Veloscope: 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.
Veloscope
Largest movements
- Stocks and contracts -€55,179
down €55,179 (-10.5%), from €527,158 to €471,979
- Tangible fixed assets -€45,507
down €45,507 (-12.2%), from €374,503 to €328,996
of which Leasing and similar rights: -€30,000
- Receivables within one year -€16,068
down €16,068 (-60.3%), from €26,647 to €10,579
of which Other amounts receivable: -€11,477
- Cash +€14,884
up €14,884 (+91.5%), from €16,274 to €31,158
mainly Depreciation (+€62,342) and Stocks and contracts (+€55,179)
- Deferred charges and accrued income +€11,117
up €11,117 (+130.5%), from €8,517 to €19,634
- Debts after one year -€46,785
down €46,785 (-14.2%), from €329,405 to €282,620
- Trade debts -€31,299
down €31,299 (-54.0%), from €57,962 to €26,663
- Other debts -€26,146
down €26,146 (-13.1%), from €199,293 to €173,147
- Reserves +€17,191
up €17,191 (+6.8%), from €251,940 to €269,131
of which Distributable reserves: +€17,191
- Tax, wage and social debts +€15,506
up €15,506 (+84.8%), from €18,280 to €33,786
of which Taxes: +€10,236
- Gross operating margin +€54,879
up €54,879 (+33.4%), from €164,279 to €219,158
- Staff costs +€11,364
up €11,364 (+11.4%), from €99,655 to €111,019
- Financial charges -€7,582
down €7,582 (-24.6%), from €30,767 to €23,184
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 | €954,759 | €862,422 | -€92,337 | -9.7% |
| Fixed assets | 21/28 | €376,163 | €329,071 | -€47,092 | -12.5% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €374,503 | €328,996 | -€45,507 | -12.2% |
| Land and buildings | 22 | €6,801 | €8,434 | +€1,634 | +24.0% |
| Plant, machinery and equipment | 23 | €11,712 | €16,258 | +€4,546 | +38.8% |
| Furniture and vehicles | 24 | €29,223 | €15,998 | -€13,225 | -45.3% |
| Leasing and similar rights | 25 | €270,000 | €240,000 | -€30,000 | -11.1% |
| Other tangible fixed assets | 26 | €56,766 | €48,305 | -€8,461 | -14.9% |
| Financial fixed assets | 28 | €1,660 | €75 | -€1,585 | -95.5% |
| Current assets | 29/58 | €578,596 | €533,351 | -€45,245 | -7.8% |
| Stocks and contracts in progress | 3 | €527,158 | €471,979 | -€55,179 | -10.5% |
| Stocks | 30/36 | €527,158 | €471,979 | -€55,179 | -10.5% |
| Amounts receivable within one year | 40/41 | €26,647 | €10,579 | -€16,068 | -60.3% |
| Trade receivables | 40 | €15,170 | €10,579 | -€4,591 | -30.3% |
| Other amounts receivable | 41 | €11,477 | - | -€11,477 | |
| Cash at bank and in hand | 54/58 | €16,274 | €31,158 | +€14,884 | +91.5% |
| Deferred charges and accrued income | 490/1 | €8,517 | €19,634 | +€11,117 | +130.5% |
| Total equity and liabilities | 10/49 | €954,759 | €862,422 | -€92,337 | -9.7% |
| Equity | 10/15 | €266,816 | €287,723 | +€20,906 | +7.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €251,940 | €269,131 | +€17,191 | +6.8% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,655 | €2,655 | = | 0.0% |
| Distributable reserves | 133 | €247,426 | €264,617 | +€17,191 | +6.9% |
| Profit (loss) carried forward | 14 | -€3,716 | - | +€3,716 | |
| Amounts payable | 17/49 | €687,942 | €574,699 | -€113,243 | -16.5% |
| Amounts payable after more than one year | 17 | €329,405 | €282,620 | -€46,785 | -14.2% |
| Financial debts | 170/4 | €329,405 | €282,620 | -€46,785 | -14.2% |
| Amounts payable within one year | 42/48 | €349,534 | €286,362 | -€63,172 | -18.1% |
| Current portion of amounts payable after more than one year | 42 | €52,300 | €46,785 | -€5,515 | -10.5% |
| Financial debts | 43 | €15,000 | - | -€15,000 | |
| Other loans | 439 | €15,000 | - | -€15,000 | |
| Trade debts | 44 | €57,962 | €26,663 | -€31,299 | -54.0% |
| Suppliers | 440/4 | €57,962 | €26,663 | -€31,299 | -54.0% |
| Advances received on contracts in progress | 46 | €6,699 | €5,981 | -€719 | -10.7% |
| Taxes, remuneration and social security | 45 | €18,280 | €33,786 | +€15,506 | +84.8% |
| Taxes | 450/3 | €4,596 | €14,832 | +€10,236 | +222.7% |
| Remuneration and social security | 454/9 | €13,683 | €18,954 | +€5,271 | +38.5% |
| Other amounts payable | 47/48 | €199,293 | €173,147 | -€26,146 | -13.1% |
| Accrued charges and deferred income | 492/3 | €9,003 | €5,717 | -€3,286 | -36.5% |
| Non-recurring operating income | 76A | €694 | €4,193 | +€3,499 | +504.1% |
| Remuneration, social security and pensions | 62 | €99,655 | €111,019 | +€11,364 | +11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,127 | €62,342 | -€1,785 | -2.8% |
| Other operating charges | 640/8 | €7,541 | €7,365 | -€176 | -2.3% |
| Gross operating margin | 9900 | €164,279 | €219,158 | +€54,879 | +33.4% |
| Operating profit (loss) | 9901 | -€7,044 | €38,432 | +€45,475 | |
| Financial income | 75/76B | €9,508 | €7,378 | -€2,130 | -22.4% |
| Recurring financial income | 75 | €9,508 | €7,378 | -€2,130 | -22.4% |
| Financial charges | 65/66B | €30,767 | €23,184 | -€7,582 | -24.6% |
| Recurring financial charges | 65 | €30,767 | €23,184 | -€7,582 | -24.6% |
| Profit (loss) for the period before taxes | 9903 | -€28,302 | €22,625 | +€50,928 | |
| Income taxes | 67/77 | €160 | €1,719 | +€1,559 | +974.4% |
| Profit (loss) for the period | 9904 | -€28,462 | €20,906 | +€49,369 | |
| Profit (loss) for the period to be appropriated | 9905 | -€28,462 | €20,906 | +€49,369 |
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 4 October 2026 via checked.be.