VELO: 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.
What changed
VELO
NACE 77.210, Renting and leasing of sports and recreation goods
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€21,778
2024 · €120,539-€142,317
Equity
€2.3m
2024 · €2.3m+€11,052
Cash
€1.0m
2024 · €1.2m-€165,760
Balance sheet total
€4.0m
2024 · €4.0m+€13,069
Largest movements
Assets
- Deferred charges and accrued income +€331,523
up €331,523 (+532.2%), from €62,288 to €393,810
- Receivables within one year -€250,321
down €250,321 (-27.6%), from €905,734 to €655,413
of which Trade receivables: -€260,965
- Cash -€165,760
down €165,760 (-14.0%), from €1.2m to €1.0m
mainly Deferred charges and accrued income (-€331,523) and Investment in fixed assets (net) (-€289,430)
- Stocks and contracts +€67,927
up €67,927 (+24.9%), from €272,742 to €340,669
- Intangible fixed assets +€67,507
up €67,507 (+42.6%), from €158,399 to €225,906
Equity and liabilities
- Profit (loss) carried forward -€135,285
down €135,285 (-11.7%), from €1.2m to €1.0m
- Reserves +€113,507
up €113,507 (+17.5%), from €649,344 to €762,851
Income statement
- Staff costs +€378,856
up €378,856 (+12.7%), from €3.0m to €3.4m
- Gross operating margin +€232,916
up €232,916 (+6.9%), from €3.4m to €3.6m
- Purchases and services -€102,452
down €102,452 (-8.9%), from €1.1m to €1.0m
- Depreciation +€55,215
up €55,215 (+27.0%), from €204,513 to €259,727
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.
Result 2024
€120,539
Gross operating margin
+€232,916
Staff costs
-€378,856
Depreciation
-€55,215
Write-downs
+€22,379
Other operating charges
-€7,754
Other operating items
+€1,318
Financial income
+€34,043
Financial charges
+€495
Taxes
+€8,357
Result 2025
-€21,778
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.
From operations
+€108,247
Investment
-€289,430
Financing
+€15,422
Cash 2024
€1.2m
From operations (derived)
+€108,247
Net result for the year
-€21,778
Depreciation
+€259,727
Stocks and contracts
-€67,927
Receivables within one year
+€250,321
Deferred charges and accrued income
-€331,523
Debts within one year
-€14,571
Accrued charges and deferred income
+€33,996
Investment (derived)
-€289,430
Investment in fixed assets (net)
-€289,430
Financing
+€15,422
Debts after one year
-€17,407
Contributions, distributions and other
+€32,830
Cash 2025
€1.0m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,997,812 | €4,010,881 | +€13,069 | +0.3% |
| Fixed assets | 21/28 | €1,568,959 | €1,598,661 | +€29,702 | +1.9% |
| Intangible fixed assets | 21 | €158,399 | €225,906 | +€67,507 | +42.6% |
| Tangible fixed assets | 22/27 | €1,354,111 | €1,316,306 | -€37,805 | -2.8% |
| Land and buildings | 22 | €817,364 | €778,520 | -€38,843 | -4.8% |
| Plant, machinery and equipment | 23 | €66,026 | €50,336 | -€15,690 | -23.8% |
| Furniture and vehicles | 24 | €446,280 | €465,885 | +€19,604 | +4.4% |
| Other tangible fixed assets | 26 | €24,441 | €21,565 | -€2,875 | -11.8% |
| Financial fixed assets | 28 | €56,449 | €56,449 | = | 0.0% |
| Current assets | 29/58 | €2,428,853 | €2,412,220 | -€16,633 | -0.7% |
| Stocks and contracts in progress | 3 | €272,742 | €340,669 | +€67,927 | +24.9% |
| Stocks | 30/36 | €272,742 | €340,669 | +€67,927 | +24.9% |
| Amounts receivable within one year | 40/41 | €905,734 | €655,413 | -€250,321 | -27.6% |
