VELAB: 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.
VELAB
Largest movements
- Cash -€94,446
down €94,446 (-8.5%), from €1.1m to €1.0m
mainly Contributions, distributions and other (-€900,000) and Receivables within one year (-€42,814)
- Receivables within one year +€42,814
up €42,814 (+9.7%), from €441,980 to €484,794
of which Other amounts receivable: +€62,399
- Stocks and contracts +€28,467
up €28,467 (+55.1%), from €51,668 to €80,135
- Profit (loss) carried forward -€116,591
down €116,591 (-36.8%), from €316,469 to €199,879
- Other debts +€51,645
up €51,645 (+5.9%), from €872,163 to €923,809
- Trade debts +€40,085
up €40,085 (+26.7%), from €150,349 to €190,434
- Services and other goods +€98,200
up €98,200 (+17.4%), from €563,997 to €662,197
- Turnover -€77,682
down €77,682 (-3.5%), from €2.2m to €2.1m
- Taxes -€52,201
down €52,201 (-16.5%), from €316,801 to €264,600
- Write-downs +€41,284
up €41,284 (+64.0%), from -€64,473 to -€23,189
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.
Cash bridge derived
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 | €1,607,182 | €1,582,322 | -€24,860 | -1.5% |
| Fixed assets | 21/28 | €808 | €296 | -€512 | -63.4% |
| Intangible fixed assets | 21 | €808 | €296 | -€512 | -63.4% |
| Current assets | 29/58 | €1,606,374 | €1,582,026 | -€24,348 | -1.5% |
| Stocks and contracts in progress | 3 | €51,668 | €80,135 | +€28,467 | +55.1% |
| Stocks | 30/36 | €51,668 | €80,135 | +€28,467 | +55.1% |
| Raw materials and consumables | 30/31 | €51,668 | €80,135 | +€28,467 | +55.1% |
| Amounts receivable within one year | 40/41 | €441,980 | €484,794 | +€42,814 | +9.7% |
| Trade receivables | 40 | €432,851 | €413,266 | -€19,585 | -4.5% |
| Other amounts receivable | 41 | €9,129 | €71,528 | +€62,399 | +683.5% |
| Cash at bank and in hand | 54/58 | €1,111,369 | €1,016,923 | -€94,446 | -8.5% |
| Deferred charges and accrued income | 490/1 | €1,357 | €173 | -€1,184 | -87.2% |
| Total equity and liabilities | 10/49 | €1,607,182 | €1,582,322 | -€24,860 | -1.5% |
| Equity | 10/15 | €584,669 | €468,079 | -€116,591 | -19.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €206,200 | €206,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €200,000 | €200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €316,469 | €199,879 | -€116,591 | -36.8% |
| Amounts payable | 17/49 | €1,022,513 | €1,114,243 | +€91,730 | +9.0% |
| Amounts payable within one year | 42/48 | €1,022,513 | €1,114,243 | +€91,730 | +9.0% |
| Trade debts | 44 | €150,349 | €190,434 | +€40,085 | +26.7% |
| Suppliers | 440/4 | €150,349 | €190,434 | +€40,085 | +26.7% |
| Other amounts payable | 47/48 | €872,163 | €923,809 | +€51,645 | +5.9% |
| Operating income | 70/76A | €2,277,928 | €2,188,453 | -€89,476 | -3.9% |
| Turnover | 70 | €2,221,898 | €2,144,216 | -€77,682 | -3.5% |
| Other operating income | 74 | €56,030 | €44,237 | -€11,793 | -21.0% |
| Operating charges | 60/66A | €1,038,953 | €1,166,693 | +€127,739 | +12.3% |
| Goods for resale, raw materials and consumables | 60 | €484,527 | €488,894 | +€4,366 | +0.9% |
| Purchases | 600/8 | €498,083 | €517,360 | +€19,278 | +3.9% |
| Change in stocks: decrease (increase) | 609 | -€13,556 | -€28,467 | -€14,911 | -110.0% |
| Services and other goods | 61 | €563,997 | €662,197 | +€98,200 | +17.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €512 | €512 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€64,473 | -€23,189 | +€41,284 | +64.0% |
| Other operating charges | 640/8 | €54,390 | €38,278 | -€16,111 | -29.6% |
| Operating profit (loss) | 9901 | €1,238,975 | €1,021,760 | -€217,215 | -17.5% |
| Financial income | 75/76B | €23,399 | €35,757 | +€12,357 | +52.8% |
| Recurring financial income | 75 | €23,399 | €35,757 | +€12,357 | +52.8% |
| Income from current assets | 751 | €3,100 | €6,663 | +€3,563 | +114.9% |
| Other financial income | 752/9 | €20,299 | €29,094 | +€8,795 | +43.3% |
| Financial charges | 65/66B | €2,074 | €9,508 | +€7,434 | +358.5% |
| Recurring financial charges | 65 | €2,074 | €9,508 | +€7,434 | +358.5% |
| Other financial charges | 652/9 | €2,074 | €9,508 | +€7,434 | +358.5% |
| Profit (loss) for the period before taxes | 9903 | €1,260,300 | €1,048,009 | -€212,291 | -16.8% |
| Income taxes | 67/77 | €316,801 | €264,600 | -€52,201 | -16.5% |
| Taxes | 670/3 | €316,801 | €264,600 | -€52,201 | -16.5% |
| Profit (loss) for the period | 9904 | €943,499 | €783,409 | -€160,090 | -17.0% |
| Profit (loss) for the period to be appropriated | 9905 | €943,499 | €783,409 | -€160,090 | -17.0% |
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 11 October 2026 via checked.be.