
| Recurring financial income | 75 | €44,581 | €10,453 | -€34,128 | -76.6% |
| Financial charges | 65/66B | €15,418 | €14,050 | -€1,368 | -8.9% |
| Recurring financial charges | 65 | €15,418 | €14,050 | -€1,368 | -8.9% |
| Profit (loss) for the period before taxes | 9903 | €1,796,379 | €1,636,178 | -€160,201 | -8.9% |
| Income taxes | 67/77 | €88,617 | €61,480 | -€27,137 | -30.6% |
| Profit (loss) for the period | 9904 | €1,707,762 | €1,574,699 | -€133,064 | -7.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,707,762 | €1,574,699 | -€133,064 | -7.8% |
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 30 October 2026 via checked.be.