VELX: 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.
VELX
Largest movements
- Current investments +€350,000
new in 2025: €350,000
- Tangible fixed assets +€90,237
up €90,237 (+90.2%), from €100,032 to €190,269
of which Land and buildings: +€63,992
- Cash -€31,434
down €31,434 (-19.0%), from €165,736 to €134,302
mainly Current investments (-€350,000) and Investment in fixed assets (net) (-€101,431)
- Profit (loss) carried forward +€291,089
up €291,089 (+213.3%), from €136,444 to €427,533
- Tax, wage and social debts +€93,096
up €93,096 (+245.2%), from €37,967 to €131,063
- Trade debts +€28,128
up €28,128 (+2771.4%), from €1,015 to €29,143
- Debts after one year -€11,586
down €11,586 (-13.9%), from €83,390 to €71,804
- Other debts +€8,524
up €8,524 (+454.9%), from €1,874 to €10,398
- Gross operating margin +€230,364
up €230,364 (+134.7%), from €171,050 to €401,414
- Taxes +€57,680
up €57,680 (+162.9%), from €35,409 to €93,090
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 | €274,863 | €684,573 | +€409,710 | +149.1% |
| Fixed assets | 21/28 | €100,032 | €190,269 | +€90,237 | +90.2% |
| Tangible fixed assets | 22/27 | €100,032 | €190,269 | +€90,237 | +90.2% |
| Land and buildings | 22 | €86,153 | €150,145 | +€63,992 | +74.3% |
| Furniture and vehicles | 24 | €13,879 | €7,781 | -€6,098 | -43.9% |
| Leasing and similar rights | 25 | - | €29,950 | +€29,950 | |
| Other tangible fixed assets | 26 | - | €2,393 | +€2,393 | |
| Current assets | 29/58 | €174,830 | €494,304 | +€319,474 | +182.7% |
| Amounts receivable within one year | 40/41 | €1,637 | €0 | -€1,637 | -100.0% |
| Trade receivables | 40 | €1,637 | €0 | -€1,637 | -100.0% |
| Current investments | 50/53 | - | €350,000 | +€350,000 | |
| Cash at bank and in hand | 54/58 | €165,736 | €134,302 | -€31,434 | -19.0% |
| Deferred charges and accrued income | 490/1 | €7,457 | €10,003 | +€2,546 | +34.1% |
| Total equity and liabilities | 10/49 | €274,863 | €684,573 | +€409,710 | +149.1% |
| Equity | 10/15 | €139,444 | €430,533 | +€291,089 | +208.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €136,444 | €427,533 | +€291,089 | +213.3% |
| Amounts payable | 17/49 | €135,419 | €254,040 | +€118,621 | +87.6% |
| Amounts payable after more than one year | 17 | €83,390 | €71,804 | -€11,586 | -13.9% |
| Financial debts | 170/4 | €83,390 | €71,804 | -€11,586 | -13.9% |
| Amounts payable within one year | 42/48 | €52,029 | €182,190 | +€130,161 | +250.2% |
| Current portion of amounts payable after more than one year | 42 | €11,174 | €11,586 | +€412 | +3.7% |
| Trade debts | 44 | €1,015 | €29,143 | +€28,128 | +2771.4% |
| Suppliers | 440/4 | €1,015 | €29,143 | +€28,128 | +2771.4% |
| Taxes, remuneration and social security | 45 | €37,967 | €131,063 | +€93,096 | +245.2% |
| Taxes | 450/3 | €37,967 | €131,063 | +€93,096 | +245.2% |
| Other amounts payable | 47/48 | €1,874 | €10,398 | +€8,524 | +454.9% |
| Accrued charges and deferred income | 492/3 | - | €47 | +€47 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,839 | €11,195 | +€1,355 | +13.8% |
| Other operating charges | 640/8 | €387 | €520 | +€133 | +34.3% |
| Non-recurring operating charges | 66A | €3,205 | €0 | -€3,205 | -100.0% |
| Gross operating margin | 9900 | €171,050 | €401,414 | +€230,364 | +134.7% |
| Operating profit (loss) | 9901 | €157,619 | €389,699 | +€232,080 | +147.2% |
| Financial income | 75/76B | €926 | €249 | -€677 | -73.1% |
| Recurring financial income | 75 | €926 | €249 | -€677 | -73.1% |
| Financial charges | 65/66B | €3,240 | €4,936 | +€1,696 | +52.3% |
| Recurring financial charges | 65 | €3,240 | €4,936 | +€1,696 | +52.3% |
| Profit (loss) for the period before taxes | 9903 | €155,304 | €385,012 | +€229,708 | +147.9% |
| Income taxes | 67/77 | €35,409 | €93,090 | +€57,680 | +162.9% |
| Profit (loss) for the period | 9904 | €119,895 | €291,922 | +€172,028 | +143.5% |
| Profit (loss) for the period to be appropriated | 9905 | €119,895 | €291,922 | +€172,028 | +143.5% |
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.