VELERO: 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.
VELERO
Largest movements
- Cash +€38,713
up €38,713 (+25.8%), from €150,115 to €188,828
mainly Net result for the year (+€108,947) and Receivables within one year (+€22,560)
- Receivables within one year -€22,560
down €22,560 (-77.2%), from €29,228 to €6,668
of which Trade receivables: -€22,753
- Receivables after one year -€6,621
down €6,621 (-4.1%), from €160,428 to €153,806
- Other debts +€10,479
up €10,479 (+9.0%), from €116,184 to €126,662
- Tax, wage and social debts -€6,495
down €6,495 (-29.4%), from €22,130 to €15,634
- Taxes -€22,332
down €22,332 (-52.2%), from €42,774 to €20,442
- Gross operating margin -€16,702
down €16,702 (-11.3%), from €148,180 to €131,478
- Financial income +€2,575
up €2,575 (+96.2%), from €2,677 to €5,251
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 | €358,911 | €365,173 | +€6,262 | +1.7% |
| Fixed assets | 21/28 | €19,141 | €15,753 | -€3,388 | -17.7% |
| Tangible fixed assets | 22/27 | €18,741 | €15,353 | -€3,388 | -18.1% |
| Plant, machinery and equipment | 23 | - | €1,525 | +€1,525 | |
| Furniture and vehicles | 24 | €17,899 | €13,430 | -€4,469 | -25.0% |
| Other tangible fixed assets | 26 | €841 | €398 | -€444 | -52.7% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €339,770 | €349,420 | +€9,650 | +2.8% |
| Amounts receivable after more than one year | 29 | €160,428 | €153,806 | -€6,621 | -4.1% |
| Other amounts receivable | 291 | €160,428 | €153,806 | -€6,621 | -4.1% |
| Amounts receivable within one year | 40/41 | €29,228 | €6,668 | -€22,560 | -77.2% |
| Trade receivables | 40 | €22,753 | - | -€22,753 | |
| Other amounts receivable | 41 | €6,475 | €6,668 | +€193 | +3.0% |
| Cash at bank and in hand | 54/58 | €150,115 | €188,828 | +€38,713 | +25.8% |
| Deferred charges and accrued income | 490/1 | - | €119 | +€119 | |
| Total equity and liabilities | 10/49 | €358,911 | €365,173 | +€6,262 | +1.7% |
| Equity | 10/15 | €220,460 | €220,460 | = | 0.0% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €220,360 | €220,360 | = | 0.0% |
| Distributable reserves | 133 | €220,360 | €220,360 | = | 0.0% |
| Amounts payable | 17/49 | €138,451 | €144,713 | +€6,262 | +4.5% |
| Amounts payable within one year | 42/48 | €138,451 | €144,713 | +€6,262 | +4.5% |
| Trade debts | 44 | €137 | €2,416 | +€2,278 | +1,657% |
| Suppliers | 440/4 | €137 | €2,416 | +€2,278 | +1,657% |
| Taxes, remuneration and social security | 45 | €22,130 | €15,634 | -€6,495 | -29.4% |
| Taxes | 450/3 | €22,130 | €15,634 | -€6,495 | -29.4% |
| Other amounts payable | 47/48 | €116,184 | €126,662 | +€10,479 | +9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,181 | €5,920 | -€261 | -4.2% |
| Other operating charges | 640/8 | €1,335 | €884 | -€451 | -33.8% |
| Gross operating margin | 9900 | €148,180 | €131,478 | -€16,702 | -11.3% |
| Operating profit (loss) | 9901 | €140,665 | €124,674 | -€15,990 | -11.4% |
| Financial income | 75/76B | €2,677 | €5,251 | +€2,575 | +96.2% |
| Recurring financial income | 75 | €2,677 | €5,251 | +€2,575 | +96.2% |
| Financial charges | 65/66B | €290 | €537 | +€248 | +85.5% |
| Recurring financial charges | 65 | €290 | €537 | +€248 | +85.5% |
| Profit (loss) for the period before taxes | 9903 | €143,052 | €129,389 | -€13,663 | -9.6% |
| Income taxes | 67/77 | €42,774 | €20,442 | -€22,332 | -52.2% |
| Profit (loss) for the period | 9904 | €100,278 | €108,947 | +€8,669 | +8.6% |
| Profit (loss) for the period to be appropriated | 9905 | €100,278 | €108,947 | +€8,669 | +8.6% |
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 25 October 2026 via checked.be.