Pro-Veto: 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.
Pro-Veto
Largest movements
- Cash +€223,537
up €223,537 (+503%), from €44,479 to €268,016
mainly Net result for the year (+€120,228) and Other debts (+€71,168)
- Receivables within one year -€30,001
down €30,001 (-24.9%), from €120,271 to €90,270
of which Trade receivables: -€20,214
- Stocks and contracts -€6,417
down €6,417 (-8.4%), from €76,587 to €70,170
- Other debts +€71,168
new in 2025: €71,168
- Trade debts +€65,230
up €65,230 (+85.7%), from €76,105 to €141,335
- Profit (loss) carried forward +€50,228
up €50,228 (+30.7%), from €163,442 to €213,670
- Gross operating margin +€86,572
up €86,572 (+168%), from €51,494 to €138,066
- Taxes +€3,702
up €3,702 (+28.2%), from €13,150 to €16,852
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 | €252,696 | €439,342 | +€186,646 | +73.9% |
| Fixed assets | 21/28 | €11,359 | €10,886 | -€473 | -4.2% |
| Intangible fixed assets | 21 | €834 | €634 | -€200 | -24.0% |
| Tangible fixed assets | 22/27 | €400 | €127 | -€273 | -68.3% |
| Plant, machinery and equipment | 23 | €318 | €127 | -€191 | -60.1% |
| Furniture and vehicles | 24 | €82 | - | -€82 | |
| Financial fixed assets | 28 | €10,125 | €10,125 | = | 0.0% |
| Current assets | 29/58 | €241,337 | €428,456 | +€187,119 | +77.5% |
| Stocks and contracts in progress | 3 | €76,587 | €70,170 | -€6,417 | -8.4% |
| Stocks | 30/36 | €76,587 | €70,170 | -€6,417 | -8.4% |
| Amounts receivable within one year | 40/41 | €120,271 | €90,270 | -€30,001 | -24.9% |
| Trade receivables | 40 | €110,484 | €90,270 | -€20,214 | -18.3% |
| Other amounts receivable | 41 | €9,787 | - | -€9,787 | |
| Cash at bank and in hand | 54/58 | €44,479 | €268,016 | +€223,537 | +503% |
| Total equity and liabilities | 10/49 | €252,696 | €439,342 | +€186,646 | +73.9% |
| Equity | 10/15 | €173,442 | €223,670 | +€50,228 | +29.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €163,442 | €213,670 | +€50,228 | +30.7% |
| Amounts payable | 17/49 | €79,254 | €215,672 | +€136,418 | +172% |
| Amounts payable within one year | 42/48 | €79,254 | €215,672 | +€136,418 | +172% |
| Trade debts | 44 | €76,105 | €141,335 | +€65,230 | +85.7% |
| Suppliers | 440/4 | €76,105 | €141,335 | +€65,230 | +85.7% |
| Taxes, remuneration and social security | 45 | €3,149 | €3,169 | +€20 | +0.6% |
| Taxes | 450/3 | €3,149 | €3,169 | +€20 | +0.6% |
| Other amounts payable | 47/48 | - | €71,168 | +€71,168 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €947 | €473 | -€474 | -50.1% |
| Gross operating margin | 9900 | €51,494 | €138,066 | +€86,572 | +168% |
| Operating profit (loss) | 9901 | €50,547 | €137,593 | +€87,046 | +172% |
| Financial income | 75/76B | - | €20 | +€20 | |
| Recurring financial income | 75 | - | €20 | +€20 | |
| Financial charges | 65/66B | €664 | €533 | -€131 | -19.7% |
| Recurring financial charges | 65 | €664 | €533 | -€131 | -19.7% |
| Profit (loss) for the period before taxes | 9903 | €49,883 | €137,080 | +€87,197 | +175% |
| Income taxes | 67/77 | €13,150 | €16,852 | +€3,702 | +28.2% |
| Profit (loss) for the period | 9904 | €36,733 | €120,228 | +€83,495 | +227% |
| Profit (loss) for the period to be appropriated | 9905 | €36,733 | €120,228 | +€83,495 | +227% |
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 17 October 2026 via checked.be.