VELBA: 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.
VELBA
Largest movements
- Tangible fixed assets +€65,074
new in 2025: €65,074
of which Plant, machinery and equipment: +€62,178
- Cash -€46,432
down €46,432 (-82.1%), from €56,574 to €10,142
mainly Investment in fixed assets (net) (-€72,184) and Net result for the year (-€32,455)
- Receivables within one year +€3,168
up €3,168 (+1676.4%), from €189 to €3,357
of which Trade receivables: +€1,724
- Deferred charges and accrued income +€1,581
new in 2025: €1,581
- Debts after one year +€34,946
new in 2025: €34,946
- Profit (loss) carried forward -€32,455
down €32,455 (-889.8%), from -€3,647 to -€36,103
- Current portion of long-term debt +€8,820
new in 2025: €8,820
- Trade debts +€6,404
up €6,404 (+494.6%), from €1,295 to €7,699
- Tax, wage and social debts +€5,456
new in 2025: €5,456
of which Remuneration and social security: +€5,020
- Staff costs +€13,793
new in 2025: €13,793
- Gross operating margin -€10,052
down €10,052 (-15756.2%), from -€64 to -€10,116
- Depreciation +€7,110
up €7,110 (+3215.1%), from €221 to €7,332
- Financial charges +€1,162
up €1,162 (+38723.0%), from €3 to €1,165
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 | €57,647 | €80,818 | +€23,170 | +40.2% |
| Formation expenses | 20 | €885 | €663 | -€221 | -25.0% |
| Fixed assets | 21/28 | - | €65,074 | +€65,074 | |
| Tangible fixed assets | 22/27 | - | €65,074 | +€65,074 | |
| Plant, machinery and equipment | 23 | - | €62,178 | +€62,178 | |
| Furniture and vehicles | 24 | - | €2,896 | +€2,896 | |
| Current assets | 29/58 | €56,763 | €15,081 | -€41,682 | -73.4% |
| Amounts receivable within one year | 40/41 | €189 | €3,357 | +€3,168 | +1676.4% |
| Trade receivables | 40 | - | €1,724 | +€1,724 | |
| Other amounts receivable | 41 | €189 | €1,633 | +€1,444 | +764.1% |
| Cash at bank and in hand | 54/58 | €56,574 | €10,142 | -€46,432 | -82.1% |
| Deferred charges and accrued income | 490/1 | - | €1,581 | +€1,581 | |
| Total equity and liabilities | 10/49 | €57,647 | €80,818 | +€23,170 | +40.2% |
| Equity | 10/15 | €56,353 | €23,897 | -€32,455 | -57.6% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Contributions outside capital | 11 | €60,000 | - | -€60,000 | |
| Share premium | 1100/10 | €60,000 | - | -€60,000 | |
| Profit (loss) carried forward | 14 | -€3,647 | -€36,103 | -€32,455 | -889.8% |
| Amounts payable | 17/49 | €1,295 | €56,920 | +€55,626 | +4296.0% |
| Amounts payable after more than one year | 17 | - | €34,946 | +€34,946 | |
| Financial debts | 170/4 | - | €34,946 | +€34,946 | |
| Amounts payable within one year | 42/48 | €1,295 | €21,975 | +€20,680 | +1597.1% |
| Current portion of amounts payable after more than one year | 42 | - | €8,820 | +€8,820 | |
| Trade debts | 44 | €1,295 | €7,699 | +€6,404 | +494.6% |
| Suppliers | 440/4 | €1,295 | €7,699 | +€6,404 | +494.6% |
| Taxes, remuneration and social security | 45 | - | €5,456 | +€5,456 | |
| Taxes | 450/3 | - | €436 | +€436 | |
| Remuneration and social security | 454/9 | - | €5,020 | +€5,020 | |
| Remuneration, social security and pensions | 62 | - | €13,793 | +€13,793 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €221 | €7,332 | +€7,110 | +3215.1% |
| Other operating charges | 640/8 | - | €50 | +€50 | |
| Gross operating margin | 9900 | -€64 | -€10,116 | -€10,052 | -15756.2% |
| Operating profit (loss) | 9901 | -€285 | -€31,291 | -€31,006 | -10880.7% |
| Financial charges | 65/66B | €3 | €1,165 | +€1,162 | +38723.0% |
| Recurring financial charges | 65 | €3 | €1,165 | +€1,162 | +38723.0% |
| Profit (loss) for the period before taxes | 9903 | -€288 | -€32,455 | -€32,167 | -11170.8% |
| Profit (loss) for the period | 9904 | -€288 | -€32,455 | -€32,167 | -11170.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€288 | -€32,455 | -€32,167 | -11170.8% |
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 12 October 2026 via checked.be.