VELA GROUP: 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 GROUP
Largest movements
- Current investments +€1.2m
up €1.2m, from €0 to €1.2m
- Cash +€140,614
up €140,614 (+239%), from €58,943 to €199,557
mainly Net result for the year (+€916,266) and Other debts (+€685,000)
- Financial fixed assets +€125,000
up €125,000 (+8,333%), from €1,500 to €126,500
- Receivables within one year -€77,501
down €77,501 (-31.5%), from €245,713 to €168,212
of which Other amounts receivable: -€92,594
- Other debts +€685,000
up €685,000 (+1,370%), from €50,000 to €735,000
- Trade debts +€287,247
up €287,247 (+3,147%), from €9,127 to €296,374
- Reserves +€181,266
up €181,266 (+178%), from €101,574 to €282,841
- Debts after one year +€137,221
up €137,221 (+1,055%), from €13,005 to €150,226
- Accrued charges and deferred income +€66,571
up €66,571, from €0 to €66,571
- Gross operating margin +€1.2m
up €1.2m (+573%), from €206,961 to €1.4m
- Taxes +€284,710
up €284,710 (+994%), from €28,654 to €313,365
- Staff costs +€55,342
up €55,342 (+52.4%), from €105,592 to €160,934
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 | €328,595 | €1,693,694 | +€1.4m | +415% |
| Fixed assets | 21/28 | €20,860 | €160,246 | +€139,386 | +668% |
| Tangible fixed assets | 22/27 | €19,360 | €33,746 | +€14,386 | +74.3% |
| Furniture and vehicles | 24 | €19,360 | €33,746 | +€14,386 | +74.3% |
| Financial fixed assets | 28 | €1,500 | €126,500 | +€125,000 | +8,333% |
| Current assets | 29/58 | €307,735 | €1,533,448 | +€1.2m | +398% |
| Amounts receivable within one year | 40/41 | €245,713 | €168,212 | -€77,501 | -31.5% |
| Trade receivables | 40 | €78,954 | €94,047 | +€15,093 | +19.1% |
| Other amounts receivable | 41 | €166,759 | €74,165 | -€92,594 | -55.5% |
| Current investments | 50/53 | €0 | €1,156,751 | +€1.2m | |
| Cash at bank and in hand | 54/58 | €58,943 | €199,557 | +€140,614 | +239% |
| Deferred charges and accrued income | 490/1 | €3,080 | €8,929 | +€5,849 | +190% |
| Total equity and liabilities | 10/49 | €328,595 | €1,693,694 | +€1.4m | +415% |
| Equity | 10/15 | €201,574 | €382,841 | +€181,266 | +89.9% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €101,574 | €282,841 | +€181,266 | +178% |
| Distributable reserves | 133 | €101,574 | €282,841 | +€181,266 | +178% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €127,021 | €1,310,854 | +€1.2m | +932% |
| Amounts payable after more than one year | 17 | €13,005 | €150,226 | +€137,221 | +1,055% |
| Financial debts | 170/4 | €13,005 | €150,226 | +€137,221 | +1,055% |
| Amounts payable within one year | 42/48 | €114,016 | €1,094,056 | +€980,040 | +860% |
| Current portion of amounts payable after more than one year | 42 | €5,001 | €10,461 | +€5,460 | +109% |
| Trade debts | 44 | €9,127 | €296,374 | +€287,247 | +3,147% |
| Suppliers | 440/4 | €9,127 | €296,374 | +€287,247 | +3,147% |
| Taxes, remuneration and social security | 45 | €49,888 | €52,221 | +€2,333 | +4.7% |
| Taxes | 450/3 | €29,864 | €7,799 | -€22,065 | -73.9% |
| Remuneration and social security | 454/9 | €20,024 | €44,422 | +€24,398 | +122% |
| Other amounts payable | 47/48 | €50,000 | €735,000 | +€685,000 | +1,370% |
| Accrued charges and deferred income | 492/3 | €0 | €66,571 | +€66,571 | |
| Remuneration, social security and pensions | 62 | €105,592 | €160,934 | +€55,342 | +52.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,094 | €10,562 | +€5,469 | +107% |
| Other operating charges | 640/8 | €744 | €1,433 | +€689 | +92.7% |
| Gross operating margin | 9900 | €206,961 | €1,393,294 | +€1.2m | +573% |
| Operating profit (loss) | 9901 | €95,531 | €1,220,364 | +€1.1m | +1,177% |
| Financial income | 75/76B | €7,357 | €13,001 | +€5,644 | +76.7% |
| Recurring financial income | 75 | €7,357 | €13,001 | +€5,644 | +76.7% |
| Financial charges | 65/66B | €1,169 | €3,733 | +€2,564 | +219% |
| Recurring financial charges | 65 | €1,169 | €3,733 | +€2,564 | +219% |
| Profit (loss) for the period before taxes | 9903 | €101,718 | €1,229,631 | +€1.1m | +1,109% |
| Income taxes | 67/77 | €28,654 | €313,365 | +€284,710 | +994% |
| Profit (loss) for the period | 9904 | €73,064 | €916,266 | +€843,202 | +1,154% |
| Profit (loss) for the period to be appropriated | 9905 | €73,064 | €916,266 | +€843,202 | +1,154% |
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 20 October 2026 via checked.be.