B-VET: 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.
B-VET
Largest movements
- Receivables within one year +€79,390
up €79,390 (+39.3%), from €201,988 to €281,378
of which Trade receivables: +€86,691
- Cash -€43,790
down €43,790 (-100.0%), from €43,803 to €13
mainly Receivables within one year (-€79,390) and Net result for the year (-€13,150)
- Tangible fixed assets +€9,188
new in 2025: €9,188
- Deferred charges and accrued income +€8,570
new in 2025: €8,570
- Stocks and contracts +€4,466
up €4,466 (+114%), from €3,934 to €8,400
- Trade debts +€43,118
up €43,118 (+23.3%), from €185,004 to €228,121
- Short-term financial debts +€37,373
new in 2025: €37,373
- Reserves -€13,150
down €13,150 (-22.2%), from €59,120 to €45,970
- Other debts -€9,633
down €9,633 (-93.3%), from €10,328 to €695
- Gross operating margin -€62,676
down €62,676 (-97.9%), from €64,022 to €1,346
- Taxes -€12,492
no longer reported in 2025 (was €12,492)
- Financial charges -€5,559
down €5,559 (-38.9%), from €14,277 to €8,717
- Financial income -€2,185
down €2,185 (-63.8%), from €3,423 to €1,238
- Depreciation +€1,432
up €1,432 (+58.9%), from €2,433 to €3,864
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 | €263,143 | €320,851 | +€57,708 | +21.9% |
| Fixed assets | 21/28 | €13,418 | €22,490 | +€9,072 | +67.6% |
| Intangible fixed assets | 21 | €10,978 | €8,262 | -€2,716 | -24.7% |
| Tangible fixed assets | 22/27 | - | €9,188 | +€9,188 | |
| Plant, machinery and equipment | 23 | - | €9,188 | +€9,188 | |
| Financial fixed assets | 28 | €2,440 | €5,040 | +€2,600 | +107% |
| Current assets | 29/58 | €249,726 | €298,361 | +€48,636 | +19.5% |
| Stocks and contracts in progress | 3 | €3,934 | €8,400 | +€4,466 | +114% |
| Stocks | 30/36 | €3,934 | €8,400 | +€4,466 | +114% |
| Amounts receivable within one year | 40/41 | €201,988 | €281,378 | +€79,390 | +39.3% |
| Trade receivables | 40 | €177,448 | €264,138 | +€86,691 | +48.9% |
| Other amounts receivable | 41 | €24,541 | €17,240 | -€7,301 | -29.7% |
| Cash at bank and in hand | 54/58 | €43,803 | €13 | -€43,790 | -100.0% |
| Deferred charges and accrued income | 490/1 | - | €8,570 | +€8,570 | |
| Total equity and liabilities | 10/49 | €263,143 | €320,851 | +€57,708 | +21.9% |
| Equity | 10/15 | €65,320 | €52,170 | -€13,150 | -20.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €59,120 | €45,970 | -€13,150 | -22.2% |
| Distributable reserves | 133 | €59,120 | €45,970 | -€13,150 | -22.2% |
| Amounts payable | 17/49 | €197,824 | €268,681 | +€70,858 | +35.8% |
| Amounts payable within one year | 42/48 | €197,824 | €268,681 | +€70,858 | +35.8% |
| Financial debts | 43 | - | €37,373 | +€37,373 | |
| Credit institutions | 430/8 | - | €37,373 | +€37,373 | |
| Trade debts | 44 | €185,004 | €228,121 | +€43,118 | +23.3% |
| Suppliers | 440/4 | €185,004 | €228,121 | +€43,118 | +23.3% |
| Taxes, remuneration and social security | 45 | €2,492 | €2,492 | = | 0.0% |
| Taxes | 450/3 | €2,492 | €2,492 | = | 0.0% |
| Other amounts payable | 47/48 | €10,328 | €695 | -€9,633 | -93.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,433 | €3,864 | +€1,432 | +58.9% |
| Other operating charges | 640/8 | €3,060 | €3,151 | +€92 | +3.0% |
| Gross operating margin | 9900 | €64,022 | €1,346 | -€62,676 | -97.9% |
| Operating profit (loss) | 9901 | €58,529 | -€5,670 | -€64,199 | |
| Financial income | 75/76B | €3,423 | €1,238 | -€2,185 | -63.8% |
| Recurring financial income | 75 | €3,423 | €1,238 | -€2,185 | -63.8% |
| Financial charges | 65/66B | €14,277 | €8,717 | -€5,559 | -38.9% |
| Recurring financial charges | 65 | €14,277 | €8,717 | -€5,559 | -38.9% |
| Profit (loss) for the period before taxes | 9903 | €47,675 | -€13,150 | -€60,825 | |
| Income taxes | 67/77 | €12,492 | - | -€12,492 | |
| Profit (loss) for the period | 9904 | €35,183 | -€13,150 | -€48,333 | |
| Profit (loss) for the period to be appropriated | 9905 | €35,183 | -€13,150 | -€48,333 |
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 23 October 2026 via checked.be.