VELCOVAR: 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.
VELCOVAR
Largest movements
- Tangible fixed assets -€743,973
down €743,973 (-85.9%), from €866,524 to €122,551
of which Land and buildings: -€741,595
- Receivables within one year -€216,027
down €216,027 (-28.2%), from €765,049 to €549,022
of which Trade receivables: -€254,088
- Cash +€47,381
up €47,381 (+356%), from €13,315 to €60,696
mainly Investment in fixed assets (net) (+€730,300) and Net result for the year (+€221,669)
- Other debts -€735,918
down €735,918 (-81.5%), from €902,783 to €166,864
- Debts after one year -€364,095
down €364,095 (-87.5%), from €416,086 to €51,991
- Profit (loss) carried forward +€221,669
up €221,669, from -€220,023 to €1,646
- Trade debts -€26,253
down €26,253 (-39.2%), from €67,021 to €40,768
- Current portion of long-term debt -€19,244
down €19,244 (-38.5%), from €50,047 to €30,803
- Gross operating margin +€329,640
up €329,640 (+8,884%), from €3,711 to €333,351
- Write-downs +€59,308
new in 2025: €59,308
- Depreciation -€16,828
down €16,828 (-52.6%), from €32,015 to €15,187
- Other operating charges +€10,331
up €10,331 (+79.1%), from €13,058 to €23,389
- Financial charges +€5,747
up €5,747 (+47.6%), from €12,071 to €17,818
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 | €1,653,410 | €738,269 | -€915,141 | -55.3% |
| Fixed assets | 21/28 | €871,932 | €126,444 | -€745,487 | -85.5% |
| Intangible fixed assets | 21 | €5,406 | €3,892 | -€1,514 | -28.0% |
| Tangible fixed assets | 22/27 | €866,524 | €122,551 | -€743,973 | -85.9% |
| Land and buildings | 22 | €859,619 | €118,023 | -€741,595 | -86.3% |
| Plant, machinery and equipment | 23 | €1,437 | €1,059 | -€378 | -26.3% |
| Furniture and vehicles | 24 | €5,468 | €3,468 | -€2,000 | -36.6% |
| Financial fixed assets | 28 | €1 | €1 | = | 0.0% |
| Current assets | 29/58 | €781,479 | €611,825 | -€169,654 | -21.7% |
| Amounts receivable within one year | 40/41 | €765,049 | €549,022 | -€216,027 | -28.2% |
| Trade receivables | 40 | €303,988 | €49,900 | -€254,088 | -83.6% |
| Other amounts receivable | 41 | €461,061 | €499,122 | +€38,061 | +8.3% |
| Cash at bank and in hand | 54/58 | €13,315 | €60,696 | +€47,381 | +356% |
| Deferred charges and accrued income | 490/1 | €3,114 | €2,107 | -€1,008 | -32.4% |
| Total equity and liabilities | 10/49 | €1,653,410 | €738,269 | -€915,141 | -55.3% |
| Equity | 10/15 | €213,392 | €435,061 | +€221,669 | +104% |
| Contributions | 10/11 | €342,410 | €342,410 | = | 0.0% |
| Reserves | 13 | €91,005 | €91,005 | = | 0.0% |
| Tax-exempt reserves | 132 | €42,184 | €42,184 | = | 0.0% |
| Distributable reserves | 133 | €48,820 | €48,820 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€220,023 | €1,646 | +€221,669 | |
| Amounts payable | 17/49 | €1,440,018 | €303,208 | -€1.1m | -78.9% |
| Amounts payable after more than one year | 17 | €416,086 | €51,991 | -€364,095 | -87.5% |
| Financial debts | 170/4 | €416,086 | €51,991 | -€364,095 | -87.5% |
| Amounts payable within one year | 42/48 | €1,023,932 | €251,217 | -€772,715 | -75.5% |
| Current portion of amounts payable after more than one year | 42 | €50,047 | €30,803 | -€19,244 | -38.5% |
| Trade debts | 44 | €67,021 | €40,768 | -€26,253 | -39.2% |
| Suppliers | 440/4 | €67,021 | €40,768 | -€26,253 | -39.2% |
| Taxes, remuneration and social security | 45 | €4,081 | €12,782 | +€8,700 | +213% |
| Taxes | 450/3 | €4,081 | €12,782 | +€8,700 | +213% |
| Other amounts payable | 47/48 | €902,783 | €166,864 | -€735,918 | -81.5% |
| Non-recurring operating income | 76A | €4,000 | €375,038 | +€371,038 | +9,276% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,015 | €15,187 | -€16,828 | -52.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €59,308 | +€59,308 | |
| Other operating charges | 640/8 | €13,058 | €23,389 | +€10,331 | +79.1% |
| Gross operating margin | 9900 | €3,711 | €333,351 | +€329,640 | +8,884% |
| Operating profit (loss) | 9901 | -€41,363 | €235,467 | +€276,830 | |
| Financial income | 75/76B | €1 | €4,020 | +€4,019 | +375,647% |
| Recurring financial income | 75 | €1 | €4,020 | +€4,019 | +375,647% |
| Financial charges | 65/66B | €12,071 | €17,818 | +€5,747 | +47.6% |
| Recurring financial charges | 65 | €12,071 | €17,818 | +€5,747 | +47.6% |
| Profit (loss) for the period before taxes | 9903 | -€53,433 | €221,669 | +€275,102 | |
| Income taxes | 67/77 | €216 | - | -€216 | |
| Profit (loss) for the period | 9904 | -€53,649 | €221,669 | +€275,318 | |
| Profit (loss) for the period to be appropriated | 9905 | -€53,649 | €221,669 | +€275,318 |
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 21 October 2026 via checked.be.