VENA: 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.
VENA
Largest movements
- Cash -€119,899
down €119,899 (-54.4%), from €220,594 to €100,695
mainly Contributions, distributions and other (-€97,804) and Investment in fixed assets (net) (-€76,910)
- Tangible fixed assets +€62,968
up €62,968 (+39.1%), from €160,988 to €223,956
of which Land and buildings: +€64,893
- Receivables within one year -€15,873
down €15,873 (-100%), from €15,873 to €0
- Deferred charges and accrued income +€4,105
up €4,105 (+93.7%), from €4,383 to €8,487
- Reserves -€75,395
down €75,395 (-21.6%), from €349,198 to €273,802
of which Distributable reserves: -€75,395
- Other debts +€4,078
up €4,078 (+37.2%), from €10,948 to €15,026
- Gross operating margin -€78,623
down €78,623 (-62.2%), from €126,335 to €47,712
- Taxes -€25,180
down €25,180 (-69.7%), from €36,137 to €10,957
- Financial income +€1,522
up €1,522 (+45,020%), from €3 to €1,525
- Other operating charges -€1,406
down €1,406 (-46.5%), from €3,025 to €1,619
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 | €406,359 | €337,660 | -€68,699 | -16.9% |
| Fixed assets | 21/28 | €160,988 | €223,956 | +€62,968 | +39.1% |
| Tangible fixed assets | 22/27 | €160,988 | €223,956 | +€62,968 | +39.1% |
| Land and buildings | 22 | €155,697 | €220,590 | +€64,893 | +41.7% |
| Furniture and vehicles | 24 | €5,291 | €3,365 | -€1,925 | -36.4% |
| Current assets | 29/58 | €245,371 | €113,704 | -€131,667 | -53.7% |
| Amounts receivable within one year | 40/41 | €15,873 | €0 | -€15,873 | -100% |
| Other amounts receivable | 41 | €15,873 | €0 | -€15,873 | -100% |
| Current investments | 50/53 | €4,522 | €4,522 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €220,594 | €100,695 | -€119,899 | -54.4% |
| Deferred charges and accrued income | 490/1 | €4,383 | €8,487 | +€4,105 | +93.7% |
| Total equity and liabilities | 10/49 | €406,359 | €337,660 | -€68,699 | -16.9% |
| Equity | 10/15 | €389,198 | €313,802 | -€75,395 | -19.4% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €349,198 | €273,802 | -€75,395 | -21.6% |
| Non-distributable reserves | 130/1 | €4,000 | €4,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,000 | €4,000 | = | 0.0% |
| Distributable reserves | 133 | €345,198 | €269,802 | -€75,395 | -21.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €17,161 | €23,858 | +€6,696 | +39.0% |
| Amounts payable within one year | 42/48 | €14,854 | €21,551 | +€6,696 | +45.1% |
| Trade debts | 44 | €2,421 | €4,568 | +€2,147 | +88.7% |
| Suppliers | 440/4 | €2,421 | €4,568 | +€2,147 | +88.7% |
| Taxes, remuneration and social security | 45 | €1,485 | €1,957 | +€472 | +31.8% |
| Taxes | 450/3 | €1,485 | €1,957 | +€472 | +31.8% |
| Other amounts payable | 47/48 | €10,948 | €15,026 | +€4,078 | +37.2% |
| Accrued charges and deferred income | 492/3 | €2,307 | €2,307 | = | 0.0% |
| Non-recurring operating income | 76A | €85,202 | €6,890 | -€78,313 | -91.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,284 | €13,942 | -€342 | -2.4% |
| Other operating charges | 640/8 | €3,025 | €1,619 | -€1,406 | -46.5% |
| Gross operating margin | 9900 | €126,335 | €47,712 | -€78,623 | -62.2% |
| Operating profit (loss) | 9901 | €109,025 | €32,151 | -€76,875 | -70.5% |
| Financial income | 75/76B | €3 | €1,525 | +€1,522 | +45,020% |
| Recurring financial income | 75 | €3 | €1,525 | +€1,522 | +45,020% |
| Financial charges | 65/66B | €77 | €310 | +€233 | +304% |
| Recurring financial charges | 65 | €77 | €310 | +€233 | +304% |
| Profit (loss) for the period before taxes | 9903 | €108,952 | €33,366 | -€75,586 | -69.4% |
| Income taxes | 67/77 | €36,137 | €10,957 | -€25,180 | -69.7% |
| Profit (loss) for the period | 9904 | €72,815 | €22,409 | -€50,406 | -69.2% |
| Profit (loss) for the period to be appropriated | 9905 | €72,815 | €22,409 | -€50,406 | -69.2% |
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 18 October 2026 via checked.be.