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
- Tangible fixed assets -€20,831
down €20,831 (-30.7%), from €67,964 to €47,132
of which Furniture and vehicles: -€14,117
- Cash +€16,168
up €16,168 (+73.7%), from €21,930 to €38,098
mainly Depreciation (+€20,831) and Net result for the year (+€17,677)
- Receivables within one year +€6,145
up €6,145 (+37.9%), from €16,204 to €22,349
of which Trade receivables: +€10,863
- Other debts +€11,220
new in 2025: €11,220
- Trade debts +€8,820
up €8,820 (+130.7%), from €6,747 to €15,566
- Debts after one year -€8,235
down €8,235 (-32.1%), from €25,629 to €17,395
- Current portion of long-term debt -€8,029
down €8,029 (-28.7%), from €27,941 to €19,911
- Tax, wage and social debts -€7,972
down €7,972 (-54.6%), from €14,590 to €6,618
of which Taxes: -€13,251
- Taxes -€142,701
down €142,701 (-93.0%), from €153,374 to €10,673
- Gross operating margin -€90,257
down €90,257 (-36.7%), from €246,013 to €155,756
- Staff costs +€16,367
up €16,367 (+19.0%), from €86,359 to €102,726
- Depreciation +€7,131
up €7,131 (+52.1%), from €13,700 to €20,831
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 | €106,548 | €108,030 | +€1,482 | +1.4% |
| Fixed assets | 21/28 | €68,414 | €47,582 | -€20,831 | -30.4% |
| Tangible fixed assets | 22/27 | €67,964 | €47,132 | -€20,831 | -30.7% |
| Plant, machinery and equipment | 23 | €33,011 | €26,297 | -€6,714 | -20.3% |
| Furniture and vehicles | 24 | €34,953 | €20,836 | -€14,117 | -40.4% |
| Financial fixed assets | 28 | €450 | €450 | = | 0.0% |
| Current assets | 29/58 | €38,135 | €60,448 | +€22,313 | +58.5% |
| Amounts receivable within one year | 40/41 | €16,204 | €22,349 | +€6,145 | +37.9% |
| Trade receivables | 40 | €5,796 | €16,658 | +€10,863 | +187.4% |
| Other amounts receivable | 41 | €10,409 | €5,691 | -€4,718 | -45.3% |
| Cash at bank and in hand | 54/58 | €21,930 | €38,098 | +€16,168 | +73.7% |
| Total equity and liabilities | 10/49 | €106,548 | €108,030 | +€1,482 | +1.4% |
| Equity | 10/15 | €31,642 | €37,319 | +€5,677 | +17.9% |
| Contributions | 10/11 | €6,250 | €6,250 | = | 0.0% |
| Reserves | 13 | €13,875 | €19,375 | +€5,500 | +39.6% |
| Distributable reserves | 133 | €13,875 | €19,375 | +€5,500 | +39.6% |
| Profit (loss) carried forward | 14 | €11,517 | €11,694 | +€177 | +1.5% |
| Amounts payable | 17/49 | €74,906 | €70,711 | -€4,196 | -5.6% |
| Amounts payable after more than one year | 17 | €25,629 | €17,395 | -€8,235 | -32.1% |
| Financial debts | 170/4 | €25,629 | €17,395 | -€8,235 | -32.1% |
| Amounts payable within one year | 42/48 | €49,277 | €53,316 | +€4,039 | +8.2% |
| Current portion of amounts payable after more than one year | 42 | €27,941 | €19,911 | -€8,029 | -28.7% |
| Trade debts | 44 | €6,747 | €15,566 | +€8,820 | +130.7% |
| Suppliers | 440/4 | €6,747 | €15,566 | +€8,820 | +130.7% |
| Taxes, remuneration and social security | 45 | €14,590 | €6,618 | -€7,972 | -54.6% |
| Taxes | 450/3 | €14,590 | €1,339 | -€13,251 | -90.8% |
| Remuneration and social security | 454/9 | - | €5,279 | +€5,279 | |
| Other amounts payable | 47/48 | - | €11,220 | +€11,220 | |
| Remuneration, social security and pensions | 62 | €86,359 | €102,726 | +€16,367 | +19.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,700 | €20,831 | +€7,131 | +52.1% |
| Other operating charges | 640/8 | €1,277 | €2,276 | +€1,000 | +78.3% |
| Gross operating margin | 9900 | €246,013 | €155,756 | -€90,257 | -36.7% |
| Operating profit (loss) | 9901 | €144,677 | €29,923 | -€114,755 | -79.3% |
| Financial income | 75/76B | €3 | €3 | +€0 | +4.8% |
| Recurring financial income | 75 | €3 | €3 | +€0 | +4.8% |
| Financial charges | 65/66B | €767 | €1,575 | +€808 | +105.3% |
| Recurring financial charges | 65 | €767 | €1,575 | +€808 | +105.3% |
| Profit (loss) for the period before taxes | 9903 | €143,913 | €28,351 | -€115,562 | -80.3% |
| Income taxes | 67/77 | €153,374 | €10,673 | -€142,701 | -93.0% |
| Profit (loss) for the period | 9904 | -€9,461 | €17,677 | +€27,139 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,461 | €17,677 | +€27,139 |
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 11 October 2026 via checked.be.