VELMO: 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.
VELMO
Largest movements
- Cash +€33,290
up €33,290 (+61.1%), from €54,505 to €87,795
mainly Net result for the year (+€46,165) and Depreciation (+€2,801)
- Receivables after one year +€11,000
up €11,000 (+61.1%), from €18,000 to €29,000
- Tangible fixed assets +€3,341
up €3,341 (+31.2%), from €10,710 to €14,051
of which Furniture and vehicles: +€4,221
- Reserves +€46,165
up €46,165 (+64.7%), from €71,308 to €117,473
- Trade debts +€2,341
up €2,341 (+135.9%), from €1,722 to €4,063
- Gross operating margin +€4,735
up €4,735 (+8.4%), from €56,700 to €61,435
- Taxes +€827
up €827 (+7.3%), from €11,353 to €12,180
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 | €97,853 | €145,366 | +€47,513 | +48.6% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €10,710 | €14,051 | +€3,341 | +31.2% |
| Tangible fixed assets | 22/27 | €10,710 | €14,051 | +€3,341 | +31.2% |
| Furniture and vehicles | 24 | €3,557 | €7,777 | +€4,221 | +118.7% |
| Other tangible fixed assets | 26 | €7,153 | €6,274 | -€879 | -12.3% |
| Current assets | 29/58 | €87,143 | €131,315 | +€44,172 | +50.7% |
| Amounts receivable after more than one year | 29 | €18,000 | €29,000 | +€11,000 | +61.1% |
| Other amounts receivable | 291 | €18,000 | €29,000 | +€11,000 | +61.1% |
| Amounts receivable within one year | 40/41 | €14,638 | €14,520 | -€118 | -0.8% |
| Trade receivables | 40 | €14,638 | €14,520 | -€118 | -0.8% |
| Cash at bank and in hand | 54/58 | €54,505 | €87,795 | +€33,290 | +61.1% |
| Total equity and liabilities | 10/49 | €97,853 | €145,366 | +€47,513 | +48.6% |
| Equity | 10/15 | €74,938 | €121,103 | +€46,165 | +61.6% |
| Contributions | 10/11 | €3,630 | €3,630 | = | 0.0% |
| Reserves | 13 | €71,308 | €117,473 | +€46,165 | +64.7% |
| Distributable reserves | 133 | €71,308 | €117,473 | +€46,165 | +64.7% |
| Amounts payable | 17/49 | €22,916 | €24,264 | +€1,348 | +5.9% |
| Amounts payable after more than one year | 17 | €945 | €0 | -€945 | -100.0% |
| Financial debts | 170/4 | €945 | €0 | -€945 | -100.0% |
| Amounts payable within one year | 42/48 | €21,971 | €24,264 | +€2,293 | +10.4% |
| Current portion of amounts payable after more than one year | 42 | €1,814 | €945 | -€869 | -47.9% |
| Trade debts | 44 | €1,722 | €4,063 | +€2,341 | +135.9% |
| Suppliers | 440/4 | €1,722 | €4,063 | +€2,341 | +135.9% |
| Taxes, remuneration and social security | 45 | €18,179 | €19,208 | +€1,029 | +5.7% |
| Taxes | 450/3 | €18,179 | €19,208 | +€1,029 | +5.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €255 | €48 | -€208 | -81.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,489 | €2,801 | +€312 | +12.5% |
| Other operating charges | 640/8 | €262 | €262 | = | 0.0% |
| Gross operating margin | 9900 | €56,700 | €61,435 | +€4,735 | +8.4% |
| Operating profit (loss) | 9901 | €53,949 | €58,372 | +€4,423 | +8.2% |
| Financial income | 75/76B | €372 | €729 | +€356 | +95.8% |
| Recurring financial income | 75 | €372 | €729 | +€356 | +95.8% |
| Financial charges | 65/66B | €967 | €755 | -€211 | -21.9% |
| Recurring financial charges | 65 | €967 | €755 | -€211 | -21.9% |
| Profit (loss) for the period before taxes | 9903 | €53,354 | €58,345 | +€4,991 | +9.4% |
| Income taxes | 67/77 | €11,353 | €12,180 | +€827 | +7.3% |
| Profit (loss) for the period | 9904 | €42,001 | €46,165 | +€4,164 | +9.9% |
| Profit (loss) for the period to be appropriated | 9905 | €42,001 | €46,165 | +€4,164 | +9.9% |
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.