VELVET WAVE: what changed
Position among the sector peers
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You see every sector peer as a dot per ratio, with the company in two financial years and every ratio over five years against the sector.
What moved between 2024 and 2025
Largest movements
- Stocks and contracts -€29,655
down €29,655 (-58.6%), from €50,579 to €20,924
- Receivables within one year -€21,412
down €21,412 (-56.5%), from €37,888 to €16,476
of which Trade receivables: -€21,128
- Cash +€10,407
up €10,407 (+1,112%), from €936 to €11,343
mainly Stocks and contracts (+€29,655) and Receivables within one year (+€21,412)
- Intangible fixed assets -€4,800
down €4,800 (-14.3%), from €33,600 to €28,800
- Profit (loss) carried forward -€36,736
down €36,736 (-15.9%), from -€230,510 to -€267,246
- Accrued charges and deferred income -€9,293
no longer reported in 2025 (was €9,293)
- Trade debts +€7,276
up €7,276 (+169%), from €4,296 to €11,573
- Debts after one year -€5,292
down €5,292 (-2.2%), from €237,270 to €231,978
- Reserves -€2,021
no longer reported in 2025 (was €2,021)
- Gross operating margin -€98,945
down €98,945, from €78,085 to -€20,861
- Staff costs -€70,023
no longer reported in 2025 (was €70,023)
- Financial charges -€8,931
down €8,931 (-53.3%), from €16,754 to €7,823
- Other operating charges +€6,433
up €6,433 (+4,665%), from €138 to €6,571
- Financial income -€2,138
down €2,138 (-62.2%), from €3,436 to €1,298
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 | €123,853 | €77,657 | -€46,196 | -37.3% |
| Fixed assets | 21/28 | €33,600 | €28,800 | -€4,800 | -14.3% |
| Intangible fixed assets | 21 | €33,600 | €28,800 | -€4,800 | -14.3% |
| Current assets | 29/58 | €90,253 | €48,857 | -€41,396 | -45.9% |
| Stocks and contracts in progress | 3 | €50,579 | €20,924 | -€29,655 | -58.6% |
| Stocks | 30/36 | €50,579 | €20,924 | -€29,655 | -58.6% |
| Amounts receivable within one year | 40/41 | €37,888 | €16,476 | -€21,412 | -56.5% |
| Trade receivables | 40 | €36,358 | €15,230 | -€21,128 | -58.1% |
| Other amounts receivable | 41 | €1,530 | €1,246 | -€284 | -18.6% |
| Cash at bank and in hand | 54/58 | €936 | €11,343 | +€10,407 | +1,112% |
| Deferred charges and accrued income | 490/1 | €850 | €114 | -€736 | -86.6% |
| Total equity and liabilities | 10/49 | €123,853 | €77,657 | -€46,196 | -37.3% |
| Equity | 10/15 | -€128,489 | -€167,246 | -€38,757 | -30.2% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €2,021 | - | -€2,021 | |
| Distributable reserves | 133 | €2,021 | - | -€2,021 | |
| Profit (loss) carried forward | 14 | -€230,510 | -€267,246 | -€36,736 | -15.9% |
| Amounts payable | 17/49 | €252,342 | €244,902 | -€7,439 | -2.9% |
| Amounts payable after more than one year | 17 | €237,270 | €231,978 | -€5,292 | -2.2% |
| Financial debts | 170/4 | €237,270 | €231,978 | -€5,292 | -2.2% |
| Amounts payable within one year | 42/48 | €5,778 | €12,924 | +€7,146 | +124% |
| Trade debts | 44 | €4,296 | €11,573 | +€7,276 | +169% |
| Suppliers | 440/4 | €4,296 | €11,573 | +€7,276 | +169% |
| Advances received on contracts in progress | 46 | €1,203 | - | -€1,203 | |
| Taxes, remuneration and social security | 45 | €279 | €1,351 | +€1,072 | +384% |
| Taxes | 450/3 | €279 | €1,351 | +€1,072 | +384% |
| Accrued charges and deferred income | 492/3 | €9,293 | - | -€9,293 | |
| Remuneration, social security and pensions | 62 | €70,023 | - | -€70,023 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,800 | €4,800 | = | 0.0% |
| Other operating charges | 640/8 | €138 | €6,571 | +€6,433 | +4,665% |
| Gross operating margin | 9900 | €78,085 | -€20,861 | -€98,945 | |
| Operating profit (loss) | 9901 | €3,123 | -€32,232 | -€35,355 | |
| Financial income | 75/76B | €3,436 | €1,298 | -€2,138 | -62.2% |
| Recurring financial income | 75 | €3,436 | €1,298 | -€2,138 | -62.2% |
| Financial charges | 65/66B | €16,754 | €7,823 | -€8,931 | -53.3% |
| Recurring financial charges | 65 | €16,754 | €7,823 | -€8,931 | -53.3% |
| Profit (loss) for the period before taxes | 9903 | -€10,194 | -€38,757 | -€28,562 | -280% |
| Profit (loss) for the period | 9904 | -€10,194 | -€38,757 | -€28,562 | -280% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,194 | -€38,757 | -€28,562 | -280% |
Value
A value from the accounts assumes the company carries on.
Next steps
Calculation and sources
Source: filed annual accounts (NBB) and main activity (KBO). The movements compare the financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 10 November 2026 via checked.be.