VET STEPH: 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 STEPH
Largest movements
- Intangible fixed assets -€21,000
down €21,000 (-18.2%), from €115,500 to €94,500
- Tangible fixed assets -€19,685
down €19,685 (-64.4%), from €30,582 to €10,897
of which Plant, machinery and equipment: -€15,166
- Receivables within one year +€17,413
up €17,413 (+18.6%), from €93,785 to €111,198
of which Trade receivables: +€22,107
- Other debts -€40,162
down €40,162 (-48.3%), from €83,214 to €43,052
- Profit (loss) carried forward +€39,014
up €39,014 (+138.2%), from €28,230 to €67,244
- Debts after one year -€36,624
down €36,624 (-56.9%), from €64,365 to €27,741
- Tax, wage and social debts +€7,373
up €7,373 (+5284.5%), from €140 to €7,512
- Current portion of long-term debt +€6,434
up €6,434 (+17.8%), from €36,190 to €42,624
- Gross operating margin +€71,839
up €71,839 (+202.5%), from €35,471 to €107,310
- Taxes +€12,248
up €12,248, from -€223 to €12,025
- Depreciation -€1,385
down €1,385 (-3.3%), from €42,070 to €40,685
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 | €244,506 | €218,564 | -€25,942 | -10.6% |
| Fixed assets | 21/28 | €146,082 | €105,397 | -€40,685 | -27.9% |
| Intangible fixed assets | 21 | €115,500 | €94,500 | -€21,000 | -18.2% |
| Tangible fixed assets | 22/27 | €30,582 | €10,897 | -€19,685 | -64.4% |
| Plant, machinery and equipment | 23 | €22,809 | €7,643 | -€15,166 | -66.5% |
| Furniture and vehicles | 24 | €7,773 | €3,255 | -€4,519 | -58.1% |
| Current assets | 29/58 | €98,424 | €113,167 | +€14,743 | +15.0% |
| Stocks and contracts in progress | 3 | €2,101 | €552 | -€1,549 | -73.7% |
| Stocks | 30/36 | €2,101 | €552 | -€1,549 | -73.7% |
| Amounts receivable within one year | 40/41 | €93,785 | €111,198 | +€17,413 | +18.6% |
| Trade receivables | 40 | €88,971 | €111,078 | +€22,107 | +24.8% |
| Other amounts receivable | 41 | €4,813 | €119 | -€4,694 | -97.5% |
| Cash at bank and in hand | 54/58 | €2,539 | €1,418 | -€1,121 | -44.2% |
| Total equity and liabilities | 10/49 | €244,506 | €218,564 | -€25,942 | -10.6% |
| Equity | 10/15 | €33,230 | €72,244 | +€39,014 | +117.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €28,230 | €67,244 | +€39,014 | +138.2% |
| Amounts payable | 17/49 | €211,276 | €146,320 | -€64,956 | -30.7% |
| Amounts payable after more than one year | 17 | €64,365 | €27,741 | -€36,624 | -56.9% |
| Financial debts | 170/4 | €64,365 | €27,741 | -€36,624 | -56.9% |
| Amounts payable within one year | 42/48 | €146,911 | €118,579 | -€28,332 | -19.3% |
| Current portion of amounts payable after more than one year | 42 | €36,190 | €42,624 | +€6,434 | +17.8% |
| Trade debts | 44 | €27,368 | €25,391 | -€1,977 | -7.2% |
| Suppliers | 440/4 | €27,368 | €25,391 | -€1,977 | -7.2% |
| Taxes, remuneration and social security | 45 | €140 | €7,512 | +€7,373 | +5284.5% |
| Taxes | 450/3 | €140 | €7,512 | +€7,373 | +5284.5% |
| Other amounts payable | 47/48 | €83,214 | €43,052 | -€40,162 | -48.3% |
| Remuneration, social security and pensions | 62 | €471 | €106 | -€365 | -77.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,070 | €40,685 | -€1,385 | -3.3% |
| Other operating charges | 640/8 | €1,370 | €1,409 | +€38 | +2.8% |
| Non-recurring operating charges | 66A | - | €12,789 | +€12,789 | |
| Gross operating margin | 9900 | €35,471 | €107,310 | +€71,839 | +202.5% |
| Operating profit (loss) | 9901 | -€8,440 | €52,322 | +€60,762 | |
| Financial income | 75/76B | €24 | €5 | -€19 | -79.2% |
| Recurring financial income | 75 | €24 | €5 | -€19 | -79.2% |
| Financial charges | 65/66B | €1,612 | €1,288 | -€324 | -20.1% |
| Recurring financial charges | 65 | €1,612 | €1,288 | -€324 | -20.1% |
| Profit (loss) for the period before taxes | 9903 | -€10,028 | €51,038 | +€61,066 | |
| Income taxes | 67/77 | -€223 | €12,025 | +€12,248 | |
| Profit (loss) for the period | 9904 | -€9,805 | €39,014 | +€48,819 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,805 | €39,014 | +€48,819 |
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 2 October 2026 via checked.be.