VeRo: 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.
VeRo
Largest movements
- Current investments -€1.1m
down €1.1m (-69.0%), from €1.6m to €500,000
- Receivables after one year +€650,000
new in 2025: €650,000
- Financial fixed assets +€520,000
up €520,000 (+693%), from €75,000 to €595,000
- Cash -€160,179
down €160,179 (-80.5%), from €198,913 to €38,734
mainly Receivables after one year (-€650,000) and Contributions, distributions and other (-€536,154)
- Contributions -€250,000
down €250,000 (-93.1%), from €268,600 to €18,600
- Reserves +€48,904
up €48,904 (+3.2%), from €1.6m to €1.6m
- Tax, wage and social debts +€44,047
up €44,047 (+41.9%), from €105,243 to €149,290
- Other debts +€40,255
new in 2025: €40,255
- Financial income -€481,396
down €481,396 (-72.2%), from €667,136 to €185,740
- Taxes -€43,572
down €43,572 (-27.1%), from €160,565 to €116,993
- Gross operating margin +€2,966
up €2,966 (+1.1%), from €264,861 to €267,827
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 | €1,925,673 | €1,809,315 | -€116,358 | -6.0% |
| Fixed assets | 21/28 | €75,000 | €595,000 | +€520,000 | +693% |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Financial fixed assets | 28 | €75,000 | €595,000 | +€520,000 | +693% |
| Current assets | 29/58 | €1,850,673 | €1,214,315 | -€636,358 | -34.4% |
| Amounts receivable after more than one year | 29 | - | €650,000 | +€650,000 | |
| Other amounts receivable | 291 | - | €650,000 | +€650,000 | |
| Amounts receivable within one year | 40/41 | €16,695 | - | -€16,695 | |
| Trade receivables | 40 | €16,695 | - | -€16,695 | |
| Current investments | 50/53 | €1,613,235 | €500,000 | -€1.1m | -69.0% |
| Cash at bank and in hand | 54/58 | €198,913 | €38,734 | -€160,179 | -80.5% |
| Deferred charges and accrued income | 490/1 | €21,830 | €25,581 | +€3,751 | +17.2% |
| Total equity and liabilities | 10/49 | €1,925,673 | €1,809,315 | -€116,358 | -6.0% |
| Equity | 10/15 | €1,819,621 | €1,618,524 | -€201,096 | -11.1% |
| Contributions | 10/11 | €268,600 | €18,600 | -€250,000 | -93.1% |
| Reserves | 13 | €1,551,021 | €1,599,924 | +€48,904 | +3.2% |
| Distributable reserves | 133 | €1,551,021 | €1,599,924 | +€48,904 | +3.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €106,052 | €190,791 | +€84,738 | +79.9% |
| Amounts payable within one year | 42/48 | €106,052 | €190,791 | +€84,738 | +79.9% |
| Trade debts | 44 | €809 | €1,245 | +€436 | +53.9% |
| Suppliers | 440/4 | €809 | €1,245 | +€436 | +53.9% |
| Taxes, remuneration and social security | 45 | €105,243 | €149,290 | +€44,047 | +41.9% |
| Taxes | 450/3 | €105,243 | €149,290 | +€44,047 | +41.9% |
| Other amounts payable | 47/48 | - | €40,255 | +€40,255 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €755 | - | -€755 | |
| Other operating charges | 640/8 | €1,404 | €1,442 | +€38 | +2.7% |
| Gross operating margin | 9900 | €264,861 | €267,827 | +€2,966 | +1.1% |
| Operating profit (loss) | 9901 | €262,702 | €266,385 | +€3,683 | +1.4% |
| Financial income | 75/76B | €667,136 | €185,740 | -€481,396 | -72.2% |
| Recurring financial income | 75 | €667,136 | €185,740 | -€481,396 | -72.2% |
| Financial charges | 65/66B | €73 | €75 | +€1 | +2.0% |
| Recurring financial charges | 65 | €73 | €75 | +€1 | +2.0% |
| Profit (loss) for the period before taxes | 9903 | €929,765 | €452,050 | -€477,714 | -51.4% |
| Income taxes | 67/77 | €160,565 | €116,993 | -€43,572 | -27.1% |
| Profit (loss) for the period | 9904 | €769,200 | €335,058 | -€434,142 | -56.4% |
| Profit (loss) for the period to be appropriated | 9905 | €769,200 | €335,058 | -€434,142 | -56.4% |
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 29 October 2026 via checked.be.