VENCKO: 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.
VENCKO
Largest movements
- Receivables within one year -€135,312
down €135,312 (-57.5%), from €235,477 to €100,165
of which Other amounts receivable: -€79,796
- Cash +€115,831
up €115,831 (+74.6%), from €155,247 to €271,078
mainly Receivables within one year (+€135,312) and Net result for the year (+€71,919)
- Receivables after one year +€92,651
new in 2025: €92,651
- Tangible fixed assets -€7,556
down €7,556 (-6.7%), from €113,606 to €106,050
of which Land and buildings: -€5,750
- Deferred charges and accrued income +€6,429
new in 2025: €6,429
- Reserves +€70,000
up €70,000 (+36.2%), from €193,300 to €263,300
of which Distributable reserves: +€70,000
- Debts after one year -€8,221
down €8,221 (-21.4%), from €38,395 to €30,174
- Trade debts +€6,350
up €6,350 (+389%), from €1,633 to €7,983
- Gross operating margin -€54,201
down €54,201 (-31.4%), from €172,392 to €118,191
- Taxes -€16,039
down €16,039 (-31.2%), from €51,343 to €35,304
- Financial income -€5,486
down €5,486 (-66.4%), from €8,265 to €2,780
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 | €553,077 | €625,121 | +€72,044 | +13.0% |
| Fixed assets | 21/28 | €113,606 | €106,050 | -€7,556 | -6.7% |
| Tangible fixed assets | 22/27 | €113,606 | €106,050 | -€7,556 | -6.7% |
| Land and buildings | 22 | €110,629 | €104,878 | -€5,750 | -5.2% |
| Plant, machinery and equipment | 23 | €2,009 | €1,172 | -€837 | -41.7% |
| Furniture and vehicles | 24 | €968 | - | -€968 | |
| Current assets | 29/58 | €439,471 | €519,070 | +€79,599 | +18.1% |
| Amounts receivable after more than one year | 29 | - | €92,651 | +€92,651 | |
| Trade receivables | 290 | - | €92,651 | +€92,651 | |
| Amounts receivable within one year | 40/41 | €235,477 | €100,165 | -€135,312 | -57.5% |
| Trade receivables | 40 | €151,395 | €95,879 | -€55,516 | -36.7% |
| Other amounts receivable | 41 | €84,082 | €4,286 | -€79,796 | -94.9% |
| Current investments | 50/53 | €48,747 | €48,747 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €155,247 | €271,078 | +€115,831 | +74.6% |
| Deferred charges and accrued income | 490/1 | - | €6,429 | +€6,429 | |
| Total equity and liabilities | 10/49 | €553,077 | €625,121 | +€72,044 | +13.0% |
| Equity | 10/15 | €429,039 | €500,958 | +€71,919 | +16.8% |
| Contributions | 10/11 | €13,000 | €13,000 | = | 0.0% |
| Reserves | 13 | €193,300 | €263,300 | +€70,000 | +36.2% |
| Non-distributable reserves | 130/1 | €1,300 | €1,300 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,300 | €1,300 | = | 0.0% |
| Distributable reserves | 133 | €192,000 | €262,000 | +€70,000 | +36.5% |
| Profit (loss) carried forward | 14 | €222,739 | €224,658 | +€1,919 | +0.9% |
| Amounts payable | 17/49 | €124,038 | €124,163 | +€125 | +0.1% |
| Amounts payable after more than one year | 17 | €38,395 | €30,174 | -€8,221 | -21.4% |
| Financial debts | 170/4 | €38,395 | €30,174 | -€8,221 | -21.4% |
| Amounts payable within one year | 42/48 | €85,643 | €93,989 | +€8,346 | +9.7% |
| Current portion of amounts payable after more than one year | 42 | €8,049 | €8,221 | +€171 | +2.1% |
| Financial debts | 43 | - | €149 | +€149 | |
| Credit institutions | 430/8 | - | €149 | +€149 | |
| Trade debts | 44 | €1,633 | €7,983 | +€6,350 | +389% |
| Suppliers | 440/4 | €1,633 | €7,983 | +€6,350 | +389% |
| Taxes, remuneration and social security | 45 | €75,961 | €77,636 | +€1,675 | +2.2% |
| Taxes | 450/3 | €75,961 | €77,636 | +€1,675 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,165 | €7,556 | -€609 | -7.5% |
| Other operating charges | 640/8 | €2,378 | €3,948 | +€1,570 | +66.0% |
| Gross operating margin | 9900 | €172,392 | €118,191 | -€54,201 | -31.4% |
| Operating profit (loss) | 9901 | €161,849 | €106,687 | -€55,163 | -34.1% |
| Financial income | 75/76B | €8,265 | €2,780 | -€5,486 | -66.4% |
| Recurring financial income | 75 | €8,265 | €2,780 | -€5,486 | -66.4% |
| Financial charges | 65/66B | €2,096 | €2,243 | +€147 | +7.0% |
| Recurring financial charges | 65 | €2,096 | €2,243 | +€147 | +7.0% |
| Profit (loss) for the period before taxes | 9903 | €168,018 | €107,223 | -€60,795 | -36.2% |
| Income taxes | 67/77 | €51,343 | €35,304 | -€16,039 | -31.2% |
| Profit (loss) for the period | 9904 | €116,675 | €71,919 | -€44,756 | -38.4% |
| Profit (loss) for the period to be appropriated | 9905 | €116,675 | €71,919 | -€44,756 | -38.4% |
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 15 October 2026 via checked.be.