VETHO: 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.
VETHO
Largest movements
- Tangible fixed assets -€11,703
down €11,703 (-3.0%), from €394,019 to €382,316
of which Land and buildings: -€11,474
- Trade debts +€49,204
up €49,204 (+62.2%), from €79,166 to €128,370
- Debts after one year -€21,977
down €21,977 (-10.0%), from €219,790 to €197,813
- Tax, wage and social debts -€18,455
down €18,455 (-31.9%), from €57,927 to €39,472
of which Remuneration and social security: -€11,241
- Profit (loss) carried forward -€17,924
down €17,924 (-22.7%), from -€79,055 to -€96,979
- Other debts -€8,302
down €8,302 (-7.2%), from €115,902 to €107,600
- Staff costs -€112,972
down €112,972 (-32.6%), from €346,834 to €233,862
- Gross operating margin -€71,513
down €71,513 (-21.3%), from €335,389 to €263,875
- Depreciation -€9,854
down €9,854 (-26.0%), from €37,916 to €28,062
- Financial charges -€4,644
down €4,644 (-20.0%), from €23,259 to €18,615
- Financial income +€4,125
up €4,125 (+2142.4%), from €193 to €4,317
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 | €427,639 | €415,573 | -€12,065 | -2.8% |
| Fixed assets | 21/28 | €394,019 | €382,316 | -€11,703 | -3.0% |
| Tangible fixed assets | 22/27 | €394,019 | €382,316 | -€11,703 | -3.0% |
| Land and buildings | 22 | €336,386 | €324,912 | -€11,474 | -3.4% |
| Plant, machinery and equipment | 23 | €32,691 | €37,908 | +€5,216 | +16.0% |
| Furniture and vehicles | 24 | €24,942 | €19,497 | -€5,445 | -21.8% |
| Current assets | 29/58 | €33,620 | €33,257 | -€363 | -1.1% |
| Stocks and contracts in progress | 3 | €18,227 | €18,666 | +€440 | +2.4% |
| Stocks | 30/36 | €18,227 | €18,666 | +€440 | +2.4% |
| Amounts receivable within one year | 40/41 | €8,879 | €4,789 | -€4,090 | -46.1% |
| Trade receivables | 40 | €8,879 | €1,573 | -€7,306 | -82.3% |
| Other amounts receivable | 41 | - | €3,216 | +€3,216 | |
| Cash at bank and in hand | 54/58 | €1,120 | €4,471 | +€3,351 | +299.1% |
| Deferred charges and accrued income | 490/1 | €5,393 | €5,331 | -€62 | -1.2% |
| Total equity and liabilities | 10/49 | €427,639 | €415,573 | -€12,065 | -2.8% |
| Equity | 10/15 | -€69,055 | -€86,979 | -€17,924 | -26.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€79,055 | -€96,979 | -€17,924 | -22.7% |
| Amounts payable | 17/49 | €496,694 | €502,552 | +€5,859 | +1.2% |
| Amounts payable after more than one year | 17 | €219,790 | €197,813 | -€21,977 | -10.0% |
| Financial debts | 170/4 | €219,790 | €197,813 | -€21,977 | -10.0% |
| Amounts payable within one year | 42/48 | €276,903 | €304,739 | +€27,836 | +10.1% |
| Current portion of amounts payable after more than one year | 42 | €20,907 | €21,977 | +€1,070 | +5.1% |
| Financial debts | 43 | €3,000 | €7,320 | +€4,320 | +144.0% |
| Credit institutions | 430/8 | €3,000 | €7,320 | +€4,320 | +144.0% |
| Trade debts | 44 | €79,166 | €128,370 | +€49,204 | +62.2% |
| Suppliers | 440/4 | €79,166 | €128,370 | +€49,204 | +62.2% |
| Taxes, remuneration and social security | 45 | €57,927 | €39,472 | -€18,455 | -31.9% |
| Taxes | 450/3 | €15,736 | €8,522 | -€7,214 | -45.8% |
| Remuneration and social security | 454/9 | €42,191 | €30,950 | -€11,241 | -26.6% |
| Other amounts payable | 47/48 | €115,902 | €107,600 | -€8,302 | -7.2% |
| Remuneration, social security and pensions | 62 | €346,834 | €233,862 | -€112,972 | -32.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,916 | €28,062 | -€9,854 | -26.0% |
| Other operating charges | 640/8 | €6,627 | €5,578 | -€1,049 | -15.8% |
| Gross operating margin | 9900 | €335,389 | €263,875 | -€71,513 | -21.3% |
| Operating profit (loss) | 9901 | -€55,988 | -€3,626 | +€52,362 | +93.5% |
| Financial income | 75/76B | €193 | €4,317 | +€4,125 | +2142.4% |
| Recurring financial income | 75 | €193 | €4,317 | +€4,125 | +2142.4% |
| Financial charges | 65/66B | €23,259 | €18,615 | -€4,644 | -20.0% |
| Recurring financial charges | 65 | €23,259 | €18,615 | -€4,644 | -20.0% |
| Profit (loss) for the period before taxes | 9903 | -€79,055 | -€17,924 | +€61,130 | +77.3% |
| Profit (loss) for the period | 9904 | -€79,055 | -€17,924 | +€61,130 | +77.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€79,055 | -€17,924 | +€61,130 | +77.3% |
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 30 September 2026 via checked.be.