| Trade receivables | 40 | €628,754 | €367,789 | -€260,965 | -41.5% |
| Other amounts receivable | 41 | €276,980 | €287,624 | +€10,643 | +3.8% |
| Cash at bank and in hand | 54/58 | €1,188,089 | €1,022,328 | -€165,760 | -14.0% |
| Deferred charges and accrued income | 490/1 | €62,288 | €393,810 | +€331,523 | +532.2% |
| Total equity and liabilities | 10/49 | €3,997,812 | €4,010,881 | +€13,069 | +0.3% |
| Equity | 10/15 | €2,282,845 | €2,293,897 | +€11,052 | +0.5% |
| Reserves | 13 | €649,344 | €762,851 | +€113,507 | +17.5% |
| Profit (loss) carried forward | 14 | €1,159,620 | €1,024,336 | -€135,285 | -11.7% |
| Investment grants | 15 | €473,881 | €506,711 | +€32,830 | +6.9% |
| Amounts payable | 17/49 | €1,714,967 | €1,716,984 | +€2,018 | +0.1% |
| Amounts payable after more than one year | 17 | €293,400 | €275,992 | -€17,407 | -5.9% |
| Financial debts | 170/4 | €199,883 | €194,004 | -€5,879 | -2.9% |
| Other amounts payable | 178/9 | €93,517 | €81,989 | -€11,528 | -12.3% |
| Amounts payable within one year | 42/48 | €1,159,140 | €1,144,568 | -€14,571 | -1.3% |
| Current portion of amounts payable after more than one year | 42 | €17,106 | €17,407 | +€301 | +1.8% |
| Trade debts | 44 | €203,048 | €114,825 | -€88,223 | -43.4% |
| Suppliers | 440/4 | €203,048 | €114,825 | -€88,223 | -43.4% |
| Advances received on contracts in progress | 46 | €354 | €354 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €321,444 | €377,616 | +€56,171 | +17.5% |
| Taxes | 450/3 | €42,538 | €22,291 | -€20,247 | -47.6% |
| Remuneration and social security | 454/9 | €278,906 | €355,324 | +€76,419 | +27.4% |
| Accrued charges and deferred income | 492/3 | €262,427 | €296,423 | +€33,996 | +13.0% |
| Turnover | 70 | €3,266,148 | €3,269,455 | +€3,306 | +0.1% |
| Membership fees, donations, legacies and grants | 73 | €1,274,250 | €1,353,744 | +€79,493 | +6.2% |
| Non-recurring operating income | 76A | €0 | €1,400 | +€1,400 | |
| Goods, raw materials, services and sundry goods | 60/61 | €1,145,587 | €1,043,135 | -€102,452 | -8.9% |
| Remuneration, social security and pensions | 62 | €2,993,442 | €3,372,298 | +€378,856 | +12.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €204,513 | €259,727 | +€55,215 | +27.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €26,532 | €4,153 | -€22,379 | -84.3% |
| Other operating charges | 640/8 | €5,052 | €12,805 | +€7,754 | +153.5% |
| Non-recurring operating charges | 66A | €3,277 | €1,959 | -€1,318 | -40.2% |
| Gross operating margin | 9900 | €3,394,812 | €3,627,727 | +€232,916 | +6.9% |
| Operating profit (loss) | 9901 | €161,997 | -€23,216 | -€185,212 | |
| Financial income | 75/76B | €4,761 | €38,803 | +€34,043 | +715.1% |
| Recurring financial income | 75 | €4,761 | €38,803 | +€34,043 | +715.1% |
| Financial charges | 65/66B | €37,861 | €37,366 | -€495 | -1.3% |
| Recurring financial charges | 65 | €24,514 | €37,366 | +€12,852 | +52.4% |
| Non-recurring financial charges | 66B | €13,347 | - | -€13,347 | |
| Profit (loss) for the period before taxes | 9903 | €128,897 | -€21,778 | -€150,675 | |
| Income taxes | 67/77 | €8,357 | - | -€8,357 | |
| Profit (loss) for the period | 9904 | €120,539 | -€21,778 | -€142,317 | |
| Profit (loss) for the period to be appropriated | 9905 | €120,539 | -€21,778 | -€142,317 |
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 10 October 2026 via checked.be.