VEO CONSULT: 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.
VEO CONSULT
Largest movements
- Cash -€53,493
down €53,493 (-41.9%), from €127,537 to €74,043
mainly Net result for the year (-€51,160) and Debts after one year (-€20,340)
- Tangible fixed assets -€26,394
down €26,394 (-6.6%), from €398,204 to €371,809
of which Land and buildings: -€18,337
- Receivables within one year -€10,770
down €10,770 (-95.1%), from €11,329 to €559
of which Trade receivables: -€11,329
- Profit (loss) carried forward -€51,160
down €51,160 (-23.2%), from €220,966 to €169,806
- Debts after one year -€20,340
down €20,340 (-9.5%), from €214,220 to €193,880
- Other debts -€11,492
down €11,492 (-10.8%), from €105,955 to €94,463
- Gross operating margin -€86,108
down €86,108, from €70,539 to -€15,569
- Taxes -€10,715
down €10,715 (-96.1%), from €11,154 to €439
- Depreciation +€1,442
up €1,442 (+5.8%), from €24,953 to €26,394
- Other operating charges -€1,217
down €1,217 (-18.5%), from €6,597 to €5,380
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 | €609,620 | €520,213 | -€89,407 | -14.7% |
| Fixed assets | 21/28 | €398,229 | €371,834 | -€26,394 | -6.6% |
| Tangible fixed assets | 22/27 | €398,204 | €371,809 | -€26,394 | -6.6% |
| Land and buildings | 22 | €363,275 | €344,938 | -€18,337 | -5.0% |
| Plant, machinery and equipment | 23 | €300 | €200 | -€100 | -33.3% |
| Furniture and vehicles | 24 | €34,629 | €26,671 | -€7,957 | -23.0% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €211,391 | €148,378 | -€63,013 | -29.8% |
| Stocks and contracts in progress | 3 | €70,741 | €73,165 | +€2,424 | +3.4% |
| Stocks | 30/36 | €70,741 | €73,165 | +€2,424 | +3.4% |
| Amounts receivable within one year | 40/41 | €11,329 | €559 | -€10,770 | -95.1% |
| Trade receivables | 40 | €11,329 | - | -€11,329 | |
| Other amounts receivable | 41 | - | €559 | +€559 | |
| Cash at bank and in hand | 54/58 | €127,537 | €74,043 | -€53,493 | -41.9% |
| Deferred charges and accrued income | 490/1 | €1,785 | €611 | -€1,174 | -65.8% |
| Total equity and liabilities | 10/49 | €609,620 | €520,213 | -€89,407 | -14.7% |
| Equity | 10/15 | €241,426 | €190,266 | -€51,160 | -21.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €220,966 | €169,806 | -€51,160 | -23.2% |
| Amounts payable | 17/49 | €368,193 | €329,946 | -€38,247 | -10.4% |
| Amounts payable after more than one year | 17 | €214,220 | €193,880 | -€20,340 | -9.5% |
| Financial debts | 170/4 | €214,220 | €193,880 | -€20,340 | -9.5% |
| Amounts payable within one year | 42/48 | €153,973 | €135,567 | -€18,407 | -12.0% |
| Current portion of amounts payable after more than one year | 42 | €20,063 | €20,340 | +€277 | +1.4% |
| Trade debts | 44 | €15,204 | €9,120 | -€6,083 | -40.0% |
| Suppliers | 440/4 | €15,204 | €9,120 | -€6,083 | -40.0% |
| Taxes, remuneration and social security | 45 | €12,752 | €11,643 | -€1,109 | -8.7% |
| Taxes | 450/3 | €11,252 | €11,643 | +€391 | +3.5% |
| Remuneration and social security | 454/9 | €1,500 | - | -€1,500 | |
| Other amounts payable | 47/48 | €105,955 | €94,463 | -€11,492 | -10.8% |
| Accrued charges and deferred income | 492/3 | - | €500 | +€500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,953 | €26,394 | +€1,442 | +5.8% |
| Other operating charges | 640/8 | €6,597 | €5,380 | -€1,217 | -18.5% |
| Non-recurring operating charges | 66A | €653 | - | -€653 | |
| Gross operating margin | 9900 | €70,539 | -€15,569 | -€86,108 | |
| Operating profit (loss) | 9901 | €38,336 | -€47,343 | -€85,679 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -83.3% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -83.3% |
| Financial charges | 65/66B | €3,820 | €3,378 | -€442 | -11.6% |
| Recurring financial charges | 65 | €3,820 | €3,378 | -€442 | -11.6% |
| Profit (loss) for the period before taxes | 9903 | €34,516 | -€50,721 | -€85,237 | |
| Income taxes | 67/77 | €11,154 | €439 | -€10,715 | -96.1% |
| Profit (loss) for the period | 9904 | €23,362 | -€51,160 | -€74,522 | |
| Profit (loss) for the period to be appropriated | 9905 | €23,362 | -€51,160 | -€74,522 |
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 10 October 2026 via checked.be.