VENCO: 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.
VENCO
Largest movements
- Cash -€918,327
down €918,327 (-38.0%), from €2.4m to €1.5m
mainly Current investments (-€850,000) and Contributions, distributions and other (-€421,045)
- Current investments +€850,000
new in 2025: €850,000
- Tangible fixed assets -€32,732
down €32,732 (-8.1%), from €401,779 to €369,047
of which Land and buildings: -€18,970
- Reserves -€186,539
down €186,539 (-7.1%), from €2.6m to €2.4m
of which Distributable reserves: -€186,539
- Other debts +€158,914
new in 2025: €158,914
- Tax, wage and social debts -€39,008
down €39,008 (-59.3%), from €65,778 to €26,770
of which Taxes: -€39,008
- Gross operating margin -€561,862
down €561,862 (-63.6%), from €883,210 to €321,348
- Taxes -€185,290
down €185,290 (-64.5%), from €287,423 to €102,133
- Financial income -€10,988
down €10,988 (-16.6%), from €66,247 to €55,259
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 | €2,886,362 | €2,798,115 | -€88,247 | -3.1% |
| Fixed assets | 21/28 | €401,779 | €369,047 | -€32,732 | -8.1% |
| Tangible fixed assets | 22/27 | €401,779 | €369,047 | -€32,732 | -8.1% |
| Land and buildings | 22 | €354,423 | €335,453 | -€18,970 | -5.4% |
| Furniture and vehicles | 24 | €47,357 | €33,595 | -€13,762 | -29.1% |
| Current assets | 29/58 | €2,484,582 | €2,429,067 | -€55,515 | -2.2% |
| Amounts receivable within one year | 40/41 | €65,263 | €69,949 | +€4,685 | +7.2% |
| Trade receivables | 40 | €1,419 | €0 | -€1,419 | -100% |
| Other amounts receivable | 41 | €63,844 | €69,949 | +€6,104 | +9.6% |
| Current investments | 50/53 | - | €850,000 | +€850,000 | |
| Cash at bank and in hand | 54/58 | €2,416,054 | €1,497,727 | -€918,327 | -38.0% |
| Deferred charges and accrued income | 490/1 | €3,265 | €11,392 | +€8,127 | +249% |
| Total equity and liabilities | 10/49 | €2,886,362 | €2,798,115 | -€88,247 | -3.1% |
| Equity | 10/15 | €2,677,915 | €2,491,376 | -€186,539 | -7.0% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €2,616,415 | €2,429,876 | -€186,539 | -7.1% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €2,610,265 | €2,423,726 | -€186,539 | -7.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €113,782 | €113,782 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €113,782 | €113,782 | = | 0.0% |
| Pensions and similar obligations | 160 | €113,782 | €113,782 | = | 0.0% |
| Amounts payable | 17/49 | €94,664 | €192,956 | +€98,292 | +104% |
| Amounts payable within one year | 42/48 | €93,264 | €187,403 | +€94,139 | +101% |
| Trade debts | 44 | €27,486 | €1,720 | -€25,767 | -93.7% |
| Suppliers | 440/4 | €27,486 | €1,720 | -€25,767 | -93.7% |
| Taxes, remuneration and social security | 45 | €65,778 | €26,770 | -€39,008 | -59.3% |
| Taxes | 450/3 | €65,778 | €26,770 | -€39,008 | -59.3% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | - | €158,914 | +€158,914 | |
| Accrued charges and deferred income | 492/3 | €1,400 | €5,553 | +€4,153 | +297% |
| Non-recurring operating income | 76A | - | €4,752 | +€4,752 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,732 | €32,732 | +€0 | 0.0% |
| Other operating charges | 640/8 | €6,415 | €6,382 | -€33 | -0.5% |
| Gross operating margin | 9900 | €883,210 | €321,348 | -€561,862 | -63.6% |
| Operating profit (loss) | 9901 | €844,063 | €282,233 | -€561,829 | -66.6% |
| Financial income | 75/76B | €66,247 | €55,259 | -€10,988 | -16.6% |
| Recurring financial income | 75 | €66,247 | €55,259 | -€10,988 | -16.6% |
| Financial charges | 65/66B | €699 | €853 | +€154 | +22.0% |
| Recurring financial charges | 65 | €699 | €853 | +€154 | +22.0% |
| Profit (loss) for the period before taxes | 9903 | €909,610 | €336,639 | -€572,971 | -63.0% |
| Income taxes | 67/77 | €287,423 | €102,133 | -€185,290 | -64.5% |
| Profit (loss) for the period | 9904 | €622,187 | €234,506 | -€387,681 | -62.3% |
| Profit (loss) for the period to be appropriated | 9905 | €622,187 | €234,506 | -€387,681 | -62.3% |
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.