VELS: 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.
VELS
Largest movements
- Tangible fixed assets -€19,787
down €19,787 (-5.3%), from €374,096 to €354,310
of which Land and buildings: -€20,080
- Receivables within one year -€17,887
down €17,887 (-33.8%), from €52,849 to €34,962
of which Trade receivables: -€10,709
- Cash +€15,513
up €15,513 (+878.7%), from €1,765 to €17,278
mainly Depreciation (+€20,928) and Receivables within one year (+€17,887)
- Debts after one year -€17,215
down €17,215 (-11.4%), from €151,050 to €133,835
- Gross operating margin +€16,337
up €16,337 (+167.7%), from €9,742 to €26,080
- Financial income -€6,196
down €6,196 (-78.6%), from €7,882 to €1,686
of which Non-recurring financial income: -€7,882
- Other operating charges -€2,989
down €2,989 (-43.1%), from €6,929 to €3,940
- Taxes -€379
down €379 (-100.0%), from €379 to €0
- Financial charges -€339
down €339 (-9.2%), from €3,681 to €3,342
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 | €428,711 | €406,809 | -€21,901 | -5.1% |
| Fixed assets | 21/28 | €374,096 | €354,310 | -€19,787 | -5.3% |
| Tangible fixed assets | 22/27 | €374,096 | €354,310 | -€19,787 | -5.3% |
| Land and buildings | 22 | €371,573 | €351,493 | -€20,080 | -5.4% |
| Furniture and vehicles | 24 | €2,523 | €2,817 | +€294 | +11.6% |
| Current assets | 29/58 | €54,614 | €52,500 | -€2,115 | -3.9% |
| Amounts receivable within one year | 40/41 | €52,849 | €34,962 | -€17,887 | -33.8% |
| Trade receivables | 40 | €11,189 | €480 | -€10,709 | -95.7% |
| Other amounts receivable | 41 | €41,659 | €34,482 | -€7,178 | -17.2% |
| Cash at bank and in hand | 54/58 | €1,765 | €17,278 | +€15,513 | +878.7% |
| Deferred charges and accrued income | 490/1 | - | €260 | +€260 | |
| Total equity and liabilities | 10/49 | €428,711 | €406,809 | -€21,901 | -5.1% |
| Equity | 10/15 | €255,925 | €255,480 | -€445 | -0.2% |
| Contributions | 10/11 | €76,200 | €76,200 | = | 0.0% |
| Reserves | 13 | €178,538 | €178,538 | = | 0.0% |
| Distributable reserves | 133 | €178,538 | €178,538 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,187 | €742 | -€445 | -37.5% |
| Amounts payable | 17/49 | €172,785 | €151,329 | -€21,456 | -12.4% |
| Amounts payable after more than one year | 17 | €151,050 | €133,835 | -€17,215 | -11.4% |
| Financial debts | 170/4 | €151,050 | €133,835 | -€17,215 | -11.4% |
| Amounts payable within one year | 42/48 | €21,736 | €17,494 | -€4,242 | -19.5% |
| Current portion of amounts payable after more than one year | 42 | €16,878 | €17,215 | +€337 | +2.0% |
| Trade debts | 44 | €4,447 | €279 | -€4,168 | -93.7% |
| Suppliers | 440/4 | €4,447 | €279 | -€4,168 | -93.7% |
| Taxes, remuneration and social security | 45 | €411 | €0 | -€411 | -100.0% |
| Taxes | 450/3 | €411 | €0 | -€411 | -100.0% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,937 | €20,928 | -€9 | 0.0% |
| Other operating charges | 640/8 | €6,929 | €3,940 | -€2,989 | -43.1% |
| Gross operating margin | 9900 | €9,742 | €26,080 | +€16,337 | +167.7% |
| Operating profit (loss) | 9901 | -€18,125 | €1,211 | +€19,336 | |
| Financial income | 75/76B | €7,882 | €1,686 | -€6,196 | -78.6% |
| Recurring financial income | 75 | €0 | €1,686 | +€1,686 | +4215200.0% |
| Non-recurring financial income | 76B | €7,882 | - | -€7,882 | |
| Financial charges | 65/66B | €3,681 | €3,342 | -€339 | -9.2% |
| Recurring financial charges | 65 | €3,681 | €3,342 | -€339 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | -€13,924 | -€445 | +€13,479 | +96.8% |
| Income taxes | 67/77 | €379 | €0 | -€379 | -100.0% |
| Profit (loss) for the period | 9904 | -€14,303 | -€445 | +€13,858 | +96.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,303 | -€445 | +€13,858 | +96.9% |
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 9 October 2026 via checked.be.