VELCORO: 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.
VELCORO
Largest movements
- Cash -€181,229
down €181,229 (-88.2%), from €205,379 to €24,150
mainly Contributions, distributions and other (-€264,200) and Deferred charges and accrued income (-€9,740)
- Receivables within one year -€31,283
down €31,283 (-53.2%), from €58,825 to €27,542
of which Other amounts receivable: -€39,949
- Deferred charges and accrued income +€9,740
up €9,740 (+912.6%), from €1,067 to €10,807
- Reserves -€264,200
down €264,200 (-100.0%), from €264,200 to €0
- Profit (loss) carried forward +€36,549
up €36,549, from €0 to €36,549
- Tax, wage and social debts +€24,539
up €24,539 (+1110.2%), from €2,210 to €26,750
- Gross operating margin -€15,420
down €15,420 (-21.6%), from €71,514 to €56,094
- Taxes -€3,209
down €3,209 (-15.8%), from €20,268 to €17,059
- Financial income -€2,928
down €2,928 (-100.0%), from €2,928 to €1
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 | €270,195 | €67,799 | -€202,396 | -74.9% |
| Fixed assets | 21/28 | €4,925 | €5,300 | +€376 | +7.6% |
| Tangible fixed assets | 22/27 | €4,925 | €5,300 | +€376 | +7.6% |
| Furniture and vehicles | 24 | €4,925 | €5,300 | +€376 | +7.6% |
| Current assets | 29/58 | €265,270 | €62,499 | -€202,772 | -76.4% |
| Amounts receivable within one year | 40/41 | €58,825 | €27,542 | -€31,283 | -53.2% |
| Trade receivables | 40 | €18,864 | €27,531 | +€8,667 | +45.9% |
| Other amounts receivable | 41 | €39,961 | €11 | -€39,949 | -100.0% |
| Cash at bank and in hand | 54/58 | €205,379 | €24,150 | -€181,229 | -88.2% |
| Deferred charges and accrued income | 490/1 | €1,067 | €10,807 | +€9,740 | +912.6% |
| Total equity and liabilities | 10/49 | €270,195 | €67,799 | -€202,396 | -74.9% |
| Equity | 10/15 | €267,200 | €39,549 | -€227,651 | -85.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €264,200 | €0 | -€264,200 | -100.0% |
| Distributable reserves | 133 | €264,200 | €0 | -€264,200 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | €36,549 | +€36,549 | |
| Amounts payable | 17/49 | €2,995 | €28,250 | +€25,255 | +843.2% |
| Amounts payable within one year | 42/48 | €2,995 | €28,250 | +€25,255 | +843.2% |
| Trade debts | 44 | €785 | €0 | -€785 | -100.0% |
| Suppliers | 440/4 | €785 | €0 | -€785 | -100.0% |
| Taxes, remuneration and social security | 45 | €2,210 | €26,750 | +€24,539 | +1110.2% |
| Taxes | 450/3 | €2,210 | €26,750 | +€24,539 | +1110.2% |
| Other amounts payable | 47/48 | - | €1,500 | +€1,500 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €758 | €1,433 | +€675 | +89.1% |
| Other operating charges | 640/8 | €1,484 | €1,020 | -€464 | -31.3% |
| Gross operating margin | 9900 | €71,514 | €56,094 | -€15,420 | -21.6% |
| Operating profit (loss) | 9901 | €69,272 | €53,641 | -€15,631 | -22.6% |
| Financial income | 75/76B | €2,928 | €1 | -€2,928 | -100.0% |
| Recurring financial income | 75 | €2,928 | €1 | -€2,928 | -100.0% |
| Financial charges | 65/66B | €74 | €34 | -€39 | -53.3% |
| Recurring financial charges | 65 | €74 | €34 | -€39 | -53.3% |
| Profit (loss) for the period before taxes | 9903 | €72,127 | €53,608 | -€18,519 | -25.7% |
| Income taxes | 67/77 | €20,268 | €17,059 | -€3,209 | -15.8% |
| Profit (loss) for the period | 9904 | €51,859 | €36,549 | -€15,311 | -29.5% |
| Profit (loss) for the period to be appropriated | 9905 | €51,859 | €36,549 | -€15,311 | -29.5% |
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.