VELI: what changed
Two fiscal 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.
VELI
Largest movements
- Tangible fixed assets +€22,963
up €22,963 (+55.5%), from €41,342 to €64,305
of which Furniture and vehicles: +€19,127
- Debts after one year +€19,602
new in 2025: €19,602
- Profit (loss) carried forward +€5,088
up €5,088 (+5.2%), from -€97,181 to -€92,093
- Tax, wage and social debts -€3,741
down €3,741 (-75.8%), from €4,939 to €1,198
of which Remuneration and social security: -€3,589
- Other debts +€1,880
up €1,880 (+1.6%), from €120,791 to €122,671
- Current portion of long-term debt -€1,538
no longer reported in 2025 (was €1,538)
- Staff costs -€17,523
down €17,523 (-73.8%), from €23,732 to €6,209
- Gross operating margin +€9,540
up €9,540 (+49.8%), from €19,155 to €28,696
- Other operating charges +€1,267
up €1,267 (+48.3%), from €2,624 to €3,891
- Financial charges +€713
up €713 (+49.2%), from €1,449 to €2,161
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.
Cash bridge derived
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 | €49,981 | €72,078 | +€22,098 | +44.2% |
| Fixed assets | 21/28 | €41,491 | €64,454 | +€22,963 | +55.3% |
| Tangible fixed assets | 22/27 | €41,342 | €64,305 | +€22,963 | +55.5% |
| Land and buildings | 22 | €13,350 | €12,577 | -€774 | -5.8% |
| Plant, machinery and equipment | 23 | €9,743 | €16,603 | +€6,860 | +70.4% |
| Furniture and vehicles | 24 | €4,264 | €23,391 | +€19,127 | +448.6% |
| Other tangible fixed assets | 26 | €13,985 | €11,734 | -€2,251 | -16.1% |
| Financial fixed assets | 28 | €149 | €149 | = | 0.0% |
| Current assets | 29/58 | €8,490 | €7,625 | -€865 | -10.2% |
| Amounts receivable within one year | 40/41 | €2,586 | €2,224 | -€362 | -14.0% |
| Trade receivables | 40 | €160 | €573 | +€413 | +258.3% |
| Other amounts receivable | 41 | €2,426 | €1,651 | -€776 | -32.0% |
| Cash at bank and in hand | 54/58 | €4,010 | €3,755 | -€254 | -6.3% |
| Deferred charges and accrued income | 490/1 | €1,894 | €1,645 | -€248 | -13.1% |
| Total equity and liabilities | 10/49 | €49,981 | €72,078 | +€22,098 | +44.2% |
| Equity | 10/15 | -€82,730 | -€77,642 | +€5,088 | +6.2% |
| Contributions | 10/11 | €12,592 | €12,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€97,181 | -€92,093 | +€5,088 | +5.2% |
| Amounts payable | 17/49 | €132,711 | €149,720 | +€17,009 | +12.8% |
| Amounts payable after more than one year | 17 | - | €19,602 | +€19,602 | |
| Other amounts payable | 178/9 | - | €19,602 | +€19,602 | |
| Amounts payable within one year | 42/48 | €132,711 | €130,118 | -€2,593 | -2.0% |
| Current portion of amounts payable after more than one year | 42 | €1,538 | - | -€1,538 | |
| Trade debts | 44 | €5,442 | €6,250 | +€808 | +14.8% |
| Suppliers | 440/4 | €5,442 | €6,250 | +€808 | +14.8% |
| Taxes, remuneration and social security | 45 | €4,939 | €1,198 | -€3,741 | -75.8% |
| Taxes | 450/3 | €1,350 | €1,198 | -€152 | -11.3% |
| Remuneration and social security | 454/9 | €3,589 | - | -€3,589 | |
| Other amounts payable | 47/48 | €120,791 | €122,671 | +€1,880 | +1.6% |
| Remuneration, social security and pensions | 62 | €23,732 | €6,209 | -€17,523 | -73.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,115 | €11,306 | +€191 | +1.7% |
| Other operating charges | 640/8 | €2,624 | €3,891 | +€1,267 | +48.3% |
| Gross operating margin | 9900 | €19,155 | €28,696 | +€9,540 | +49.8% |
| Operating profit (loss) | 9901 | -€18,315 | €7,291 | +€25,606 | |
| Financial income | 75/76B | €92 | €1 | -€91 | -99.4% |
| Recurring financial income | 75 | €92 | €1 | -€91 | -99.4% |
| Financial charges | 65/66B | €1,449 | €2,161 | +€713 | +49.2% |
| Recurring financial charges | 65 | €1,449 | €2,161 | +€713 | +49.2% |
| Profit (loss) for the period before taxes | 9903 | -€19,672 | €5,130 | +€24,802 | |
| Income taxes | 67/77 | €207 | €41 | -€166 | -80.0% |
| Profit (loss) for the period | 9904 | -€19,879 | €5,088 | +€24,968 | |
| Profit (loss) for the period to be appropriated | 9905 | -€19,879 | €5,088 | +€24,968 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.