VELEM: 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.
VELEM
Largest movements
- Receivables within one year +€17,593
up €17,593 (+112%), from €15,700 to €33,292
of which Trade receivables: +€14,242
- Cash -€3,622
down €3,622 (-7.1%), from €50,879 to €47,257
mainly Contributions, distributions and other (-€52,439) and Receivables within one year (-€17,593)
- Deferred charges and accrued income +€3,331
up €3,331 (+87.4%), from €3,811 to €7,142
- Other debts +€14,588
up €14,588 (+30.8%), from €47,419 to €62,007
- Trade debts +€4,922
up €4,922 (+3,430%), from €144 to €5,065
- Tax, wage and social debts -€1,911
down €1,911 (-15.7%), from €12,179 to €10,268
- Gross operating margin +€6,949
up €6,949 (+10.7%), from €64,678 to €71,628
- Depreciation -€2,367
down €2,367 (-40.7%), from €5,811 to €3,444
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 | €78,292 | €95,890 | +€17,599 | +22.5% |
| Fixed assets | 21/28 | €7,902 | €8,199 | +€297 | +3.8% |
| Tangible fixed assets | 22/27 | €7,902 | €8,199 | +€297 | +3.8% |
| Plant, machinery and equipment | 23 | €3,285 | €5,540 | +€2,255 | +68.6% |
| Furniture and vehicles | 24 | €2,559 | €958 | -€1,601 | -62.6% |
| Other tangible fixed assets | 26 | €2,058 | €1,701 | -€357 | -17.3% |
| Current assets | 29/58 | €70,389 | €87,691 | +€17,301 | +24.6% |
| Amounts receivable within one year | 40/41 | €15,700 | €33,292 | +€17,593 | +112% |
| Trade receivables | 40 | €15,700 | €29,941 | +€14,242 | +90.7% |
| Other amounts receivable | 41 | - | €3,351 | +€3,351 | |
| Cash at bank and in hand | 54/58 | €50,879 | €47,257 | -€3,622 | -7.1% |
| Deferred charges and accrued income | 490/1 | €3,811 | €7,142 | +€3,331 | +87.4% |
| Total equity and liabilities | 10/49 | €78,292 | €95,890 | +€17,599 | +22.5% |
| Equity | 10/15 | €18,550 | €18,550 | = | 0.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €59,742 | €77,340 | +€17,599 | +29.5% |
| Amounts payable within one year | 42/48 | €59,742 | €77,340 | +€17,599 | +29.5% |
| Trade debts | 44 | €144 | €5,065 | +€4,922 | +3,430% |
| Suppliers | 440/4 | €144 | €5,065 | +€4,922 | +3,430% |
| Taxes, remuneration and social security | 45 | €12,179 | €10,268 | -€1,911 | -15.7% |
| Taxes | 450/3 | €12,179 | €10,268 | -€1,911 | -15.7% |
| Other amounts payable | 47/48 | €47,419 | €62,007 | +€14,588 | +30.8% |
| Non-recurring operating income | 76A | - | €9,212 | +€9,212 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,811 | €3,444 | -€2,367 | -40.7% |
| Other operating charges | 640/8 | €1,410 | €1,064 | -€346 | -24.5% |
| Non-recurring operating charges | 66A | €683 | €361 | -€322 | -47.1% |
| Gross operating margin | 9900 | €64,678 | €71,628 | +€6,949 | +10.7% |
| Operating profit (loss) | 9901 | €56,774 | €66,758 | +€9,984 | +17.6% |
| Financial income | 75/76B | €42 | €0 | -€42 | -99.0% |
| Recurring financial income | 75 | €42 | €0 | -€42 | -99.0% |
| Financial charges | 65/66B | €190 | €170 | -€20 | -10.4% |
| Recurring financial charges | 65 | €190 | €170 | -€20 | -10.4% |
| Profit (loss) for the period before taxes | 9903 | €56,626 | €66,588 | +€9,962 | +17.6% |
| Income taxes | 67/77 | €13,436 | €14,149 | +€713 | +5.3% |
| Profit (loss) for the period | 9904 | €43,190 | €52,439 | +€9,249 | +21.4% |
| Profit (loss) for the period to be appropriated | 9905 | €43,190 | €52,439 | +€9,249 | +21.4% |
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 14 October 2026 via checked.be.