VELTIOS: 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.
VELTIOS
Largest movements
- Current investments -€75,000
no longer reported in 2025 (was €75,000)
- Cash +€57,335
up €57,335 (+162.1%), from €35,375 to €92,710
mainly Net result for the year (+€83,941) and Current investments (+€75,000)
- Receivables within one year -€33,231
down €33,231 (-59.0%), from €56,306 to €23,074
of which Other amounts receivable: -€33,117
- Financial fixed assets -€13,336
down €13,336 (-74.8%), from €17,836 to €4,500
- Short-term financial debts -€42,335
no longer reported in 2025 (was €42,335)
- Debts after one year -€37,658
down €37,658 (-11.5%), from €328,274 to €290,616
- Reserves +€36,441
up €36,441 (+148.4%), from €24,552 to €60,993
- Other debts -€28,800
down €28,800 (-12.8%), from €225,646 to €196,846
- Advances received +€10,000
new in 2025: €10,000
- Gross operating margin +€24,962
up €24,962 (+20.5%), from €121,800 to €146,762
- Depreciation +€2,421
up €2,421 (+8.1%), from €29,945 to €32,366
- Other operating charges +€1,990
up €1,990 (+40.0%), from €4,971 to €6,961
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 | €683,992 | €626,511 | -€57,481 | -8.4% |
| Fixed assets | 21/28 | €514,177 | €505,341 | -€8,836 | -1.7% |
| Tangible fixed assets | 22/27 | €496,341 | €500,841 | +€4,500 | +0.9% |
| Land and buildings | 22 | €484,524 | €457,701 | -€26,824 | -5.5% |
| Plant, machinery and equipment | 23 | €1,263 | €1,869 | +€606 | +48.0% |
| Furniture and vehicles | 24 | €1,300 | €33,257 | +€31,957 | +2458.3% |
| Other tangible fixed assets | 26 | €9,254 | €8,015 | -€1,239 | -13.4% |
| Financial fixed assets | 28 | €17,836 | €4,500 | -€13,336 | -74.8% |
| Current assets | 29/58 | €169,815 | €121,170 | -€48,645 | -28.6% |
| Amounts receivable within one year | 40/41 | €56,306 | €23,074 | -€33,231 | -59.0% |
| Trade receivables | 40 | €114 | - | -€114 | |
| Other amounts receivable | 41 | €56,192 | €23,074 | -€33,117 | -58.9% |
| Current investments | 50/53 | €75,000 | - | -€75,000 | |
| Cash at bank and in hand | 54/58 | €35,375 | €92,710 | +€57,335 | +162.1% |
| Deferred charges and accrued income | 490/1 | €3,134 | €5,386 | +€2,252 | +71.8% |
| Total equity and liabilities | 10/49 | €683,992 | €626,511 | -€57,481 | -8.4% |
| Equity | 10/15 | €43,152 | €79,593 | +€36,441 | +84.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €24,552 | €60,993 | +€36,441 | +148.4% |
| Distributable reserves | 133 | €24,552 | €60,993 | +€36,441 | +148.4% |
| Amounts payable | 17/49 | €640,840 | €546,918 | -€93,922 | -14.7% |
| Amounts payable after more than one year | 17 | €328,274 | €290,616 | -€37,658 | -11.5% |
| Financial debts | 170/4 | €328,274 | €290,616 | -€37,658 | -11.5% |
| Amounts payable within one year | 42/48 | €308,153 | €252,017 | -€56,137 | -18.2% |
| Current portion of amounts payable after more than one year | 42 | €37,734 | €38,180 | +€447 | +1.2% |
| Financial debts | 43 | €42,335 | - | -€42,335 | |
| Credit institutions | 430/8 | €42,335 | - | -€42,335 | |
| Trade debts | 44 | €2,139 | €6,991 | +€4,852 | +226.8% |
| Suppliers | 440/4 | €2,139 | €6,991 | +€4,852 | +226.8% |
| Advances received on contracts in progress | 46 | - | €10,000 | +€10,000 | |
| Taxes, remuneration and social security | 45 | €300 | - | -€300 | |
| Taxes | 450/3 | €300 | - | -€300 | |
| Other amounts payable | 47/48 | €225,646 | €196,846 | -€28,800 | -12.8% |
| Accrued charges and deferred income | 492/3 | €4,413 | €4,285 | -€127 | -2.9% |
| Non-recurring operating income | 76A | €17,250 | €36,420 | +€19,170 | +111.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,945 | €32,366 | +€2,421 | +8.1% |
| Other operating charges | 640/8 | €4,971 | €6,961 | +€1,990 | +40.0% |
| Gross operating margin | 9900 | €121,800 | €146,762 | +€24,962 | +20.5% |
| Operating profit (loss) | 9901 | €86,884 | €107,435 | +€20,551 | +23.7% |
| Financial income | 75/76B | €1,210 | €1,769 | +€560 | +46.3% |
| Recurring financial income | 75 | €1,210 | €1,769 | +€560 | +46.3% |
| Financial charges | 65/66B | €5,770 | €5,985 | +€215 | +3.7% |
| Recurring financial charges | 65 | €5,770 | €5,985 | +€215 | +3.7% |
| Profit (loss) for the period before taxes | 9903 | €82,324 | €103,219 | +€20,895 | +25.4% |
| Income taxes | 67/77 | €18,178 | €19,278 | +€1,100 | +6.0% |
| Profit (loss) for the period | 9904 | €64,146 | €83,941 | +€19,795 | +30.9% |
| Profit (loss) for the period to be appropriated | 9905 | €64,146 | €83,941 | +€19,795 | +30.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.