VEVAR: 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.
VEVAR
Largest movements
- Receivables within one year -€319,151
down €319,151 (-65.0%), from €490,807 to €171,656
of which Other amounts receivable: -€274,167
- Cash -€213,473
down €213,473 (-47.8%), from €446,457 to €232,984
mainly Tax, wage and social debts (-€208,346) and Current investments (-€200,000)
- Current investments +€200,000
new in 2025: €200,000
- Stocks and contracts +€35,389
up €35,389 (+6.5%), from €545,338 to €580,727
- Profit (loss) carried forward +€220,326
up €220,326 (+42.5%), from €518,140 to €738,465
- Tax, wage and social debts -€208,346
down €208,346 (-97.8%), from €213,006 to €4,660
of which Taxes: -€208,618
- Other debts -€198,561
down €198,561 (-54.7%), from €363,098 to €164,537
- Debts after one year -€70,000
down €70,000 (-23.1%), from €303,334 to €233,334
- Trade debts -€49,540
down €49,540 (-43.5%), from €113,841 to €64,301
- Gross operating margin -€315,053
down €315,053 (-33.3%), from €947,394 to €632,342
- Taxes -€77,802
down €77,802 (-37.7%), from €206,524 to €128,722
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 | €1,710,254 | €1,401,897 | -€308,357 | -18.0% |
| Fixed assets | 21/28 | €223,192 | €210,982 | -€12,210 | -5.5% |
| Tangible fixed assets | 22/27 | €221,692 | €209,482 | -€12,210 | -5.5% |
| Land and buildings | 22 | €50,000 | €50,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €137,106 | €136,030 | -€1,075 | -0.8% |
| Furniture and vehicles | 24 | €34,586 | €23,452 | -€11,135 | -32.2% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €1,487,062 | €1,190,916 | -€296,147 | -19.9% |
| Stocks and contracts in progress | 3 | €545,338 | €580,727 | +€35,389 | +6.5% |
| Stocks | 30/36 | €545,338 | €580,727 | +€35,389 | +6.5% |
| Amounts receivable within one year | 40/41 | €490,807 | €171,656 | -€319,151 | -65.0% |
| Trade receivables | 40 | €105,998 | €61,014 | -€44,984 | -42.4% |
| Other amounts receivable | 41 | €384,808 | €110,642 | -€274,167 | -71.2% |
| Current investments | 50/53 | - | €200,000 | +€200,000 | |
| Cash at bank and in hand | 54/58 | €446,457 | €232,984 | -€213,473 | -47.8% |
| Deferred charges and accrued income | 490/1 | €4,461 | €5,548 | +€1,087 | +24.4% |
| Total equity and liabilities | 10/49 | €1,710,254 | €1,401,897 | -€308,357 | -18.0% |
| Equity | 10/15 | €643,140 | €863,465 | +€220,326 | +34.3% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €518,140 | €738,465 | +€220,326 | +42.5% |
| Amounts payable | 17/49 | €1,067,114 | €538,432 | -€528,683 | -49.5% |
| Amounts payable after more than one year | 17 | €303,334 | €233,334 | -€70,000 | -23.1% |
| Financial debts | 170/4 | €303,334 | €233,334 | -€70,000 | -23.1% |
| Amounts payable within one year | 42/48 | €763,781 | €303,498 | -€460,283 | -60.3% |
| Current portion of amounts payable after more than one year | 42 | €73,836 | €70,000 | -€3,836 | -5.2% |
| Trade debts | 44 | €113,841 | €64,301 | -€49,540 | -43.5% |
| Suppliers | 440/4 | €113,841 | €64,301 | -€49,540 | -43.5% |
| Taxes, remuneration and social security | 45 | €213,006 | €4,660 | -€208,346 | -97.8% |
| Taxes | 450/3 | €208,618 | €0 | -€208,618 | -100% |
| Remuneration and social security | 454/9 | €4,388 | €4,660 | +€272 | +6.2% |
| Other amounts payable | 47/48 | €363,098 | €164,537 | -€198,561 | -54.7% |
| Accrued charges and deferred income | 492/3 | - | €1,600 | +€1,600 | |
| Remuneration, social security and pensions | 62 | €67,841 | €71,996 | +€4,156 | +6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,111 | €43,415 | -€6,695 | -13.4% |
| Other operating charges | 640/8 | €14,622 | €13,509 | -€1,114 | -7.6% |
| Gross operating margin | 9900 | €947,394 | €632,342 | -€315,053 | -33.3% |
| Operating profit (loss) | 9901 | €814,821 | €503,421 | -€311,399 | -38.2% |
| Financial income | 75/76B | €877 | €1,070 | +€193 | +22.0% |
| Recurring financial income | 75 | €877 | €1,070 | +€193 | +22.0% |
| Financial charges | 65/66B | €7,999 | €5,444 | -€2,555 | -31.9% |
| Recurring financial charges | 65 | €7,999 | €5,444 | -€2,555 | -31.9% |
| Profit (loss) for the period before taxes | 9903 | €807,699 | €499,048 | -€308,652 | -38.2% |
| Income taxes | 67/77 | €206,524 | €128,722 | -€77,802 | -37.7% |
| Profit (loss) for the period | 9904 | €601,176 | €370,326 | -€230,850 | -38.4% |
| Profit (loss) for the period to be appropriated | 9905 | €601,176 | €370,326 | -€230,850 | -38.4% |
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 18 October 2026 via checked.be.