VEL CONSTRUCT: 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 CONSTRUCT
Largest movements
- Cash +€15,406
up €15,406 (+444%), from €3,469 to €18,875
mainly Net result for the year (+€19,142) and Receivables within one year (+€1,468)
- Profit (loss) carried forward +€19,142
up €19,142 (+12.2%), from €157,363 to €176,505
- Tax, wage and social debts -€4,746
down €4,746 (-14.9%), from €31,762 to €27,016
of which Remuneration and social security: -€3,620
- Financial charges +€7,421
up €7,421 (+2,360%), from €314 to €7,735
- Taxes +€4,191
up €4,191 (+47.9%), from €8,755 to €12,946
- Other operating charges -€1,240
down €1,240 (-47.1%), from €2,634 to €1,393
- Staff costs -€1,155
no longer reported in 2025 (was €1,155)
- Gross operating margin +€1,080
up €1,080 (+2.7%), from €40,151 to €41,231
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 | €207,563 | €220,931 | +€13,368 | +6.4% |
| Fixed assets | 21/28 | €950 | €380 | -€570 | -60.0% |
| Tangible fixed assets | 22/27 | €950 | €380 | -€570 | -60.0% |
| Furniture and vehicles | 24 | €950 | €380 | -€570 | -60.0% |
| Current assets | 29/58 | €206,613 | €220,551 | +€13,938 | +6.7% |
| Amounts receivable within one year | 40/41 | €203,143 | €201,675 | -€1,468 | -0.7% |
| Trade receivables | 40 | €50,890 | €72,212 | +€21,322 | +41.9% |
| Other amounts receivable | 41 | €152,253 | €129,463 | -€22,790 | -15.0% |
| Cash at bank and in hand | 54/58 | €3,469 | €18,875 | +€15,406 | +444% |
| Total equity and liabilities | 10/49 | €207,563 | €220,931 | +€13,368 | +6.4% |
| Equity | 10/15 | €157,364 | €176,507 | +€19,142 | +12.2% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €0 | €0 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | €0 | = | 0.0% |
| Reserves not available under the articles | 1311 | €0 | €0 | = | 0.0% |
| Profit (loss) carried forward | 14 | €157,363 | €176,505 | +€19,142 | +12.2% |
| Amounts payable | 17/49 | €50,199 | €44,424 | -€5,775 | -11.5% |
| Amounts payable within one year | 42/48 | €50,199 | €44,424 | -€5,775 | -11.5% |
| Trade debts | 44 | €18,437 | €17,408 | -€1,029 | -5.6% |
| Suppliers | 440/4 | €5,040 | €15,369 | +€10,329 | +205% |
| Bills of exchange payable | 441 | €13,397 | €2,039 | -€11,358 | -84.8% |
| Taxes, remuneration and social security | 45 | €31,762 | €27,016 | -€4,746 | -14.9% |
| Taxes | 450/3 | €28,142 | €27,016 | -€1,126 | -4.0% |
| Remuneration and social security | 454/9 | €3,620 | - | -€3,620 | |
| Remuneration, social security and pensions | 62 | €1,155 | - | -€1,155 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €190 | €570 | +€380 | +200% |
| Other operating charges | 640/8 | €2,634 | €1,393 | -€1,240 | -47.1% |
| Gross operating margin | 9900 | €40,151 | €41,231 | +€1,080 | +2.7% |
| Operating profit (loss) | 9901 | €36,172 | €39,268 | +€3,095 | +8.6% |
| Financial income | 75/76B | - | €556 | +€556 | |
| Recurring financial income | 75 | - | €556 | +€556 | |
| Financial charges | 65/66B | €314 | €7,735 | +€7,421 | +2,360% |
| Recurring financial charges | 65 | €314 | €7,735 | +€7,421 | +2,360% |
| Profit (loss) for the period before taxes | 9903 | €35,858 | €32,089 | -€3,769 | -10.5% |
| Income taxes | 67/77 | €8,755 | €12,946 | +€4,191 | +47.9% |
| Profit (loss) for the period | 9904 | €27,103 | €19,142 | -€7,960 | -29.4% |
| Profit (loss) for the period to be appropriated | 9905 | €27,103 | €19,142 | -€7,960 | -29.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.