VELVET NOIR: what changed
VELVET NOIR
Largest movements
- Tangible fixed assets -€15,074
down €15,074 (-4.4%), from €339,753 to €324,678
of which Land and buildings: -€25,836
- Receivables within one year +€10,584
up €10,584 (+115%), from €9,239 to €19,823
of which Other amounts receivable: +€10,484
- Stocks and contracts +€8,396
up €8,396 (+5.5%), from €153,744 to €162,140
- Cash +€8,211
up €8,211 (+11.7%), from €70,441 to €78,652
mainly Depreciation (+€30,955) and Advances received (+€21,314)
- Debts after one year -€24,437
down €24,437 (-8.3%), from €294,469 to €270,033
of which Financial debts: -€24,437
- Advances received +€21,314
up €21,314 (+201%), from €10,609 to €31,923
- Trade debts +€15,178
up €15,178 (+205%), from €7,396 to €22,574
- Other operating charges +€8,568
up €8,568 (+836%), from €1,025 to €9,594
- Depreciation -€5,555
down €5,555 (-15.2%), from €36,510 to €30,955
- Gross operating margin +€4,373
up €4,373 (+5.9%), from €74,218 to €78,591
- Staff costs +€2,480
up €2,480 (+11.7%), from €21,272 to €23,751
- Financial income +€2,202
up €2,202 (+81.5%), from €2,700 to €4,902
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €573,177 | €585,294 | +€12,116 | +2.1% |
| Fixed assets | 21/28 | €339,753 | €324,678 | -€15,074 | -4.4% |
| Tangible fixed assets | 22/27 | €339,753 | €324,678 | -€15,074 | -4.4% |
| Land and buildings | 22 | €327,465 | €301,630 | -€25,836 | -7.9% |
| Plant, machinery and equipment | 23 | €8,941 | €21,406 | +€12,465 | +139% |
| Furniture and vehicles | 24 | €3,346 | €1,643 | -€1,704 | -50.9% |
| Current assets | 29/58 | €233,424 | €260,615 | +€27,191 | +11.6% |
| Stocks and contracts in progress | 3 | €153,744 | €162,140 | +€8,396 | +5.5% |
| Stocks | 30/36 | €153,744 | €162,140 | +€8,396 | +5.5% |
| Amounts receivable within one year | 40/41 | €9,239 | €19,823 | +€10,584 | +115% |
| Trade receivables | 40 | €0 | €100 | +€100 | |
| Other amounts receivable | 41 | €9,239 | €19,723 | +€10,484 | +113% |
| Cash at bank and in hand | 54/58 | €70,441 | €78,652 | +€8,211 | +11.7% |
| Total equity and liabilities | 10/49 | €573,177 | €585,294 | +€12,116 | +2.1% |
| Equity | 10/15 | €201,102 | €204,944 | +€3,841 | +1.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €182,502 | €186,344 | +€3,841 | +2.1% |
| Distributable reserves | 133 | €182,502 | €186,344 | +€3,841 | +2.1% |
| Amounts payable | 17/49 | €372,075 | €380,350 | +€8,275 | +2.2% |
| Amounts payable after more than one year | 17 | €294,469 | €270,033 | -€24,437 | -8.3% |
| Financial debts | 170/4 | €244,469 | €220,033 | -€24,437 | -10.0% |
| Other amounts payable | 178/9 | €50,000 | €50,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €77,606 | €110,317 | +€32,712 | +42.2% |
| Current portion of amounts payable after more than one year | 42 | €33,772 | €35,437 | +€1,665 | +4.9% |
| Financial debts | 43 | €202 | - | -€202 | |
| Other loans | 439 | €202 | - | -€202 | |
| Trade debts | 44 | €7,396 | €22,574 | +€15,178 | +205% |
| Suppliers | 440/4 | €7,396 | €22,574 | +€15,178 | +205% |
| Advances received on contracts in progress | 46 | €10,609 | €31,923 | +€21,314 | +201% |
| Taxes, remuneration and social security | 45 | €25,222 | €20,384 | -€4,838 | -19.2% |
| Taxes | 450/3 | €23,399 | €20,384 | -€3,015 | -12.9% |
| Remuneration and social security | 454/9 | €1,822 | €0 | -€1,822 | -100% |
| Other amounts payable | 47/48 | €406 | €0 | -€406 | -100% |
| Remuneration, social security and pensions | 62 | €21,272 | €23,751 | +€2,480 | +11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,510 | €30,955 | -€5,555 | -15.2% |
| Other operating charges | 640/8 | €1,025 | €9,594 | +€8,568 | +836% |
| Gross operating margin | 9900 | €74,218 | €78,591 | +€4,373 | +5.9% |
| Operating profit (loss) | 9901 | €15,411 | €14,291 | -€1,120 | -7.3% |
| Financial income | 75/76B | €2,700 | €4,902 | +€2,202 | +81.5% |
| Recurring financial income | 75 | €2,700 | €4,902 | +€2,202 | +81.5% |
| Financial charges | 65/66B | €15,892 | €14,486 | -€1,406 | -8.8% |
| Recurring financial charges | 65 | €15,892 | €14,486 | -€1,406 | -8.8% |
| Profit (loss) for the period before taxes | 9903 | €2,219 | €4,707 | +€2,488 | +112% |
| Income taxes | 67/77 | €761 | €866 | +€105 | +13.8% |
| Profit (loss) for the period | 9904 | €1,458 | €3,841 | +€2,383 | +163% |
| Profit (loss) for the period to be appropriated | 9905 | €1,458 | €3,841 | +€2,383 | +163% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.