VETCO: 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.
VETCO
Largest movements
- Tangible fixed assets -€40,147
down €40,147 (-5.4%), from €746,033 to €705,886
- Cash +€35,304
up €35,304 (+31.5%), from €111,970 to €147,273
mainly Depreciation (+€70,821) and Net result for the year (+€32,259)
- Current investments +€12,353
up €12,353 (+28.4%), from €43,480 to €55,833
- Stocks and contracts +€10,000
up €10,000 (+63.5%), from €15,750 to €25,750
- Debts after one year -€40,092
down €40,092 (-8.0%), from €499,453 to €459,361
- Reserves +€31,409
up €31,409 (+9.7%), from €322,562 to €353,971
- Trade debts +€23,317
up €23,317 (+153%), from €15,261 to €38,578
- Financial income +€17,423
up €17,423 (+2,047%), from €851 to €18,274
of which Non-recurring financial income: +€17,391
- Depreciation +€14,747
up €14,747 (+26.3%), from €56,074 to €70,821
- Taxes +€9,458
up €9,458 (+379%), from €2,496 to €11,953
- Financial charges -€6,015
down €6,015 (-38.9%), from €15,457 to €9,442
- Gross operating margin +€5,692
up €5,692 (+5.7%), from €99,885 to €105,576
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 | €942,824 | €952,547 | +€9,723 | +1.0% |
| Fixed assets | 21/28 | €746,033 | €705,886 | -€40,147 | -5.4% |
| Tangible fixed assets | 22/27 | €746,033 | €705,886 | -€40,147 | -5.4% |
| Land and buildings | 22 | €520,412 | €502,770 | -€17,642 | -3.4% |
| Plant, machinery and equipment | 23 | €180,303 | €171,640 | -€8,663 | -4.8% |
| Furniture and vehicles | 24 | €45,318 | €31,475 | -€13,842 | -30.5% |
| Current assets | 29/58 | €196,791 | €246,661 | +€49,870 | +25.3% |
| Stocks and contracts in progress | 3 | €15,750 | €25,750 | +€10,000 | +63.5% |
| Stocks | 30/36 | €15,750 | €25,750 | +€10,000 | +63.5% |
| Amounts receivable within one year | 40/41 | €21,332 | €13,328 | -€8,004 | -37.5% |
| Trade receivables | 40 | €13,574 | €9,269 | -€4,305 | -31.7% |
| Other amounts receivable | 41 | €7,758 | €4,059 | -€3,699 | -47.7% |
| Current investments | 50/53 | €43,480 | €55,833 | +€12,353 | +28.4% |
| Cash at bank and in hand | 54/58 | €111,970 | €147,273 | +€35,304 | +31.5% |
| Deferred charges and accrued income | 490/1 | €4,259 | €4,477 | +€218 | +5.1% |
| Total equity and liabilities | 10/49 | €942,824 | €952,547 | +€9,723 | +1.0% |
| Equity | 10/15 | €331,241 | €362,650 | +€31,409 | +9.5% |
| Contributions | 10/11 | €8,679 | €8,679 | = | 0.0% |
| Reserves | 13 | €322,562 | €353,971 | +€31,409 | +9.7% |
| Distributable reserves | 133 | €322,562 | €353,971 | +€31,409 | +9.7% |
| Amounts payable | 17/49 | €611,583 | €589,897 | -€21,686 | -3.5% |
| Amounts payable after more than one year | 17 | €499,453 | €459,361 | -€40,092 | -8.0% |
| Financial debts | 170/4 | €499,453 | €459,361 | -€40,092 | -8.0% |
| Amounts payable within one year | 42/48 | €112,130 | €130,536 | +€18,406 | +16.4% |
| Current portion of amounts payable after more than one year | 42 | €39,170 | €40,092 | +€922 | +2.4% |
| Financial debts | 43 | €2,957 | €2,947 | -€10 | -0.3% |
| Credit institutions | 430/8 | €2,957 | €2,947 | -€10 | -0.3% |
| Trade debts | 44 | €15,261 | €38,578 | +€23,317 | +153% |
| Suppliers | 440/4 | €15,261 | €38,578 | +€23,317 | +153% |
| Advances received on contracts in progress | 46 | €457 | - | -€457 | |
| Taxes, remuneration and social security | 45 | €8,368 | €3,617 | -€4,751 | -56.8% |
| Taxes | 450/3 | €8,368 | €3,617 | -€4,751 | -56.8% |
| Other amounts payable | 47/48 | €45,916 | €45,302 | -€615 | -1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,074 | €70,821 | +€14,747 | +26.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,997 | -€2,359 | -€4,355 | |
| Other operating charges | 640/8 | €1,525 | €1,733 | +€208 | +13.6% |
| Non-recurring operating charges | 66A | €139 | - | -€139 | |
| Gross operating margin | 9900 | €99,885 | €105,576 | +€5,692 | +5.7% |
| Operating profit (loss) | 9901 | €40,150 | €35,380 | -€4,769 | -11.9% |
| Financial income | 75/76B | €851 | €18,274 | +€17,423 | +2,047% |
| Recurring financial income | 75 | €851 | €884 | +€32 | +3.8% |
| Non-recurring financial income | 76B | - | €17,391 | +€17,391 | |
| Financial charges | 65/66B | €15,457 | €9,442 | -€6,015 | -38.9% |
| Recurring financial charges | 65 | €15,457 | €9,442 | -€6,015 | -38.9% |
| Profit (loss) for the period before taxes | 9903 | €25,544 | €44,213 | +€18,669 | +73.1% |
| Income taxes | 67/77 | €2,496 | €11,953 | +€9,458 | +379% |
| Profit (loss) for the period | 9904 | €23,048 | €32,259 | +€9,211 | +40.0% |
| Profit (loss) for the period to be appropriated | 9905 | €23,048 | €32,259 | +€9,211 | +40.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.