VEDA: 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.
VEDA
Largest movements
- Cash -€384,364
down €384,364 (-91.5%), from €420,037 to €35,673
mainly Investment in fixed assets (net) (-€449,030) and Receivables after one year (-€71,970)
- Financial fixed assets +€269,834
up €269,834 (+25.3%), from €1.1m to €1.3m
- Tangible fixed assets +€148,121
up €148,121 (+32.2%), from €460,642 to €608,762
of which Assets under construction and advance payments: +€104,739
- Current investments -€77,878
down €77,878 (-2.0%), from €3.9m to €3.9m
- Receivables after one year +€71,970
up €71,970 (+33.8%), from €212,620 to €284,590
- Reserves +€87,474
up €87,474 (+1.6%), from €5.4m to €5.5m
of which Distributable reserves: +€87,410
- Financial income -€178,326
down €178,326 (-59.3%), from €300,584 to €122,257
- Gross operating margin -€32,285
down €32,285 (-43.7%), from €73,823 to €41,538
- Taxes -€16,033
down €16,033 (-99.4%), from €16,137 to €105
- Financial charges +€5,589
up €5,589 (+19.8%), from €28,159 to €33,749
- Depreciation +€3,278
up €3,278 (+11.8%), from €27,798 to €31,076
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 | €6,127,992 | €6,183,888 | +€55,896 | +0.9% |
| Fixed assets | 21/28 | €1,527,040 | €1,944,995 | +€417,955 | +27.4% |
| Tangible fixed assets | 22/27 | €460,642 | €608,762 | +€148,121 | +32.2% |
| Land and buildings | 22 | €423,646 | €472,141 | +€48,495 | +11.4% |
| Plant, machinery and equipment | 23 | €20,489 | €17,874 | -€2,615 | -12.8% |
| Furniture and vehicles | 24 | €16,506 | €14,008 | -€2,498 | -15.1% |
| Assets under construction and advance payments | 27 | - | €104,739 | +€104,739 | |
| Financial fixed assets | 28 | €1,066,398 | €1,336,233 | +€269,834 | +25.3% |
| Current assets | 29/58 | €4,600,952 | €4,238,893 | -€362,059 | -7.9% |
| Amounts receivable after more than one year | 29 | €212,620 | €284,590 | +€71,970 | +33.8% |
| Other amounts receivable | 291 | €212,620 | €284,590 | +€71,970 | +33.8% |
| Amounts receivable within one year | 40/41 | - | €31,835 | +€31,835 | |
| Other amounts receivable | 41 | - | €31,835 | +€31,835 | |
| Current investments | 50/53 | €3,943,938 | €3,866,059 | -€77,878 | -2.0% |
| Cash at bank and in hand | 54/58 | €420,037 | €35,673 | -€384,364 | -91.5% |
| Deferred charges and accrued income | 490/1 | €24,358 | €20,736 | -€3,622 | -14.9% |
| Total equity and liabilities | 10/49 | €6,127,992 | €6,183,888 | +€55,896 | +0.9% |
| Equity | 10/15 | €5,609,361 | €5,696,835 | +€87,474 | +1.6% |
| Contributions | 10/11 | €176,306 | €176,306 | = | 0.0% |
| Reserves | 13 | €5,433,054 | €5,520,529 | +€87,474 | +1.6% |
| Non-distributable reserves | 130/1 | €317,483 | €317,483 | = | 0.0% |
| Reserves not available under the articles | 1311 | €317,483 | €317,483 | = | 0.0% |
| Tax-exempt reserves | 132 | €311 | €376 | +€65 | +20.8% |
| Distributable reserves | 133 | €5,115,261 | €5,202,670 | +€87,410 | +1.7% |
| Amounts payable | 17/49 | €518,632 | €487,053 | -€31,579 | -6.1% |
| Amounts payable after more than one year | 17 | €154,605 | €98,502 | -€56,103 | -36.3% |
| Financial debts | 170/4 | €154,605 | €98,502 | -€56,103 | -36.3% |
| Amounts payable within one year | 42/48 | €282,797 | €290,373 | +€7,576 | +2.7% |
| Current portion of amounts payable after more than one year | 42 | €53,476 | €56,103 | +€2,627 | +4.9% |
| Trade debts | 44 | €574 | €11,003 | +€10,428 | +1,816% |
| Suppliers | 440/4 | €574 | €11,003 | +€10,428 | +1,816% |
| Taxes, remuneration and social security | 45 | €276 | €126 | -€150 | -54.4% |
| Taxes | 450/3 | €276 | €126 | -€150 | -54.4% |
| Other amounts payable | 47/48 | €228,471 | €223,141 | -€5,330 | -2.3% |
| Accrued charges and deferred income | 492/3 | €81,230 | €98,178 | +€16,949 | +20.9% |
| Non-recurring operating income | 76A | - | €41,620 | +€41,620 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,798 | €31,076 | +€3,278 | +11.8% |
| Other operating charges | 640/8 | €3,486 | €3,362 | -€124 | -3.6% |
| Non-recurring operating charges | 66A | - | €8,030 | +€8,030 | |
| Gross operating margin | 9900 | €73,823 | €41,538 | -€32,285 | -43.7% |
| Operating profit (loss) | 9901 | €42,539 | -€929 | -€43,469 | |
| Financial income | 75/76B | €300,584 | €122,257 | -€178,326 | -59.3% |
| Recurring financial income | 75 | €300,584 | €122,257 | -€178,326 | -59.3% |
| Financial charges | 65/66B | €28,159 | €33,749 | +€5,589 | +19.8% |
| Recurring financial charges | 65 | €28,159 | €33,749 | +€5,589 | +19.8% |
| Profit (loss) for the period before taxes | 9903 | €314,964 | €87,579 | -€227,384 | -72.2% |
| Transfer to deferred taxes | 680 | €71 | €65 | -€7 | -9.2% |
| Income taxes | 67/77 | €16,137 | €105 | -€16,033 | -99.4% |
| Profit (loss) for the period | 9904 | €298,755 | €87,410 | -€211,345 | -70.7% |
| Profit (loss) for the period to be appropriated | 9905 | €298,755 | €87,410 | -€211,345 | -70.7% |
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 22 October 2026 via checked.be.