VELEC: 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.
VELEC
Largest movements
- Cash +€13,889
up €13,889 (+48.3%), from €28,730 to €42,619
mainly Other debts (+€10,515) and Depreciation (+€3,189)
- Receivables within one year -€2,439
down €2,439 (-60.1%), from €4,061 to €1,622
of which Trade receivables: -€3,379
- Other debts +€10,515
up €10,515 (+213.4%), from €4,927 to €15,442
- Trade debts +€1,710
new in 2025: €1,710
- Tax, wage and social debts -€1,627
down €1,627 (-82.7%), from €1,967 to €340
- Reserves +€1,200
up €1,200 (+3.4%), from €35,682 to €36,882
- Gross operating margin -€5,639
down €5,639 (-56.6%), from €9,963 to €4,324
- Taxes -€1,627
down €1,627 (-82.7%), from €1,967 to €340
- Depreciation +€783
up €783 (+32.6%), from €2,405 to €3,189
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 | €44,576 | €56,374 | +€11,798 | +26.5% |
| Fixed assets | 21/28 | €8,659 | €8,515 | -€145 | -1.7% |
| Tangible fixed assets | 22/27 | €8,659 | €8,515 | -€145 | -1.7% |
| Plant, machinery and equipment | 23 | €6,395 | €7,137 | +€743 | +11.6% |
| Furniture and vehicles | 24 | €2,265 | €1,377 | -€887 | -39.2% |
| Current assets | 29/58 | €35,917 | €47,859 | +€11,942 | +33.2% |
| Stocks and contracts in progress | 3 | €2,889 | €3,246 | +€357 | +12.3% |
| Stocks | 30/36 | €2,889 | €3,246 | +€357 | +12.3% |
| Amounts receivable within one year | 40/41 | €4,061 | €1,622 | -€2,439 | -60.1% |
| Trade receivables | 40 | €3,379 | - | -€3,379 | |
| Other amounts receivable | 41 | €681 | €1,622 | +€941 | +138.1% |
| Cash at bank and in hand | 54/58 | €28,730 | €42,619 | +€13,889 | +48.3% |
| Deferred charges and accrued income | 490/1 | €237 | €373 | +€136 | +57.3% |
| Total equity and liabilities | 10/49 | €44,576 | €56,374 | +€11,798 | +26.5% |
| Equity | 10/15 | €37,682 | €38,882 | +€1,200 | +3.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €35,682 | €36,882 | +€1,200 | +3.4% |
| Distributable reserves | 133 | €35,682 | €36,882 | +€1,200 | +3.4% |
| Amounts payable | 17/49 | €6,894 | €17,492 | +€10,598 | +153.7% |
| Amounts payable within one year | 42/48 | €6,894 | €17,492 | +€10,598 | +153.7% |
| Trade debts | 44 | - | €1,710 | +€1,710 | |
| Suppliers | 440/4 | - | €1,710 | +€1,710 | |
| Taxes, remuneration and social security | 45 | €1,967 | €340 | -€1,627 | -82.7% |
| Taxes | 450/3 | €1,967 | €340 | -€1,627 | -82.7% |
| Other amounts payable | 47/48 | €4,927 | €15,442 | +€10,515 | +213.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,405 | €3,189 | +€783 | +32.6% |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Gross operating margin | 9900 | €9,963 | €4,324 | -€5,639 | -56.6% |
| Operating profit (loss) | 9901 | €7,440 | €1,016 | -€6,425 | -86.4% |
| Financial income | 75/76B | €547 | €544 | -€3 | -0.5% |
| Recurring financial income | 75 | €547 | €544 | -€3 | -0.5% |
| Financial charges | 65/66B | €44 | €20 | -€24 | -55.0% |
| Recurring financial charges | 65 | €44 | €20 | -€24 | -55.0% |
| Profit (loss) for the period before taxes | 9903 | €7,944 | €1,540 | -€6,403 | -80.6% |
| Income taxes | 67/77 | €1,967 | €340 | -€1,627 | -82.7% |
| Profit (loss) for the period | 9904 | €5,976 | €1,200 | -€4,776 | -79.9% |
| Profit (loss) for the period to be appropriated | 9905 | €5,976 | €1,200 | -€4,776 | -79.9% |
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 29 September 2026 via checked.be.