VELO28: 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.
VELO28
Largest movements
- Current investments -€1.6m
down €1.6m (-85.8%), from €1.9m to €263,550
- Tangible fixed assets +€454,164
up €454,164 (+10.5%), from €4.3m to €4.8m
of which Land and buildings: +€462,909
- Cash -€129,964
down €129,964 (-93.7%), from €138,678 to €8,714
mainly Debts after one year (-€1.5m) and Investment in fixed assets (net) (-€612,719)
- Debts after one year -€1.5m
down €1.5m (-70.2%), from €2.1m to €632,284
- Other debts +€389,907
up €389,907 (+13.4%), from €2.9m to €3.3m
- Profit (loss) carried forward -€191,612
down €191,612 (-16.8%), from -€1.1m to -€1.3m
- Financial income -€221,129
down €221,129 (-85.3%), from €259,236 to €38,107
- Gross operating margin +€126,607
up €126,607 (+87.7%), from -€144,426 to -€17,819
- Depreciation +€31,286
up €31,286 (+24.4%), from €127,990 to €159,276
- Other operating charges +€10,567
up €10,567 (+112%), from €9,470 to €20,037
- Financial charges +€5,058
up €5,058 (+18.4%), from €27,530 to €32,587
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.
Derived cash bridge
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 | €8,606,209 | €7,284,710 | -€1.3m | -15.4% |
| Fixed assets | 21/28 | €6,217,001 | €6,670,444 | +€453,444 | +7.3% |
| Intangible fixed assets | 21 | €2,288 | €1,568 | -€720 | -31.5% |
| Tangible fixed assets | 22/27 | €4,330,878 | €4,785,041 | +€454,164 | +10.5% |
| Land and buildings | 22 | €4,274,151 | €4,737,060 | +€462,909 | +10.8% |
| Plant, machinery and equipment | 23 | €3,269 | €2,442 | -€826 | -25.3% |
| Furniture and vehicles | 24 | €44,908 | €36,989 | -€7,919 | -17.6% |
| Other tangible fixed assets | 26 | €8,550 | €8,550 | = | 0.0% |
| Financial fixed assets | 28 | €1,883,835 | €1,883,835 | = | 0.0% |
| Current assets | 29/58 | €2,389,208 | €614,266 | -€1.8m | -74.3% |
| Amounts receivable after more than one year | 29 | €100,000 | €100,000 | = | 0.0% |
| Other amounts receivable | 291 | €100,000 | €100,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €273,614 | €232,242 | -€41,371 | -15.1% |
| Trade receivables | 40 | €35,413 | €2,031 | -€33,382 | -94.3% |
| Other amounts receivable | 41 | €238,200 | €230,211 | -€7,990 | -3.4% |
| Current investments | 50/53 | €1,853,394 | €263,550 | -€1.6m | -85.8% |
| Cash at bank and in hand | 54/58 | €138,678 | €8,714 | -€129,964 | -93.7% |
| Deferred charges and accrued income | 490/1 | €23,522 | €9,760 | -€13,763 | -58.5% |
| Total equity and liabilities | 10/49 | €8,606,209 | €7,284,710 | -€1.3m | -15.4% |
| Equity | 10/15 | €3,408,552 | €3,216,940 | -€191,612 | -5.6% |
| Contributions | 10/11 | €4,550,000 | €4,550,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,141,448 | -€1,333,060 | -€191,612 | -16.8% |
| Amounts payable | 17/49 | €5,197,657 | €4,067,770 | -€1.1m | -21.7% |
| Amounts payable after more than one year | 17 | €2,119,583 | €632,284 | -€1.5m | -70.2% |
| Financial debts | 170/4 | €2,119,583 | €632,284 | -€1.5m | -70.2% |
| Amounts payable within one year | 42/48 | €3,073,814 | €3,433,886 | +€360,071 | +11.7% |
| Current portion of amounts payable after more than one year | 42 | €78,662 | €51,057 | -€27,604 | -35.1% |
| Trade debts | 44 | €60,668 | €69,028 | +€8,361 | +13.8% |
| Suppliers | 440/4 | €60,668 | €69,028 | +€8,361 | +13.8% |
| Advances received on contracts in progress | 46 | €8,917 | €4,285 | -€4,632 | -51.9% |
| Taxes, remuneration and social security | 45 | €6,165 | €205 | -€5,960 | -96.7% |
| Taxes | 450/3 | €6,165 | €205 | -€5,960 | -96.7% |
| Other amounts payable | 47/48 | €2,919,403 | €3,309,310 | +€389,907 | +13.4% |
| Accrued charges and deferred income | 492/3 | €4,260 | €1,600 | -€2,660 | -62.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €127,990 | €159,276 | +€31,286 | +24.4% |
| Other operating charges | 640/8 | €9,470 | €20,037 | +€10,567 | +112% |
| Gross operating margin | 9900 | -€144,426 | -€17,819 | +€126,607 | +87.7% |
| Operating profit (loss) | 9901 | -€281,887 | -€197,132 | +€84,755 | +30.1% |
| Financial income | 75/76B | €259,236 | €38,107 | -€221,129 | -85.3% |
| Recurring financial income | 75 | €259,236 | €38,107 | -€221,129 | -85.3% |
| Financial charges | 65/66B | €27,530 | €32,587 | +€5,058 | +18.4% |
| Recurring financial charges | 65 | €27,530 | €32,587 | +€5,058 | +18.4% |
| Profit (loss) for the period before taxes | 9903 | -€50,180 | -€191,612 | -€141,431 | -282% |
| Profit (loss) for the period | 9904 | -€50,180 | -€191,612 | -€141,431 | -282% |
| Profit (loss) for the period to be appropriated | 9905 | -€50,180 | -€191,612 | -€141,431 | -282% |
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 21 October 2026 via checked.be.