VETAREL: 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.
VETAREL
Largest movements
- Tangible fixed assets +€207,428
up €207,428 (+35.1%), from €590,730 to €798,158
of which Land and buildings: +€218,925
- Receivables after one year -€175,014
down €175,014 (-61.6%), from €284,302 to €109,287
- Receivables within one year +€24,417
up €24,417 (+10.8%), from €226,156 to €250,573
of which Other amounts receivable: +€55,569
- Trade debts +€44,672
up €44,672 (+312%), from €14,305 to €58,977
- Gross operating margin -€15,282
down €15,282 (-15.9%), from €96,036 to €80,754
- Depreciation +€13,323
up €13,323 (+100%), from €13,294 to €26,617
- Taxes -€3,268
down €3,268 (-98.2%), from €3,326 to €59
- Staff costs +€2,083
up €2,083 (+6.1%), from €34,237 to €36,319
- Financial charges -€1,379
down €1,379 (-8.0%), from €17,307 to €15,928
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 | €1,108,131 | €1,165,972 | +€57,842 | +5.2% |
| Fixed assets | 21/28 | €590,730 | €798,158 | +€207,428 | +35.1% |
| Tangible fixed assets | 22/27 | €590,730 | €798,158 | +€207,428 | +35.1% |
| Land and buildings | 22 | €561,719 | €780,644 | +€218,925 | +39.0% |
| Furniture and vehicles | 24 | €29,011 | €17,514 | -€11,497 | -39.6% |
| Current assets | 29/58 | €517,401 | €367,815 | -€149,586 | -28.9% |
| Amounts receivable after more than one year | 29 | €284,302 | €109,287 | -€175,014 | -61.6% |
| Other amounts receivable | 291 | €284,302 | €109,287 | -€175,014 | -61.6% |
| Amounts receivable within one year | 40/41 | €226,156 | €250,573 | +€24,417 | +10.8% |
| Trade receivables | 40 | €31,152 | - | -€31,152 | |
| Other amounts receivable | 41 | €195,004 | €250,573 | +€55,569 | +28.5% |
| Cash at bank and in hand | 54/58 | €3,026 | €2,260 | -€766 | -25.3% |
| Deferred charges and accrued income | 490/1 | €3,917 | €5,695 | +€1,778 | +45.4% |
| Total equity and liabilities | 10/49 | €1,108,131 | €1,165,972 | +€57,842 | +5.2% |
| Equity | 10/15 | €598,291 | €597,969 | -€323 | -0.1% |
| Contributions | 10/11 | €224,800 | €224,800 | = | 0.0% |
| Reserves | 13 | €270,000 | €270,000 | = | 0.0% |
| Distributable reserves | 133 | €270,000 | €270,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €103,491 | €103,169 | -€323 | -0.3% |
| Amounts payable | 17/49 | €509,839 | €568,004 | +€58,164 | +11.4% |
| Amounts payable after more than one year | 17 | €449,629 | €453,455 | +€3,826 | +0.9% |
| Financial debts | 170/4 | €449,629 | €453,455 | +€3,826 | +0.9% |
| Amounts payable within one year | 42/48 | €59,973 | €114,549 | +€54,576 | +91.0% |
| Current portion of amounts payable after more than one year | 42 | €36,432 | €43,109 | +€6,677 | +18.3% |
| Trade debts | 44 | €14,305 | €58,977 | +€44,672 | +312% |
| Suppliers | 440/4 | €14,305 | €58,977 | +€44,672 | +312% |
| Taxes, remuneration and social security | 45 | €9,236 | €12,463 | +€3,227 | +34.9% |
| Taxes | 450/3 | €5,339 | €6,016 | +€677 | +12.7% |
| Remuneration and social security | 454/9 | €3,897 | €6,446 | +€2,550 | +65.4% |
| Accrued charges and deferred income | 492/3 | €238 | - | -€238 | |
| Remuneration, social security and pensions | 62 | €34,237 | €36,319 | +€2,083 | +6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,294 | €26,617 | +€13,323 | +100% |
| Other operating charges | 640/8 | €1,714 | €2,219 | +€505 | +29.5% |
| Gross operating margin | 9900 | €96,036 | €80,754 | -€15,282 | -15.9% |
| Operating profit (loss) | 9901 | €46,791 | €15,599 | -€31,193 | -66.7% |
| Financial income | 75/76B | €1,011 | €65 | -€946 | -93.6% |
| Recurring financial income | 75 | €1,011 | €65 | -€946 | -93.6% |
| Financial charges | 65/66B | €17,307 | €15,928 | -€1,379 | -8.0% |
| Recurring financial charges | 65 | €17,307 | €15,928 | -€1,379 | -8.0% |
| Profit (loss) for the period before taxes | 9903 | €30,496 | -€264 | -€30,760 | |
| Income taxes | 67/77 | €3,326 | €59 | -€3,268 | -98.2% |
| Profit (loss) for the period | 9904 | €27,170 | -€323 | -€27,492 | |
| Profit (loss) for the period to be appropriated | 9905 | €27,170 | -€323 | -€27,492 |
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.