VESCO BEL: 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.
VESCO BEL
Largest movements
- Receivables within one year -€64,900
down €64,900 (-43.3%), from €149,940 to €85,040
of which Trade receivables: -€52,568
- Cash -€9,159
down €9,159 (-75.7%), from €12,105 to €2,946
mainly Trade debts (-€28,598) and Accrued charges and deferred income (-€28,221)
- Trade debts -€28,598
down €28,598 (-43.6%), from €65,523 to €36,924
- Accrued charges and deferred income -€28,221
down €28,221 (-44.5%), from €63,450 to €35,229
- Debts after one year -€28,041
down €28,041 (-9.8%), from €285,779 to €257,738
- Short-term financial debts +€9,996
new in 2025: €9,996
- Tax, wage and social debts -€7,719
down €7,719 (-50.4%), from €15,325 to €7,607
of which Taxes: -€7,161
- Other operating charges -€41,431
down €41,431 (-94.7%), from €43,750 to €2,319
- Gross operating margin -€24,048
down €24,048 (-20.3%), from €118,230 to €94,182
- Financial charges +€12,184
up €12,184 (+336%), from €3,629 to €15,813
- Staff costs +€8,388
up €8,388 (+15.9%), from €52,789 to €61,177
- Taxes -€4,143
down €4,143 (-73.1%), from €5,667 to €1,523
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 | €524,301 | €450,897 | -€73,403 | -14.0% |
| Fixed assets | 21/28 | €362,256 | €362,911 | +€656 | +0.2% |
| Tangible fixed assets | 22/27 | €362,256 | €361,911 | -€344 | -0.1% |
| Land and buildings | 22 | €353,995 | €349,488 | -€4,507 | -1.3% |
| Furniture and vehicles | 24 | €8,261 | €12,423 | +€4,162 | +50.4% |
| Financial fixed assets | 28 | - | €1,000 | +€1,000 | |
| Current assets | 29/58 | €162,045 | €87,986 | -€74,059 | -45.7% |
| Amounts receivable within one year | 40/41 | €149,940 | €85,040 | -€64,900 | -43.3% |
| Trade receivables | 40 | €76,589 | €24,021 | -€52,568 | -68.6% |
| Other amounts receivable | 41 | €73,351 | €61,019 | -€12,331 | -16.8% |
| Cash at bank and in hand | 54/58 | €12,105 | €2,946 | -€9,159 | -75.7% |
| Total equity and liabilities | 10/49 | €524,301 | €450,897 | -€73,403 | -14.0% |
| Equity | 10/15 | €8,954 | €10,210 | +€1,256 | +14.0% |
| Contributions | 10/11 | €6,210 | €6,210 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,744 | €4,000 | +€1,256 | +45.8% |
| Amounts payable | 17/49 | €515,346 | €440,687 | -€74,659 | -14.5% |
| Amounts payable after more than one year | 17 | €285,779 | €257,738 | -€28,041 | -9.8% |
| Financial debts | 170/4 | €285,779 | €257,738 | -€28,041 | -9.8% |
| Amounts payable within one year | 42/48 | €166,118 | €147,720 | -€18,397 | -11.1% |
| Current portion of amounts payable after more than one year | 42 | €25,709 | €28,041 | +€2,331 | +9.1% |
| Financial debts | 43 | - | €9,996 | +€9,996 | |
| Credit institutions | 430/8 | - | €9,996 | +€9,996 | |
| Trade debts | 44 | €65,523 | €36,924 | -€28,598 | -43.6% |
| Suppliers | 440/4 | €65,523 | €36,924 | -€28,598 | -43.6% |
| Taxes, remuneration and social security | 45 | €15,325 | €7,607 | -€7,719 | -50.4% |
| Taxes | 450/3 | €9,948 | €2,787 | -€7,161 | -72.0% |
| Remuneration and social security | 454/9 | €5,377 | €4,819 | -€558 | -10.4% |
| Other amounts payable | 47/48 | €59,560 | €65,152 | +€5,592 | +9.4% |
| Accrued charges and deferred income | 492/3 | €63,450 | €35,229 | -€28,221 | -44.5% |
| Remuneration, social security and pensions | 62 | €52,789 | €61,177 | +€8,388 | +15.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,115 | €12,094 | +€979 | +8.8% |
| Other operating charges | 640/8 | €43,750 | €2,319 | -€41,431 | -94.7% |
| Gross operating margin | 9900 | €118,230 | €94,182 | -€24,048 | -20.3% |
| Operating profit (loss) | 9901 | €10,576 | €18,592 | +€8,016 | +75.8% |
| Financial charges | 65/66B | €3,629 | €15,813 | +€12,184 | +336% |
| Recurring financial charges | 65 | €3,629 | €15,813 | +€12,184 | +336% |
| Profit (loss) for the period before taxes | 9903 | €6,947 | €2,779 | -€4,167 | -60.0% |
| Income taxes | 67/77 | €5,667 | €1,523 | -€4,143 | -73.1% |
| Profit (loss) for the period | 9904 | €1,280 | €1,256 | -€24 | -1.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,280 | €1,256 | -€24 | -1.9% |
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 25 October 2026 via checked.be.