VELPH: 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.
VELPH
Largest movements
- Receivables within one year -€100,890
down €100,890 (-14.4%), from €698,896 to €598,006
of which Trade receivables: -€108,100
- Tangible fixed assets -€29,145
down €29,145 (-52.4%), from €55,629 to €26,485
of which Furniture and vehicles: -€19,838
- Deferred charges and accrued income -€26,093
down €26,093 (-55.7%), from €46,844 to €20,752
- Cash +€14,824
up €14,824 (+42.4%), from €34,927 to €49,751
mainly Receivables within one year (+€100,890) and Depreciation (+€30,177)
- Profit (loss) carried forward -€74,844
down €74,844 (-31.6%), from -€237,200 to -€312,045
- Other debts -€33,796
down €33,796 (-28.3%), from €119,597 to €85,801
- Debts after one year -€33,128
down €33,128 (-35.5%), from €93,342 to €60,214
of which Financial debts: -€33,128
- Gross operating margin +€82,264
up €82,264 (+13.4%), from €612,550 to €694,813
- Staff costs +€58,527
up €58,527 (+8.7%), from €676,058 to €734,584
- Depreciation -€16,853
down €16,853 (-35.8%), from €47,030 to €30,177
- Financial income +€7,791
up €7,791 (+61.9%), from €12,583 to €20,373
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 | €947,609 | €806,306 | -€141,303 | -14.9% |
| Fixed assets | 21/28 | €61,942 | €32,798 | -€29,145 | -47.1% |
| Tangible fixed assets | 22/27 | €55,629 | €26,485 | -€29,145 | -52.4% |
| Land and buildings | 22 | €4,513 | €4,008 | -€506 | -11.2% |
| Plant, machinery and equipment | 23 | €8,193 | - | -€8,193 | |
| Furniture and vehicles | 24 | €37,502 | €17,663 | -€19,838 | -52.9% |
| Other tangible fixed assets | 26 | €5,421 | €4,813 | -€607 | -11.2% |
| Financial fixed assets | 28 | €6,313 | €6,313 | = | 0.0% |
| Current assets | 29/58 | €885,667 | €773,508 | -€112,158 | -12.7% |
| Amounts receivable after more than one year | 29 | €105,000 | €105,000 | = | 0.0% |
| Other amounts receivable | 291 | €105,000 | €105,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €698,896 | €598,006 | -€100,890 | -14.4% |
| Trade receivables | 40 | €503,348 | €395,248 | -€108,100 | -21.5% |
| Other amounts receivable | 41 | €195,548 | €202,758 | +€7,210 | +3.7% |
| Cash at bank and in hand | 54/58 | €34,927 | €49,751 | +€14,824 | +42.4% |
| Deferred charges and accrued income | 490/1 | €46,844 | €20,752 | -€26,093 | -55.7% |
| Total equity and liabilities | 10/49 | €947,609 | €806,306 | -€141,303 | -14.9% |
| Equity | 10/15 | €429,760 | €354,915 | -€74,844 | -17.4% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €641,960 | €641,960 | = | 0.0% |
| Distributable reserves | 133 | €641,960 | €641,960 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€237,200 | -€312,045 | -€74,844 | -31.6% |
| Amounts payable | 17/49 | €517,849 | €451,391 | -€66,459 | -12.8% |
| Amounts payable after more than one year | 17 | €93,342 | €60,214 | -€33,128 | -35.5% |
| Financial debts | 170/4 | €43,342 | €10,214 | -€33,128 | -76.4% |
| Other amounts payable | 178/9 | €50,000 | €50,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €422,292 | €389,980 | -€32,312 | -7.7% |
| Current portion of amounts payable after more than one year | 42 | €19,549 | €22,275 | +€2,726 | +13.9% |
| Trade debts | 44 | €110,633 | €107,216 | -€3,418 | -3.1% |
| Suppliers | 440/4 | €110,633 | €107,216 | -€3,418 | -3.1% |
| Taxes, remuneration and social security | 45 | €172,512 | €174,688 | +€2,176 | +1.3% |
| Taxes | 450/3 | €53,259 | €79,334 | +€26,075 | +49.0% |
| Remuneration and social security | 454/9 | €119,253 | €95,354 | -€23,900 | -20.0% |
| Other amounts payable | 47/48 | €119,597 | €85,801 | -€33,796 | -28.3% |
| Accrued charges and deferred income | 492/3 | €2,216 | €1,197 | -€1,019 | -46.0% |
| Remuneration, social security and pensions | 62 | €676,058 | €734,584 | +€58,527 | +8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,030 | €30,177 | -€16,853 | -35.8% |
| Other operating charges | 640/8 | €15,572 | €10,839 | -€4,732 | -30.4% |
| Non-recurring operating charges | 66A | €253 | - | -€253 | |
| Gross operating margin | 9900 | €612,550 | €694,813 | +€82,264 | +13.4% |
| Operating profit (loss) | 9901 | -€126,363 | -€80,787 | +€45,576 | +36.1% |
| Financial income | 75/76B | €12,583 | €20,373 | +€7,791 | +61.9% |
| Recurring financial income | 75 | €12,583 | €20,373 | +€7,791 | +61.9% |
| Financial charges | 65/66B | €19,014 | €13,420 | -€5,594 | -29.4% |
| Recurring financial charges | 65 | €19,014 | €13,420 | -€5,594 | -29.4% |
| Profit (loss) for the period before taxes | 9903 | -€132,794 | -€73,834 | +€58,961 | +44.4% |
| Income taxes | 67/77 | €1,194 | €1,011 | -€183 | -15.4% |
| Profit (loss) for the period | 9904 | -€133,988 | -€74,844 | +€59,144 | +44.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€133,988 | -€74,844 | +€59,144 | +44.1% |
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 6 October 2026 via checked.be.