VELSA: 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.
VELSA
Largest movements
- Cash -€14,720
down €14,720 (-71.1%), from €20,710 to €5,990
mainly Debts after one year (-€94,004) and Current portion of long-term debt (-€33,299)
- Debts after one year -€94,004
down €94,004 (-11.6%), from €809,978 to €715,974
- Profit (loss) carried forward +€51,872
up €51,872 (+13.7%), from €379,959 to €431,831
- Current portion of long-term debt -€33,299
down €33,299 (-29.4%), from €113,303 to €80,004
- Trade debts +€29,977
up €29,977 (+5415.7%), from €554 to €30,530
- Other debts +€29,000
new in 2025: €29,000
- Taxes +€20,882
up €20,882 (+66.8%), from €31,264 to €52,146
- Gross operating margin -€8,608
down €8,608 (-6.2%), from €138,190 to €129,581
- Other operating charges -€2,746
down €2,746 (-59.1%), from €4,644 to €1,898
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 | €1,375,402 | €1,358,784 | -€16,619 | -1.2% |
| Fixed assets | 21/28 | €1,330,000 | €1,330,000 | = | 0.0% |
| Financial fixed assets | 28 | €1,330,000 | €1,330,000 | = | 0.0% |
| Current assets | 29/58 | €45,402 | €28,784 | -€16,619 | -36.6% |
| Amounts receivable within one year | 40/41 | €24,692 | €22,793 | -€1,898 | -7.7% |
| Trade receivables | 40 | €24,610 | €22,712 | -€1,898 | -7.7% |
| Other amounts receivable | 41 | €82 | €82 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €20,710 | €5,990 | -€14,720 | -71.1% |
| Total equity and liabilities | 10/49 | €1,375,402 | €1,358,784 | -€16,619 | -1.2% |
| Equity | 10/15 | €381,959 | €433,831 | +€51,872 | +13.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €379,959 | €431,831 | +€51,872 | +13.7% |
| Amounts payable | 17/49 | €993,443 | €924,953 | -€68,491 | -6.9% |
| Amounts payable after more than one year | 17 | €809,978 | €715,974 | -€94,004 | -11.6% |
| Financial debts | 170/4 | €809,978 | €715,974 | -€94,004 | -11.6% |
| Amounts payable within one year | 42/48 | €183,465 | €208,979 | +€25,513 | +13.9% |
| Current portion of amounts payable after more than one year | 42 | €113,303 | €80,004 | -€33,299 | -29.4% |
| Trade debts | 44 | €554 | €30,530 | +€29,977 | +5415.7% |
| Suppliers | 440/4 | €554 | €30,530 | +€29,977 | +5415.7% |
| Taxes, remuneration and social security | 45 | €69,608 | €69,445 | -€164 | -0.2% |
| Taxes | 450/3 | €69,608 | €69,445 | -€164 | -0.2% |
| Other amounts payable | 47/48 | - | €29,000 | +€29,000 | |
| Other operating charges | 640/8 | €4,644 | €1,898 | -€2,746 | -59.1% |
| Gross operating margin | 9900 | €138,190 | €129,581 | -€8,608 | -6.2% |
| Operating profit (loss) | 9901 | €133,545 | €127,684 | -€5,862 | -4.4% |
| Financial charges | 65/66B | €24,524 | €23,665 | -€859 | -3.5% |
| Recurring financial charges | 65 | €24,524 | €23,665 | -€859 | -3.5% |
| Profit (loss) for the period before taxes | 9903 | €109,021 | €104,018 | -€5,003 | -4.6% |
| Income taxes | 67/77 | €31,264 | €52,146 | +€20,882 | +66.8% |
| Profit (loss) for the period | 9904 | €77,757 | €51,872 | -€25,884 | -33.3% |
| Profit (loss) for the period to be appropriated | 9905 | €77,757 | €51,872 | -€25,884 | -33.3% |
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 10 October 2026 via checked.be.