VETENAC: 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.
VETENAC
Largest movements
- Tangible fixed assets -€107,389
down €107,389 (-18.1%), from €594,290 to €486,901
- Stocks and contracts +€73,282
up €73,282 (+214.2%), from €34,213 to €107,495
- Cash -€16,435
down €16,435 (-5.7%), from €286,195 to €269,760
mainly Contributions, distributions and other (-€150,000) and Debts after one year (-€96,318)
- Receivables within one year -€13,379
down €13,379 (-54.3%), from €24,620 to €11,242
of which Trade receivables: -€14,577
- Debts after one year -€96,318
down €96,318 (-18.3%), from €527,203 to €430,885
- Other debts +€44,886
up €44,886 (+52.8%), from €85,000 to €129,886
- Trade debts -€32,624
down €32,624 (-67.1%), from €48,617 to €15,993
- Tax, wage and social debts +€17,469
up €17,469 (+12.9%), from €135,710 to €153,179
of which Taxes: +€19,803
- Gross operating margin +€110,605
up €110,605 (+20.4%), from €541,649 to €652,254
- Staff costs +€72,280
up €72,280 (+31.9%), from €226,550 to €298,831
- Depreciation -€14,567
down €14,567 (-10.0%), from €145,595 to €131,028
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 | €975,747 | €915,822 | -€59,925 | -6.1% |
| Formation expenses | 20 | €421 | - | -€421 | |
| Fixed assets | 21/28 | €613,212 | €505,670 | -€107,542 | -17.5% |
| Intangible fixed assets | 21 | €322 | €169 | -€153 | -47.5% |
| Tangible fixed assets | 22/27 | €594,290 | €486,901 | -€107,389 | -18.1% |
| Land and buildings | 22 | €179,659 | €164,211 | -€15,447 | -8.6% |
| Plant, machinery and equipment | 23 | €266,010 | €222,873 | -€43,137 | -16.2% |
| Furniture and vehicles | 24 | €12,869 | €6,560 | -€6,309 | -49.0% |
| Leasing and similar rights | 25 | €135,752 | €93,257 | -€42,495 | -31.3% |
| Financial fixed assets | 28 | €18,600 | €18,600 | = | 0.0% |
| Current assets | 29/58 | €362,114 | €410,152 | +€48,038 | +13.3% |
| Stocks and contracts in progress | 3 | €34,213 | €107,495 | +€73,282 | +214.2% |
| Stocks | 30/36 | €34,213 | €107,495 | +€73,282 | +214.2% |
| Amounts receivable within one year | 40/41 | €24,620 | €11,242 | -€13,379 | -54.3% |
| Trade receivables | 40 | €21,943 | €7,366 | -€14,577 | -66.4% |
| Other amounts receivable | 41 | €2,678 | €3,876 | +€1,198 | +44.7% |
| Cash at bank and in hand | 54/58 | €286,195 | €269,760 | -€16,435 | -5.7% |
| Deferred charges and accrued income | 490/1 | €17,086 | €21,656 | +€4,570 | +26.7% |
| Total equity and liabilities | 10/49 | €975,747 | €915,822 | -€59,925 | -6.1% |
| Equity | 10/15 | €87,364 | €97,093 | +€9,729 | +11.1% |
| Contributions | 10/11 | €19,200 | €19,200 | = | 0.0% |
| Reserves | 13 | €11,500 | €11,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €11,500 | €11,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €56,664 | €66,393 | +€9,729 | +17.2% |
| Amounts payable | 17/49 | €888,383 | €818,729 | -€69,654 | -7.8% |
| Amounts payable after more than one year | 17 | €527,203 | €430,885 | -€96,318 | -18.3% |
| Financial debts | 170/4 | €527,203 | €430,885 | -€96,318 | -18.3% |
| Amounts payable within one year | 42/48 | €361,180 | €387,844 | +€26,664 | +7.4% |
| Current portion of amounts payable after more than one year | 42 | €91,852 | €88,786 | -€3,066 | -3.3% |
| Trade debts | 44 | €48,617 | €15,993 | -€32,624 | -67.1% |
| Suppliers | 440/4 | €48,617 | €15,993 | -€32,624 | -67.1% |
| Taxes, remuneration and social security | 45 | €135,710 | €153,179 | +€17,469 | +12.9% |
| Taxes | 450/3 | €94,420 | €114,224 | +€19,803 | +21.0% |
| Remuneration and social security | 454/9 | €41,290 | €38,955 | -€2,334 | -5.7% |
| Other amounts payable | 47/48 | €85,000 | €129,886 | +€44,886 | +52.8% |
| Remuneration, social security and pensions | 62 | €226,550 | €298,831 | +€72,280 | +31.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €145,595 | €131,028 | -€14,567 | -10.0% |
| Other operating charges | 640/8 | €6,951 | €6,055 | -€896 | -12.9% |
| Gross operating margin | 9900 | €541,649 | €652,254 | +€110,605 | +20.4% |
| Operating profit (loss) | 9901 | €162,553 | €216,341 | +€53,788 | +33.1% |
| Financial income | 75/76B | €525 | €1,059 | +€533 | +101.5% |
| Recurring financial income | 75 | €525 | €1,059 | +€533 | +101.5% |
| Financial charges | 65/66B | €9,382 | €8,971 | -€411 | -4.4% |
| Recurring financial charges | 65 | €9,382 | €8,971 | -€411 | -4.4% |
| Profit (loss) for the period before taxes | 9903 | €153,696 | €208,428 | +€54,732 | +35.6% |
| Income taxes | 67/77 | €54,059 | €48,698 | -€5,360 | -9.9% |
| Profit (loss) for the period | 9904 | €99,638 | €159,729 | +€60,092 | +60.3% |
| Profit (loss) for the period to be appropriated | 9905 | €99,638 | €159,729 | +€60,092 | +60.3% |
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 11 October 2026 via checked.be.