VETHOM: 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.
VETHOM
Largest movements
- Cash +€137,703
up €137,703 (+136%), from €100,986 to €238,688
mainly Net result for the year (+€73,682) and Tax, wage and social debts (+€33,933)
- Receivables within one year -€32,159
down €32,159 (-62.8%), from €51,217 to €19,058
of which Other amounts receivable: -€32,105
- Tangible fixed assets -€13,750
down €13,750 (-33.4%), from €41,212 to €27,462
- Reserves +€73,682
up €73,682 (+68.8%), from €107,153 to €180,835
- Tax, wage and social debts +€33,933
up €33,933 (+60.9%), from €55,763 to €89,696
of which Taxes: +€29,433
- Debts after one year -€13,000
no longer reported in 2025 (was €13,000)
- Gross operating margin -€55,928
down €55,928 (-32.3%), from €173,416 to €117,488
- Taxes -€22,013
down €22,013 (-43.9%), from €50,201 to €28,188
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.
Derived cash bridge
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 | €193,415 | €287,883 | +€94,468 | +48.8% |
| Fixed assets | 21/28 | €41,212 | €27,462 | -€13,750 | -33.4% |
| Tangible fixed assets | 22/27 | €41,212 | €27,462 | -€13,750 | -33.4% |
| Furniture and vehicles | 24 | €41,212 | €27,462 | -€13,750 | -33.4% |
| Current assets | 29/58 | €152,203 | €260,421 | +€108,218 | +71.1% |
| Amounts receivable within one year | 40/41 | €51,217 | €19,058 | -€32,159 | -62.8% |
| Trade receivables | 40 | €19,009 | €18,955 | -€53 | -0.3% |
| Other amounts receivable | 41 | €32,208 | €103 | -€32,105 | -99.7% |
| Cash at bank and in hand | 54/58 | €100,986 | €238,688 | +€137,703 | +136% |
| Deferred charges and accrued income | 490/1 | - | €2,674 | +€2,674 | |
| Total equity and liabilities | 10/49 | €193,415 | €287,883 | +€94,468 | +48.8% |
| Equity | 10/15 | €110,153 | €183,835 | +€73,682 | +66.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €107,153 | €180,835 | +€73,682 | +68.8% |
| Distributable reserves | 133 | €107,153 | €180,835 | +€73,682 | +68.8% |
| Amounts payable | 17/49 | €83,262 | €104,048 | +€20,786 | +25.0% |
| Amounts payable after more than one year | 17 | €13,000 | - | -€13,000 | |
| Financial debts | 170/4 | €13,000 | - | -€13,000 | |
| Amounts payable within one year | 42/48 | €70,262 | €104,048 | +€33,786 | +48.1% |
| Current portion of amounts payable after more than one year | 42 | €13,809 | €13,000 | -€809 | -5.9% |
| Trade debts | 44 | €690 | €1,352 | +€662 | +96.0% |
| Suppliers | 440/4 | €690 | €1,352 | +€662 | +96.0% |
| Taxes, remuneration and social security | 45 | €55,763 | €89,696 | +€33,933 | +60.9% |
| Taxes | 450/3 | €55,763 | €85,196 | +€29,433 | +52.8% |
| Remuneration and social security | 454/9 | - | €4,500 | +€4,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,788 | €13,750 | -€38 | -0.3% |
| Other operating charges | 640/8 | €849 | €1,011 | +€162 | +19.1% |
| Gross operating margin | 9900 | €173,416 | €117,488 | -€55,928 | -32.3% |
| Operating profit (loss) | 9901 | €158,780 | €102,728 | -€56,052 | -35.3% |
| Financial charges | 65/66B | €1,426 | €858 | -€567 | -39.8% |
| Recurring financial charges | 65 | €1,426 | €858 | -€567 | -39.8% |
| Profit (loss) for the period before taxes | 9903 | €157,354 | €101,870 | -€55,484 | -35.3% |
| Income taxes | 67/77 | €50,201 | €28,188 | -€22,013 | -43.9% |
| Profit (loss) for the period | 9904 | €107,153 | €73,682 | -€33,471 | -31.2% |
| Profit (loss) for the period to be appropriated | 9905 | €107,153 | €73,682 | -€33,471 | -31.2% |
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 15 October 2026 via checked.be.