VETO: 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.
VETO
Largest movements
- Tangible fixed assets -€67,658
down €67,658 (-12.5%), from €541,097 to €473,439
of which Plant, machinery and equipment: -€34,317
- Cash +€25,730
up €25,730 (+23.2%), from €110,842 to €136,572
mainly Depreciation (+€74,465) and Trade debts (+€31,112)
- Receivables within one year -€7,500
down €7,500 (-100.0%), from €7,500 to €0
- Debts after one year -€92,907
down €92,907 (-20.9%), from €445,348 to €352,441
- Trade debts +€31,112
up €31,112 (+326.2%), from €9,536 to €40,648
- Reserves +€17,921
up €17,921 (+36.8%), from €48,676 to €66,596
of which Distributable reserves: +€17,921
- Current portion of long-term debt -€9,231
down €9,231 (-10.2%), from €90,139 to €80,907
- Staff costs +€25,047
up €25,047 (+7.7%), from €324,392 to €349,439
- Gross operating margin +€9,690
up €9,690 (+2.1%), from €460,000 to €469,690
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 | €717,367 | €666,360 | -€51,007 | -7.1% |
| Fixed assets | 21/28 | €541,772 | €474,114 | -€67,658 | -12.5% |
| Tangible fixed assets | 22/27 | €541,097 | €473,439 | -€67,658 | -12.5% |
| Land and buildings | 22 | €363,000 | €330,000 | -€33,000 | -9.1% |
| Plant, machinery and equipment | 23 | €177,176 | €142,859 | -€34,317 | -19.4% |
| Furniture and vehicles | 24 | €921 | €580 | -€341 | -37.1% |
| Financial fixed assets | 28 | €675 | €675 | = | 0.0% |
| Current assets | 29/58 | €175,594 | €192,245 | +€16,651 | +9.5% |
| Stocks and contracts in progress | 3 | €26,000 | €26,000 | = | 0.0% |
| Stocks | 30/36 | €26,000 | €26,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €7,500 | €0 | -€7,500 | -100.0% |
| Other amounts receivable | 41 | €7,500 | €0 | -€7,500 | -100.0% |
| Cash at bank and in hand | 54/58 | €110,842 | €136,572 | +€25,730 | +23.2% |
| Deferred charges and accrued income | 490/1 | €31,252 | €29,673 | -€1,579 | -5.1% |
| Total equity and liabilities | 10/49 | €717,367 | €666,360 | -€51,007 | -7.1% |
| Equity | 10/15 | €67,276 | €85,196 | +€17,921 | +26.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €48,676 | €66,596 | +€17,921 | +36.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €48,676 | €66,596 | +€17,921 | +36.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €650,091 | €581,163 | -€68,928 | -10.6% |
| Amounts payable after more than one year | 17 | €445,348 | €352,441 | -€92,907 | -20.9% |
| Financial debts | 170/4 | €445,348 | €352,441 | -€92,907 | -20.9% |
| Amounts payable within one year | 42/48 | €195,812 | €219,824 | +€24,011 | +12.3% |
| Current portion of amounts payable after more than one year | 42 | €90,139 | €80,907 | -€9,231 | -10.2% |
| Financial debts | 43 | - | €6,185 | +€6,185 | |
| Credit institutions | 430/8 | - | €6,185 | +€6,185 | |
| Trade debts | 44 | €9,536 | €40,648 | +€31,112 | +326.2% |
| Suppliers | 440/4 | €9,536 | €40,648 | +€31,112 | +326.2% |
| Taxes, remuneration and social security | 45 | €60,336 | €63,154 | +€2,817 | +4.7% |
| Taxes | 450/3 | €28,025 | €25,926 | -€2,099 | -7.5% |
| Remuneration and social security | 454/9 | €32,311 | €37,227 | +€4,916 | +15.2% |
| Other amounts payable | 47/48 | €35,801 | €28,930 | -€6,871 | -19.2% |
| Accrued charges and deferred income | 492/3 | €8,931 | €8,899 | -€32 | -0.4% |
| Remuneration, social security and pensions | 62 | €324,392 | €349,439 | +€25,047 | +7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,530 | €74,465 | -€65 | -0.1% |
| Other operating charges | 640/8 | €6,952 | €6,571 | -€380 | -5.5% |
| Gross operating margin | 9900 | €460,000 | €469,690 | +€9,690 | +2.1% |
| Operating profit (loss) | 9901 | €54,126 | €39,215 | -€14,911 | -27.5% |
| Financial income | 75/76B | €3 | €451 | +€448 | +13440.2% |
| Recurring financial income | 75 | €3 | €451 | +€448 | +13440.2% |
| Financial charges | 65/66B | €15,198 | €12,909 | -€2,289 | -15.1% |
| Recurring financial charges | 65 | €15,198 | €12,909 | -€2,289 | -15.1% |
| Profit (loss) for the period before taxes | 9903 | €38,932 | €26,757 | -€12,175 | -31.3% |
| Income taxes | 67/77 | €5,216 | €8,836 | +€3,620 | +69.4% |
| Profit (loss) for the period | 9904 | €33,716 | €17,921 | -€15,795 | -46.8% |
| Profit (loss) for the period to be appropriated | 9905 | €33,716 | €17,921 | -€15,795 | -46.8% |
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 4 October 2026 via checked.be.