VENCO: what changed
Two fiscal 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.
VENCO
Largest movements
- Financial fixed assets -€249,730
down €249,730 (-99.2%), from €251,679 to €1,949
- Cash +€229,299
up €229,299 (+449.8%), from €50,981 to €280,280
mainly Other debts (+€251,663) and Investment in fixed assets (net) (+€243,480)
- Receivables within one year -€107,661
down €107,661 (-27.3%), from €393,965 to €286,304
of which Other amounts receivable: -€79,720
- Tangible fixed assets -€18,559
down €18,559 (-24.6%), from €75,341 to €56,782
of which Furniture and vehicles: -€20,873
- Other debts +€251,663
up €251,663 (+1006.7%), from €25,000 to €276,663
- Trade debts -€173,158
down €173,158 (-79.5%), from €217,819 to €44,661
- Debts after one year -€139,945
down €139,945 (-71.0%), from €197,077 to €57,132
- Short-term financial debts -€114,927
down €114,927 (-100.0%), from €114,927 to €0
- Reserves +€24,935
up €24,935 (+23.0%), from €108,461 to €133,396
of which Distributable reserves: +€24,935
- Staff costs +€32,476
up €32,476 (+6.3%), from €512,027 to €544,503
- Other operating charges -€12,150
down €12,150 (-78.6%), from €15,457 to €3,307
- Depreciation +€9,583
up €9,583 (+50.9%), from €18,826 to €28,409
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 | €903,446 | €741,315 | -€162,131 | -17.9% |
| Formation expenses | 20 | €3,600 | €0 | -€3,600 | -100.0% |
| Fixed assets | 21/28 | €327,019 | €58,730 | -€268,289 | -82.0% |
| Tangible fixed assets | 22/27 | €75,341 | €56,782 | -€18,559 | -24.6% |
| Plant, machinery and equipment | 23 | €1,605 | €6,266 | +€4,661 | +290.3% |
| Furniture and vehicles | 24 | €69,041 | €48,167 | -€20,873 | -30.2% |
| Other tangible fixed assets | 26 | €4,695 | €2,348 | -€2,346 | -50.0% |
| Financial fixed assets | 28 | €251,679 | €1,949 | -€249,730 | -99.2% |
| Current assets | 29/58 | €572,826 | €682,584 | +€109,758 | +19.2% |
| Stocks and contracts in progress | 3 | €112,000 | €104,000 | -€8,000 | -7.1% |
| Stocks | 30/36 | €75,000 | €75,000 | = | 0.0% |
| Contracts in progress | 37 | €37,000 | €29,000 | -€8,000 | -21.6% |
| Amounts receivable within one year | 40/41 | €393,965 | €286,304 | -€107,661 | -27.3% |
| Trade receivables | 40 | €282,933 | €254,992 | -€27,941 | -9.9% |
| Other amounts receivable | 41 | €111,032 | €31,311 | -€79,720 | -71.8% |
| Cash at bank and in hand | 54/58 | €50,981 | €280,280 | +€229,299 | +449.8% |
| Deferred charges and accrued income | 490/1 | €15,880 | €12,001 | -€3,880 | -24.4% |
| Total equity and liabilities | 10/49 | €903,446 | €741,315 | -€162,131 | -17.9% |
| Equity | 10/15 | €152,461 | €177,396 | +€24,935 | +16.4% |
| Contributions | 10/11 | €44,000 | €44,000 | = | 0.0% |
| Reserves | 13 | €108,461 | €133,396 | +€24,935 | +23.0% |
| Non-distributable reserves | 130/1 | €4,400 | €4,400 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,400 | €4,400 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €89,061 | €113,996 | +€24,935 | +28.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €750,985 | €563,919 | -€187,066 | -24.9% |
| Amounts payable after more than one year | 17 | €197,077 | €57,132 | -€139,945 | -71.0% |
| Financial debts | 170/4 | €197,077 | €57,132 | -€139,945 | -71.0% |
| Amounts payable within one year | 42/48 | €541,422 | €488,999 | -€52,423 | -9.7% |
| Current portion of amounts payable after more than one year | 42 | €146,909 | €135,800 | -€11,109 | -7.6% |
| Financial debts | 43 | €114,927 | €0 | -€114,927 | -100.0% |
| Credit institutions | 430/8 | €114,927 | €0 | -€114,927 | -100.0% |
| Trade debts | 44 | €217,819 | €44,661 | -€173,158 | -79.5% |
| Suppliers | 440/4 | €217,819 | €44,661 | -€173,158 | -79.5% |
| Taxes, remuneration and social security | 45 | €36,767 | €31,875 | -€4,892 | -13.3% |
| Taxes | 450/3 | €8,224 | €0 | -€8,224 | -100.0% |
| Remuneration and social security | 454/9 | €28,543 | €31,875 | +€3,332 | +11.7% |
| Other amounts payable | 47/48 | €25,000 | €276,663 | +€251,663 | +1006.7% |
| Accrued charges and deferred income | 492/3 | €12,486 | €17,788 | +€5,302 | +42.5% |
| Remuneration, social security and pensions | 62 | €512,027 | €544,503 | +€32,476 | +6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,826 | €28,409 | +€9,583 | +50.9% |
| Other operating charges | 640/8 | €15,457 | €3,307 | -€12,150 | -78.6% |
| Gross operating margin | 9900 | €616,205 | €620,780 | +€4,574 | +0.7% |
| Operating profit (loss) | 9901 | €69,895 | €44,560 | -€25,335 | -36.2% |
| Financial income | 75/76B | €3,428 | €1,795 | -€1,632 | -47.6% |
| Recurring financial income | 75 | €3,428 | €1,795 | -€1,632 | -47.6% |
| Financial charges | 65/66B | €22,878 | €21,420 | -€1,457 | -6.4% |
| Recurring financial charges | 65 | €22,878 | €21,420 | -€1,457 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | €50,445 | €24,935 | -€25,510 | -50.6% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €50,445 | €24,935 | -€25,510 | -50.6% |
| Profit (loss) for the period to be appropriated | 9905 | €50,445 | €24,935 | -€25,510 | -50.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.