VENCODI: 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.
VENCODI
Largest movements
- Receivables within one year +€84,875
up €84,875 (+32.9%), from €257,736 to €342,612
of which Other amounts receivable: +€73,205
- Cash +€64,122
up €64,122 (+519%), from €12,350 to €76,472
mainly Net result for the year (+€124,766) and Tax, wage and social debts (+€16,407)
- Tangible fixed assets -€11,831
down €11,831 (-53.3%), from €22,178 to €10,346
of which Furniture and vehicles: -€11,584
- Reserves +€124,766
up €124,766 (+13.0%), from €958,384 to €1.1m
of which Distributable reserves: +€124,766
- Tax, wage and social debts +€16,407
up €16,407 (+2,433%), from €674 to €17,081
- Gross operating margin +€119,371
up €119,371 (+602%), from €19,820 to €139,190
- Financial income +€16,852
new in 2025: €16,852
- Taxes +€14,455
up €14,455 (+392%), from €3,689 to €18,144
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 | €972,264 | €1,109,430 | +€137,166 | +14.1% |
| Fixed assets | 21/28 | €22,178 | €10,346 | -€11,831 | -53.3% |
| Tangible fixed assets | 22/27 | €22,178 | €10,346 | -€11,831 | -53.3% |
| Plant, machinery and equipment | 23 | €247 | - | -€247 | |
| Furniture and vehicles | 24 | €21,931 | €10,346 | -€11,584 | -52.8% |
| Current assets | 29/58 | €950,086 | €1,099,083 | +€148,997 | +15.7% |
| Amounts receivable within one year | 40/41 | €257,736 | €342,612 | +€84,875 | +32.9% |
| Trade receivables | 40 | €16,094 | €27,765 | +€11,670 | +72.5% |
| Other amounts receivable | 41 | €241,642 | €314,847 | +€73,205 | +30.3% |
| Current investments | 50/53 | €680,000 | €680,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €12,350 | €76,472 | +€64,122 | +519% |
| Total equity and liabilities | 10/49 | €972,264 | €1,109,430 | +€137,166 | +14.1% |
| Equity | 10/15 | €964,584 | €1,089,349 | +€124,766 | +12.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €958,384 | €1,083,149 | +€124,766 | +13.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €956,524 | €1,081,289 | +€124,766 | +13.0% |
| Amounts payable | 17/49 | €7,680 | €20,080 | +€12,400 | +161% |
| Amounts payable within one year | 42/48 | €7,680 | €20,080 | +€12,400 | +161% |
| Trade debts | 44 | €4,279 | €1,458 | -€2,821 | -65.9% |
| Suppliers | 440/4 | €4,279 | €1,458 | -€2,821 | -65.9% |
| Taxes, remuneration and social security | 45 | €674 | €17,081 | +€16,407 | +2,433% |
| Taxes | 450/3 | €674 | €17,081 | +€16,407 | +2,433% |
| Other amounts payable | 47/48 | €2,727 | €1,541 | -€1,186 | -43.5% |
| Non-recurring operating income | 76A | - | €175,000 | +€175,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,873 | €11,831 | -€42 | -0.4% |
| Other operating charges | 640/8 | €316 | €965 | +€649 | +206% |
| Gross operating margin | 9900 | €19,820 | €139,190 | +€119,371 | +602% |
| Operating profit (loss) | 9901 | €7,631 | €126,394 | +€118,763 | +1,556% |
| Financial income | 75/76B | - | €16,852 | +€16,852 | |
| Recurring financial income | 75 | - | €16,852 | +€16,852 | |
| Financial charges | 65/66B | €682 | €337 | -€345 | -50.6% |
| Recurring financial charges | 65 | €682 | €337 | -€345 | -50.6% |
| Profit (loss) for the period before taxes | 9903 | €6,949 | €142,909 | +€135,960 | +1,956% |
| Income taxes | 67/77 | €3,689 | €18,144 | +€14,455 | +392% |
| Profit (loss) for the period | 9904 | €3,261 | €124,766 | +€121,505 | +3,726% |
| Profit (loss) for the period to be appropriated | 9905 | €3,261 | €124,766 | +€121,505 | +3,726% |
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.