VEOS: 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.
What changed
VEOS
NACE 20.140, Manufacture of chemicals and chemical products
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€11.8m
2024 · €12.1m-€259,771
Equity
€25.4m
2024 · €23.4m+€2.0m
Cash
€3.7m
2024 · €1.8m+€1.9m
Balance sheet total
€57.4m
2024 · €52.3m+€5.1m
Largest movements
Assets
- Cash +€1.9m
up €1.9m (+109%), from €1.8m to €3.7m
mainly Net result for the year (+€11.8m) and Other debts (+€7.6m)
- Tangible fixed assets +€1.6m
up €1.6m (+4.8%), from €32.6m to €34.1m
of which Plant, machinery and equipment: +€1.3m
- Receivables within one year +€1.3m
up €1.3m (+13.5%), from €9.6m to €10.8m
of which Other amounts receivable: +€853,077
Equity and liabilities
- Other debts +€7.6m
up €7.6m (+75.8%), from €10.0m to €17.6m
- Trade debts -€3.0m
down €3.0m (-38.7%), from €7.7m to €4.7m
- Debts after one year -€2.5m
down €2.5m (-32.4%), from €7.6m to €5.2m
- Reserves +€2.0m
up €2.0m (+8.8%), from €22.8m to €24.8m
of which Distributable reserves: +€1.0m
Income statement
- Turnover +€1.4m
up €1.4m (+2.3%), from €60.8m to €62.2m
- Depreciation +€1.4m
up €1.4m (+25.5%), from €5.3m to €6.7m
- Goods and materials +€622,611
up €622,611 (+3.5%), from €17.6m to €18.3m
of which Purchases: +€761,978
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.
Result 2024
€12.1m
Turnover
+€1.4m
Other operating income
-€391,547
Goods and materials
-€622,611
Services and other goods
-€497,134
Staff costs
-€224,072
Depreciation
-€1.4m
Write-downs
-€251,228
Other operating charges
-€30,789
Other operating items
+€1.9m
Financial income
-€201,139
Financial charges
-€37,403
Taxes
+€23,177
Result 2025
€11.8m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€22.4m
Investment
-€8.2m
Financing
-€12.2m
Cash 2024
€1.8m
From operations (derived)
+€22.4m
Net result for the year
+€11.8m
Depreciation
+€6.7m
Stocks and contracts
-€342,812
Receivables within one year
-€1.3m
Deferred charges and accrued income
+€35,461
Trade debts
-€3.0m
Tax, wage and social debts
+€573,736
Other debts
+€7.6m
Accrued charges and deferred income
+€323,847
Investment (derived)
-€8.2m
Investment in fixed assets (net)
-€8.2m
Financing
-€12.2m
Debts after one year
-€2.5m
Current portion of long-term debt
+€69,970
Contributions, distributions and other
-€9.8m
Cash 2025
€3.7m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €52,338,664 | €57,410,274 | +€5.1m | +9.7% |
| Fixed assets | 21/28 | €32,754,822 | €34,299,840 | +€1.5m | +4.7% |
| Intangible fixed assets | 21 | €153,429 | €148,011 | -€5,418 | -3.5% |
| Tangible fixed assets | 22/27 | €32,588,784 | €34,139,220 | +€1.6m | +4.8% |
| Land and buildings | 22 | €16,817,309 | €16,706,218 | -€111,091 | -0.7% |
| Plant, machinery and equipment | 23 | €15,273,092 | €16,586,290 | +€1.3m | +8.6% |
| Furniture and vehicles | 24 | €498,382 | €397,219 | -€101,163 | -20.3% |
| Assets under construction and advance payments | 27 | - | €449,492 | +€449,492 | |
| Financial fixed assets | 28 | €12,610 | €12,610 | = | 0.0% |
| Other financial fixed assets | 284/8 | €12,610 | €12,610 | = | 0.0% |
| Shares | 284 | €12,495 | €12,495 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €115 | €115 | = | 0.0% |
| Current assets | 29/58 | €19,583,841 | €23,110,434 | +€3.5m | +18.0% |
| Stocks and contracts in progress | 3 | €5,129,917 | €5,472,729 | +€342,812 | +6.7% |
| Stocks | 30/36 | €5,129,917 | €5,472,729 | +€342,812 | +6.7% |
| Raw materials and consumables | 30/31 | €689,577 | €953,387 | +€263,809 | +38.3% |
| Finished goods | 33 | €4,316,829 | €4,416,673 | +€99,843 | +2.3% |
| Goods purchased for resale | 34 | €123,510 | €102,670 | -€20,841 | -16.9% |
| Amounts receivable within one year | 40/41 | €9,554,765 | €10,840,268 | +€1.3m | +13.5% |
| Trade receivables | 40 | €8,519,268 | €8,951,694 | +€432,426 | +5.1% |
| Other amounts receivable | 41 | €1,035,497 | €1,888,574 | +€853,077 | +82.4% |
| Current investments | 50/53 | €3,000,000 | €3,000,000 | = | 0.0% |
| Other investments | 51/53 | €3,000,000 | €3,000,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,780,896 | €3,714,635 | +€1.9m | +109% |
| Deferred charges and accrued income | 490/1 | €118,263 | €82,802 | -€35,461 | -30.0% |
| Total equity and liabilities | 10/49 | €52,338,664 | €57,410,274 | +€5.1m | +9.7% |
