VETEXPRESS: what changed
Two fiscal 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.
VETEXPRESS
Largest movements
- Tangible fixed assets +€239,543
up €239,543 (+42.2%), from €567,014 to €806,557
of which Plant, machinery and equipment: +€167,838
- Cash -€127,290
down €127,290 (-64.9%), from €196,122 to €68,832
mainly Investment in fixed assets (net) (-€324,275) and Contributions, distributions and other (-€90,244)
- Stocks and contracts +€36,861
up €36,861 (+26.8%), from €137,393 to €174,254
- Debts after one year +€82,163
up €82,163 (+17.8%), from €461,300 to €543,463
- Profit (loss) carried forward +€29,047
up €29,047 (+6.7%), from €433,851 to €462,898
- Other debts +€28,036
up €28,036 (+44.2%), from €63,359 to €91,395
- Gross operating margin +€84,148
up €84,148 (+34.9%), from €241,229 to €325,377
- Staff costs +€15,322
up €15,322 (+17.8%), from €86,236 to €101,558
- Depreciation +€4,260
up €4,260 (+5.1%), from €82,872 to €87,132
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 | €1,096,526 | €1,250,718 | +€154,192 | +14.1% |
| Fixed assets | 21/28 | €600,603 | €837,746 | +€237,143 | +39.5% |
| Intangible fixed assets | 21 | €15,189 | €12,789 | -€2,400 | -15.8% |
| Tangible fixed assets | 22/27 | €567,014 | €806,557 | +€239,543 | +42.2% |
| Land and buildings | 22 | €484,935 | €546,446 | +€61,510 | +12.7% |
| Plant, machinery and equipment | 23 | €78,941 | €246,780 | +€167,838 | +212.6% |
| Furniture and vehicles | 24 | €1,583 | €12,001 | +€10,419 | +658.2% |
| Other tangible fixed assets | 26 | €1,555 | €1,330 | -€225 | -14.4% |
| Financial fixed assets | 28 | €18,400 | €18,400 | = | 0.0% |
| Current assets | 29/58 | €495,923 | €412,972 | -€82,951 | -16.7% |
| Stocks and contracts in progress | 3 | €137,393 | €174,254 | +€36,861 | +26.8% |
| Stocks | 30/36 | €137,393 | €174,254 | +€36,861 | +26.8% |
| Amounts receivable within one year | 40/41 | €161,155 | €166,503 | +€5,348 | +3.3% |
| Trade receivables | 40 | €143,492 | €151,782 | +€8,290 | +5.8% |
| Other amounts receivable | 41 | €17,663 | €14,721 | -€2,942 | -16.7% |
| Cash at bank and in hand | 54/58 | €196,122 | €68,832 | -€127,290 | -64.9% |
| Deferred charges and accrued income | 490/1 | €1,253 | €3,383 | +€2,130 | +170.0% |
| Total equity and liabilities | 10/49 | €1,096,526 | €1,250,718 | +€154,192 | +14.1% |
| Equity | 10/15 | €448,111 | €477,158 | +€29,047 | +6.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €433,851 | €462,898 | +€29,047 | +6.7% |
| Amounts payable | 17/49 | €648,415 | €773,561 | +€125,145 | +19.3% |
| Amounts payable after more than one year | 17 | €461,300 | €543,463 | +€82,163 | +17.8% |
| Financial debts | 170/4 | €461,300 | €543,463 | +€82,163 | +17.8% |
| Amounts payable within one year | 42/48 | €187,115 | €230,098 | +€42,982 | +23.0% |
| Current portion of amounts payable after more than one year | 42 | €80,781 | €80,458 | -€322 | -0.4% |
| Trade debts | 44 | €31,993 | €40,398 | +€8,405 | +26.3% |
| Suppliers | 440/4 | €31,993 | €40,398 | +€8,405 | +26.3% |
| Taxes, remuneration and social security | 45 | €10,982 | €17,846 | +€6,865 | +62.5% |
| Remuneration and social security | 454/9 | €10,982 | €17,846 | +€6,865 | +62.5% |
| Other amounts payable | 47/48 | €63,359 | €91,395 | +€28,036 | +44.2% |
| Remuneration, social security and pensions | 62 | €86,236 | €101,558 | +€15,322 | +17.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,872 | €87,132 | +€4,260 | +5.1% |
| Other operating charges | 640/8 | €7,505 | €8,021 | +€517 | +6.9% |
| Gross operating margin | 9900 | €241,229 | €325,377 | +€84,148 | +34.9% |
| Operating profit (loss) | 9901 | €64,616 | €128,666 | +€64,049 | +99.1% |
| Financial income | 75/76B | €866 | €585 | -€281 | -32.4% |
| Recurring financial income | 75 | €866 | €585 | -€281 | -32.4% |
| Financial charges | 65/66B | €9,816 | €9,960 | +€144 | +1.5% |
| Recurring financial charges | 65 | €9,816 | €9,960 | +€144 | +1.5% |
| Profit (loss) for the period before taxes | 9903 | €55,666 | €119,291 | +€63,625 | +114.3% |
| Income taxes | 67/77 | -€63 | - | +€63 | |
| Profit (loss) for the period | 9904 | €55,729 | €119,291 | +€63,562 | +114.1% |
| Profit (loss) for the period to be appropriated | 9905 | €55,729 | €119,291 | +€63,562 | +114.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.