VELOFRED: 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.
VELOFRED
Largest movements
- Tangible fixed assets +€60,437
up €60,437 (+140%), from €43,022 to €103,459
of which Land and buildings: +€68,488
- Stocks and contracts +€28,889
up €28,889 (+13.8%), from €209,074 to €237,963
- Receivables within one year +€22,669
up €22,669 (+221%), from €10,251 to €32,920
of which Other amounts receivable: +€21,582
- Cash +€5,289
up €5,289 (+59.0%), from €8,964 to €14,252
mainly Net result for the year (+€60,084) and Debts after one year (+€35,417)
- Reserves +€60,084
up €60,084 (+83.6%), from €71,899 to €131,983
- Debts after one year +€35,417
up €35,417 (+59.8%), from €59,238 to €94,655
- Advances received +€13,469
up €13,469 (+120%), from €11,225 to €24,694
- Tax, wage and social debts +€10,572
up €10,572 (+257%), from €4,113 to €14,685
of which Taxes: +€13,897
- Other debts -€6,402
down €6,402 (-18.7%), from €34,165 to €27,763
- Depreciation +€7,376
up €7,376 (+52.9%), from €13,940 to €21,316
- Gross operating margin -€5,542
down €5,542 (-4.9%), from €112,068 to €106,526
- Taxes -€1,752
down €1,752 (-9.7%), from €18,093 to €16,341
- Other operating charges +€1,707
up €1,707 (+84.6%), from €2,018 to €3,724
- Financial income +€1,402
up €1,402 (+95.2%), from €1,473 to €2,876
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 | €275,427 | €395,484 | +€120,057 | +43.6% |
| Fixed assets | 21/28 | €44,699 | €104,697 | +€59,998 | +134% |
| Intangible fixed assets | 21 | €1,677 | €1,238 | -€439 | -26.2% |
| Tangible fixed assets | 22/27 | €43,022 | €103,459 | +€60,437 | +140% |
| Land and buildings | 22 | - | €68,488 | +€68,488 | |
| Plant, machinery and equipment | 23 | €12,722 | €9,438 | -€3,284 | -25.8% |
| Furniture and vehicles | 24 | €8,066 | €2,925 | -€5,141 | -63.7% |
| Other tangible fixed assets | 26 | €22,234 | €22,609 | +€375 | +1.7% |
| Current assets | 29/58 | €230,728 | €290,787 | +€60,059 | +26.0% |
| Stocks and contracts in progress | 3 | €209,074 | €237,963 | +€28,889 | +13.8% |
| Stocks | 30/36 | €209,074 | €237,963 | +€28,889 | +13.8% |
| Amounts receivable within one year | 40/41 | €10,251 | €32,920 | +€22,669 | +221% |
| Trade receivables | 40 | €4,217 | €5,304 | +€1,087 | +25.8% |
| Other amounts receivable | 41 | €6,034 | €27,616 | +€21,582 | +358% |
| Cash at bank and in hand | 54/58 | €8,964 | €14,252 | +€5,289 | +59.0% |
| Deferred charges and accrued income | 490/1 | €2,440 | €5,651 | +€3,212 | +132% |
| Total equity and liabilities | 10/49 | €275,427 | €395,484 | +€120,057 | +43.6% |
| Equity | 10/15 | €93,899 | €153,983 | +€60,084 | +64.0% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €71,899 | €131,983 | +€60,084 | +83.6% |
| Distributable reserves | 133 | €71,899 | €131,983 | +€60,084 | +83.6% |
| Amounts payable | 17/49 | €181,528 | €241,501 | +€59,973 | +33.0% |
| Amounts payable after more than one year | 17 | €59,238 | €94,655 | +€35,417 | +59.8% |
| Financial debts | 170/4 | €59,238 | €94,655 | +€35,417 | +59.8% |
| Amounts payable within one year | 42/48 | €122,290 | €146,846 | +€24,556 | +20.1% |
| Current portion of amounts payable after more than one year | 42 | €19,281 | €25,432 | +€6,152 | +31.9% |
| Trade debts | 44 | €53,506 | €54,272 | +€765 | +1.4% |
| Suppliers | 440/4 | €53,506 | €54,272 | +€765 | +1.4% |
| Advances received on contracts in progress | 46 | €11,225 | €24,694 | +€13,469 | +120% |
| Taxes, remuneration and social security | 45 | €4,113 | €14,685 | +€10,572 | +257% |
| Taxes | 450/3 | €788 | €14,685 | +€13,897 | +1,763% |
| Remuneration and social security | 454/9 | €3,325 | €0 | -€3,325 | -100% |
| Other amounts payable | 47/48 | €34,165 | €27,763 | -€6,402 | -18.7% |
| Non-recurring operating income | 76A | - | €1,585 | +€1,585 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,940 | €21,316 | +€7,376 | +52.9% |
| Other operating charges | 640/8 | €2,018 | €3,724 | +€1,707 | +84.6% |
| Gross operating margin | 9900 | €112,068 | €106,526 | -€5,542 | -4.9% |
| Operating profit (loss) | 9901 | €96,111 | €81,486 | -€14,625 | -15.2% |
| Financial income | 75/76B | €1,473 | €2,876 | +€1,402 | +95.2% |
| Recurring financial income | 75 | €1,473 | €2,876 | +€1,402 | +95.2% |
| Financial charges | 65/66B | €7,592 | €7,937 | +€344 | +4.5% |
| Recurring financial charges | 65 | €7,592 | €7,937 | +€344 | +4.5% |
| Profit (loss) for the period before taxes | 9903 | €89,992 | €76,425 | -€13,567 | -15.1% |
| Income taxes | 67/77 | €18,093 | €16,341 | -€1,752 | -9.7% |
| Profit (loss) for the period | 9904 | €71,899 | €60,084 | -€11,815 | -16.4% |
| Profit (loss) for the period to be appropriated | 9905 | €71,899 | €60,084 | -€11,815 | -16.4% |
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 27 October 2026 via checked.be.