VET'ARDENT: 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.
VET'ARDENT
Largest movements
- Cash +€53,950
up €53,950 (+48.1%), from €112,162 to €166,113
mainly Other debts (+€74,351) and Depreciation (+€42,297)
- Tangible fixed assets +€34,902
up €34,902 (+81.5%), from €42,810 to €77,713
of which Furniture and vehicles: +€27,936
- Stocks and contracts +€14,980
up €14,980 (+148%), from €10,140 to €25,120
- Intangible fixed assets -€12,038
down €12,038 (-34.9%), from €34,453 to €22,415
- Receivables within one year +€10,804
up €10,804 (+48.1%), from €22,455 to €33,259
of which Other amounts receivable: +€7,856
- Other debts +€74,351
new in 2025: €74,351
- Trade debts +€27,196
up €27,196 (+51.4%), from €52,940 to €80,136
- Debts after one year +€22,781
up €22,781 (+84.1%), from €27,072 to €49,852
- Provisions -€18,650
down €18,650 (-27.2%), from €68,460 to €49,810
- Tax, wage and social debts -€5,543
down €5,543 (-34.8%), from €15,923 to €10,380
- Financial charges +€87,465
up €87,465 (+1,004%), from €8,712 to €96,177
- Provisions -€87,111
down €87,111, from €68,460 to -€18,650
- Depreciation +€26,012
up €26,012 (+160%), from €16,285 to €42,297
- Taxes -€19,173
no longer reported in 2025 (was €19,173)
- Financial income +€6,861
up €6,861 (+1,471%), from €466 to €7,327
of which Non-recurring financial income: +€3,820
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 | €241,369 | €343,990 | +€102,621 | +42.5% |
| Fixed assets | 21/28 | €77,264 | €100,128 | +€22,864 | +29.6% |
| Intangible fixed assets | 21 | €34,453 | €22,415 | -€12,038 | -34.9% |
| Tangible fixed assets | 22/27 | €42,810 | €77,713 | +€34,902 | +81.5% |
| Plant, machinery and equipment | 23 | €1,505 | €8,472 | +€6,967 | +463% |
| Furniture and vehicles | 24 | €41,305 | €69,241 | +€27,936 | +67.6% |
| Current assets | 29/58 | €164,105 | €243,863 | +€79,758 | +48.6% |
| Amounts receivable after more than one year | 29 | €14,321 | €14,321 | = | 0.0% |
| Other amounts receivable | 291 | €14,321 | €14,321 | = | 0.0% |
| Stocks and contracts in progress | 3 | €10,140 | €25,120 | +€14,980 | +148% |
| Stocks | 30/36 | €10,140 | €25,120 | +€14,980 | +148% |
| Amounts receivable within one year | 40/41 | €22,455 | €33,259 | +€10,804 | +48.1% |
| Trade receivables | 40 | €18,282 | €21,231 | +€2,949 | +16.1% |
| Other amounts receivable | 41 | €4,173 | €12,028 | +€7,856 | +188% |
| Cash at bank and in hand | 54/58 | €112,162 | €166,113 | +€53,950 | +48.1% |
| Deferred charges and accrued income | 490/1 | €5,026 | €5,049 | +€23 | +0.5% |
| Total equity and liabilities | 10/49 | €241,369 | €343,990 | +€102,621 | +42.5% |
| Equity | 10/15 | €51,992 | €53,877 | +€1,885 | +3.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €49,492 | €51,377 | +€1,885 | +3.8% |
| Provisions and deferred taxes | 16 | €68,460 | €49,810 | -€18,650 | -27.2% |
| Provisions for liabilities and charges | 160/5 | €68,460 | €49,810 | -€18,650 | -27.2% |
| Other liabilities and charges | 164/5 | €68,460 | €49,810 | -€18,650 | -27.2% |
| Amounts payable | 17/49 | €120,917 | €240,303 | +€119,386 | +98.7% |
| Amounts payable after more than one year | 17 | €27,072 | €49,852 | +€22,781 | +84.1% |
| Financial debts | 170/4 | €27,072 | €49,852 | +€22,781 | +84.1% |
| Amounts payable within one year | 42/48 | €93,464 | €190,070 | +€96,606 | +103% |
| Current portion of amounts payable after more than one year | 42 | €24,601 | €25,202 | +€601 | +2.4% |
| Trade debts | 44 | €52,940 | €80,136 | +€27,196 | +51.4% |
| Suppliers | 440/4 | €52,940 | €80,136 | +€27,196 | +51.4% |
| Taxes, remuneration and social security | 45 | €15,923 | €10,380 | -€5,543 | -34.8% |
| Taxes | 450/3 | €15,923 | €10,380 | -€5,543 | -34.8% |
| Other amounts payable | 47/48 | - | €74,351 | +€74,351 | |
| Accrued charges and deferred income | 492/3 | €381 | €381 | = | 0.0% |
| Non-recurring operating income | 76A | €9,059 | - | -€9,059 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,285 | €42,297 | +€26,012 | +160% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,065 | +€1,065 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €68,460 | -€18,650 | -€87,111 | |
| Other operating charges | 640/8 | €3,985 | €1,381 | -€2,604 | -65.4% |
| Non-recurring operating charges | 66A | - | €2,440 | +€2,440 | |
| Gross operating margin | 9900 | €121,416 | €119,267 | -€2,149 | -1.8% |
| Operating profit (loss) | 9901 | €32,686 | €90,735 | +€58,049 | +178% |
| Financial income | 75/76B | €466 | €7,327 | +€6,861 | +1,471% |
| Recurring financial income | 75 | €466 | €3,507 | +€3,041 | +652% |
| Non-recurring financial income | 76B | - | €3,820 | +€3,820 | |
| Financial charges | 65/66B | €8,712 | €96,177 | +€87,465 | +1,004% |
| Recurring financial charges | 65 | €8,712 | €96,177 | +€87,465 | +1,004% |
| Profit (loss) for the period before taxes | 9903 | €24,440 | €1,885 | -€22,555 | -92.3% |
| Income taxes | 67/77 | €19,173 | - | -€19,173 | |
| Profit (loss) for the period | 9904 | €5,267 | €1,885 | -€3,381 | -64.2% |
| Profit (loss) for the period to be appropriated | 9905 | €5,267 | €1,885 | -€3,381 | -64.2% |
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 24 October 2026 via checked.be.