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
- Tangible fixed assets +€174,528
up €174,528 (+8.1%), from €2.1m to €2.3m
of which Assets under construction and advance payments: +€220,645
- Debts after one year +€112,115
up €112,115 (+7.5%), from €1.5m to €1.6m
- Trade debts +€48,889
up €48,889 (+3,132%), from €1,561 to €50,450
- Profit (loss) carried forward -€40,564
down €40,564 (-48.4%), from -€83,815 to -€124,380
- Other debts +€33,565
up €33,565 (+5.7%), from €584,565 to €618,129
- Financial charges +€11,759
up €11,759 (+30.1%), from €39,050 to €50,809
- Gross operating margin -€11,058
down €11,058 (-6.0%), from €183,155 to €172,098
- Other operating charges +€10,976
up €10,976 (+34.9%), from €31,409 to €42,385
- Depreciation +€2,500
up €2,500 (+2.5%), from €99,984 to €102,485
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 | €2,156,957 | €2,323,857 | +€166,900 | +7.7% |
| Fixed assets | 21/28 | €2,145,369 | €2,319,897 | +€174,528 | +8.1% |
| Tangible fixed assets | 22/27 | €2,145,369 | €2,319,897 | +€174,528 | +8.1% |
| Land and buildings | 22 | €2,051,757 | €2,013,196 | -€38,561 | -1.9% |
| Furniture and vehicles | 24 | €41,244 | €33,688 | -€7,556 | -18.3% |
| Assets under construction and advance payments | 27 | €52,368 | €273,013 | +€220,645 | +421% |
| Current assets | 29/58 | €11,588 | €3,960 | -€7,628 | -65.8% |
| Cash at bank and in hand | 54/58 | €8,041 | €1,787 | -€6,254 | -77.8% |
| Deferred charges and accrued income | 490/1 | €3,547 | €2,173 | -€1,374 | -38.7% |
| Total equity and liabilities | 10/49 | €2,156,957 | €2,323,857 | +€166,900 | +7.7% |
| Equity | 10/15 | -€77,615 | -€118,180 | -€40,564 | -52.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€83,815 | -€124,380 | -€40,564 | -48.4% |
| Amounts payable | 17/49 | €2,234,572 | €2,442,037 | +€207,464 | +9.3% |
| Amounts payable after more than one year | 17 | €1,496,395 | €1,608,510 | +€112,115 | +7.5% |
| Financial debts | 170/4 | €1,496,395 | €1,608,510 | +€112,115 | +7.5% |
| Amounts payable within one year | 42/48 | €738,177 | €833,526 | +€95,349 | +12.9% |
| Current portion of amounts payable after more than one year | 42 | €151,748 | €164,644 | +€12,896 | +8.5% |
| Trade debts | 44 | €1,561 | €50,450 | +€48,889 | +3,132% |
| Suppliers | 440/4 | €1,561 | €50,450 | +€48,889 | +3,132% |
| Taxes, remuneration and social security | 45 | €303 | €303 | = | 0.0% |
| Taxes | 450/3 | €303 | €303 | = | 0.0% |
| Other amounts payable | 47/48 | €584,565 | €618,129 | +€33,565 | +5.7% |
| Remuneration, social security and pensions | 62 | €10,139 | €10,582 | +€443 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €99,984 | €102,485 | +€2,500 | +2.5% |
| Other operating charges | 640/8 | €31,409 | €42,385 | +€10,976 | +34.9% |
| Non-recurring operating charges | 66A | - | €6,463 | +€6,463 | |
| Gross operating margin | 9900 | €183,155 | €172,098 | -€11,058 | -6.0% |
| Operating profit (loss) | 9901 | €41,623 | €10,183 | -€31,440 | -75.5% |
| Financial income | 75/76B | €0 | €62 | +€62 | +624,100% |
| Recurring financial income | 75 | €0 | €62 | +€62 | +624,100% |
| Financial charges | 65/66B | €39,050 | €50,809 | +€11,759 | +30.1% |
| Recurring financial charges | 65 | €39,050 | €50,809 | +€11,759 | +30.1% |
| Profit (loss) for the period before taxes | 9903 | €2,573 | -€40,564 | -€43,137 | |
| Transfer to deferred taxes | 680 | €184 | - | -€184 | |
| Income taxes | 67/77 | €239 | - | -€239 | |
| Profit (loss) for the period | 9904 | €2,150 | -€40,564 | -€42,714 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,150 | -€40,564 | -€42,714 |
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 15 October 2026 via checked.be.