VELCON: 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.
VELCON
Largest movements
- Tangible fixed assets +€194,248
up €194,248 (+1,406%), from €13,814 to €208,062
of which Land and buildings: +€195,696
- Current investments -€110,004
down €110,004 (-84.6%), from €130,009 to €20,005
- Receivables within one year +€13,229
up €13,229 (+7,951%), from €166 to €13,396
of which Trade receivables: +€13,351
- Cash -€8,076
down €8,076 (-51.2%), from €15,775 to €7,699
mainly Investment in fixed assets (net) (-€213,922) and Receivables within one year (-€13,229)
- Reserves +€47,224
up €47,224 (+40.7%), from €115,917 to €163,142
- Short-term financial debts +€37,256
up €37,256 (+124,602%), from €30 to €37,286
- Other debts +€12,075
up €12,075 (+592%), from €2,040 to €14,115
- Trade debts -€5,607
down €5,607 (-70.6%), from €7,938 to €2,331
- Tax, wage and social debts -€2,633
down €2,633 (-8.5%), from €30,921 to €28,288
of which Taxes: -€2,633
- Depreciation +€17,832
up €17,832 (+968%), from €1,842 to €19,674
- Other operating charges +€10,816
up €10,816 (+1,163%), from €930 to €11,747
- Taxes -€6,819
down €6,819 (-31.8%), from €21,413 to €14,594
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 | €160,847 | €249,162 | +€88,315 | +54.9% |
| Fixed assets | 21/28 | €13,814 | €208,062 | +€194,248 | +1,406% |
| Tangible fixed assets | 22/27 | €13,814 | €208,062 | +€194,248 | +1,406% |
| Land and buildings | 22 | - | €195,696 | +€195,696 | |
| Furniture and vehicles | 24 | €4,427 | €4,066 | -€361 | -8.2% |
| Other tangible fixed assets | 26 | €9,388 | €8,301 | -€1,087 | -11.6% |
| Current assets | 29/58 | €147,032 | €41,100 | -€105,932 | -72.0% |
| Amounts receivable within one year | 40/41 | €166 | €13,396 | +€13,229 | +7,951% |
| Trade receivables | 40 | - | €13,351 | +€13,351 | |
| Other amounts receivable | 41 | €166 | €45 | -€121 | -72.9% |
| Current investments | 50/53 | €130,009 | €20,005 | -€110,004 | -84.6% |
| Cash at bank and in hand | 54/58 | €15,775 | €7,699 | -€8,076 | -51.2% |
| Deferred charges and accrued income | 490/1 | €1,082 | €0 | -€1,082 | -100% |
| Total equity and liabilities | 10/49 | €160,847 | €249,162 | +€88,315 | +54.9% |
| Equity | 10/15 | €119,917 | €167,142 | +€47,224 | +39.4% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €115,917 | €163,142 | +€47,224 | +40.7% |
| Distributable reserves | 133 | €115,917 | €163,142 | +€47,224 | +40.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €40,929 | €82,020 | +€41,091 | +100% |
| Amounts payable within one year | 42/48 | €40,929 | €82,020 | +€41,091 | +100% |
| Financial debts | 43 | €30 | €37,286 | +€37,256 | +124,602% |
| Credit institutions | 430/8 | €30 | €37,286 | +€37,256 | +124,602% |
| Trade debts | 44 | €7,938 | €2,331 | -€5,607 | -70.6% |
| Suppliers | 440/4 | €7,938 | €2,331 | -€5,607 | -70.6% |
| Taxes, remuneration and social security | 45 | €30,921 | €28,288 | -€2,633 | -8.5% |
| Taxes | 450/3 | €30,921 | €28,288 | -€2,633 | -8.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €2,040 | €14,115 | +€12,075 | +592% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,842 | €19,674 | +€17,832 | +968% |
| Other operating charges | 640/8 | €930 | €11,747 | +€10,816 | +1,163% |
| Gross operating margin | 9900 | €92,842 | €93,069 | +€227 | +0.2% |
| Operating profit (loss) | 9901 | €90,069 | €61,648 | -€28,421 | -31.6% |
| Financial income | 75/76B | €547 | €1,207 | +€660 | +121% |
| Recurring financial income | 75 | €547 | €1,207 | +€660 | +121% |
| Financial charges | 65/66B | €189 | €1,037 | +€848 | +449% |
| Recurring financial charges | 65 | €189 | €1,037 | +€848 | +449% |
| Profit (loss) for the period before taxes | 9903 | €90,427 | €61,818 | -€28,609 | -31.6% |
| Income taxes | 67/77 | €21,413 | €14,594 | -€6,819 | -31.8% |
| Profit (loss) for the period | 9904 | €69,014 | €47,224 | -€21,790 | -31.6% |
| Profit (loss) for the period to be appropriated | 9905 | €69,014 | €47,224 | -€21,790 | -31.6% |
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 29 October 2026 via checked.be.