Velghe: 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.
Velghe
Largest movements
- Receivables within one year -€87,709
down €87,709 (-37.4%), from €234,231 to €146,522
of which Trade receivables: -€80,047
- Tangible fixed assets +€77,082
up €77,082 (+24.4%), from €315,597 to €392,679
of which Furniture and vehicles: +€104,966
- Trade debts -€117,289
down €117,289 (-59.6%), from €196,665 to €79,375
- Debts after one year +€54,738
up €54,738 (+1,460%), from €3,750 to €58,488
- Profit (loss) carried forward +€27,484
up €27,484 (+51.8%), from -€53,021 to -€25,537
- Current portion of long-term debt +€10,438
up €10,438 (+139%), from €7,500 to €17,938
- Tax, wage and social debts +€7,756
up €7,756 (+492%), from €1,576 to €9,332
- Gross operating margin +€20,598
up €20,598 (+29.4%), from €70,091 to €90,689
- Taxes +€8,249
up €8,249 (+524%), from €1,573 to €9,822
- Other operating charges +€1,466
up €1,466 (+20.9%), from €7,007 to €8,474
- Financial income +€1,247
new in 2025: €1,247
- Depreciation -€1,171
down €1,171 (-2.6%), from €44,331 to €43,161
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 | €714,840 | €699,852 | -€14,987 | -2.1% |
| Fixed assets | 21/28 | €315,597 | €392,679 | +€77,082 | +24.4% |
| Tangible fixed assets | 22/27 | €315,597 | €392,679 | +€77,082 | +24.4% |
| Land and buildings | 22 | €295,450 | €266,436 | -€29,014 | -9.8% |
| Plant, machinery and equipment | 23 | €5,248 | €6,378 | +€1,130 | +21.5% |
| Furniture and vehicles | 24 | €14,898 | €119,864 | +€104,966 | +705% |
| Current assets | 29/58 | €399,243 | €307,174 | -€92,069 | -23.1% |
| Amounts receivable within one year | 40/41 | €234,231 | €146,522 | -€87,709 | -37.4% |
| Trade receivables | 40 | €226,569 | €146,522 | -€80,047 | -35.3% |
| Other amounts receivable | 41 | €7,662 | - | -€7,662 | |
| Cash at bank and in hand | 54/58 | €161,125 | €154,929 | -€6,197 | -3.8% |
| Deferred charges and accrued income | 490/1 | €3,887 | €5,723 | +€1,837 | +47.3% |
| Total equity and liabilities | 10/49 | €714,840 | €699,852 | -€14,987 | -2.1% |
| Equity | 10/15 | €499,828 | €527,313 | +€27,484 | +5.5% |
| Contributions | 10/11 | €354,800 | €354,800 | = | 0.0% |
| Reserves | 13 | €198,050 | €198,050 | = | 0.0% |
| Tax-exempt reserves | 132 | €17,065 | €17,065 | = | 0.0% |
| Distributable reserves | 133 | €180,985 | €180,985 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€53,021 | -€25,537 | +€27,484 | +51.8% |
| Amounts payable | 17/49 | €215,011 | €172,540 | -€42,472 | -19.8% |
| Amounts payable after more than one year | 17 | €3,750 | €58,488 | +€54,738 | +1,460% |
| Financial debts | 170/4 | €3,750 | €58,488 | +€54,738 | +1,460% |
| Amounts payable within one year | 42/48 | €211,210 | €113,981 | -€97,229 | -46.0% |
| Current portion of amounts payable after more than one year | 42 | €7,500 | €17,938 | +€10,438 | +139% |
| Trade debts | 44 | €196,665 | €79,375 | -€117,289 | -59.6% |
| Suppliers | 440/4 | €196,665 | €79,375 | -€117,289 | -59.6% |
| Taxes, remuneration and social security | 45 | €1,576 | €9,332 | +€7,756 | +492% |
| Taxes | 450/3 | €1,576 | €9,332 | +€7,756 | +492% |
| Other amounts payable | 47/48 | €5,470 | €7,336 | +€1,866 | +34.1% |
| Accrued charges and deferred income | 492/3 | €51 | €70 | +€19 | +37.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,331 | €43,161 | -€1,171 | -2.6% |
| Other operating charges | 640/8 | €7,007 | €8,474 | +€1,466 | +20.9% |
| Non-recurring operating charges | 66A | - | €2,381 | +€2,381 | |
| Gross operating margin | 9900 | €70,091 | €90,689 | +€20,598 | +29.4% |
| Operating profit (loss) | 9901 | €18,753 | €36,674 | +€17,921 | +95.6% |
| Financial income | 75/76B | - | €1,247 | +€1,247 | |
| Recurring financial income | 75 | - | €1,247 | +€1,247 | |
| Financial charges | 65/66B | €766 | €615 | -€151 | -19.7% |
| Recurring financial charges | 65 | €766 | €615 | -€151 | -19.7% |
| Profit (loss) for the period before taxes | 9903 | €17,987 | €37,306 | +€19,319 | +107% |
| Income taxes | 67/77 | €1,573 | €9,822 | +€8,249 | +524% |
| Profit (loss) for the period | 9904 | €16,414 | €27,484 | +€11,071 | +67.4% |
| Profit (loss) for the period to be appropriated | 9905 | €16,414 | €27,484 | +€11,071 | +67.4% |
Source: filed annual accounts (NBB), financial years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.