VELLE GLENN: 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.
VELLE GLENN
Largest movements
- Tangible fixed assets +€14,146
up €14,146 (+25.2%), from €56,175 to €70,321
of which Leasing and similar rights: +€18,146
- Receivables within one year +€7,003
up €7,003 (+49.1%), from €14,273 to €21,276
of which Other amounts receivable: +€6,183
- Debts after one year +€7,590
up €7,590 (+36.6%), from €20,718 to €28,308
- Current portion of long-term debt +€6,740
up €6,740 (+36.7%), from €18,374 to €25,114
- Reserves +€5,824
up €5,824 (+11.1%), from €52,600 to €58,424
- Gross operating margin +€22,061
up €22,061 (+29.8%), from €74,032 to €96,093
- Staff costs +€10,013
up €10,013 (+21.6%), from €46,423 to €56,435
- Taxes +€1,999
up €1,999 (+775%), from €258 to €2,257
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 | €125,572 | €145,970 | +€20,399 | +16.2% |
| Fixed assets | 21/28 | €56,175 | €70,321 | +€14,146 | +25.2% |
| Tangible fixed assets | 22/27 | €56,175 | €70,321 | +€14,146 | +25.2% |
| Plant, machinery and equipment | 23 | €9,616 | €7,039 | -€2,577 | -26.8% |
| Furniture and vehicles | 24 | €2,915 | €1,866 | -€1,049 | -36.0% |
| Leasing and similar rights | 25 | €42,353 | €60,499 | +€18,146 | +42.8% |
| Other tangible fixed assets | 26 | €1,291 | €917 | -€375 | -29.0% |
| Current assets | 29/58 | €69,397 | €75,649 | +€6,253 | +9.0% |
| Amounts receivable after more than one year | 29 | €30,000 | €30,000 | = | 0.0% |
| Other amounts receivable | 291 | €30,000 | €30,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €13,652 | €13,652 | = | 0.0% |
| Stocks | 30/36 | €4,052 | €4,052 | = | 0.0% |
| Contracts in progress | 37 | €9,600 | €9,600 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €14,273 | €21,276 | +€7,003 | +49.1% |
| Trade receivables | 40 | €9,232 | €10,053 | +€821 | +8.9% |
| Other amounts receivable | 41 | €5,041 | €11,224 | +€6,183 | +123% |
| Cash at bank and in hand | 54/58 | €8,241 | €8,302 | +€62 | +0.7% |
| Deferred charges and accrued income | 490/1 | €3,231 | €2,418 | -€812 | -25.1% |
| Total equity and liabilities | 10/49 | €125,572 | €145,970 | +€20,399 | +16.2% |
| Equity | 10/15 | €58,450 | €64,624 | +€6,173 | +10.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €52,600 | €58,424 | +€5,824 | +11.1% |
| Distributable reserves | 133 | €52,600 | €58,424 | +€5,824 | +11.1% |
| Profit (loss) carried forward | 14 | -€350 | €0 | +€350 | |
| Amounts payable | 17/49 | €67,121 | €81,347 | +€14,225 | +21.2% |
| Amounts payable after more than one year | 17 | €20,718 | €28,308 | +€7,590 | +36.6% |
| Financial debts | 170/4 | €20,718 | €28,308 | +€7,590 | +36.6% |
| Amounts payable within one year | 42/48 | €46,403 | €53,039 | +€6,636 | +14.3% |
| Current portion of amounts payable after more than one year | 42 | €18,374 | €25,114 | +€6,740 | +36.7% |
| Trade debts | 44 | €18,808 | €19,175 | +€366 | +1.9% |
| Suppliers | 440/4 | €18,808 | €19,175 | +€366 | +1.9% |
| Taxes, remuneration and social security | 45 | €3,803 | €2,684 | -€1,119 | -29.4% |
| Taxes | 450/3 | €1,405 | €1,237 | -€168 | -11.9% |
| Remuneration and social security | 454/9 | €2,398 | €1,447 | -€952 | -39.7% |
| Other amounts payable | 47/48 | €5,418 | €6,066 | +€649 | +12.0% |
| Remuneration, social security and pensions | 62 | €46,423 | €56,435 | +€10,013 | +21.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,786 | €25,100 | +€314 | +1.3% |
| Other operating charges | 640/8 | €3,474 | €3,171 | -€303 | -8.7% |
| Gross operating margin | 9900 | €74,032 | €96,093 | +€22,061 | +29.8% |
| Operating profit (loss) | 9901 | -€650 | €11,387 | +€12,037 | |
| Financial income | 75/76B | €825 | €1,698 | +€873 | +106% |
| Recurring financial income | 75 | €825 | €1,698 | +€873 | +106% |
| Financial charges | 65/66B | €3,925 | €4,655 | +€729 | +18.6% |
| Recurring financial charges | 65 | €3,925 | €4,655 | +€729 | +18.6% |
| Profit (loss) for the period before taxes | 9903 | -€3,750 | €8,431 | +€12,181 | |
| Income taxes | 67/77 | €258 | €2,257 | +€1,999 | +775% |
| Profit (loss) for the period | 9904 | -€4,008 | €6,173 | +€10,182 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,008 | €6,173 | +€10,182 |
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 28 October 2026 via checked.be.