Yves VELTER: 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.
Yves VELTER
Largest movements
- Tangible fixed assets +€52,656
up €52,656 (+79.4%), from €66,358 to €119,014
of which Furniture and vehicles: +€50,159
- Receivables within one year +€10,640
up €10,640 (+49.0%), from €21,725 to €32,365
of which Trade receivables: +€11,564
- Cash -€4,942
down €4,942 (-6.1%), from €80,534 to €75,592
mainly Investment in fixed assets (net) (-€62,611) and Receivables within one year (-€10,640)
- Other debts +€27,986
up €27,986 (+52.3%), from €53,537 to €81,523
- Trade debts +€14,578
up €14,578 (+235%), from €6,200 to €20,778
- Profit (loss) carried forward +€14,450
up €14,450 (+83.0%), from -€17,416 to -€2,966
- Gross operating margin +€45,939
up €45,939, from -€15,514 to €30,426
- Depreciation +€5,275
up €5,275 (+113%), from €4,680 to €9,955
- Financial charges +€2,191
up €2,191 (+92.5%), from €2,369 to €4,560
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 | €277,427 | €333,701 | +€56,274 | +20.3% |
| Fixed assets | 21/28 | €66,358 | €119,014 | +€52,656 | +79.4% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €66,358 | €119,014 | +€52,656 | +79.4% |
| Land and buildings | 22 | €64,627 | €67,628 | +€3,001 | +4.6% |
| Plant, machinery and equipment | 23 | €1,731 | €1,227 | -€504 | -29.1% |
| Furniture and vehicles | 24 | - | €50,159 | +€50,159 | |
| Current assets | 29/58 | €211,069 | €214,687 | +€3,618 | +1.7% |
| Stocks and contracts in progress | 3 | €5,800 | €3,480 | -€2,320 | -40.0% |
| Stocks | 30/36 | €5,800 | €3,480 | -€2,320 | -40.0% |
| Amounts receivable within one year | 40/41 | €21,725 | €32,365 | +€10,640 | +49.0% |
| Trade receivables | 40 | €9,231 | €20,795 | +€11,564 | +125% |
| Other amounts receivable | 41 | €12,494 | €11,570 | -€924 | -7.4% |
| Current investments | 50/53 | €102,622 | €102,622 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €80,534 | €75,592 | -€4,942 | -6.1% |
| Deferred charges and accrued income | 490/1 | €387 | €628 | +€241 | +62.2% |
| Total equity and liabilities | 10/49 | €277,427 | €333,701 | +€56,274 | +20.3% |
| Equity | 10/15 | €216,950 | €231,400 | +€14,450 | +6.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €221,966 | €221,966 | = | 0.0% |
| Distributable reserves | 133 | €221,966 | €221,966 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,416 | -€2,966 | +€14,450 | +83.0% |
| Amounts payable | 17/49 | €60,477 | €102,301 | +€41,824 | +69.2% |
| Amounts payable within one year | 42/48 | €60,477 | €102,301 | +€41,824 | +69.2% |
| Trade debts | 44 | €6,200 | €20,778 | +€14,578 | +235% |
| Suppliers | 440/4 | €6,200 | €20,778 | +€14,578 | +235% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €740 | €0 | -€740 | -100% |
| Taxes | 450/3 | €740 | €0 | -€740 | -100% |
| Other amounts payable | 47/48 | €53,537 | €81,523 | +€27,986 | +52.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,680 | €9,955 | +€5,275 | +113% |
| Other operating charges | 640/8 | €1,209 | €1,277 | +€67 | +5.6% |
| Gross operating margin | 9900 | -€15,514 | €30,426 | +€45,939 | |
| Operating profit (loss) | 9901 | -€21,403 | €19,194 | +€40,597 | |
| Financial income | 75/76B | €7 | €44 | +€37 | +534% |
| Recurring financial income | 75 | €7 | €44 | +€37 | +534% |
| Financial charges | 65/66B | €2,369 | €4,560 | +€2,191 | +92.5% |
| Recurring financial charges | 65 | €2,369 | €4,560 | +€2,191 | +92.5% |
| Profit (loss) for the period before taxes | 9903 | -€23,765 | €14,677 | +€38,443 | |
| Income taxes | 67/77 | €127 | €228 | +€101 | +79.5% |
| Profit (loss) for the period | 9904 | -€23,892 | €14,450 | +€38,342 | |
| Profit (loss) for the period to be appropriated | 9905 | -€23,892 | €14,450 | +€38,342 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.