| Equity | 10/15 | €23,382,508 | €25,382,508 | +€2.0m | +8.6% |
| Contributions | 10/11 | €571,000 | €571,000 | = | 0.0% |
| Capital | 10 | €571,000 | €571,000 | = | 0.0% |
| Issued capital | 100 | €571,000 | €571,000 | = | 0.0% |
| Reserves | 13 | €22,811,508 | €24,811,508 | +€2.0m | +8.8% |
| Non-distributable reserves | 130/1 | €73,250 | €73,250 | = | 0.0% |
| Legal reserve | 130 | €57,100 | €57,100 | = | 0.0% |
| Own shares acquired | 1312 | €16,150 | €16,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,624,574 | €6,624,449 | +€999,875 | +17.8% |
| Distributable reserves | 133 | €17,113,684 | €18,113,809 | +€1.0m | +5.8% |
| Amounts payable | 17/49 | €28,956,156 | €32,027,766 | +€3.1m | +10.6% |
| Amounts payable after more than one year | 17 | €7,649,168 | €5,174,233 | -€2.5m | -32.4% |
| Financial debts | 170/4 | €7,649,168 | €5,174,233 | -€2.5m | -32.4% |
| Credit institutions | 173 | €7,649,168 | €5,174,233 | -€2.5m | -32.4% |
| Amounts payable within one year | 42/48 | €21,306,988 | €26,529,686 | +€5.2m | +24.5% |
| Current portion of amounts payable after more than one year | 42 | €2,404,966 | €2,474,935 | +€69,970 | +2.9% |
| Trade debts | 44 | €7,744,198 | €4,745,653 | -€3.0m | -38.7% |
| Suppliers | 440/4 | €7,744,198 | €4,745,653 | -€3.0m | -38.7% |
| Taxes, remuneration and social security | 45 | €1,163,089 | €1,736,825 | +€573,736 | +49.3% |
| Taxes | 450/3 | €586,941 | €1,146,139 | +€559,198 | +95.3% |
| Remuneration and social security | 454/9 | €576,148 | €590,686 | +€14,538 | +2.5% |
| Other amounts payable | 47/48 | €9,994,735 | €17,572,273 | +€7.6m | +75.8% |
| Accrued charges and deferred income | 492/3 | - | €323,847 | +€323,847 | |
| Operating income | 70/76A | €59,987,119 | €62,975,010 | +€3.0m | +5.0% |
| Turnover | 70 | €60,845,668 | €62,239,759 | +€1.4m | +2.3% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€1,955,613 | €5,935 | +€2.0m | |
| Other operating income | 74 | €1,080,113 | €688,567 | -€391,547 | -36.3% |
| Non-recurring operating income | 76A | €16,950 | €40,749 | +€23,798 | +140% |
| Operating charges | 60/66A | €44,165,625 | €47,197,923 | +€3.0m | +6.9% |
| Goods for resale, raw materials and consumables | 60 | €17,627,590 | €18,250,201 | +€622,611 | +3.5% |
| Purchases | 600/8 | €17,731,192 | €18,493,169 | +€761,978 | +4.3% |
| Change in stocks: decrease (increase) | 609 | -€103,602 | -€242,968 | -€139,367 | -135% |
| Services and other goods | 61 | €16,727,559 | €17,224,693 | +€497,134 | +3.0% |
| Remuneration, social security and pensions | 62 | €4,640,303 | €4,864,376 | +€224,072 | +4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,314,772 | €6,669,102 | +€1.4m | +25.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€345,136 | -€93,908 | +€251,228 | +72.8% |
| Other operating charges | 640/8 | €172,760 | €203,550 | +€30,789 | +17.8% |
| Non-recurring operating charges | 66A | €27,776 | €79,910 | +€52,134 | +188% |
| Operating profit (loss) | 9901 | €15,821,493 | €15,777,086 | -€44,407 | -0.3% |
| Financial income | 75/76B | €260,778 | €59,639 | -€201,139 | -77.1% |
| Recurring financial income | 75 | €260,778 | €59,639 | -€201,139 | -77.1% |
| Income from financial fixed assets | 750 | €375 | - | -€375 | |
| Income from current assets | 751 | €203,018 | €30,214 | -€172,805 | -85.1% |
| Other financial income | 752/9 | €57,384 | €29,425 | -€27,959 | -48.7% |
| Financial charges | 65/66B | €362,061 | €399,463 | +€37,403 | +10.3% |
| Recurring financial charges | 65 | €362,061 | €399,463 | +€37,403 | +10.3% |
| Debt charges | 650 | €323,360 | €247,533 | -€75,827 | -23.4% |
| Other financial charges | 652/9 | €38,701 | €151,930 | +€113,229 | +293% |
| Profit (loss) for the period before taxes | 9903 | €15,720,210 | €15,437,262 | -€282,948 | -1.8% |
| Income taxes | 67/77 | €3,632,901 | €3,609,724 | -€23,177 | -0.6% |
| Taxes | 670/3 | €3,632,901 | €3,609,724 | -€23,177 | -0.6% |
| Profit (loss) for the period | 9904 | €12,087,309 | €11,827,538 | -€259,771 | -2.1% |
| Transfer to tax-exempt reserves | 689 | €999,875 | €999,875 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €11,087,434 | €10,827,663 | -€259,771 | -2.3% |
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 16 October 2026 via checked.be.