VELLEMANS HUBERT: 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.
VELLEMANS HUBERT
Largest movements
- Cash +€344,997
up €344,997 (+53.2%), from €648,560 to €993,557
mainly Net result for the year (+€380,997) and Receivables after one year (+€145,000)
- Receivables after one year -€145,000
down €145,000 (-100%), from €145,000 to €0
- Receivables within one year -€41,494
down €41,494 (-36.2%), from €114,765 to €73,271
of which Trade receivables: -€21,224
- Tangible fixed assets +€26,944
up €26,944 (+40.1%), from €67,182 to €94,126
of which Furniture and vehicles: +€45,642
- Reserves +€169,166
up €169,166 (+11.1%), from €1.5m to €1.7m
of which Distributable reserves: +€169,166
- Tax, wage and social debts +€39,050
up €39,050 (+149%), from €26,240 to €65,290
- Accrued charges and deferred income -€21,285
down €21,285 (-61.0%), from €34,865 to €13,580
- Gross operating margin +€184,206
up €184,206 (+39.5%), from €465,882 to €650,088
- Taxes +€64,454
up €64,454 (+55.2%), from €116,828 to €181,282
- Depreciation +€24,755
up €24,755 (+110%), from €22,408 to €47,163
- Financial income +€19,795
up €19,795 (+225%), from €8,790 to €28,585
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 | €1,607,600 | €1,791,041 | +€183,441 | +11.4% |
| Fixed assets | 21/28 | €67,182 | €94,126 | +€26,944 | +40.1% |
| Tangible fixed assets | 22/27 | €67,182 | €94,126 | +€26,944 | +40.1% |
| Land and buildings | 22 | €32,178 | €17,178 | -€15,000 | -46.6% |
| Plant, machinery and equipment | 23 | €7,499 | €5,762 | -€1,737 | -23.2% |
| Furniture and vehicles | 24 | €23,142 | €68,784 | +€45,642 | +197% |
| Other tangible fixed assets | 26 | €4,363 | €2,403 | -€1,961 | -44.9% |
| Current assets | 29/58 | €1,540,418 | €1,696,915 | +€156,497 | +10.2% |
| Amounts receivable after more than one year | 29 | €145,000 | €0 | -€145,000 | -100% |
| Trade receivables | 290 | €145,000 | €0 | -€145,000 | -100% |
| Stocks and contracts in progress | 3 | €114,356 | €117,918 | +€3,562 | +3.1% |
| Stocks | 30/36 | €114,356 | €117,918 | +€3,562 | +3.1% |
| Amounts receivable within one year | 40/41 | €114,765 | €73,271 | -€41,494 | -36.2% |
| Trade receivables | 40 | €88,526 | €67,302 | -€21,224 | -24.0% |
| Other amounts receivable | 41 | €26,239 | €5,969 | -€20,270 | -77.3% |
| Current investments | 50/53 | €500,927 | €500,000 | -€927 | -0.2% |
| Cash at bank and in hand | 54/58 | €648,560 | €993,557 | +€344,997 | +53.2% |
| Deferred charges and accrued income | 490/1 | €16,810 | €12,169 | -€4,641 | -27.6% |
| Total equity and liabilities | 10/49 | €1,607,600 | €1,791,041 | +€183,441 | +11.4% |
| Equity | 10/15 | €1,540,862 | €1,710,028 | +€169,166 | +11.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,522,262 | €1,691,428 | +€169,166 | +11.1% |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Distributable reserves | 133 | €1,466,012 | €1,635,178 | +€169,166 | +11.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €66,738 | €81,012 | +€14,275 | +21.4% |
| Amounts payable within one year | 42/48 | €31,873 | €67,432 | +€35,560 | +112% |
| Trade debts | 44 | €5,633 | €2,142 | -€3,490 | -62.0% |
| Suppliers | 440/4 | €5,633 | €2,142 | -€3,490 | -62.0% |
| Taxes, remuneration and social security | 45 | €26,240 | €65,290 | +€39,050 | +149% |
| Taxes | 450/3 | €26,240 | €65,290 | +€39,050 | +149% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €34,865 | €13,580 | -€21,285 | -61.0% |
| Non-recurring operating income | 76A | €7,040 | €0 | -€7,040 | -100% |
| Remuneration, social security and pensions | 62 | €67,167 | €63,546 | -€3,621 | -5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,408 | €47,163 | +€24,755 | +110% |
| Other operating charges | 640/8 | €5,549 | €5,356 | -€193 | -3.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €465,882 | €650,088 | +€184,206 | +39.5% |
| Operating profit (loss) | 9901 | €370,759 | €534,024 | +€163,265 | +44.0% |
| Financial income | 75/76B | €8,790 | €28,585 | +€19,795 | +225% |
| Recurring financial income | 75 | €8,790 | €28,585 | +€19,795 | +225% |
| Financial charges | 65/66B | €321 | €330 | +€10 | +3.0% |
| Recurring financial charges | 65 | €321 | €330 | +€10 | +3.0% |
| Profit (loss) for the period before taxes | 9903 | €379,228 | €562,278 | +€183,050 | +48.3% |
| Income taxes | 67/77 | €116,828 | €181,282 | +€64,454 | +55.2% |
| Profit (loss) for the period | 9904 | €262,401 | €380,997 | +€118,596 | +45.2% |
| Profit (loss) for the period to be appropriated | 9905 | €262,401 | €380,997 | +€118,596 | +45.2% |
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 17 October 2026 via checked.be.