VETAVW: 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.
VETAVW
Largest movements
- Tangible fixed assets -€29,489
down €29,489 (-33.0%), from €89,491 to €60,002
of which Furniture and vehicles: -€21,989
- Intangible fixed assets -€28,571
down €28,571 (-16.7%), from €171,429 to €142,857
- Receivables within one year +€16,341
up €16,341 (+183%), from €8,950 to €25,291
- Cash +€15,555
up €15,555 (+23.5%), from €66,068 to €81,623
mainly Depreciation (+€58,061) and Net result for the year (+€27,706)
- Other debts -€12,675
down €12,675 (-26.1%), from €48,640 to €35,965
- Reserves -€6,300
down €6,300 (-2.6%), from €240,760 to €234,460
of which Tax-exempt reserves: -€10,500
- Tax, wage and social debts -€4,219
down €4,219 (-23.5%), from €17,991 to €13,772
of which Taxes: -€4,943
- Gross operating margin +€34,461
up €34,461 (+50.7%), from €68,022 to €102,484
- Taxes +€9,919
up €9,919 (+172%), from €5,773 to €15,692
- Staff costs -€9,671
no longer reported in 2025 (was €9,671)
- Depreciation +€1,274
up €1,274 (+2.2%), from €56,787 to €58,061
- Financial charges -€1,075
down €1,075 (-31.2%), from €3,444 to €2,369
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 | €353,139 | €326,796 | -€26,343 | -7.5% |
| Fixed assets | 21/28 | €260,920 | €202,859 | -€58,061 | -22.3% |
| Intangible fixed assets | 21 | €171,429 | €142,857 | -€28,571 | -16.7% |
| Tangible fixed assets | 22/27 | €89,491 | €60,002 | -€29,489 | -33.0% |
| Plant, machinery and equipment | 23 | €22,500 | €15,000 | -€7,500 | -33.3% |
| Furniture and vehicles | 24 | €66,991 | €45,002 | -€21,989 | -32.8% |
| Current assets | 29/58 | €92,219 | €123,937 | +€31,718 | +34.4% |
| Stocks and contracts in progress | 3 | €13,679 | €11,317 | -€2,362 | -17.3% |
| Stocks | 30/36 | €13,679 | €11,317 | -€2,362 | -17.3% |
| Amounts receivable within one year | 40/41 | €8,950 | €25,291 | +€16,341 | +183% |
| Trade receivables | 40 | €8,950 | €25,291 | +€16,341 | +183% |
| Cash at bank and in hand | 54/58 | €66,068 | €81,623 | +€15,555 | +23.5% |
| Deferred charges and accrued income | 490/1 | €3,523 | €5,706 | +€2,184 | +62.0% |
| Total equity and liabilities | 10/49 | €353,139 | €326,796 | -€26,343 | -7.5% |
| Equity | 10/15 | €260,067 | €253,140 | -€6,927 | -2.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €240,760 | €234,460 | -€6,300 | -2.6% |
| Tax-exempt reserves | 132 | €63,000 | €52,500 | -€10,500 | -16.7% |
| Distributable reserves | 133 | €177,760 | €181,960 | +€4,200 | +2.4% |
| Profit (loss) carried forward | 14 | €707 | €80 | -€627 | -88.7% |
| Provisions and deferred taxes | 16 | €21,000 | €17,500 | -€3,500 | -16.7% |
| Deferred taxes | 168 | €21,000 | €17,500 | -€3,500 | -16.7% |
| Amounts payable | 17/49 | €72,072 | €56,157 | -€15,916 | -22.1% |
| Amounts payable within one year | 42/48 | €72,072 | €56,157 | -€15,916 | -22.1% |
| Trade debts | 44 | €5,442 | €6,420 | +€978 | +18.0% |
| Suppliers | 440/4 | €5,442 | €6,420 | +€978 | +18.0% |
| Taxes, remuneration and social security | 45 | €17,991 | €13,772 | -€4,219 | -23.5% |
| Taxes | 450/3 | €17,715 | €12,772 | -€4,943 | -27.9% |
| Remuneration and social security | 454/9 | €276 | €1,000 | +€724 | +263% |
| Other amounts payable | 47/48 | €48,640 | €35,965 | -€12,675 | -26.1% |
| Non-recurring operating income | 76A | €5,300 | - | -€5,300 | |
| Remuneration, social security and pensions | 62 | €9,671 | - | -€9,671 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,787 | €58,061 | +€1,274 | +2.2% |
| Other operating charges | 640/8 | €2,038 | €2,201 | +€163 | +8.0% |
| Gross operating margin | 9900 | €68,022 | €102,484 | +€34,461 | +50.7% |
| Operating profit (loss) | 9901 | -€473 | €42,222 | +€42,695 | |
| Financial income | 75/76B | €197 | €46 | -€151 | -76.9% |
| Recurring financial income | 75 | €197 | €46 | -€151 | -76.9% |
| Financial charges | 65/66B | €3,444 | €2,369 | -€1,075 | -31.2% |
| Recurring financial charges | 65 | €3,444 | €2,369 | -€1,075 | -31.2% |
| Profit (loss) for the period before taxes | 9903 | -€3,720 | €39,898 | +€43,619 | |
| Transfer from deferred taxes | 780 | €3,500 | €3,500 | = | 0.0% |
| Income taxes | 67/77 | €5,773 | €15,692 | +€9,919 | +172% |
| Profit (loss) for the period | 9904 | -€5,993 | €27,706 | +€33,699 | |
| Transfer from tax-exempt reserves | 789 | €10,500 | €10,500 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,507 | €38,206 | +€33,699 | +748% |
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 19 October 2026 via checked.be.