VEL: 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.
VEL
Largest movements
- Stocks and contracts -€273,730
no longer reported in 2025 (was €273,730)
- Debts after one year -€209,645
down €209,645 (-39.6%), from €529,538 to €319,893
- Other debts -€29,867
down €29,867 (-25.6%), from €116,468 to €86,602
- Advances received -€15,000
no longer reported in 2025 (was €15,000)
- Current portion of long-term debt -€12,087
down €12,087 (-43.5%), from €27,788 to €15,701
- Trade debts -€11,040
down €11,040 (-56.6%), from €19,489 to €8,449
- Gross operating margin +€35,873
up €35,873, from -€14,452 to €21,421
- Other operating charges +€5,786
up €5,786 (+281%), from €2,059 to €7,845
- Financial income -€5,221
down €5,221 (-87.5%), from €5,965 to €744
- Depreciation +€1,720
up €1,720 (+10.2%), from €16,887 to €18,607
- Financial charges +€700
up €700 (+12.3%), from €5,689 to €6,389
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 | €653,584 | €366,994 | -€286,590 | -43.8% |
| Fixed assets | 21/28 | €316,466 | €316,267 | -€200 | -0.1% |
| Tangible fixed assets | 22/27 | €315,966 | €316,267 | +€300 | +0.1% |
| Land and buildings | 22 | €293,083 | €301,843 | +€8,760 | +3.0% |
| Plant, machinery and equipment | 23 | €3,726 | €1,395 | -€2,331 | -62.6% |
| Furniture and vehicles | 24 | €19,157 | €13,028 | -€6,129 | -32.0% |
| Financial fixed assets | 28 | €500 | - | -€500 | |
| Current assets | 29/58 | €337,118 | €50,727 | -€286,391 | -85.0% |
| Amounts receivable after more than one year | 29 | €7,267 | €5,575 | -€1,692 | -23.3% |
| Other amounts receivable | 291 | €7,267 | €5,575 | -€1,692 | -23.3% |
| Stocks and contracts in progress | 3 | €273,730 | - | -€273,730 | |
| Stocks | 30/36 | €273,730 | - | -€273,730 | |
| Amounts receivable within one year | 40/41 | €10,714 | €7,075 | -€3,639 | -34.0% |
| Trade receivables | 40 | €2,800 | €5,798 | +€2,999 | +107% |
| Other amounts receivable | 41 | €7,914 | €1,277 | -€6,638 | -83.9% |
| Cash at bank and in hand | 54/58 | €44,005 | €38,078 | -€5,928 | -13.5% |
| Deferred charges and accrued income | 490/1 | €1,401 | - | -€1,401 | |
| Total equity and liabilities | 10/49 | €653,584 | €366,994 | -€286,590 | -43.8% |
| Equity | 10/15 | -€55,779 | -€66,455 | -€10,676 | -19.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Revaluation surpluses | 12 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€105,779 | -€116,455 | -€10,676 | -10.1% |
| Amounts payable | 17/49 | €709,363 | €433,449 | -€275,914 | -38.9% |
| Amounts payable after more than one year | 17 | €529,538 | €319,893 | -€209,645 | -39.6% |
| Financial debts | 170/4 | €529,538 | €319,893 | -€209,645 | -39.6% |
| Amounts payable within one year | 42/48 | €178,745 | €113,557 | -€65,189 | -36.5% |
| Current portion of amounts payable after more than one year | 42 | €27,788 | €15,701 | -€12,087 | -43.5% |
| Trade debts | 44 | €19,489 | €8,449 | -€11,040 | -56.6% |
| Suppliers | 440/4 | €19,489 | €8,449 | -€11,040 | -56.6% |
| Advances received on contracts in progress | 46 | €15,000 | - | -€15,000 | |
| Taxes, remuneration and social security | 45 | - | €2,804 | +€2,804 | |
| Taxes | 450/3 | - | €2,804 | +€2,804 | |
| Other amounts payable | 47/48 | €116,468 | €86,602 | -€29,867 | -25.6% |
| Accrued charges and deferred income | 492/3 | €1,080 | - | -€1,080 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,887 | €18,607 | +€1,720 | +10.2% |
| Other operating charges | 640/8 | €2,059 | €7,845 | +€5,786 | +281% |
| Gross operating margin | 9900 | -€14,452 | €21,421 | +€35,873 | |
| Operating profit (loss) | 9901 | -€33,399 | -€5,032 | +€28,367 | +84.9% |
| Financial income | 75/76B | €5,965 | €744 | -€5,221 | -87.5% |
| Recurring financial income | 75 | €5,965 | €744 | -€5,221 | -87.5% |
| Financial charges | 65/66B | €5,689 | €6,389 | +€700 | +12.3% |
| Recurring financial charges | 65 | €5,689 | €6,389 | +€700 | +12.3% |
| Profit (loss) for the period before taxes | 9903 | -€33,123 | -€10,676 | +€22,447 | +67.8% |
| Income taxes | 67/77 | €0 | €0 | +€0 | |
| Profit (loss) for the period | 9904 | -€33,123 | -€10,676 | +€22,447 | +67.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€33,123 | -€10,676 | +€22,447 | +67.8% |
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 15 October 2026 via checked.be.