VET-PATH: what changed
Two fiscal 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-PATH
Largest movements
- Tangible fixed assets +€48,598
up €48,598 (+15.8%), from €306,953 to €355,551
of which Furniture and vehicles: +€45,473
- Receivables within one year +€7,515
up €7,515 (+54.6%), from €13,763 to €21,278
of which Other amounts receivable: +€3,892
- Deferred charges and accrued income -€4,800
down €4,800 (-24.0%), from €20,000 to €15,200
- Reserves -€32,500
down €32,500 (-33.3%), from €97,500 to €65,000
- Debts after one year +€31,155
up €31,155 (+16.6%), from €188,054 to €219,209
- Other debts +€27,966
up €27,966 (+225.8%), from €12,383 to €40,349
- Profit (loss) carried forward +€12,370
up €12,370 (+20.9%), from €59,286 to €71,656
- Trade debts +€4,767
up €4,767 (+601.1%), from €793 to €5,560
- Gross operating margin -€19,886
down €19,886 (-32.0%), from €62,209 to €42,323
- Financial charges +€703
up €703 (+9.3%), from €7,565 to €8,268
- Depreciation +€645
up €645 (+5.2%), from €12,472 to €13,117
- Other operating charges -€629
down €629 (-34.2%), from €1,838 to €1,209
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 | €384,829 | €432,717 | +€47,888 | +12.4% |
| Fixed assets | 21/28 | €306,953 | €355,551 | +€48,598 | +15.8% |
| Tangible fixed assets | 22/27 | €306,953 | €355,551 | +€48,598 | +15.8% |
| Land and buildings | 22 | €267,779 | €267,300 | -€479 | -0.2% |
| Plant, machinery and equipment | 23 | €1,092 | €4,696 | +€3,604 | +330.0% |
| Furniture and vehicles | 24 | €38,082 | €83,555 | +€45,473 | +119.4% |
| Current assets | 29/58 | €77,876 | €77,166 | -€710 | -0.9% |
| Amounts receivable within one year | 40/41 | €13,763 | €21,278 | +€7,515 | +54.6% |
| Trade receivables | 40 | €13,763 | €17,386 | +€3,623 | +26.3% |
| Other amounts receivable | 41 | - | €3,892 | +€3,892 | |
| Cash at bank and in hand | 54/58 | €44,113 | €40,688 | -€3,425 | -7.8% |
| Deferred charges and accrued income | 490/1 | €20,000 | €15,200 | -€4,800 | -24.0% |
| Total equity and liabilities | 10/49 | €384,829 | €432,717 | +€47,888 | +12.4% |
| Equity | 10/15 | €164,846 | €144,716 | -€20,130 | -12.2% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €97,500 | €65,000 | -€32,500 | -33.3% |
| Distributable reserves | 133 | €97,500 | €65,000 | -€32,500 | -33.3% |
| Profit (loss) carried forward | 14 | €59,286 | €71,656 | +€12,370 | +20.9% |
| Amounts payable | 17/49 | €219,983 | €288,001 | +€68,018 | +30.9% |
| Amounts payable after more than one year | 17 | €188,054 | €219,209 | +€31,155 | +16.6% |
| Financial debts | 170/4 | €188,054 | €219,209 | +€31,155 | +16.6% |
| Amounts payable within one year | 42/48 | €28,379 | €65,142 | +€36,763 | +129.5% |
| Current portion of amounts payable after more than one year | 42 | €14,596 | €17,308 | +€2,712 | +18.6% |
| Trade debts | 44 | €793 | €5,560 | +€4,767 | +601.1% |
| Suppliers | 440/4 | €793 | €5,560 | +€4,767 | +601.1% |
| Taxes, remuneration and social security | 45 | €607 | €1,925 | +€1,318 | +217.1% |
| Taxes | 450/3 | €607 | €1,925 | +€1,318 | +217.1% |
| Other amounts payable | 47/48 | €12,383 | €40,349 | +€27,966 | +225.8% |
| Accrued charges and deferred income | 492/3 | €3,550 | €3,650 | +€100 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,472 | €13,117 | +€645 | +5.2% |
| Other operating charges | 640/8 | €1,838 | €1,209 | -€629 | -34.2% |
| Gross operating margin | 9900 | €62,209 | €42,323 | -€19,886 | -32.0% |
| Operating profit (loss) | 9901 | €47,899 | €27,997 | -€19,902 | -41.5% |
| Financial income | 75/76B | €176 | €201 | +€25 | +14.2% |
| Recurring financial income | 75 | €176 | €201 | +€25 | +14.2% |
| Financial charges | 65/66B | €7,565 | €8,268 | +€703 | +9.3% |
| Recurring financial charges | 65 | €7,565 | €8,268 | +€703 | +9.3% |
| Profit (loss) for the period before taxes | 9903 | €40,510 | €19,930 | -€20,580 | -50.8% |
| Income taxes | 67/77 | €7,696 | €7,560 | -€136 | -1.8% |
| Profit (loss) for the period | 9904 | €32,814 | €12,370 | -€20,444 | -62.3% |
| Profit (loss) for the period to be appropriated | 9905 | €32,814 | €12,370 | -€20,444 | -62.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.