VELIS: 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.
VELIS
Largest movements
- Cash -€144,863
down €144,863 (-60.9%), from €237,954 to €93,091
mainly Other debts (-€2.2m) and Investment in fixed assets (net) (-€251,036)
- Receivables within one year -€92,275
down €92,275 (-83.1%), from €111,043 to €18,768
of which Other amounts receivable: -€94,017
- Tangible fixed assets +€82,887
up €82,887 (+1.5%), from €5.6m to €5.6m
of which Land and buildings: +€119,413
- Other debts -€2.2m
down €2.2m (-94.1%), from €2.3m to €137,399
- Debts after one year +€2.0m
up €2.0m (+186.0%), from €1.1m to €3.1m
- Trade debts -€193,265
down €193,265 (-99.2%), from €194,757 to €1,492
- Reserves +€157,021
up €157,021 (+9.1%), from €1.7m to €1.9m
of which Tax-exempt reserves: +€207,853
- Provisions +€69,284
up €69,284 (+52.8%), from €131,112 to €200,396
- Gross operating margin +€368,916
up €368,916 (+299.2%), from €123,311 to €492,226
- Depreciation +€97,831
up €97,831 (+139.1%), from €70,318 to €168,149
- Taxes +€13,494
up €13,494 (+6039.8%), from €223 to €13,717
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 | €5,912,261 | €5,757,944 | -€154,317 | -2.6% |
| Fixed assets | 21/28 | €5,558,132 | €5,641,019 | +€82,887 | +1.5% |
| Tangible fixed assets | 22/27 | €5,558,132 | €5,641,019 | +€82,887 | +1.5% |
| Land and buildings | 22 | €5,442,326 | €5,561,739 | +€119,413 | +2.2% |
| Furniture and vehicles | 24 | €115,806 | €79,279 | -€36,526 | -31.5% |
| Current assets | 29/58 | €354,129 | €116,926 | -€237,204 | -67.0% |
| Amounts receivable within one year | 40/41 | €111,043 | €18,768 | -€92,275 | -83.1% |
| Trade receivables | 40 | €13,210 | €14,952 | +€1,742 | +13.2% |
| Other amounts receivable | 41 | €97,833 | €3,816 | -€94,017 | -96.1% |
| Cash at bank and in hand | 54/58 | €237,954 | €93,091 | -€144,863 | -60.9% |
| Deferred charges and accrued income | 490/1 | €5,132 | €5,067 | -€65 | -1.3% |
| Total equity and liabilities | 10/49 | €5,912,261 | €5,757,944 | -€154,317 | -2.6% |
| Equity | 10/15 | €2,154,886 | €2,311,907 | +€157,021 | +7.3% |
| Contributions | 10/11 | €420,000 | €420,000 | = | 0.0% |
| Reserves | 13 | €1,734,886 | €1,891,907 | +€157,021 | +9.1% |
| Tax-exempt reserves | 132 | €393,335 | €601,189 | +€207,853 | +52.8% |
| Distributable reserves | 133 | €1,341,551 | €1,290,718 | -€50,833 | -3.8% |
| Provisions and deferred taxes | 16 | €131,112 | €200,396 | +€69,284 | +52.8% |
| Deferred taxes | 168 | €131,112 | €200,396 | +€69,284 | +52.8% |
| Amounts payable | 17/49 | €3,626,263 | €3,245,641 | -€380,622 | -10.5% |
| Amounts payable after more than one year | 17 | €1,075,000 | €3,075,000 | +€2.0m | +186.0% |
| Financial debts | 170/4 | €1,075,000 | €3,075,000 | +€2.0m | +186.0% |
| Amounts payable within one year | 42/48 | €2,548,313 | €165,521 | -€2.4m | -93.5% |
| Trade debts | 44 | €194,757 | €1,492 | -€193,265 | -99.2% |
| Suppliers | 440/4 | €194,757 | €1,492 | -€193,265 | -99.2% |
| Taxes, remuneration and social security | 45 | €19,230 | €26,630 | +€7,400 | +38.5% |
| Taxes | 450/3 | €19,230 | €26,630 | +€7,400 | +38.5% |
| Other amounts payable | 47/48 | €2,334,326 | €137,399 | -€2.2m | -94.1% |
| Accrued charges and deferred income | 492/3 | €2,950 | €5,120 | +€2,170 | +73.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,318 | €168,149 | +€97,831 | +139.1% |
| Other operating charges | 640/8 | €23,018 | €19,985 | -€3,033 | -13.2% |
| Gross operating margin | 9900 | €123,311 | €492,226 | +€368,916 | +299.2% |
| Operating profit (loss) | 9901 | €29,974 | €304,093 | +€274,118 | +914.5% |
| Financial income | 75/76B | €10 | €54 | +€44 | +437.9% |
| Recurring financial income | 75 | €10 | €54 | +€44 | +437.9% |
| Financial charges | 65/66B | €59,543 | €64,124 | +€4,581 | +7.7% |
| Recurring financial charges | 65 | €59,543 | €64,124 | +€4,581 | +7.7% |
| Profit (loss) for the period before taxes | 9903 | -€29,558 | €240,022 | +€269,581 | |
| Transfer from deferred taxes | 780 | €10,275 | €6,262 | -€4,012 | -39.0% |
| Transfer to deferred taxes | 680 | - | €75,547 | +€75,547 | |
| Income taxes | 67/77 | €223 | €13,717 | +€13,494 | +6039.8% |
| Profit (loss) for the period | 9904 | -€19,507 | €157,021 | +€176,528 | |
| Transfer from tax-exempt reserves | 789 | €30,824 | €18,787 | -€12,036 | -39.0% |
| Transfer to tax-exempt reserves | 689 | - | €226,641 | +€226,641 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,316 | -€50,833 | -€62,149 |
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 8 October 2026 via checked.be.