VEOWARE: 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.
VEOWARE
Largest movements
- Stocks and contracts +€1.0m
up €1.0m (+297%), from €341,032 to €1.4m
of which Contracts in progress: +€1.1m
- Receivables within one year +€678,609
up €678,609 (+178%), from €382,165 to €1.1m
of which Trade receivables: +€657,793
- Tangible fixed assets +€145,148
up €145,148 (+134%), from €108,162 to €253,310
of which Plant, machinery and equipment: +€138,909
- Intangible fixed assets +€100,370
up €100,370 (+6.0%), from €1.7m to €1.8m
- Debts after one year +€1.3m
up €1.3m (+55.3%), from €2.4m to €3.7m
- Advances received +€671,123
up €671,123 (+115%), from €583,750 to €1.3m
- Profit (loss) carried forward -€170,216
down €170,216 (-26.8%), from -€636,118 to -€806,335
- Trade debts +€111,705
up €111,705 (+53.1%), from €210,556 to €322,260
- Tax, wage and social debts +€69,600
up €69,600 (+62.9%), from €110,650 to €180,250
of which Remuneration and social security: +€72,800
- Gross operating margin +€1.9m
up €1.9m (+235%), from €808,747 to €2.7m
- Staff costs +€705,503
up €705,503 (+73.9%), from €954,332 to €1.7m
- Depreciation +€145,409
up €145,409 (+14.6%), from €994,361 to €1.1m
- Financial charges +€34,248
up €34,248 (+38.4%), from €89,244 to €123,491
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 | €2,869,089 | €4,862,746 | +€2.0m | +69.5% |
| Fixed assets | 21/28 | €1,825,613 | €2,056,380 | +€230,768 | +12.6% |
| Intangible fixed assets | 21 | €1,684,466 | €1,784,836 | +€100,370 | +6.0% |
| Tangible fixed assets | 22/27 | €108,162 | €253,310 | +€145,148 | +134% |
| Plant, machinery and equipment | 23 | €70,370 | €209,278 | +€138,909 | +197% |
| Furniture and vehicles | 24 | €11,333 | €44,032 | +€32,698 | +289% |
| Assets under construction and advance payments | 27 | €26,459 | €0 | -€26,459 | -100% |
| Financial fixed assets | 28 | €32,985 | €18,235 | -€14,750 | -44.7% |
| Current assets | 29/58 | €1,043,477 | €2,806,366 | +€1.8m | +169% |
| Stocks and contracts in progress | 3 | €341,032 | €1,354,989 | +€1.0m | +297% |
| Stocks | 30/36 | €341,032 | €303,343 | -€37,689 | -11.1% |
| Contracts in progress | 37 | - | €1,051,646 | +€1.1m | |
| Amounts receivable within one year | 40/41 | €382,165 | €1,060,774 | +€678,609 | +178% |
| Trade receivables | 40 | €192,097 | €849,890 | +€657,793 | +342% |
| Other amounts receivable | 41 | €190,068 | €210,884 | +€20,816 | +11.0% |
| Cash at bank and in hand | 54/58 | €269,962 | €309,389 | +€39,427 | +14.6% |
| Deferred charges and accrued income | 490/1 | €50,318 | €81,214 | +€30,896 | +61.4% |
| Total equity and liabilities | 10/49 | €2,869,089 | €4,862,746 | +€2.0m | +69.5% |
| Equity | 10/15 | -€586,118 | -€756,335 | -€170,216 | -29.0% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€636,118 | -€806,335 | -€170,216 | -26.8% |
| Amounts payable | 17/49 | €3,455,208 | €5,619,081 | +€2.2m | +62.6% |
| Amounts payable after more than one year | 17 | €2,414,052 | €3,749,503 | +€1.3m | +55.3% |
| Financial debts | 170/4 | €2,414,052 | €3,749,503 | +€1.3m | +55.3% |
| Amounts payable within one year | 42/48 | €940,386 | €1,757,383 | +€816,996 | +86.9% |
| Financial debts | 43 | €35,371 | €0 | -€35,371 | -100% |
| Credit institutions | 430/8 | €35,371 | €0 | -€35,371 | -100% |
| Trade debts | 44 | €210,556 | €322,260 | +€111,705 | +53.1% |
| Suppliers | 440/4 | €210,556 | €322,260 | +€111,705 | +53.1% |
| Advances received on contracts in progress | 46 | €583,750 | €1,254,873 | +€671,123 | +115% |
| Taxes, remuneration and social security | 45 | €110,650 | €180,250 | +€69,600 | +62.9% |
| Taxes | 450/3 | €3,200 | €0 | -€3,200 | -100% |
| Remuneration and social security | 454/9 | €107,450 | €180,250 | +€72,800 | +67.8% |
| Other amounts payable | 47/48 | €60 | €0 | -€60 | -100% |
| Accrued charges and deferred income | 492/3 | €100,770 | €112,195 | +€11,425 | +11.3% |
| Remuneration, social security and pensions | 62 | €954,332 | €1,659,835 | +€705,503 | +73.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €994,361 | €1,139,769 | +€145,409 | +14.6% |
| Other operating charges | 640/8 | €2,107 | €2,947 | +€840 | +39.9% |
| Gross operating margin | 9900 | €808,747 | €2,707,760 | +€1.9m | +235% |
| Operating profit (loss) | 9901 | -€1,142,052 | -€94,791 | +€1.0m | +91.7% |
| Financial income | 75/76B | €590 | €1,223 | +€634 | +107% |
| Recurring financial income | 75 | €590 | €1,223 | +€634 | +107% |
| Financial charges | 65/66B | €89,244 | €123,491 | +€34,248 | +38.4% |
| Recurring financial charges | 65 | €89,244 | €123,491 | +€34,248 | +38.4% |
| Profit (loss) for the period before taxes | 9903 | -€1,230,706 | -€217,059 | +€1.0m | +82.4% |
| Income taxes | 67/77 | -€56,895 | -€46,842 | +€10,052 | +17.7% |
| Profit (loss) for the period | 9904 | -€1,173,812 | -€170,216 | +€1.0m | +85.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,173,812 | -€170,216 | +€1.0m | +85.5% |
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 21 October 2026 via checked.be.