VESEC: what changed
Two fiscal 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.
VESEC
Largest movements
- Receivables within one year -€52,329
down €52,329 (-13.6%), from €384,181 to €331,852
of which Other amounts receivable: -€52,421
- Cash -€8,200
down €8,200 (-80.5%), from €10,185 to €1,985
mainly Trade debts (-€84,355) and Tax, wage and social debts (-€4,447)
- Trade debts -€84,355
down €84,355 (-63.9%), from €132,030 to €47,675
- Reserves +€24,971
up €24,971 (+12.7%), from €197,100 to €222,072
of which Distributable reserves: +€24,971
- Tax, wage and social debts -€4,447
down €4,447 (-10.0%), from €44,661 to €40,214
- Financial income +€18,372
up €18,372 (+8102.5%), from €227 to €18,598
- Gross operating margin +€18,013
up €18,013 (+89.3%), from €20,172 to €38,185
- Taxes +€9,083
up €9,083 (+104.3%), from €8,705 to €17,788
- Other operating charges -€5,533
down €5,533 (-70.4%), from €7,864 to €2,331
- Financial charges +€1,744
up €1,744 (+20.1%), from €8,656 to €10,400
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 | €411,313 | €349,062 | -€62,250 | -15.1% |
| Fixed assets | 21/28 | €7,851 | €6,559 | -€1,292 | -16.5% |
| Tangible fixed assets | 22/27 | €6,612 | €5,319 | -€1,292 | -19.5% |
| Furniture and vehicles | 24 | €5,727 | €4,739 | -€988 | -17.3% |
| Other tangible fixed assets | 26 | €884 | €580 | -€304 | -34.4% |
| Financial fixed assets | 28 | €1,239 | €1,239 | = | 0.0% |
| Current assets | 29/58 | €403,462 | €342,504 | -€60,958 | -15.1% |
| Amounts receivable within one year | 40/41 | €384,181 | €331,852 | -€52,329 | -13.6% |
| Trade receivables | 40 | €48,799 | €48,891 | +€92 | +0.2% |
| Other amounts receivable | 41 | €335,382 | €282,961 | -€52,421 | -15.6% |
| Current investments | 50/53 | €8,000 | €8,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €10,185 | €1,985 | -€8,200 | -80.5% |
| Deferred charges and accrued income | 490/1 | €1,095 | €666 | -€429 | -39.2% |
| Total equity and liabilities | 10/49 | €411,313 | €349,062 | -€62,250 | -15.1% |
| Equity | 10/15 | €215,692 | €240,664 | +€24,971 | +11.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €197,100 | €222,072 | +€24,971 | +12.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €195,240 | €220,212 | +€24,971 | +12.8% |
| Amounts payable | 17/49 | €195,620 | €108,399 | -€87,222 | -44.6% |
| Amounts payable within one year | 42/48 | €195,620 | €108,399 | -€87,222 | -44.6% |
| Financial debts | 43 | €18,929 | €20,509 | +€1,580 | +8.3% |
| Credit institutions | 430/8 | €18,929 | €20,509 | +€1,580 | +8.3% |
| Trade debts | 44 | €132,030 | €47,675 | -€84,355 | -63.9% |
| Suppliers | 440/4 | €132,030 | €47,675 | -€84,355 | -63.9% |
| Taxes, remuneration and social security | 45 | €44,661 | €40,214 | -€4,447 | -10.0% |
| Taxes | 450/3 | €44,661 | €40,214 | -€4,447 | -10.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,401 | €1,292 | -€109 | -7.8% |
| Other operating charges | 640/8 | €7,864 | €2,331 | -€5,533 | -70.4% |
| Gross operating margin | 9900 | €20,172 | €38,185 | +€18,013 | +89.3% |
| Operating profit (loss) | 9901 | €10,907 | €34,561 | +€23,654 | +216.9% |
| Financial income | 75/76B | €227 | €18,598 | +€18,372 | +8102.5% |
| Recurring financial income | 75 | €227 | €18,598 | +€18,372 | +8102.5% |
| Financial charges | 65/66B | €8,656 | €10,400 | +€1,744 | +20.1% |
| Recurring financial charges | 65 | €8,656 | €10,400 | +€1,744 | +20.1% |
| Profit (loss) for the period before taxes | 9903 | €2,477 | €42,759 | +€40,282 | +1626.3% |
| Income taxes | 67/77 | €8,705 | €17,788 | +€9,083 | +104.3% |
| Profit (loss) for the period | 9904 | -€6,228 | €24,971 | +€31,200 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,228 | €24,971 | +€31,200 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.