VELA: 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.
VELA
Largest movements
- Cash +€30,223
up €30,223 (+76.1%), from €39,719 to €69,941
mainly Depreciation (+€81,305) and Current portion of long-term debt (+€71,314)
- Receivables within one year +€29,519
up €29,519 (+520%), from €5,677 to €35,196
of which Trade receivables: +€19,326
- Current portion of long-term debt +€71,314
up €71,314 (+206%), from €34,585 to €105,899
- Other debts -€34,982
down €34,982 (-46.7%), from €74,983 to €40,001
- Trade debts +€15,179
up €15,179 (+299%), from €5,080 to €20,259
- Reserves +€8,327
up €8,327 (+4.0%), from €209,826 to €218,154
- Staff costs +€53,763
up €53,763 (+36.5%), from €147,369 to €201,133
- Gross operating margin +€36,365
up €36,365 (+12.5%), from €291,395 to €327,760
- Depreciation +€19,257
up €19,257 (+31.0%), from €62,048 to €81,305
- Taxes -€10,374
down €10,374 (-72.3%), from €14,347 to €3,973
- Financial charges +€3,333
up €3,333 (+14.3%), from €23,358 to €26,691
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 | €753,254 | €810,406 | +€57,152 | +7.6% |
| Fixed assets | 21/28 | €688,294 | €684,655 | -€3,639 | -0.5% |
| Intangible fixed assets | 21 | €14,800 | €7,400 | -€7,400 | -50.0% |
| Tangible fixed assets | 22/27 | €673,494 | €677,255 | +€3,761 | +0.6% |
| Land and buildings | 22 | €610,534 | €599,576 | -€10,958 | -1.8% |
| Plant, machinery and equipment | 23 | €30,842 | €26,900 | -€3,943 | -12.8% |
| Furniture and vehicles | 24 | €32,118 | €18,707 | -€13,411 | -41.8% |
| Other tangible fixed assets | 26 | - | €32,072 | +€32,072 | |
| Current assets | 29/58 | €64,960 | €125,751 | +€60,791 | +93.6% |
| Stocks and contracts in progress | 3 | €11,456 | €9,735 | -€1,721 | -15.0% |
| Stocks | 30/36 | €11,456 | €9,735 | -€1,721 | -15.0% |
| Amounts receivable within one year | 40/41 | €5,677 | €35,196 | +€29,519 | +520% |
| Trade receivables | 40 | €1,550 | €20,877 | +€19,326 | +1,247% |
| Other amounts receivable | 41 | €4,127 | €14,319 | +€10,192 | +247% |
| Cash at bank and in hand | 54/58 | €39,719 | €69,941 | +€30,223 | +76.1% |
| Deferred charges and accrued income | 490/1 | €8,108 | €10,879 | +€2,771 | +34.2% |
| Total equity and liabilities | 10/49 | €753,254 | €810,406 | +€57,152 | +7.6% |
| Equity | 10/15 | €229,339 | €237,667 | +€8,327 | +3.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €209,826 | €218,154 | +€8,327 | +4.0% |
| Distributable reserves | 133 | €209,826 | €218,154 | +€8,327 | +4.0% |
| Profit (loss) carried forward | 14 | €913 | €913 | = | 0.0% |
| Amounts payable | 17/49 | €523,915 | €572,739 | +€48,825 | +9.3% |
| Amounts payable after more than one year | 17 | €391,944 | €387,366 | -€4,578 | -1.2% |
| Financial debts | 170/4 | €391,944 | €387,366 | -€4,578 | -1.2% |
| Amounts payable within one year | 42/48 | €130,581 | €185,374 | +€54,793 | +42.0% |
| Current portion of amounts payable after more than one year | 42 | €34,585 | €105,899 | +€71,314 | +206% |
| Trade debts | 44 | €5,080 | €20,259 | +€15,179 | +299% |
| Suppliers | 440/4 | €5,080 | €20,259 | +€15,179 | +299% |
| Taxes, remuneration and social security | 45 | €15,933 | €19,215 | +€3,282 | +20.6% |
| Taxes | 450/3 | €5,204 | €990 | -€4,214 | -81.0% |
| Remuneration and social security | 454/9 | €10,729 | €18,225 | +€7,496 | +69.9% |
| Other amounts payable | 47/48 | €74,983 | €40,001 | -€34,982 | -46.7% |
| Accrued charges and deferred income | 492/3 | €1,390 | €0 | -€1,390 | -100% |
| Non-recurring operating income | 76A | €3,065 | €0 | -€3,065 | -100% |
| Remuneration, social security and pensions | 62 | €147,369 | €201,133 | +€53,763 | +36.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,048 | €81,305 | +€19,257 | +31.0% |
| Other operating charges | 640/8 | €5,907 | €6,387 | +€481 | +8.1% |
| Gross operating margin | 9900 | €291,395 | €327,760 | +€36,365 | +12.5% |
| Operating profit (loss) | 9901 | €76,071 | €38,934 | -€37,136 | -48.8% |
| Financial income | 75/76B | €101 | €57 | -€44 | -43.4% |
| Recurring financial income | 75 | €101 | €57 | -€44 | -43.4% |
| Financial charges | 65/66B | €23,358 | €26,691 | +€3,333 | +14.3% |
| Recurring financial charges | 65 | €23,358 | €26,691 | +€3,333 | +14.3% |
| Profit (loss) for the period before taxes | 9903 | €52,813 | €12,300 | -€40,513 | -76.7% |
| Income taxes | 67/77 | €14,347 | €3,973 | -€10,374 | -72.3% |
| Profit (loss) for the period | 9904 | €38,466 | €8,327 | -€30,139 | -78.4% |
| Profit (loss) for the period to be appropriated | 9905 | €38,466 | €8,327 | -€30,139 | -78.4% |
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 13 October 2026 via checked.be.