VELPE DEVELOPMENT: 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.
VELPE DEVELOPMENT
Largest movements
- Tangible fixed assets -€27,088
down €27,088 (-40.4%), from €67,017 to €39,929
of which Plant, machinery and equipment: -€16,088
- Deferred charges and accrued income +€25,800
up €25,800 (+135.8%), from €19,000 to €44,800
- Cash -€3,028
down €3,028 (-5.0%), from €60,002 to €56,973
mainly Deferred charges and accrued income (-€25,800) and Debts after one year (-€6,403)
- Debts after one year -€6,403
down €6,403 (-27.1%), from €23,592 to €17,188
- Reserves +€1,783
up €1,783 (+1.5%), from €118,435 to €120,218
of which Distributable reserves: +€1,783
- Gross operating margin -€5,509
down €5,509 (-13.9%), from €39,744 to €34,235
- Depreciation -€4,584
down €4,584 (-14.5%), from €31,672 to €27,088
- Taxes -€1,975
down €1,975 (-37.3%), from €5,292 to €3,317
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 | €159,838 | €154,237 | -€5,601 | -3.5% |
| Fixed assets | 21/28 | €67,017 | €39,929 | -€27,088 | -40.4% |
| Tangible fixed assets | 22/27 | €67,017 | €39,929 | -€27,088 | -40.4% |
| Plant, machinery and equipment | 23 | €44,617 | €28,529 | -€16,088 | -36.1% |
| Leasing and similar rights | 25 | €22,400 | €11,400 | -€11,000 | -49.1% |
| Current assets | 29/58 | €92,821 | €114,308 | +€21,487 | +23.1% |
| Amounts receivable within one year | 40/41 | €13,820 | €12,535 | -€1,285 | -9.3% |
| Trade receivables | 40 | €946 | €1,255 | +€309 | +32.7% |
| Other amounts receivable | 41 | €12,874 | €11,280 | -€1,594 | -12.4% |
| Cash at bank and in hand | 54/58 | €60,002 | €56,973 | -€3,028 | -5.0% |
| Deferred charges and accrued income | 490/1 | €19,000 | €44,800 | +€25,800 | +135.8% |
| Total equity and liabilities | 10/49 | €159,838 | €154,237 | -€5,601 | -3.5% |
| Equity | 10/15 | €124,632 | €126,415 | +€1,783 | +1.4% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Capital | 10 | €6,197 | €6,197 | = | 0.0% |
| Issued capital | 100 | €18,592 | €18,592 | = | 0.0% |
| Uncalled capital | 101 | €12,395 | €12,395 | = | 0.0% |
| Reserves | 13 | €118,435 | €120,218 | +€1,783 | +1.5% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Legal reserve | 130 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €116,576 | €118,359 | +€1,783 | +1.5% |
| Amounts payable | 17/49 | €35,206 | €27,822 | -€7,385 | -21.0% |
| Amounts payable after more than one year | 17 | €23,592 | €17,188 | -€6,403 | -27.1% |
| Financial debts | 170/4 | €23,592 | €17,188 | -€6,403 | -27.1% |
| Amounts payable within one year | 42/48 | €11,614 | €10,633 | -€981 | -8.4% |
| Current portion of amounts payable after more than one year | 42 | €6,306 | €6,403 | +€98 | +1.5% |
| Trade debts | 44 | €1,536 | €1,138 | -€398 | -25.9% |
| Suppliers | 440/4 | €1,536 | €1,138 | -€398 | -25.9% |
| Taxes, remuneration and social security | 45 | €2,977 | €3,092 | +€115 | +3.9% |
| Taxes | 450/3 | €105 | €251 | +€146 | +139.1% |
| Remuneration and social security | 454/9 | €2,871 | €2,840 | -€31 | -1.1% |
| Other amounts payable | 47/48 | €796 | - | -€796 | |
| Non-recurring operating income | 76A | - | €5,785 | +€5,785 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,672 | €27,088 | -€4,584 | -14.5% |
| Other operating charges | 640/8 | €1,343 | €1,311 | -€32 | -2.4% |
| Gross operating margin | 9900 | €39,744 | €34,235 | -€5,509 | -13.9% |
| Operating profit (loss) | 9901 | €6,729 | €5,836 | -€893 | -13.3% |
| Financial income | 75/76B | €0 | €361 | +€361 | +1204866.7% |
| Recurring financial income | 75 | €0 | €361 | +€361 | +1204866.7% |
| Financial charges | 65/66B | €1,076 | €1,097 | +€22 | +2.0% |
| Recurring financial charges | 65 | €1,076 | €1,097 | +€22 | +2.0% |
| Profit (loss) for the period before taxes | 9903 | €5,654 | €5,101 | -€553 | -9.8% |
| Income taxes | 67/77 | €5,292 | €3,317 | -€1,975 | -37.3% |
| Profit (loss) for the period | 9904 | €361 | €1,783 | +€1,422 | +393.8% |
| Profit (loss) for the period to be appropriated | 9905 | €361 | €1,783 | +€1,422 | +393.8% |
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 11 October 2026 via checked.be.