VELOPA: 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.
VELOPA
Largest movements
- Stocks and contracts +€73,193
new in 2025: €73,193
of which Contracts in progress: +€73,157
- Cash -€39,763
down €39,763 (-12.3%), from €324,310 to €284,546
mainly Advances received (-€91,105) and Stocks and contracts (-€73,193)
- Receivables within one year -€16,956
down €16,956 (-1.4%), from €1.2m to €1.2m
of which Other amounts receivable: -€218,491
- Profit (loss) carried forward +€136,683
up €136,683 (+13.1%), from €1.0m to €1.2m
- Advances received -€91,105
down €91,105 (-76.3%), from €119,463 to €28,358
- Trade debts -€53,597
down €53,597 (-37.9%), from €141,250 to €87,653
- Tax, wage and social debts +€22,078
up €22,078 (+32.0%), from €69,094 to €91,172
of which Taxes: +€14,791
- Staff costs +€50,286
up €50,286 (+10.4%), from €484,772 to €535,058
- Gross operating margin +€37,665
up €37,665 (+5.4%), from €700,496 to €738,161
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 | €1,530,320 | €1,547,180 | +€16,859 | +1.1% |
| Fixed assets | 21/28 | €19,475 | €19,775 | +€300 | +1.5% |
| Financial fixed assets | 28 | €19,475 | €19,775 | +€300 | +1.5% |
| Current assets | 29/58 | €1,510,845 | €1,527,404 | +€16,559 | +1.1% |
| Stocks and contracts in progress | 3 | - | €73,193 | +€73,193 | |
| Stocks | 30/36 | - | €36 | +€36 | |
| Contracts in progress | 37 | - | €73,157 | +€73,157 | |
| Amounts receivable within one year | 40/41 | €1,177,242 | €1,160,286 | -€16,956 | -1.4% |
| Trade receivables | 40 | €529,777 | €731,312 | +€201,535 | +38.0% |
| Other amounts receivable | 41 | €647,465 | €428,974 | -€218,491 | -33.7% |
| Cash at bank and in hand | 54/58 | €324,310 | €284,546 | -€39,763 | -12.3% |
| Deferred charges and accrued income | 490/1 | €9,293 | €9,378 | +€85 | +0.9% |
| Total equity and liabilities | 10/49 | €1,530,320 | €1,547,180 | +€16,859 | +1.1% |
| Equity | 10/15 | €1,184,714 | €1,321,397 | +€136,683 | +11.5% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | €74,368 | = | 0.0% |
| Issued capital | 100 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €64,593 | €64,593 | = | 0.0% |
| Non-distributable reserves | 130/1 | €13,735 | €13,735 | = | 0.0% |
| Legal reserve | 130 | €7,437 | €7,437 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,298 | €6,298 | = | 0.0% |
| Distributable reserves | 133 | €50,859 | €50,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,045,752 | €1,182,435 | +€136,683 | +13.1% |
| Amounts payable | 17/49 | €345,606 | €225,783 | -€119,824 | -34.7% |
| Amounts payable within one year | 42/48 | €329,806 | €207,183 | -€122,624 | -37.2% |
| Trade debts | 44 | €141,250 | €87,653 | -€53,597 | -37.9% |
| Suppliers | 440/4 | €141,250 | €87,653 | -€53,597 | -37.9% |
| Advances received on contracts in progress | 46 | €119,463 | €28,358 | -€91,105 | -76.3% |
| Taxes, remuneration and social security | 45 | €69,094 | €91,172 | +€22,078 | +32.0% |
| Taxes | 450/3 | €14,055 | €28,846 | +€14,791 | +105% |
| Remuneration and social security | 454/9 | €55,039 | €62,326 | +€7,287 | +13.2% |
| Accrued charges and deferred income | 492/3 | €15,800 | €18,600 | +€2,800 | +17.7% |
| Non-recurring operating income | 76A | €0 | €1,418 | +€1,418 | |
| Remuneration, social security and pensions | 62 | €484,772 | €535,058 | +€50,286 | +10.4% |
| Other operating charges | 640/8 | €11,952 | €7,573 | -€4,379 | -36.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €700,496 | €738,161 | +€37,665 | +5.4% |
| Operating profit (loss) | 9901 | €203,773 | €195,531 | -€8,242 | -4.0% |
| Financial income | 75/76B | €0 | €0 | -€0 | -80.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -80.0% |
| Financial charges | 65/66B | €6,050 | €10,593 | +€4,543 | +75.1% |
| Recurring financial charges | 65 | €6,050 | €10,593 | +€4,543 | +75.1% |
| Profit (loss) for the period before taxes | 9903 | €197,723 | €184,938 | -€12,785 | -6.5% |
| Income taxes | 67/77 | €51,904 | €48,255 | -€3,649 | -7.0% |
| Profit (loss) for the period | 9904 | €145,819 | €136,683 | -€9,136 | -6.3% |
| Profit (loss) for the period to be appropriated | 9905 | €145,819 | €136,683 | -€9,136 | -6.3% |
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 18 October 2026 via checked.be.