VELDEMAN MP: what changed
Two fiscal 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.
VELDEMAN MP
Largest movements
- Tangible fixed assets -€48,904
down €48,904 (-9.7%), from €505,896 to €456,992
- Current investments -€30,000
down €30,000 (-100.0%), from €30,000 to €0
- Cash -€20,510
down €20,510 (-22.9%), from €89,568 to €69,058
mainly Current portion of long-term debt (-€82,658) and Debts after one year (-€65,915)
- Current portion of long-term debt -€82,658
down €82,658 (-55.6%), from €148,572 to €65,915
- Debts after one year -€65,915
down €65,915 (-30.8%), from €214,288 to €148,373
- Reserves +€40,939
up €40,939 (+19.0%), from €214,991 to €255,930
- Other debts +€24,249
up €24,249 (+2646.1%), from €916 to €25,165
- Gross operating margin -€53,517
down €53,517 (-21.0%), from €254,899 to €201,381
- Staff costs -€52,111
down €52,111 (-46.5%), from €112,078 to €59,967
- Financial charges -€2,631
down €2,631 (-14.4%), from €18,229 to €15,598
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 | €687,307 | €593,434 | -€93,873 | -13.7% |
| Fixed assets | 21/28 | €505,896 | €456,992 | -€48,904 | -9.7% |
| Tangible fixed assets | 22/27 | €505,896 | €456,992 | -€48,904 | -9.7% |
| Land and buildings | 22 | €334,205 | €316,188 | -€18,018 | -5.4% |
| Plant, machinery and equipment | 23 | €115,815 | €92,263 | -€23,552 | -20.3% |
| Furniture and vehicles | 24 | €8,256 | €6,360 | -€1,896 | -23.0% |
| Other tangible fixed assets | 26 | €47,620 | €42,181 | -€5,439 | -11.4% |
| Current assets | 29/58 | €181,411 | €136,442 | -€44,969 | -24.8% |
| Stocks and contracts in progress | 3 | €35,706 | €42,011 | +€6,305 | +17.7% |
| Stocks | 30/36 | €35,706 | €42,011 | +€6,305 | +17.7% |
| Amounts receivable within one year | 40/41 | €23,520 | €19,533 | -€3,986 | -16.9% |
| Trade receivables | 40 | €10,272 | €14,272 | +€4,001 | +38.9% |
| Other amounts receivable | 41 | €13,248 | €5,261 | -€7,987 | -60.3% |
| Current investments | 50/53 | €30,000 | €0 | -€30,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €89,568 | €69,058 | -€20,510 | -22.9% |
| Deferred charges and accrued income | 490/1 | €2,618 | €5,840 | +€3,222 | +123.1% |
| Total equity and liabilities | 10/49 | €687,307 | €593,434 | -€93,873 | -13.7% |
| Equity | 10/15 | €233,591 | €274,530 | +€40,939 | +17.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €214,991 | €255,930 | +€40,939 | +19.0% |
| Distributable reserves | 133 | €214,991 | €255,930 | +€40,939 | +19.0% |
| Amounts payable | 17/49 | €453,716 | €318,904 | -€134,812 | -29.7% |
| Amounts payable after more than one year | 17 | €214,288 | €148,373 | -€65,915 | -30.8% |
| Financial debts | 170/4 | €214,288 | €148,373 | -€65,915 | -30.8% |
| Amounts payable within one year | 42/48 | €238,787 | €169,704 | -€69,084 | -28.9% |
| Current portion of amounts payable after more than one year | 42 | €148,572 | €65,915 | -€82,658 | -55.6% |
| Trade debts | 44 | €64,143 | €58,080 | -€6,063 | -9.5% |
| Suppliers | 440/4 | €64,143 | €58,080 | -€6,063 | -9.5% |
| Advances received on contracts in progress | 46 | €6,562 | €6,909 | +€347 | +5.3% |
| Taxes, remuneration and social security | 45 | €18,594 | €13,635 | -€4,959 | -26.7% |
| Taxes | 450/3 | €6,278 | €4,094 | -€2,184 | -34.8% |
| Remuneration and social security | 454/9 | €12,316 | €9,541 | -€2,775 | -22.5% |
| Other amounts payable | 47/48 | €916 | €25,165 | +€24,249 | +2646.1% |
| Accrued charges and deferred income | 492/3 | €641 | €827 | +€186 | +29.0% |
| Remuneration, social security and pensions | 62 | €112,078 | €59,967 | -€52,111 | -46.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,663 | €65,863 | +€2,200 | +3.5% |
| Other operating charges | 640/8 | €3,978 | €4,313 | +€335 | +8.4% |
| Gross operating margin | 9900 | €254,899 | €201,381 | -€53,517 | -21.0% |
| Operating profit (loss) | 9901 | €75,180 | €71,239 | -€3,941 | -5.2% |
| Financial income | 75/76B | €533 | €958 | +€426 | +79.9% |
| Recurring financial income | 75 | €533 | €958 | +€426 | +79.9% |
| Financial charges | 65/66B | €18,229 | €15,598 | -€2,631 | -14.4% |
| Recurring financial charges | 65 | €18,229 | €15,598 | -€2,631 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | €57,483 | €56,599 | -€885 | -1.5% |
| Income taxes | 67/77 | €15,132 | €15,660 | +€528 | +3.5% |
| Profit (loss) for the period | 9904 | €42,351 | €40,939 | -€1,412 | -3.3% |
| Profit (loss) for the period to be appropriated | 9905 | €42,351 | €40,939 | -€1,412 | -3.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.