VETHIS: 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.
VETHIS
Largest movements
- Receivables within one year -€42,477
down €42,477 (-41.2%), from €102,976 to €60,498
of which Trade receivables: -€45,166
- Cash +€6,465
up €6,465 (+13.1%), from €49,389 to €55,854
mainly Other debts (+€107,022) and Net result for the year (+€101,385)
- Tangible fixed assets -€5,149
down €5,149 (-71.4%), from €7,207 to €2,058
of which Furniture and vehicles: -€5,609
- Reserves -€125,637
no longer reported in 2025 (was €125,637)
- Other debts +€107,022
new in 2025: €107,022
- Tax, wage and social debts -€17,354
down €17,354 (-79.2%), from €21,904 to €4,550
- Current portion of long-term debt -€3,488
down €3,488 (-66.4%), from €5,249 to €1,761
- Debts after one year -€1,761
no longer reported in 2025 (was €1,761)
- Gross operating margin +€10,923
up €10,923 (+8.3%), from €131,027 to €141,951
- Taxes +€2,711
up €2,711 (+8.5%), from €31,750 to €34,461
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 | €159,891 | €118,890 | -€41,001 | -25.6% |
| Fixed assets | 21/28 | €7,207 | €2,058 | -€5,149 | -71.4% |
| Tangible fixed assets | 22/27 | €7,207 | €2,058 | -€5,149 | -71.4% |
| Plant, machinery and equipment | 23 | - | €460 | +€460 | |
| Furniture and vehicles | 24 | €7,207 | €1,598 | -€5,609 | -77.8% |
| Current assets | 29/58 | €152,684 | €116,832 | -€35,852 | -23.5% |
| Amounts receivable within one year | 40/41 | €102,976 | €60,498 | -€42,477 | -41.2% |
| Trade receivables | 40 | €101,217 | €56,052 | -€45,166 | -44.6% |
| Other amounts receivable | 41 | €1,758 | €4,447 | +€2,689 | +152.9% |
| Cash at bank and in hand | 54/58 | €49,389 | €55,854 | +€6,465 | +13.1% |
| Deferred charges and accrued income | 490/1 | €320 | €480 | +€160 | +50.0% |
| Total equity and liabilities | 10/49 | €159,891 | €118,890 | -€41,001 | -25.6% |
| Equity | 10/15 | €130,637 | €5,000 | -€125,637 | -96.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €125,637 | - | -€125,637 | |
| Distributable reserves | 133 | €125,637 | - | -€125,637 | |
| Amounts payable | 17/49 | €29,254 | €113,890 | +€84,636 | +289.3% |
| Amounts payable after more than one year | 17 | €1,761 | - | -€1,761 | |
| Financial debts | 170/4 | €1,761 | - | -€1,761 | |
| Amounts payable within one year | 42/48 | €27,485 | €113,882 | +€86,397 | +314.3% |
| Current portion of amounts payable after more than one year | 42 | €5,249 | €1,761 | -€3,488 | -66.4% |
| Trade debts | 44 | €332 | €548 | +€216 | +65.2% |
| Suppliers | 440/4 | €332 | €548 | +€216 | +65.2% |
| Taxes, remuneration and social security | 45 | €21,904 | €4,550 | -€17,354 | -79.2% |
| Taxes | 450/3 | €21,904 | €4,550 | -€17,354 | -79.2% |
| Other amounts payable | 47/48 | - | €107,022 | +€107,022 | |
| Accrued charges and deferred income | 492/3 | €8 | €8 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,609 | €5,648 | +€40 | +0.7% |
| Other operating charges | 640/8 | €736 | €900 | +€164 | +22.3% |
| Gross operating margin | 9900 | €131,027 | €141,951 | +€10,923 | +8.3% |
| Operating profit (loss) | 9901 | €124,683 | €135,402 | +€10,719 | +8.6% |
| Financial income | 75/76B | €23 | €629 | +€605 | +2618.5% |
| Recurring financial income | 75 | €23 | €629 | +€605 | +2618.5% |
| Financial charges | 65/66B | €197 | €185 | -€12 | -6.2% |
| Recurring financial charges | 65 | €197 | €185 | -€12 | -6.2% |
| Profit (loss) for the period before taxes | 9903 | €124,509 | €135,846 | +€11,337 | +9.1% |
| Income taxes | 67/77 | €31,750 | €34,461 | +€2,711 | +8.5% |
| Profit (loss) for the period | 9904 | €92,759 | €101,385 | +€8,626 | +9.3% |
| Profit (loss) for the period to be appropriated | 9905 | €92,759 | €101,385 | +€8,626 | +9.3% |
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 3 October 2026 via checked.be.