Vellum: 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.
Vellum
Largest movements
- Cash -€11,377
down €11,377 (-7.2%), from €157,114 to €145,737
mainly Contributions, distributions and other (-€120,000) and Other debts (-€61,565)
- Tangible fixed assets -€8,681
down €8,681 (-72.7%), from €11,947 to €3,266
- Other debts -€61,565
down €61,565 (-35.8%), from €171,841 to €110,276
- Reserves +€40,377
up €40,377 (+11.0%), from €366,779 to €407,156
- Taxes +€5,838
up €5,838 (+12.4%), from €47,193 to €53,031
- Financial income +€5,186
up €5,186 (+301.9%), from €1,718 to €6,904
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 | €598,346 | €582,112 | -€16,234 | -2.7% |
| Fixed assets | 21/28 | €11,947 | €3,266 | -€8,681 | -72.7% |
| Tangible fixed assets | 22/27 | €11,947 | €3,266 | -€8,681 | -72.7% |
| Furniture and vehicles | 24 | €11,947 | €3,266 | -€8,681 | -72.7% |
| Current assets | 29/58 | €586,398 | €578,846 | -€7,552 | -1.3% |
| Amounts receivable within one year | 40/41 | €2,028 | €1,322 | -€706 | -34.8% |
| Other amounts receivable | 41 | €2,028 | €1,322 | -€706 | -34.8% |
| Current investments | 50/53 | €426,755 | €431,276 | +€4,522 | +1.1% |
| Cash at bank and in hand | 54/58 | €157,114 | €145,737 | -€11,377 | -7.2% |
| Deferred charges and accrued income | 490/1 | €502 | €511 | +€9 | +1.8% |
| Total equity and liabilities | 10/49 | €598,346 | €582,112 | -€16,234 | -2.7% |
| Equity | 10/15 | €385,379 | €425,756 | +€40,377 | +10.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €366,779 | €407,156 | +€40,377 | +11.0% |
| Distributable reserves | 133 | €366,779 | €407,156 | +€40,377 | +11.0% |
| Amounts payable | 17/49 | €212,966 | €156,356 | -€56,611 | -26.6% |
| Amounts payable within one year | 42/48 | €187,966 | €131,356 | -€56,611 | -30.1% |
| Trade debts | 44 | €1,108 | €1,702 | +€594 | +53.6% |
| Suppliers | 440/4 | €1,108 | €1,702 | +€594 | +53.6% |
| Taxes, remuneration and social security | 45 | €15,017 | €19,378 | +€4,360 | +29.0% |
| Taxes | 450/3 | €15,017 | €19,378 | +€4,360 | +29.0% |
| Other amounts payable | 47/48 | €171,841 | €110,276 | -€61,565 | -35.8% |
| Accrued charges and deferred income | 492/3 | €25,000 | €25,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,287 | €8,681 | +€395 | +4.8% |
| Other operating charges | 640/8 | €543 | €561 | +€18 | +3.3% |
| Gross operating margin | 9900 | €215,190 | €215,904 | +€714 | +0.3% |
| Operating profit (loss) | 9901 | €206,360 | €206,661 | +€302 | +0.1% |
| Financial income | 75/76B | €1,718 | €6,904 | +€5,186 | +301.9% |
| Recurring financial income | 75 | €1,718 | €6,904 | +€5,186 | +301.9% |
| Financial charges | 65/66B | €116 | €157 | +€41 | +35.3% |
| Recurring financial charges | 65 | €116 | €157 | +€41 | +35.3% |
| Profit (loss) for the period before taxes | 9903 | €207,961 | €213,408 | +€5,447 | +2.6% |
| Income taxes | 67/77 | €47,193 | €53,031 | +€5,838 | +12.4% |
| Profit (loss) for the period | 9904 | €160,768 | €160,377 | -€391 | -0.2% |
| Profit (loss) for the period to be appropriated | 9905 | €160,768 | €160,377 | -€391 | -0.2% |
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 6 October 2026 via checked.be.