VIECO: 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.
VIECO
Largest movements
- Stocks and contracts +€29,977
up €29,977 (+13.3%), from €225,583 to €255,560
- Cash -€25,059
down €25,059 (-21.7%), from €115,574 to €90,516
mainly Contributions, distributions and other (-€150,000) and Investment in fixed assets (net) (-€42,151)
- Tangible fixed assets +€23,505
up €23,505 (+25.5%), from €92,359 to €115,865
of which Furniture and vehicles: +€35,048
- Reserves -€90,691
down €90,691 (-42.1%), from €215,480 to €124,789
- Other debts +€87,440
up €87,440 (+117.1%), from €74,645 to €162,085
- Tax, wage and social debts +€10,597
up €10,597 (+35.4%), from €29,892 to €40,489
of which Taxes: +€9,245
- Debts after one year +€7,648
up €7,648 (+8.0%), from €95,072 to €102,721
- Current portion of long-term debt +€6,139
up €6,139 (+51.2%), from €11,990 to €18,129
- Taxes +€8,805
up €8,805 (+51.0%), from €17,253 to €26,058
- Depreciation +€6,591
up €6,591 (+54.7%), from €12,055 to €18,646
- Gross operating margin +€6,357
up €6,357 (+6.3%), from €101,444 to €107,801
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 | €437,551 | €465,063 | +€27,512 | +6.3% |
| Fixed assets | 21/28 | €92,359 | €115,865 | +€23,505 | +25.5% |
| Tangible fixed assets | 22/27 | €92,359 | €115,865 | +€23,505 | +25.5% |
| Plant, machinery and equipment | 23 | €531 | €920 | +€389 | +73.1% |
| Furniture and vehicles | 24 | - | €35,048 | +€35,048 | |
| Other tangible fixed assets | 26 | €91,828 | €79,896 | -€11,931 | -13.0% |
| Current assets | 29/58 | €345,192 | €349,199 | +€4,007 | +1.2% |
| Stocks and contracts in progress | 3 | €225,583 | €255,560 | +€29,977 | +13.3% |
| Stocks | 30/36 | €225,583 | €255,560 | +€29,977 | +13.3% |
| Amounts receivable within one year | 40/41 | €2,924 | €2,035 | -€888 | -30.4% |
| Trade receivables | 40 | €1,806 | €2,035 | +€230 | +12.7% |
| Other amounts receivable | 41 | €1,118 | €0 | -€1,118 | -100.0% |
| Cash at bank and in hand | 54/58 | €115,574 | €90,516 | -€25,059 | -21.7% |
| Deferred charges and accrued income | 490/1 | €1,111 | €1,088 | -€23 | -2.0% |
| Total equity and liabilities | 10/49 | €437,551 | €465,063 | +€27,512 | +6.3% |
| Equity | 10/15 | €218,480 | €127,789 | -€90,691 | -41.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €215,480 | €124,789 | -€90,691 | -42.1% |
| Distributable reserves | 133 | €215,480 | €124,789 | -€90,691 | -42.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €219,071 | €337,275 | +€118,203 | +54.0% |
| Amounts payable after more than one year | 17 | €95,072 | €102,721 | +€7,648 | +8.0% |
| Financial debts | 170/4 | €95,072 | €102,721 | +€7,648 | +8.0% |
| Amounts payable within one year | 42/48 | €123,999 | €234,554 | +€110,555 | +89.2% |
| Current portion of amounts payable after more than one year | 42 | €11,990 | €18,129 | +€6,139 | +51.2% |
| Financial debts | 43 | €0 | €5,051 | +€5,051 | |
| Credit institutions | 430/8 | - | €5,051 | +€5,051 | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €7,472 | €8,800 | +€1,328 | +17.8% |
| Suppliers | 440/4 | €7,472 | €8,800 | +€1,328 | +17.8% |
| Taxes, remuneration and social security | 45 | €29,892 | €40,489 | +€10,597 | +35.4% |
| Taxes | 450/3 | €29,892 | €39,137 | +€9,245 | +30.9% |
| Remuneration and social security | 454/9 | €0 | €1,352 | +€1,352 | |
| Other amounts payable | 47/48 | €74,645 | €162,085 | +€87,440 | +117.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,055 | €18,646 | +€6,591 | +54.7% |
| Other operating charges | 640/8 | €632 | €625 | -€8 | -1.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €101,444 | €107,801 | +€6,357 | +6.3% |
| Operating profit (loss) | 9901 | €88,757 | €88,530 | -€226 | -0.3% |
| Financial income | 75/76B | €333 | €873 | +€541 | +162.5% |
| Recurring financial income | 75 | €333 | €873 | +€541 | +162.5% |
| Financial charges | 65/66B | €3,659 | €4,037 | +€378 | +10.3% |
| Recurring financial charges | 65 | €3,659 | €4,037 | +€378 | +10.3% |
| Profit (loss) for the period before taxes | 9903 | €85,431 | €85,367 | -€64 | -0.1% |
| Income taxes | 67/77 | €17,253 | €26,058 | +€8,805 | +51.0% |
| Profit (loss) for the period | 9904 | €68,177 | €59,309 | -€8,869 | -13.0% |
| Profit (loss) for the period to be appropriated | 9905 | €68,177 | €59,309 | -€8,869 | -13.0% |
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 10 October 2026 via checked.be.