VENO: 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.
VENO
Largest movements
- Current investments +€80,000
up €80,000 (+24.2%), from €330,000 to €410,000
- Tangible fixed assets -€62,449
down €62,449 (-5.2%), from €1.2m to €1.1m
of which Land and buildings: -€57,131
- Cash -€22,175
down €22,175 (-28.1%), from €78,996 to €56,821
mainly Current investments (-€80,000) and Investment in fixed assets (net) (-€14,691)
- Reserves +€29,186
up €29,186 (+19.7%), from €148,241 to €177,427
of which Distributable reserves: +€24,871
- Depreciation -€23,585
down €23,585 (-23.4%), from €100,724 to €77,139
- Gross operating margin -€15,360
down €15,360 (-10.8%), from €142,759 to €127,399
- Taxes +€6,107
up €6,107 (+160.9%), from €3,795 to €9,903
- Financial income +€1,768
up €1,768 (+30.0%), from €5,899 to €7,667
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 | €1,628,921 | €1,634,204 | +€5,284 | +0.3% |
| Fixed assets | 21/28 | €1,196,444 | €1,133,995 | -€62,449 | -5.2% |
| Tangible fixed assets | 22/27 | €1,196,444 | €1,133,995 | -€62,449 | -5.2% |
| Land and buildings | 22 | €1,186,716 | €1,129,585 | -€57,131 | -4.8% |
| Plant, machinery and equipment | 23 | €9,727 | €4,410 | -€5,317 | -54.7% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €432,477 | €500,210 | +€67,733 | +15.7% |
| Amounts receivable within one year | 40/41 | €20,506 | €29,441 | +€8,935 | +43.6% |
| Trade receivables | 40 | €19,584 | €27,044 | +€7,460 | +38.1% |
| Other amounts receivable | 41 | €922 | €2,397 | +€1,475 | +160.1% |
| Current investments | 50/53 | €330,000 | €410,000 | +€80,000 | +24.2% |
| Cash at bank and in hand | 54/58 | €78,996 | €56,821 | -€22,175 | -28.1% |
| Deferred charges and accrued income | 490/1 | €2,975 | €3,948 | +€973 | +32.7% |
| Total equity and liabilities | 10/49 | €1,628,921 | €1,634,204 | +€5,284 | +0.3% |
| Equity | 10/15 | €558,241 | €587,427 | +€29,186 | +5.2% |
| Contributions | 10/11 | €410,000 | €410,000 | = | 0.0% |
| Capital | 10 | €410,000 | €410,000 | = | 0.0% |
| Issued capital | 100 | €410,000 | €410,000 | = | 0.0% |
| Reserves | 13 | €148,241 | €177,427 | +€29,186 | +19.7% |
| Non-distributable reserves | 130/1 | €6,561 | €7,870 | +€1,309 | +20.0% |
| Legal reserve | 130 | €6,561 | €7,870 | +€1,309 | +20.0% |
| Tax-exempt reserves | 132 | €71,756 | €74,762 | +€3,007 | +4.2% |
| Distributable reserves | 133 | €69,925 | €94,795 | +€24,871 | +35.6% |
| Provisions and deferred taxes | 16 | €36,948 | €24,921 | -€12,028 | -32.6% |
| Deferred taxes | 168 | €36,948 | €24,921 | -€12,028 | -32.6% |
| Amounts payable | 17/49 | €1,033,731 | €1,021,857 | -€11,875 | -1.1% |
| Amounts payable after more than one year | 17 | €559,944 | €559,944 | = | 0.0% |
| Other amounts payable | 178/9 | €559,944 | €559,944 | = | 0.0% |
| Amounts payable within one year | 42/48 | €472,609 | €458,935 | -€13,674 | -2.9% |
| Trade debts | 44 | €5,048 | €2,810 | -€2,238 | -44.3% |
| Suppliers | 440/4 | €5,048 | €2,810 | -€2,238 | -44.3% |
| Taxes, remuneration and social security | 45 | €2,927 | €2,927 | = | 0.0% |
| Taxes | 450/3 | €2,927 | €2,927 | = | 0.0% |
| Other amounts payable | 47/48 | €464,634 | €453,198 | -€11,436 | -2.5% |
| Accrued charges and deferred income | 492/3 | €1,178 | €2,977 | +€1,799 | +152.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,724 | €77,139 | -€23,585 | -23.4% |
| Other operating charges | 640/8 | €30,003 | €30,656 | +€653 | +2.2% |
| Gross operating margin | 9900 | €142,759 | €127,399 | -€15,360 | -10.8% |
| Operating profit (loss) | 9901 | €12,032 | €19,604 | +€7,571 | +62.9% |
| Financial income | 75/76B | €5,899 | €7,667 | +€1,768 | +30.0% |
| Recurring financial income | 75 | €5,899 | €7,667 | +€1,768 | +30.0% |
| Financial charges | 65/66B | €116 | €209 | +€93 | +80.4% |
| Recurring financial charges | 65 | €116 | €209 | +€93 | +80.4% |
| Profit (loss) for the period before taxes | 9903 | €17,815 | €27,061 | +€9,246 | +51.9% |
| Transfer from deferred taxes | 780 | €7,673 | €2,255 | -€5,418 | -70.6% |
| Income taxes | 67/77 | €3,795 | €9,903 | +€6,107 | +160.9% |
| Profit (loss) for the period | 9904 | €21,693 | €19,414 | -€2,279 | -10.5% |
| Transfer from tax-exempt reserves | 789 | €14,902 | €6,766 | -€8,136 | -54.6% |
| Profit (loss) for the period to be appropriated | 9905 | €36,595 | €26,180 | -€10,415 | -28.5% |
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 5 October 2026 via checked.be.