VELATCO: 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.
VELATCO
Largest movements
- Tangible fixed assets -€39,098
down €39,098 (-12.9%), from €303,134 to €264,036
of which Land and buildings: -€31,949
- Receivables after one year -€13,858
down €13,858 (-6.2%), from €224,406 to €210,548
- Receivables within one year +€8,394
up €8,394 (+7.6%), from €110,568 to €118,962
of which Other amounts receivable: +€20,431
- Reserves -€24,339
down €24,339 (-5.9%), from €415,450 to €391,111
of which Distributable reserves: -€24,339
- Debts after one year -€15,135
down €15,135 (-8.8%), from €172,674 to €157,538
- Current portion of long-term debt -€7,035
down €7,035 (-31.7%), from €22,170 to €15,135
- Gross operating margin -€66,542
down €66,542 (-70.9%), from €93,872 to €27,329
- Financial charges +€7,027
up €7,027 (+110%), from €6,372 to €13,399
of which Non-recurring financial charges: +€7,750
- Taxes +€1,595
up €1,595 (+30.6%), from €5,221 to €6,816
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 | €645,937 | €597,731 | -€48,205 | -7.5% |
| Fixed assets | 21/28 | €303,134 | €264,036 | -€39,098 | -12.9% |
| Tangible fixed assets | 22/27 | €303,134 | €264,036 | -€39,098 | -12.9% |
| Land and buildings | 22 | €274,925 | €242,976 | -€31,949 | -11.6% |
| Plant, machinery and equipment | 23 | €995 | €770 | -€225 | -22.6% |
| Furniture and vehicles | 24 | €22,714 | €15,790 | -€6,924 | -30.5% |
| Other tangible fixed assets | 26 | €4,500 | €4,500 | = | 0.0% |
| Current assets | 29/58 | €342,803 | €333,696 | -€9,107 | -2.7% |
| Amounts receivable after more than one year | 29 | €224,406 | €210,548 | -€13,858 | -6.2% |
| Other amounts receivable | 291 | €224,406 | €210,548 | -€13,858 | -6.2% |
| Amounts receivable within one year | 40/41 | €110,568 | €118,962 | +€8,394 | +7.6% |
| Trade receivables | 40 | €12,750 | €714 | -€12,036 | -94.4% |
| Other amounts receivable | 41 | €97,818 | €118,249 | +€20,431 | +20.9% |
| Current investments | 50/53 | €0 | €0 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €5,522 | €2,674 | -€2,848 | -51.6% |
| Deferred charges and accrued income | 490/1 | €2,306 | €1,510 | -€796 | -34.5% |
| Total equity and liabilities | 10/49 | €645,937 | €597,731 | -€48,205 | -7.5% |
| Equity | 10/15 | €434,042 | €409,024 | -€25,019 | -5.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €415,450 | €391,111 | -€24,339 | -5.9% |
| Tax-exempt reserves | 132 | €46,119 | €46,119 | = | 0.0% |
| Distributable reserves | 133 | €369,331 | €344,992 | -€24,339 | -6.6% |
| Profit (loss) carried forward | 14 | - | -€680 | -€680 | |
| Amounts payable | 17/49 | €211,895 | €188,708 | -€23,187 | -10.9% |
| Amounts payable after more than one year | 17 | €172,674 | €157,538 | -€15,135 | -8.8% |
| Financial debts | 170/4 | €172,674 | €157,538 | -€15,135 | -8.8% |
| Amounts payable within one year | 42/48 | €39,221 | €31,169 | -€8,052 | -20.5% |
| Current portion of amounts payable after more than one year | 42 | €22,170 | €15,135 | -€7,035 | -31.7% |
| Financial debts | 43 | €4,271 | €4,954 | +€683 | +16.0% |
| Credit institutions | 430/8 | €4,271 | €4,954 | +€683 | +16.0% |
| Trade debts | 44 | €7,810 | €5,813 | -€1,997 | -25.6% |
| Suppliers | 440/4 | €7,810 | €5,813 | -€1,997 | -25.6% |
| Taxes, remuneration and social security | 45 | €4,971 | €5,268 | +€297 | +6.0% |
| Taxes | 450/3 | €4,971 | €5,268 | +€297 | +6.0% |
| Non-recurring operating income | 76A | €135,250 | - | -€135,250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,893 | €39,098 | -€795 | -2.0% |
| Other operating charges | 640/8 | €4,660 | €3,860 | -€800 | -17.2% |
| Gross operating margin | 9900 | €93,872 | €27,329 | -€66,542 | -70.9% |
| Operating profit (loss) | 9901 | €49,319 | -€15,629 | -€64,948 | |
| Financial income | 75/76B | €10,467 | €10,826 | +€359 | +3.4% |
| Recurring financial income | 75 | €10,467 | €10,826 | +€359 | +3.4% |
| Financial charges | 65/66B | €6,372 | €13,399 | +€7,027 | +110% |
| Recurring financial charges | 65 | €6,372 | €5,649 | -€723 | -11.3% |
| Non-recurring financial charges | 66B | - | €7,750 | +€7,750 | |
| Profit (loss) for the period before taxes | 9903 | €53,413 | -€18,202 | -€71,616 | |
| Income taxes | 67/77 | €5,221 | €6,816 | +€1,595 | +30.6% |
| Profit (loss) for the period | 9904 | €48,192 | -€25,019 | -€73,211 | |
| Profit (loss) for the period to be appropriated | 9905 | €48,192 | -€25,019 | -€73,211 |
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 31 October 2026 via checked.be.