VEER: 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.
VEER
Largest movements
- Tangible fixed assets -€13,801
down €13,801 (-4.2%), from €331,250 to €317,448
of which Land and buildings: -€13,002
- Cash +€5,547
up €5,547 (+42.2%), from €13,141 to €18,689
mainly Net result for the year (+€35,830) and Other debts (+€22,457)
- Profit (loss) carried forward -€143,567
down €143,567 (-100%), from €143,567 to €0
- Reserves +€135,969
up €135,969 (+396%), from €34,332 to €170,300
of which Distributable reserves: +€135,969
- Debts after one year -€24,666
down €24,666 (-11.7%), from €211,075 to €186,409
- Other debts +€22,457
up €22,457 (+128%), from €17,543 to €40,000
- Trade debts -€7,348
down €7,348 (-79.2%), from €9,279 to €1,930
- Gross operating margin +€9,114
up €9,114 (+13.4%), from €67,804 to €76,918
- Taxes +€5,514
up €5,514 (+120%), from €4,583 to €10,097
- Financial charges -€2,325
down €2,325 (-15.3%), from €15,247 to €12,922
- Other operating charges +€1,502
up €1,502 (+93.0%), from €1,615 to €3,117
- Depreciation +€799
up €799 (+5.6%), from €14,152 to €14,951
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 | €470,075 | €460,367 | -€9,708 | -2.1% |
| Fixed assets | 21/28 | €411,250 | €397,448 | -€13,801 | -3.4% |
| Tangible fixed assets | 22/27 | €331,250 | €317,448 | -€13,801 | -4.2% |
| Land and buildings | 22 | €324,018 | €311,017 | -€13,002 | -4.0% |
| Plant, machinery and equipment | 23 | €0 | €840 | +€840 | |
| Furniture and vehicles | 24 | €7,231 | €5,592 | -€1,640 | -22.7% |
| Financial fixed assets | 28 | €80,000 | €80,000 | = | 0.0% |
| Current assets | 29/58 | €58,825 | €62,918 | +€4,093 | +7.0% |
| Amounts receivable within one year | 40/41 | €38,981 | €37,914 | -€1,067 | -2.7% |
| Trade receivables | 40 | €20,921 | €23,674 | +€2,753 | +13.2% |
| Other amounts receivable | 41 | €18,060 | €14,240 | -€3,820 | -21.2% |
| Cash at bank and in hand | 54/58 | €13,141 | €18,689 | +€5,547 | +42.2% |
| Deferred charges and accrued income | 490/1 | €6,703 | €6,316 | -€387 | -5.8% |
| Total equity and liabilities | 10/49 | €470,075 | €460,367 | -€9,708 | -2.1% |
| Equity | 10/15 | €196,499 | €188,900 | -€7,598 | -3.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €34,332 | €170,300 | +€135,969 | +396% |
| 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 | €32,472 | €168,440 | +€135,969 | +419% |
| Profit (loss) carried forward | 14 | €143,567 | €0 | -€143,567 | -100% |
| Amounts payable | 17/49 | €273,576 | €271,466 | -€2,110 | -0.8% |
| Amounts payable after more than one year | 17 | €211,075 | €186,409 | -€24,666 | -11.7% |
| Financial debts | 170/4 | €211,075 | €186,409 | -€24,666 | -11.7% |
| Amounts payable within one year | 42/48 | €60,551 | €82,528 | +€21,977 | +36.3% |
| Current portion of amounts payable after more than one year | 42 | €23,620 | €24,666 | +€1,046 | +4.4% |
| Trade debts | 44 | €9,279 | €1,930 | -€7,348 | -79.2% |
| Suppliers | 440/4 | €9,279 | €1,930 | -€7,348 | -79.2% |
| Taxes, remuneration and social security | 45 | €10,109 | €15,932 | +€5,823 | +57.6% |
| Taxes | 450/3 | €10,109 | €15,932 | +€5,823 | +57.6% |
| Other amounts payable | 47/48 | €17,543 | €40,000 | +€22,457 | +128% |
| Accrued charges and deferred income | 492/3 | €1,949 | €2,529 | +€579 | +29.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,152 | €14,951 | +€799 | +5.6% |
| Other operating charges | 640/8 | €1,615 | €3,117 | +€1,502 | +93.0% |
| Gross operating margin | 9900 | €67,804 | €76,918 | +€9,114 | +13.4% |
| Operating profit (loss) | 9901 | €52,037 | €58,849 | +€6,813 | +13.1% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €15,247 | €12,922 | -€2,325 | -15.3% |
| Recurring financial charges | 65 | €15,247 | €12,922 | -€2,325 | -15.3% |
| Profit (loss) for the period before taxes | 9903 | €36,789 | €45,927 | +€9,138 | +24.8% |
| Income taxes | 67/77 | €4,583 | €10,097 | +€5,514 | +120% |
| Profit (loss) for the period | 9904 | €32,206 | €35,830 | +€3,624 | +11.3% |
| Profit (loss) for the period to be appropriated | 9905 | €32,206 | €35,830 | +€3,624 | +11.3% |
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 31 October 2026 via checked.be.