V.E.T.O.: 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.
V.E.T.O.
Largest movements
- Cash +€57,216
up €57,216 (+17.4%), from €328,036 to €385,252
mainly Depreciation (+€56,248) and Receivables after one year (+€40,000)
- Receivables after one year -€40,000
down €40,000 (-57.9%), from €69,040 to €29,040
- Tangible fixed assets -€27,884
down €27,884 (-12.4%), from €224,190 to €196,306
of which Leasing and similar rights: -€36,130
- Receivables within one year -€16,514
down €16,514 (-8.0%), from €205,587 to €189,073
of which Trade receivables: -€39,453
- Debts after one year -€44,408
down €44,408 (-24.5%), from €181,624 to €137,216
- Trade debts +€20,493
up €20,493 (+27.9%), from €73,516 to €94,010
- Gross operating margin +€27,023
up €27,023 (+8.5%), from €317,133 to €344,156
- Depreciation +€5,684
up €5,684 (+11.2%), from €50,564 to €56,248
- Taxes +€5,452
up €5,452 (+475%), from €1,148 to €6,600
- Staff costs -€4,364
down €4,364 (-1.6%), from €269,988 to €265,624
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 | €845,728 | €821,938 | -€23,791 | -2.8% |
| Fixed assets | 21/28 | €236,847 | €206,496 | -€30,352 | -12.8% |
| Intangible fixed assets | 21 | €3,554 | €1,087 | -€2,467 | -69.4% |
| Tangible fixed assets | 22/27 | €224,190 | €196,306 | -€27,884 | -12.4% |
| Plant, machinery and equipment | 23 | €10,411 | €29,561 | +€19,149 | +184% |
| Furniture and vehicles | 24 | €9,356 | €8,797 | -€559 | -6.0% |
| Leasing and similar rights | 25 | €137,238 | €101,108 | -€36,130 | -26.3% |
| Other tangible fixed assets | 26 | €67,185 | €56,841 | -€10,345 | -15.4% |
| Financial fixed assets | 28 | €9,103 | €9,103 | = | 0.0% |
| Current assets | 29/58 | €608,881 | €615,442 | +€6,561 | +1.1% |
| Amounts receivable after more than one year | 29 | €69,040 | €29,040 | -€40,000 | -57.9% |
| Other amounts receivable | 291 | €69,040 | €29,040 | -€40,000 | -57.9% |
| Amounts receivable within one year | 40/41 | €205,587 | €189,073 | -€16,514 | -8.0% |
| Trade receivables | 40 | €142,368 | €102,914 | -€39,453 | -27.7% |
| Other amounts receivable | 41 | €63,219 | €86,159 | +€22,940 | +36.3% |
| Cash at bank and in hand | 54/58 | €328,036 | €385,252 | +€57,216 | +17.4% |
| Deferred charges and accrued income | 490/1 | €6,219 | €12,078 | +€5,858 | +94.2% |
| Total equity and liabilities | 10/49 | €845,728 | €821,938 | -€23,791 | -2.8% |
| Equity | 10/15 | €477,162 | €477,050 | -€112 | 0.0% |
| Contributions | 10/11 | €14,492 | €14,492 | = | 0.0% |
| Reserves | 13 | €462,670 | €462,558 | -€112 | 0.0% |
| Distributable reserves | 133 | €462,670 | €462,558 | -€112 | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €368,566 | €344,888 | -€23,678 | -6.4% |
| Amounts payable after more than one year | 17 | €181,624 | €137,216 | -€44,408 | -24.5% |
| Financial debts | 170/4 | €181,624 | €137,216 | -€44,408 | -24.5% |
| Amounts payable within one year | 42/48 | €183,679 | €204,406 | +€20,728 | +11.3% |
| Current portion of amounts payable after more than one year | 42 | €53,315 | €58,108 | +€4,792 | +9.0% |
| Trade debts | 44 | €73,516 | €94,010 | +€20,493 | +27.9% |
| Suppliers | 440/4 | €73,516 | €94,010 | +€20,493 | +27.9% |
| Taxes, remuneration and social security | 45 | €56,847 | €49,484 | -€7,363 | -13.0% |
| Taxes | 450/3 | €12,139 | €246 | -€11,893 | -98.0% |
| Remuneration and social security | 454/9 | €44,708 | €49,238 | +€4,530 | +10.1% |
| Other amounts payable | 47/48 | €0 | €2,805 | +€2,805 | |
| Accrued charges and deferred income | 492/3 | €3,264 | €3,266 | +€2 | +0.1% |
| Remuneration, social security and pensions | 62 | €269,988 | €265,624 | -€4,364 | -1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,564 | €56,248 | +€5,684 | +11.2% |
| Other operating charges | 640/8 | €8,608 | €9,079 | +€471 | +5.5% |
| Gross operating margin | 9900 | €317,133 | €344,156 | +€27,023 | +8.5% |
| Operating profit (loss) | 9901 | -€12,027 | €13,205 | +€25,232 | |
| Financial income | 75/76B | €4,986 | €2,773 | -€2,213 | -44.4% |
| Recurring financial income | 75 | €4,986 | €2,773 | -€2,213 | -44.4% |
| Financial charges | 65/66B | €8,315 | €9,491 | +€1,176 | +14.1% |
| Recurring financial charges | 65 | €8,315 | €9,491 | +€1,176 | +14.1% |
| Profit (loss) for the period before taxes | 9903 | -€15,357 | €6,487 | +€21,844 | |
| Income taxes | 67/77 | €1,148 | €6,600 | +€5,452 | +475% |
| Profit (loss) for the period | 9904 | -€16,504 | -€112 | +€16,392 | +99.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,504 | -€112 | +€16,392 | +99.3% |
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 14 October 2026 via checked.be.