VEL Management: 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 Management
Largest movements
- Cash -€130,727
down €130,727 (-79.8%), from €163,896 to €33,169
mainly Current investments (-€95,000) and Other debts (-€31,469)
- Current investments +€95,000
new in 2025: €95,000
- Tangible fixed assets -€5,055
no longer reported in 2025 (was €5,055)
- Other debts -€31,469
down €31,469 (-95.0%), from €33,124 to €1,655
- Profit (loss) carried forward -€9,671
down €9,671 (-35.8%), from €27,046 to €17,375
- Gross operating margin -€49,682
down €49,682, from €46,283 to -€3,399
- Depreciation -€10,358
no longer reported in 2025 (was €10,358)
- Taxes -€8,224
down €8,224 (-99.3%), from €8,283 to €58
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 | €169,684 | €128,169 | -€41,515 | -24.5% |
| Fixed assets | 21/28 | €5,055 | - | -€5,055 | |
| Tangible fixed assets | 22/27 | €5,055 | - | -€5,055 | |
| Furniture and vehicles | 24 | €5,055 | - | -€5,055 | |
| Current assets | 29/58 | €164,630 | €128,169 | -€36,461 | -22.1% |
| Amounts receivable within one year | 40/41 | €734 | - | -€734 | |
| Other amounts receivable | 41 | €734 | - | -€734 | |
| Current investments | 50/53 | - | €95,000 | +€95,000 | |
| Cash at bank and in hand | 54/58 | €163,896 | €33,169 | -€130,727 | -79.8% |
| Total equity and liabilities | 10/49 | €169,684 | €128,169 | -€41,515 | -24.5% |
| Equity | 10/15 | €135,946 | €126,275 | -€9,671 | -7.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €98,900 | €98,900 | = | 0.0% |
| Distributable reserves | 133 | €98,900 | €98,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | €27,046 | €17,375 | -€9,671 | -35.8% |
| Amounts payable | 17/49 | €33,739 | €1,895 | -€31,844 | -94.4% |
| Amounts payable within one year | 42/48 | €33,739 | €1,895 | -€31,844 | -94.4% |
| Trade debts | 44 | €306 | €182 | -€125 | -40.7% |
| Suppliers | 440/4 | €306 | €182 | -€125 | -40.7% |
| Taxes, remuneration and social security | 45 | €309 | €58 | -€251 | -81.1% |
| Taxes | 450/3 | €309 | €58 | -€251 | -81.1% |
| Other amounts payable | 47/48 | €33,124 | €1,655 | -€31,469 | -95.0% |
| Non-recurring operating income | 76A | - | €13,525 | +€13,525 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,358 | - | -€10,358 | |
| Other operating charges | 640/8 | €980 | €1,013 | +€33 | +3.4% |
| Non-recurring operating charges | 66A | - | €5,055 | +€5,055 | |
| Gross operating margin | 9900 | €46,283 | -€3,399 | -€49,682 | |
| Operating profit (loss) | 9901 | €34,945 | -€9,467 | -€44,412 | |
| Financial charges | 65/66B | €117 | €145 | +€28 | +24.1% |
| Recurring financial charges | 65 | €117 | €145 | +€28 | +24.1% |
| Profit (loss) for the period before taxes | 9903 | €34,828 | -€9,612 | -€44,440 | |
| Income taxes | 67/77 | €8,283 | €58 | -€8,224 | -99.3% |
| Profit (loss) for the period | 9904 | €26,545 | -€9,671 | -€36,216 | |
| Profit (loss) for the period to be appropriated | 9905 | €26,545 | -€9,671 | -€36,216 |
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 17 October 2026 via checked.be.