VELO EVOLUTION: 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 EVOLUTION
Largest movements
- Receivables within one year -€100,895
down €100,895 (-97.0%), from €104,060 to €3,165
- Stocks and contracts +€32,659
up €32,659 (+28.9%), from €113,161 to €145,820
- Cash +€2,611
new in 2025: €2,611
mainly Receivables within one year (+€100,895) and Tax, wage and social debts (+€16,776)
- Other debts -€92,791
down €92,791 (-47.7%), from €194,548 to €101,757
- Tax, wage and social debts +€16,776
up €16,776 (+106.2%), from €15,790 to €32,566
of which Taxes: +€15,316
- Short-term financial debts +€8,540
up €8,540 (+29.4%), from €29,030 to €37,570
- Staff costs -€40,432
down €40,432 (-43.3%), from €93,372 to €52,940
- Financial income -€4,643
down €4,643 (-77.8%), from €5,970 to €1,327
- Gross operating margin +€672
up €672 (+1.1%), from €60,117 to €60,789
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 | €219,595 | €152,450 | -€67,145 | -30.6% |
| Fixed assets | 21/28 | €1,531 | - | -€1,531 | |
| Tangible fixed assets | 22/27 | €1,531 | - | -€1,531 | |
| Furniture and vehicles | 24 | €1,531 | - | -€1,531 | |
| Current assets | 29/58 | €218,064 | €152,450 | -€65,613 | -30.1% |
| Stocks and contracts in progress | 3 | €113,161 | €145,820 | +€32,659 | +28.9% |
| Stocks | 30/36 | €113,161 | €145,820 | +€32,659 | +28.9% |
| Amounts receivable within one year | 40/41 | €104,060 | €3,165 | -€100,895 | -97.0% |
| Trade receivables | 40 | €104,060 | €3,165 | -€100,895 | -97.0% |
| Cash at bank and in hand | 54/58 | - | €2,611 | +€2,611 | |
| Deferred charges and accrued income | 490/1 | €843 | €855 | +€12 | +1.4% |
| Total equity and liabilities | 10/49 | €219,595 | €152,450 | -€67,145 | -30.6% |
| Equity | 10/15 | -€32,226 | -€30,978 | +€1,248 | +3.9% |
| Contributions | 10/11 | €14,000 | €14,000 | = | 0.0% |
| Reserves | 13 | €1,400 | €1,400 | = | 0.0% |
| Distributable reserves | 133 | €1,400 | €1,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€47,626 | -€46,378 | +€1,248 | +2.6% |
| Amounts payable | 17/49 | €251,821 | €183,429 | -€68,393 | -27.2% |
| Amounts payable within one year | 42/48 | €251,821 | €183,429 | -€68,393 | -27.2% |
| Financial debts | 43 | €29,030 | €37,570 | +€8,540 | +29.4% |
| Credit institutions | 430/8 | €29,030 | €37,570 | +€8,540 | +29.4% |
| Trade debts | 44 | €12,453 | €11,536 | -€917 | -7.4% |
| Suppliers | 440/4 | €12,453 | €11,536 | -€917 | -7.4% |
| Taxes, remuneration and social security | 45 | €15,790 | €32,566 | +€16,776 | +106.2% |
| Taxes | 450/3 | €8,553 | €23,869 | +€15,316 | +179.1% |
| Remuneration and social security | 454/9 | €7,237 | €8,697 | +€1,460 | +20.2% |
| Other amounts payable | 47/48 | €194,548 | €101,757 | -€92,791 | -47.7% |
| Remuneration, social security and pensions | 62 | €93,372 | €52,940 | -€40,432 | -43.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,750 | €1,531 | -€218 | -12.5% |
| Other operating charges | 640/8 | €1,210 | €1,210 | = | 0.0% |
| Gross operating margin | 9900 | €60,117 | €60,789 | +€672 | +1.1% |
| Operating profit (loss) | 9901 | -€36,215 | €5,108 | +€41,323 | |
| Financial income | 75/76B | €5,970 | €1,327 | -€4,643 | -77.8% |
| Recurring financial income | 75 | €5,970 | €1,327 | -€4,643 | -77.8% |
| Financial charges | 65/66B | €5,743 | €5,187 | -€556 | -9.7% |
| Recurring financial charges | 65 | €5,743 | €5,187 | -€556 | -9.7% |
| Profit (loss) for the period before taxes | 9903 | -€35,988 | €1,248 | +€37,236 | |
| Profit (loss) for the period | 9904 | -€35,988 | €1,248 | +€37,236 | |
| Profit (loss) for the period to be appropriated | 9905 | -€35,988 | €1,248 | +€37,236 |
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.