VETAREL ASSOCIATION: 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 ASSOCIATION
Largest movements
- Intangible fixed assets -€40,000
down €40,000 (-13.0%), from €308,261 to €268,261
- Tangible fixed assets -€13,848
down €13,848 (-36.0%), from €38,466 to €24,618
- Receivables within one year -€12,647
down €12,647 (-31.2%), from €40,529 to €27,882
of which Trade receivables: -€13,844
- Debts after one year -€67,686
down €67,686 (-23.8%), from €284,302 to €216,616
of which Other amounts payable: -€175,014
- Trade debts -€61,843
down €61,843 (-68.9%), from €89,723 to €27,881
- Profit (loss) carried forward +€43,324
up €43,324 (+20.7%), from €208,821 to €252,145
- Current portion of long-term debt +€25,705
up €25,705 (+245%), from €10,500 to €36,205
- Tax, wage and social debts -€6,560
down €6,560 (-41.3%), from €15,876 to €9,316
- Gross operating margin -€24,538
down €24,538 (-16.9%), from €144,886 to €120,347
- Financial income -€9,548
down €9,548 (-99.9%), from €9,558 to €10
- Taxes -€9,003
down €9,003 (-37.3%), from €24,160 to €15,157
- Financial charges +€2,484
up €2,484 (+52.3%), from €4,752 to €7,235
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 | €614,222 | €547,163 | -€67,060 | -10.9% |
| Fixed assets | 21/28 | €346,727 | €292,879 | -€53,848 | -15.5% |
| Intangible fixed assets | 21 | €308,261 | €268,261 | -€40,000 | -13.0% |
| Tangible fixed assets | 22/27 | €38,466 | €24,618 | -€13,848 | -36.0% |
| Plant, machinery and equipment | 23 | €38,466 | €24,618 | -€13,848 | -36.0% |
| Current assets | 29/58 | €267,495 | €254,284 | -€13,211 | -4.9% |
| Stocks and contracts in progress | 3 | €29,801 | €31,408 | +€1,607 | +5.4% |
| Stocks | 30/36 | €29,801 | €31,408 | +€1,607 | +5.4% |
| Amounts receivable within one year | 40/41 | €40,529 | €27,882 | -€12,647 | -31.2% |
| Trade receivables | 40 | €30,863 | €17,019 | -€13,844 | -44.9% |
| Other amounts receivable | 41 | €9,666 | €10,863 | +€1,197 | +12.4% |
| Cash at bank and in hand | 54/58 | €195,483 | €193,574 | -€1,909 | -1.0% |
| Deferred charges and accrued income | 490/1 | €1,683 | €1,420 | -€263 | -15.6% |
| Total equity and liabilities | 10/49 | €614,222 | €547,163 | -€67,060 | -10.9% |
| Equity | 10/15 | €213,821 | €257,145 | +€43,324 | +20.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €208,821 | €252,145 | +€43,324 | +20.7% |
| Amounts payable | 17/49 | €400,402 | €290,018 | -€110,383 | -27.6% |
| Amounts payable after more than one year | 17 | €284,302 | €216,616 | -€67,686 | -23.8% |
| Financial debts | 170/4 | - | €107,328 | +€107,328 | |
| Other amounts payable | 178/9 | €284,302 | €109,287 | -€175,014 | -61.6% |
| Amounts payable within one year | 42/48 | €116,100 | €73,402 | -€42,697 | -36.8% |
| Current portion of amounts payable after more than one year | 42 | €10,500 | €36,205 | +€25,705 | +245% |
| Trade debts | 44 | €89,723 | €27,881 | -€61,843 | -68.9% |
| Suppliers | 440/4 | €89,723 | €27,881 | -€61,843 | -68.9% |
| Taxes, remuneration and social security | 45 | €15,876 | €9,316 | -€6,560 | -41.3% |
| Taxes | 450/3 | €15,876 | €9,316 | -€6,560 | -41.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,603 | €53,848 | +€246 | +0.5% |
| Other operating charges | 640/8 | €781 | €793 | +€12 | +1.6% |
| Gross operating margin | 9900 | €144,886 | €120,347 | -€24,538 | -16.9% |
| Operating profit (loss) | 9901 | €90,502 | €65,706 | -€24,796 | -27.4% |
| Financial income | 75/76B | €9,558 | €10 | -€9,548 | -99.9% |
| Recurring financial income | 75 | €9,558 | €10 | -€9,548 | -99.9% |
| Financial charges | 65/66B | €4,752 | €7,235 | +€2,484 | +52.3% |
| Recurring financial charges | 65 | €4,752 | €7,235 | +€2,484 | +52.3% |
| Profit (loss) for the period before taxes | 9903 | €95,309 | €58,480 | -€36,828 | -38.6% |
| Income taxes | 67/77 | €24,160 | €15,157 | -€9,003 | -37.3% |
| Profit (loss) for the period | 9904 | €71,149 | €43,324 | -€27,825 | -39.1% |
| Profit (loss) for the period to be appropriated | 9905 | €71,149 | €43,324 | -€27,825 | -39.1% |
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 28 October 2026 via checked.be.