Vetho projects: 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 projects
Largest movements
- Receivables within one year +€33,922
up €33,922 (+658.8%), from €5,149 to €39,071
of which Trade receivables: +€29,773
- Cash -€16,322
down €16,322 (-23.4%), from €69,699 to €53,377
mainly Receivables within one year (-€33,922) and Trade debts (-€6,058)
- Tangible fixed assets -€6,764
down €6,764 (-66.3%), from €10,209 to €3,445
of which Furniture and vehicles: -€6,394
- Stocks and contracts -€1,732
down €1,732 (-7.8%), from €22,143 to €20,411
of which Contracts in progress: -€6,100
- Reserves +€16,939
up €16,939 (+48.3%), from €35,044 to €51,983
- Trade debts -€6,058
down €6,058 (-18.6%), from €32,595 to €26,537
- Tax, wage and social debts -€2,037
down €2,037 (-21.9%), from €9,286 to €7,249
- Gross operating margin -€11,644
down €11,644 (-27.7%), from €41,966 to €30,322
- Taxes -€2,311
down €2,311 (-33.9%), from €6,816 to €4,505
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 | €107,200 | €116,305 | +€9,105 | +8.5% |
| Fixed assets | 21/28 | €10,209 | €3,445 | -€6,764 | -66.3% |
| Tangible fixed assets | 22/27 | €10,209 | €3,445 | -€6,764 | -66.3% |
| Plant, machinery and equipment | 23 | €1,503 | €1,133 | -€370 | -24.6% |
| Furniture and vehicles | 24 | €8,706 | €2,312 | -€6,394 | -73.4% |
| Current assets | 29/58 | €96,991 | €112,859 | +€15,868 | +16.4% |
| Stocks and contracts in progress | 3 | €22,143 | €20,411 | -€1,732 | -7.8% |
| Stocks | 30/36 | €7,143 | €11,511 | +€4,368 | +61.1% |
| Contracts in progress | 37 | €15,000 | €8,900 | -€6,100 | -40.7% |
| Amounts receivable within one year | 40/41 | €5,149 | €39,071 | +€33,922 | +658.8% |
| Trade receivables | 40 | €3,683 | €33,457 | +€29,773 | +808.3% |
| Other amounts receivable | 41 | €1,466 | €5,615 | +€4,149 | +283.0% |
| Cash at bank and in hand | 54/58 | €69,699 | €53,377 | -€16,322 | -23.4% |
| Total equity and liabilities | 10/49 | €107,200 | €116,305 | +€9,105 | +8.5% |
| Equity | 10/15 | €38,544 | €55,483 | +€16,939 | +43.9% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €35,044 | €51,983 | +€16,939 | +48.3% |
| Distributable reserves | 133 | €35,044 | €51,983 | +€16,939 | +48.3% |
| Amounts payable | 17/49 | €68,656 | €60,822 | -€7,834 | -11.4% |
| Amounts payable within one year | 42/48 | €68,656 | €60,822 | -€7,834 | -11.4% |
| Trade debts | 44 | €32,595 | €26,537 | -€6,058 | -18.6% |
| Suppliers | 440/4 | €32,595 | €26,537 | -€6,058 | -18.6% |
| Taxes, remuneration and social security | 45 | €9,286 | €7,249 | -€2,037 | -21.9% |
| Taxes | 450/3 | €9,286 | €7,249 | -€2,037 | -21.9% |
| Other amounts payable | 47/48 | €26,776 | €27,037 | +€261 | +1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,740 | €6,764 | +€23 | +0.3% |
| Other operating charges | 640/8 | €1,764 | €1,358 | -€406 | -23.0% |
| Gross operating margin | 9900 | €41,966 | €30,322 | -€11,644 | -27.7% |
| Operating profit (loss) | 9901 | €33,462 | €22,201 | -€11,261 | -33.7% |
| Financial income | 75/76B | €4 | €1 | -€4 | -82.0% |
| Recurring financial income | 75 | €4 | €1 | -€4 | -82.0% |
| Financial charges | 65/66B | €534 | €757 | +€223 | +41.6% |
| Recurring financial charges | 65 | €534 | €757 | +€223 | +41.6% |
| Profit (loss) for the period before taxes | 9903 | €32,932 | €21,444 | -€11,487 | -34.9% |
| Income taxes | 67/77 | €6,816 | €4,505 | -€2,311 | -33.9% |
| Profit (loss) for the period | 9904 | €26,116 | €16,939 | -€9,177 | -35.1% |
| Profit (loss) for the period to be appropriated | 9905 | €26,116 | €16,939 | -€9,177 | -35.1% |
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 5 October 2026 via checked.be.