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.
VELO +
Largest movements
- Receivables within one year +€246,640
up €246,640 (+2084.9%), from €11,830 to €258,470
of which Other amounts receivable: +€256,554
- Cash -€187,785
down €187,785 (-59.9%), from €313,308 to €125,523
mainly Receivables within one year (-€246,640) and Trade debts (-€34,980)
- Reserves +€144,069
up €144,069 (+83.2%), from €173,126 to €317,194
of which Distributable reserves: +€144,069
- Trade debts -€34,980
no longer reported in 2025 (was €34,980)
- Debts after one year -€30,595
down €30,595 (-58.8%), from €52,056 to €21,461
- Tax, wage and social debts -€15,906
down €15,906 (-46.6%), from €34,159 to €18,254
- Current portion of long-term debt -€5,118
down €5,118 (-20.6%), from €24,807 to €19,690
- Gross operating margin -€522,947
down €522,947, from €513,205 to -€9,742
- Staff costs -€396,110
no longer reported in 2025 (was €396,110)
- Financial income +€204,992
up €204,992 (+1343326.3%), from €15 to €205,007
- Taxes -€18,254
no longer reported in 2025 (was €18,254)
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 | €338,640 | €395,199 | +€56,558 | +16.7% |
| Fixed assets | 21/28 | €13,503 | €11,206 | -€2,297 | -17.0% |
| Tangible fixed assets | 22/27 | €4,103 | €1,806 | -€2,297 | -56.0% |
| Furniture and vehicles | 24 | €4,103 | €1,806 | -€2,297 | -56.0% |
| Financial fixed assets | 28 | €9,400 | €9,400 | = | 0.0% |
| Current assets | 29/58 | €325,138 | €383,993 | +€58,855 | +18.1% |
| Amounts receivable within one year | 40/41 | €11,830 | €258,470 | +€246,640 | +2084.9% |
| Trade receivables | 40 | €9,913 | - | -€9,913 | |
| Other amounts receivable | 41 | €1,917 | €258,470 | +€256,554 | +13384.3% |
| Cash at bank and in hand | 54/58 | €313,308 | €125,523 | -€187,785 | -59.9% |
| Total equity and liabilities | 10/49 | €338,640 | €395,199 | +€56,558 | +16.7% |
| Equity | 10/15 | €191,726 | €335,794 | +€144,069 | +75.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €173,126 | €317,194 | +€144,069 | +83.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €171,266 | €315,334 | +€144,069 | +84.1% |
| Amounts payable | 17/49 | €146,915 | €59,404 | -€87,511 | -59.6% |
| Amounts payable after more than one year | 17 | €52,056 | €21,461 | -€30,595 | -58.8% |
| Financial debts | 170/4 | €52,056 | €21,461 | -€30,595 | -58.8% |
| Amounts payable within one year | 42/48 | €93,947 | €37,943 | -€56,004 | -59.6% |
| Current portion of amounts payable after more than one year | 42 | €24,807 | €19,690 | -€5,118 | -20.6% |
| Trade debts | 44 | €34,980 | - | -€34,980 | |
| Suppliers | 440/4 | €34,980 | - | -€34,980 | |
| Taxes, remuneration and social security | 45 | €34,159 | €18,254 | -€15,906 | -46.6% |
| Taxes | 450/3 | €34,159 | €18,254 | -€15,906 | -46.6% |
| Accrued charges and deferred income | 492/3 | €911 | - | -€911 | |
| Non-recurring operating income | 76A | €62,773 | - | -€62,773 | |
| Remuneration, social security and pensions | 62 | €396,110 | - | -€396,110 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,249 | €2,297 | +€48 | +2.1% |
| Other operating charges | 640/8 | €945 | €104 | -€841 | -89.0% |
| Non-recurring operating charges | 66A | €63,311 | €13,555 | -€49,756 | -78.6% |
| Gross operating margin | 9900 | €513,205 | -€9,742 | -€522,947 | |
| Operating profit (loss) | 9901 | €50,589 | -€25,698 | -€76,287 | |
| Financial income | 75/76B | €15 | €205,007 | +€204,992 | +1343326.3% |
| Recurring financial income | 75 | €15 | €205,007 | +€204,992 | +1343326.3% |
| Financial charges | 65/66B | €2,530 | €1,490 | -€1,040 | -41.1% |
| Recurring financial charges | 65 | €2,530 | €1,490 | -€1,040 | -41.1% |
| Profit (loss) for the period before taxes | 9903 | €48,075 | €177,819 | +€129,744 | +269.9% |
| Income taxes | 67/77 | €18,254 | - | -€18,254 | |
| Profit (loss) for the period | 9904 | €29,821 | €177,819 | +€147,998 | +496.3% |
| Profit (loss) for the period to be appropriated | 9905 | €29,821 | €177,819 | +€147,998 | +496.3% |
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 12 October 2026 via checked.be.