VELEK: 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.
VELEK
Largest movements
- Receivables within one year -€142,748
down €142,748 (-64.5%), from €221,482 to €78,734
of which Trade receivables: -€147,415
- Cash +€33,195
up €33,195 (+32.0%), from €103,689 to €136,884
mainly Receivables within one year (+€142,748) and Depreciation (+€42,962)
- Tangible fixed assets -€22,697
down €22,697 (-12.8%), from €177,755 to €155,058
of which Furniture and vehicles: -€24,856
- Stocks and contracts -€11,785
down €11,785 (-32.6%), from €36,108 to €24,323
- Trade debts -€114,057
down €114,057 (-86.1%), from €132,396 to €18,339
- Debts after one year -€25,771
down €25,771 (-51.5%), from €50,036 to €24,265
- Reserves +€15,113
up €15,113 (+7.2%), from €210,000 to €225,113
- Current portion of long-term debt -€15,028
down €15,028 (-36.8%), from €40,799 to €25,771
- Gross operating margin -€36,667
down €36,667 (-25.9%), from €141,376 to €104,708
- Depreciation +€25,182
up €25,182 (+141.6%), from €17,780 to €42,962
- Taxes -€14,138
down €14,138 (-35.5%), from €39,820 to €25,682
- Financial income +€2,647
up €2,647 (+48.4%), from €5,471 to €8,118
- Financial charges -€2,191
down €2,191 (-40.1%), from €5,461 to €3,270
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 | €541,793 | €400,193 | -€141,600 | -26.1% |
| Fixed assets | 21/28 | €177,755 | €155,058 | -€22,697 | -12.8% |
| Tangible fixed assets | 22/27 | €177,755 | €155,058 | -€22,697 | -12.8% |
| Plant, machinery and equipment | 23 | €636 | €636 | = | 0.0% |
| Furniture and vehicles | 24 | €170,773 | €145,917 | -€24,856 | -14.6% |
| Other tangible fixed assets | 26 | €6,346 | €8,506 | +€2,159 | +34.0% |
| Current assets | 29/58 | €364,038 | €245,135 | -€118,903 | -32.7% |
| Stocks and contracts in progress | 3 | €36,108 | €24,323 | -€11,785 | -32.6% |
| Stocks | 30/36 | €36,108 | €24,323 | -€11,785 | -32.6% |
| Amounts receivable within one year | 40/41 | €221,482 | €78,734 | -€142,748 | -64.5% |
| Trade receivables | 40 | €216,476 | €69,062 | -€147,415 | -68.1% |
| Other amounts receivable | 41 | €5,006 | €9,673 | +€4,667 | +93.2% |
| Cash at bank and in hand | 54/58 | €103,689 | €136,884 | +€33,195 | +32.0% |
| Deferred charges and accrued income | 490/1 | €2,759 | €5,194 | +€2,435 | +88.3% |
| Total equity and liabilities | 10/49 | €541,793 | €400,193 | -€141,600 | -26.1% |
| Equity | 10/15 | €289,019 | €304,131 | +€15,113 | +5.2% |
| Contributions | 10/11 | €15,860 | €15,860 | = | 0.0% |
| Reserves | 13 | €210,000 | €225,113 | +€15,113 | +7.2% |
| Distributable reserves | 133 | €210,000 | €225,113 | +€15,113 | +7.2% |
| Profit (loss) carried forward | 14 | €63,159 | €63,159 | = | 0.0% |
| Amounts payable | 17/49 | €252,775 | €96,062 | -€156,713 | -62.0% |
| Amounts payable after more than one year | 17 | €50,036 | €24,265 | -€25,771 | -51.5% |
| Financial debts | 170/4 | €50,036 | €24,265 | -€25,771 | -51.5% |
| Amounts payable within one year | 42/48 | €202,739 | €71,798 | -€130,942 | -64.6% |
| Current portion of amounts payable after more than one year | 42 | €40,799 | €25,771 | -€15,028 | -36.8% |
| Trade debts | 44 | €132,396 | €18,339 | -€114,057 | -86.1% |
| Suppliers | 440/4 | €132,396 | €18,339 | -€114,057 | -86.1% |
| Taxes, remuneration and social security | 45 | €21,065 | €18,458 | -€2,607 | -12.4% |
| Taxes | 450/3 | €21,065 | €18,458 | -€2,607 | -12.4% |
| Other amounts payable | 47/48 | €8,478 | €9,230 | +€751 | +8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,780 | €42,962 | +€25,182 | +141.6% |
| Other operating charges | 640/8 | €776 | €800 | +€24 | +3.1% |
| Gross operating margin | 9900 | €141,376 | €104,708 | -€36,667 | -25.9% |
| Operating profit (loss) | 9901 | €122,820 | €60,947 | -€61,873 | -50.4% |
| Financial income | 75/76B | €5,471 | €8,118 | +€2,647 | +48.4% |
| Recurring financial income | 75 | €5,471 | €8,118 | +€2,647 | +48.4% |
| Financial charges | 65/66B | €5,461 | €3,270 | -€2,191 | -40.1% |
| Recurring financial charges | 65 | €5,461 | €3,270 | -€2,191 | -40.1% |
| Profit (loss) for the period before taxes | 9903 | €122,829 | €65,795 | -€57,035 | -46.4% |
| Income taxes | 67/77 | €39,820 | €25,682 | -€14,138 | -35.5% |
| Profit (loss) for the period | 9904 | €83,009 | €40,113 | -€42,896 | -51.7% |
| Profit (loss) for the period to be appropriated | 9905 | €83,009 | €40,113 | -€42,896 | -51.7% |
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 5 October 2026 via checked.be.