4 VETS: 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.
4 VETS
Largest movements
- Tangible fixed assets -€52,832
down €52,832 (-4.6%), from €1.1m to €1.1m
of which Land and buildings: -€48,113
- Debts after one year -€48,916
down €48,916 (-4.0%), from €1.2m to €1.2m
of which Financial debts: -€48,916
- Gross operating margin +€12,843
up €12,843 (+20.4%), from €62,804 to €75,646
- Financial charges -€2,954
down €2,954 (-11.0%), from €26,808 to €23,854
- Depreciation +€811
up €811 (+1.6%), from €52,022 to €52,832
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 | €1,177,293 | €1,121,723 | -€55,570 | -4.7% |
| Fixed assets | 21/28 | €1,139,461 | €1,086,628 | -€52,832 | -4.6% |
| Tangible fixed assets | 22/27 | €1,139,461 | €1,086,628 | -€52,832 | -4.6% |
| Land and buildings | 22 | €1,133,550 | €1,085,437 | -€48,113 | -4.2% |
| Furniture and vehicles | 24 | €5,911 | €1,191 | -€4,720 | -79.8% |
| Current assets | 29/58 | €37,832 | €35,095 | -€2,737 | -7.2% |
| Amounts receivable within one year | 40/41 | €456 | - | -€456 | |
| Trade receivables | 40 | €456 | - | -€456 | |
| Cash at bank and in hand | 54/58 | €37,090 | €34,871 | -€2,219 | -6.0% |
| Deferred charges and accrued income | 490/1 | €286 | €224 | -€62 | -21.7% |
| Total equity and liabilities | 10/49 | €1,177,293 | €1,121,723 | -€55,570 | -4.7% |
| Equity | 10/15 | -€88,351 | -€91,948 | -€3,597 | -4.1% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €36,750 | €36,750 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,000 | €6,000 | = | 0.0% |
| Other | 1319 | €6,000 | €6,000 | = | 0.0% |
| Distributable reserves | 133 | €30,750 | €30,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€185,101 | -€188,698 | -€3,597 | -1.9% |
| Amounts payable | 17/49 | €1,265,644 | €1,213,671 | -€51,973 | -4.1% |
| Amounts payable after more than one year | 17 | €1,208,704 | €1,159,788 | -€48,916 | -4.0% |
| Financial debts | 170/4 | €898,704 | €849,788 | -€48,916 | -5.4% |
| Other amounts payable | 178/9 | €310,000 | €310,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €55,067 | €53,883 | -€1,185 | -2.2% |
| Current portion of amounts payable after more than one year | 42 | €47,648 | €48,916 | +€1,268 | +2.7% |
| Trade debts | 44 | €700 | €730 | +€30 | +4.3% |
| Suppliers | 440/4 | €700 | €730 | +€30 | +4.3% |
| Taxes, remuneration and social security | 45 | €6,626 | €4,237 | -€2,389 | -36.1% |
| Taxes | 450/3 | €6,626 | €4,237 | -€2,389 | -36.1% |
| Other amounts payable | 47/48 | €94 | - | -€94 | |
| Accrued charges and deferred income | 492/3 | €1,872 | - | -€1,872 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,022 | €52,832 | +€811 | +1.6% |
| Other operating charges | 640/8 | €2,946 | €2,557 | -€390 | -13.2% |
| Gross operating margin | 9900 | €62,804 | €75,646 | +€12,843 | +20.4% |
| Operating profit (loss) | 9901 | €7,836 | €20,257 | +€12,422 | +158.5% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €26,808 | €23,854 | -€2,954 | -11.0% |
| Recurring financial charges | 65 | €26,808 | €23,854 | -€2,954 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | -€18,973 | -€3,597 | +€15,376 | +81.0% |
| Income taxes | 67/77 | €5 | - | -€5 | |
| Profit (loss) for the period | 9904 | -€18,978 | -€3,597 | +€15,381 | +81.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,978 | -€3,597 | +€15,381 | +81.0% |
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.