VELO PLUS: 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.
VELO PLUS
Largest movements
- Cash -€35,066
down €35,066 (-69.2%), from €50,692 to €15,625
mainly Investment in fixed assets (net) (-€29,662) and Tax, wage and social debts (-€20,933)
- Tangible fixed assets +€21,634
up €21,634 (+47.7%), from €45,379 to €67,013
of which Furniture and vehicles: +€26,476
- Receivables within one year +€18,355
up €18,355 (+60.1%), from €30,558 to €48,913
of which Trade receivables: +€25,515
- Stocks and contracts -€14,149
down €14,149 (-5.4%), from €263,192 to €249,043
- Tax, wage and social debts -€20,933
down €20,933 (-53.9%), from €38,802 to €17,869
- Debts after one year +€13,974
up €13,974 (+52.1%), from €26,844 to €40,818
- Reserves -€13,714
down €13,714 (-7.6%), from €179,707 to €165,993
of which Distributable reserves: -€13,714
- Profit (loss) carried forward +€13,301
up €13,301 (+28.5%), from €46,639 to €59,941
- Trade debts -€8,975
down €8,975 (-33.0%), from €27,222 to €18,247
- Gross operating margin +€22,804
up €22,804 (+100.3%), from €22,731 to €45,535
- Write-downs +€10,883
new in 2025: €10,883
- Depreciation +€4,807
up €4,807 (+149.3%), from €3,220 to €8,027
- Financial charges -€4,084
down €4,084 (-38.1%), from €10,731 to €6,647
- Taxes +€2,964
up €2,964 (+161.1%), from €1,840 to €4,805
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 | €389,820 | €380,594 | -€9,226 | -2.4% |
| Fixed assets | 21/28 | €45,379 | €67,013 | +€21,634 | +47.7% |
| Tangible fixed assets | 22/27 | €45,379 | €67,013 | +€21,634 | +47.7% |
| Plant, machinery and equipment | 23 | €45,379 | €40,537 | -€4,842 | -10.7% |
| Furniture and vehicles | 24 | €0 | €26,476 | +€26,476 | |
| Current assets | 29/58 | €344,441 | €313,581 | -€30,860 | -9.0% |
| Stocks and contracts in progress | 3 | €263,192 | €249,043 | -€14,149 | -5.4% |
| Stocks | 30/36 | €263,192 | €249,043 | -€14,149 | -5.4% |
| Amounts receivable within one year | 40/41 | €30,558 | €48,913 | +€18,355 | +60.1% |
| Trade receivables | 40 | €19,498 | €45,013 | +€25,515 | +130.9% |
| Other amounts receivable | 41 | €11,060 | €3,900 | -€7,160 | -64.7% |
| Cash at bank and in hand | 54/58 | €50,692 | €15,625 | -€35,066 | -69.2% |
| Total equity and liabilities | 10/49 | €389,820 | €380,594 | -€9,226 | -2.4% |
| Equity | 10/15 | €245,097 | €244,684 | -€413 | -0.2% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Reserves | 13 | €179,707 | €165,993 | -€13,714 | -7.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €179,707 | €165,993 | -€13,714 | -7.6% |
| Profit (loss) carried forward | 14 | €46,639 | €59,941 | +€13,301 | +28.5% |
| Amounts payable | 17/49 | €144,724 | €135,910 | -€8,813 | -6.1% |
| Amounts payable after more than one year | 17 | €26,844 | €40,818 | +€13,974 | +52.1% |
| Financial debts | 170/4 | €26,844 | €40,818 | +€13,974 | +52.1% |
| Amounts payable within one year | 42/48 | €117,880 | €95,093 | -€22,787 | -19.3% |
| Current portion of amounts payable after more than one year | 42 | €6,894 | €12,907 | +€6,013 | +87.2% |
| Trade debts | 44 | €27,222 | €18,247 | -€8,975 | -33.0% |
| Suppliers | 440/4 | €27,222 | €18,247 | -€8,975 | -33.0% |
| Taxes, remuneration and social security | 45 | €38,802 | €17,869 | -€20,933 | -53.9% |
| Taxes | 450/3 | €38,802 | €17,869 | -€20,933 | -53.9% |
| Other amounts payable | 47/48 | €44,962 | €46,070 | +€1,108 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,220 | €8,027 | +€4,807 | +149.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €10,883 | +€10,883 | |
| Other operating charges | 640/8 | €826 | €1,876 | +€1,050 | +127.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €22,731 | €45,535 | +€22,804 | +100.3% |
| Operating profit (loss) | 9901 | €18,685 | €24,749 | +€6,064 | +32.5% |
| Financial income | 75/76B | €147 | €4 | -€143 | -97.1% |
| Recurring financial income | 75 | €147 | €4 | -€143 | -97.1% |
| Financial charges | 65/66B | €10,731 | €6,647 | -€4,084 | -38.1% |
| Recurring financial charges | 65 | €10,731 | €6,647 | -€4,084 | -38.1% |
| Profit (loss) for the period before taxes | 9903 | €8,100 | €18,106 | +€10,006 | +123.5% |
| Income taxes | 67/77 | €1,840 | €4,805 | +€2,964 | +161.1% |
| Profit (loss) for the period | 9904 | €6,260 | €13,301 | +€7,041 | +112.5% |
| Profit (loss) for the period to be appropriated | 9905 | €6,260 | €13,301 | +€7,041 | +112.5% |
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 6 October 2026 via checked.be.