VELUPONT: 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.
VELUPONT
Largest movements
- Cash +€2.3m
up €2.3m (+992%), from €228,186 to €2.5m
mainly Net result for the year (+€759,856) and Receivables within one year (+€753,920)
- Receivables within one year -€753,920
down €753,920 (-88.9%), from €847,680 to €93,760
of which Trade receivables: -€752,745
- Current investments -€478,154
down €478,154 (-15.8%), from €3.0m to €2.6m
- Tangible fixed assets +€334,126
up €334,126 (+116%), from €288,302 to €622,428
of which Land and buildings: +€350,835
- Stocks and contracts -€278,024
down €278,024 (-52.6%), from €528,766 to €250,742
- Advances received +€549,803
up €549,803 (+39.9%), from €1.4m to €1.9m
- Other debts +€398,401
up €398,401 (+139%), from €287,574 to €685,974
- Reserves +€243,607
up €243,607 (+8.6%), from €2.8m to €3.1m
of which Distributable reserves: +€243,607
- Contributions -€148,824
down €148,824 (-27.8%), from €535,394 to €386,570
- Profit (loss) carried forward +€148,824
up €148,824, from -€148,824 to €0
- Gross operating margin -€467,368
down €467,368 (-26.7%), from €1.7m to €1.3m
- Taxes -€184,170
down €184,170 (-34.3%), from €536,721 to €352,551
- Financial income -€52,310
down €52,310 (-72.5%), from €72,113 to €19,803
- Depreciation +€38,635
up €38,635 (+83.0%), from €46,537 to €85,172
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.
Derived cash bridge
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 | €5,131,614 | €6,178,758 | +€1.0m | +20.4% |
| Fixed assets | 21/28 | €307,543 | €640,776 | +€333,233 | +108% |
| Intangible fixed assets | 21 | €10,341 | €7,858 | -€2,483 | -24.0% |
| Tangible fixed assets | 22/27 | €288,302 | €622,428 | +€334,126 | +116% |
| Land and buildings | 22 | €229,237 | €580,072 | +€350,835 | +153% |
| Plant, machinery and equipment | 23 | €12,031 | €15,541 | +€3,510 | +29.2% |
| Furniture and vehicles | 24 | €47,034 | €26,815 | -€20,219 | -43.0% |
| Financial fixed assets | 28 | €8,900 | €10,490 | +€1,590 | +17.9% |
| Current assets | 29/58 | €4,824,071 | €5,537,982 | +€713,912 | +14.8% |
| Amounts receivable after more than one year | 29 | €150,000 | €136,026 | -€13,974 | -9.3% |
| Other amounts receivable | 291 | €150,000 | €136,026 | -€13,974 | -9.3% |
| Stocks and contracts in progress | 3 | €528,766 | €250,742 | -€278,024 | -52.6% |
| Stocks | 30/36 | €528,766 | €250,742 | -€278,024 | -52.6% |
| Amounts receivable within one year | 40/41 | €847,680 | €93,760 | -€753,920 | -88.9% |
| Trade receivables | 40 | €807,702 | €54,957 | -€752,745 | -93.2% |
| Other amounts receivable | 41 | €39,978 | €38,803 | -€1,175 | -2.9% |
| Current investments | 50/53 | €3,032,422 | €2,554,268 | -€478,154 | -15.8% |
| Cash at bank and in hand | 54/58 | €228,186 | €2,492,327 | +€2.3m | +992% |
| Deferred charges and accrued income | 490/1 | €37,018 | €10,861 | -€26,157 | -70.7% |
| Total equity and liabilities | 10/49 | €5,131,614 | €6,178,758 | +€1.0m | +20.4% |
| Equity | 10/15 | €3,204,064 | €3,447,672 | +€243,607 | +7.6% |
| Contributions | 10/11 | €535,394 | €386,570 | -€148,824 | -27.8% |
| Reserves | 13 | €2,817,494 | €3,061,102 | +€243,607 | +8.6% |
| Tax-exempt reserves | 132 | €84,725 | €84,725 | = | 0.0% |
| Distributable reserves | 133 | €2,732,769 | €2,976,377 | +€243,607 | +8.9% |
| Profit (loss) carried forward | 14 | -€148,824 | €0 | +€148,824 | |
| Amounts payable | 17/49 | €1,927,549 | €2,731,086 | +€803,537 | +41.7% |
| Amounts payable within one year | 42/48 | €1,919,316 | €2,731,086 | +€811,771 | +42.3% |
| Trade debts | 44 | €173,346 | €101,799 | -€71,546 | -41.3% |
| Suppliers | 440/4 | €173,346 | €101,799 | -€71,546 | -41.3% |
| Advances received on contracts in progress | 46 | €1,376,318 | €1,926,121 | +€549,803 | +39.9% |
| Taxes, remuneration and social security | 45 | €82,078 | €17,192 | -€64,887 | -79.1% |
| Taxes | 450/3 | €67,914 | €4,595 | -€63,319 | -93.2% |
| Remuneration and social security | 454/9 | €14,165 | €12,597 | -€1,568 | -11.1% |
| Other amounts payable | 47/48 | €287,574 | €685,974 | +€398,401 | +139% |
| Accrued charges and deferred income | 492/3 | €8,234 | €0 | -€8,234 | -100% |
| Non-recurring operating income | 76A | €3,000 | €0 | -€3,000 | -100% |
| Remuneration, social security and pensions | 62 | €60,415 | €60,217 | -€198 | -0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,537 | €85,172 | +€38,635 | +83.0% |
| Other operating charges | 640/8 | €1,622 | €2,094 | +€472 | +29.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,747,724 | €1,280,355 | -€467,368 | -26.7% |
| Operating profit (loss) | 9901 | €1,639,149 | €1,132,872 | -€506,277 | -30.9% |
| Financial income | 75/76B | €72,113 | €19,803 | -€52,310 | -72.5% |
| Recurring financial income | 75 | €72,113 | €19,803 | -€52,310 | -72.5% |
| Financial charges | 65/66B | €26,773 | €40,268 | +€13,495 | +50.4% |
| Recurring financial charges | 65 | €26,773 | €40,268 | +€13,495 | +50.4% |
| Profit (loss) for the period before taxes | 9903 | €1,684,489 | €1,112,407 | -€572,082 | -34.0% |
| Income taxes | 67/77 | €536,721 | €352,551 | -€184,170 | -34.3% |
| Profit (loss) for the period | 9904 | €1,147,768 | €759,856 | -€387,912 | -33.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,147,768 | €759,856 | -€387,912 | -33.8% |
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 27 October 2026 via checked.be.