VELOFCOURSE: 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.
VELOFCOURSE
Largest movements
- Cash +€16,588
up €16,588 (+83.2%), from €19,925 to €36,513
mainly Net result for the year (+€23,893) and Trade debts (+€7,254)
- Stocks and contracts +€2,147
up €2,147 (+4.0%), from €53,382 to €55,529
- Receivables within one year +€1,234
new in 2025: €1,234
of which Trade receivables: +€692
- Profit (loss) carried forward +€23,893
up €23,893 (+56.6%), from €42,232 to €66,125
- Current portion of long-term debt -€10,647
no longer reported in 2025 (was €10,647)
- Trade debts +€7,254
up €7,254 (+551%), from €1,316 to €8,570
of which Suppliers: +€7,463
- Debts after one year -€6,615
down €6,615 (-31.2%), from €21,228 to €14,613
- Tax, wage and social debts +€5,813
up €5,813 (+78.0%), from €7,454 to €13,267
of which Taxes: +€3,723
- Staff costs +€19,969
up €19,969 (+233%), from €8,577 to €28,547
- Gross operating margin +€11,838
up €11,838 (+26.2%), from €45,125 to €56,963
- Taxes +€1,803
new in 2025: €1,803
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 | €84,677 | €104,375 | +€19,699 | +23.3% |
| Fixed assets | 21/28 | €10,891 | €11,099 | +€208 | +1.9% |
| Tangible fixed assets | 22/27 | €8,491 | €8,699 | +€208 | +2.4% |
| Land and buildings | 22 | €5,424 | €4,660 | -€763 | -14.1% |
| Plant, machinery and equipment | 23 | €1,742 | €2,048 | +€306 | +17.6% |
| Furniture and vehicles | 24 | €1,325 | €1,990 | +€665 | +50.2% |
| Financial fixed assets | 28 | €2,400 | €2,400 | = | 0.0% |
| Current assets | 29/58 | €73,785 | €93,276 | +€19,491 | +26.4% |
| Stocks and contracts in progress | 3 | €53,382 | €55,529 | +€2,147 | +4.0% |
| Stocks | 30/36 | €53,382 | €55,529 | +€2,147 | +4.0% |
| Amounts receivable within one year | 40/41 | - | €1,234 | +€1,234 | |
| Trade receivables | 40 | - | €692 | +€692 | |
| Other amounts receivable | 41 | - | €542 | +€542 | |
| Cash at bank and in hand | 54/58 | €19,925 | €36,513 | +€16,588 | +83.2% |
| Deferred charges and accrued income | 490/1 | €478 | - | -€478 | |
| Total equity and liabilities | 10/49 | €84,677 | €104,375 | +€19,699 | +23.3% |
| Equity | 10/15 | €44,032 | €67,925 | +€23,893 | +54.3% |
| Contributions | 10/11 | €1,800 | €1,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | €42,232 | €66,125 | +€23,893 | +56.6% |
| Amounts payable | 17/49 | €40,644 | €36,450 | -€4,195 | -10.3% |
| Amounts payable after more than one year | 17 | €21,228 | €14,613 | -€6,615 | -31.2% |
| Other amounts payable | 178/9 | €21,228 | €14,613 | -€6,615 | -31.2% |
| Amounts payable within one year | 42/48 | €19,416 | €21,837 | +€2,420 | +12.5% |
| Current portion of amounts payable after more than one year | 42 | €10,647 | - | -€10,647 | |
| Trade debts | 44 | €1,316 | €8,570 | +€7,254 | +551% |
| Suppliers | 440/4 | €1,107 | €8,570 | +€7,463 | +674% |
| Bills of exchange payable | 441 | €209 | - | -€209 | |
| Taxes, remuneration and social security | 45 | €7,454 | €13,267 | +€5,813 | +78.0% |
| Taxes | 450/3 | €6,296 | €10,019 | +€3,723 | +59.1% |
| Remuneration and social security | 454/9 | €1,157 | €3,247 | +€2,090 | +181% |
| Remuneration, social security and pensions | 62 | €8,577 | €28,547 | +€19,969 | +233% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,580 | €1,781 | +€202 | +12.8% |
| Other operating charges | 640/8 | €387 | €400 | +€13 | +3.3% |
| Gross operating margin | 9900 | €45,125 | €56,963 | +€11,838 | +26.2% |
| Operating profit (loss) | 9901 | €34,580 | €26,235 | -€8,345 | -24.1% |
| Financial income | 75/76B | €30 | €0 | -€29 | -99.8% |
| Recurring financial income | 75 | €30 | €0 | -€29 | -99.8% |
| Financial charges | 65/66B | €795 | €539 | -€256 | -32.2% |
| Recurring financial charges | 65 | €795 | €539 | -€256 | -32.2% |
| Profit (loss) for the period before taxes | 9903 | €33,815 | €25,696 | -€8,119 | -24.0% |
| Income taxes | 67/77 | - | €1,803 | +€1,803 | |
| Profit (loss) for the period | 9904 | €33,815 | €23,893 | -€9,922 | -29.3% |
| Profit (loss) for the period to be appropriated | 9905 | €33,815 | €23,893 | -€9,922 | -29.3% |
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 16 October 2026 via checked.be.