VELGHE Frères: what changed
VELGHE Frères
Largest movements
- Tangible fixed assets +€49,945
up €49,945 (+150%), from €33,225 to €83,169
of which Plant, machinery and equipment: +€57,135
- Cash -€38,801
down €38,801 (-79.4%), from €48,854 to €10,052
mainly Investment in fixed assets (net) (-€66,000) and Receivables within one year (-€24,258)
- Receivables within one year +€24,258
up €24,258 (+264%), from €9,182 to €33,439
of which Trade receivables: +€20,320
- Trade debts +€23,438
new in 2025: €23,438
of which Suppliers: +€17,718
- Profit (loss) carried forward +€14,573
up €14,573 (+60.2%), from -€24,202 to -€9,629
- Tax, wage and social debts -€1,606
no longer reported in 2025 (was €1,606)
- Depreciation +€12,079
up €12,079 (+304%), from €3,977 to €16,055
- Gross operating margin +€6,372
up €6,372 (+26.0%), from €24,510 to €30,882
- Other operating charges -€399
down €399 (-64.1%), from €623 to €224
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €92,229 | €128,668 | +€36,439 | +39.5% |
| Fixed assets | 21/28 | €33,350 | €83,294 | +€49,945 | +150% |
| Tangible fixed assets | 22/27 | €33,225 | €83,169 | +€49,945 | +150% |
| Plant, machinery and equipment | 23 | €938 | €58,073 | +€57,135 | +6,088% |
| Furniture and vehicles | 24 | €32,286 | €25,096 | -€7,190 | -22.3% |
| Financial fixed assets | 28 | €125 | €125 | = | 0.0% |
| Current assets | 29/58 | €58,879 | €45,374 | -€13,506 | -22.9% |
| Amounts receivable within one year | 40/41 | €9,182 | €33,439 | +€24,258 | +264% |
| Trade receivables | 40 | €9,182 | €29,502 | +€20,320 | +221% |
| Other amounts receivable | 41 | - | €3,937 | +€3,937 | |
| Cash at bank and in hand | 54/58 | €48,854 | €10,052 | -€38,801 | -79.4% |
| Deferred charges and accrued income | 490/1 | €844 | €1,882 | +€1,038 | +123% |
| Total equity and liabilities | 10/49 | €92,229 | €128,668 | +€36,439 | +39.5% |
| Equity | 10/15 | €60,611 | €75,184 | +€14,573 | +24.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €22,813 | €22,813 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,475 | €2,475 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,475 | €2,475 | = | 0.0% |
| Distributable reserves | 133 | €20,338 | €20,338 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€24,202 | -€9,629 | +€14,573 | +60.2% |
| Amounts payable | 17/49 | €31,618 | €53,484 | +€21,866 | +69.2% |
| Amounts payable within one year | 42/48 | €31,606 | €53,438 | +€21,833 | +69.1% |
| Trade debts | 44 | - | €23,438 | +€23,438 | |
| Suppliers | 440/4 | - | €17,718 | +€17,718 | |
| Bills of exchange payable | 441 | - | €5,720 | +€5,720 | |
| Taxes, remuneration and social security | 45 | €1,606 | - | -€1,606 | |
| Taxes | 450/3 | €1,606 | - | -€1,606 | |
| Other amounts payable | 47/48 | €30,000 | €30,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €12 | €46 | +€33 | +267% |
| Non-recurring operating income | 76A | €1,969 | €18,500 | +€16,531 | +840% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,977 | €16,055 | +€12,079 | +304% |
| Other operating charges | 640/8 | €623 | €224 | -€399 | -64.1% |
| Gross operating margin | 9900 | €24,510 | €30,882 | +€6,372 | +26.0% |
| Operating profit (loss) | 9901 | €19,910 | €14,603 | -€5,308 | -26.7% |
| Financial income | 75/76B | - | €12 | +€12 | |
| Recurring financial income | 75 | - | €12 | +€12 | |
| Financial charges | 65/66B | €42 | €42 | = | 0.0% |
| Recurring financial charges | 65 | €42 | €42 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €19,868 | €14,573 | -€5,296 | -26.7% |
| Profit (loss) for the period | 9904 | €19,868 | €14,573 | -€5,296 | -26.7% |
| Profit (loss) for the period to be appropriated | 9905 | €19,868 | €14,573 | -€5,296 | -26.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.