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 -€87,751
down €87,751 (-7.5%), from €1.2m to €1.1m
- Receivables within one year +€26,133
up €26,133 (+452.9%), from €5,770 to €31,903
of which Trade receivables: +€14,215
- Other debts -€132,460
no longer reported in 2025 (was €132,460)
- Reserves +€72,083
up €72,083 (+7.0%), from €1.0m to €1.1m
of which Distributable reserves: +€74,757
- Depreciation -€54,495
down €54,495 (-38.3%), from €142,246 to €87,751
- Taxes +€23,047
up €23,047 (+119.9%), from €19,230 to €42,277
- Gross operating margin +€12,467
up €12,467 (+6.1%), from €204,647 to €217,113
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 | €1,187,242 | €1,134,671 | -€52,571 | -4.4% |
| Fixed assets | 21/28 | €1,171,416 | €1,083,665 | -€87,751 | -7.5% |
| Tangible fixed assets | 22/27 | €1,171,416 | €1,083,665 | -€87,751 | -7.5% |
| Land and buildings | 22 | €1,171,416 | €1,083,665 | -€87,751 | -7.5% |
| Current assets | 29/58 | €15,825 | €51,006 | +€35,180 | +222.3% |
| Amounts receivable within one year | 40/41 | €5,770 | €31,903 | +€26,133 | +452.9% |
| Trade receivables | 40 | - | €14,215 | +€14,215 | |
| Other amounts receivable | 41 | €5,770 | €17,688 | +€11,918 | +206.6% |
| Cash at bank and in hand | 54/58 | €10,056 | €19,103 | +€9,048 | +90.0% |
| Total equity and liabilities | 10/49 | €1,187,242 | €1,134,671 | -€52,571 | -4.4% |
| Equity | 10/15 | €1,053,659 | €1,125,741 | +€72,083 | +6.8% |
| Contributions | 10/11 | €26,553 | €26,553 | = | 0.0% |
| Reserves | 13 | €1,027,106 | €1,099,188 | +€72,083 | +7.0% |
| Non-distributable reserves | 130/1 | €2,655 | €2,655 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,655 | €2,655 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,222 | €4,547 | -€2,674 | -37.0% |
| Distributable reserves | 133 | €1,017,229 | €1,091,986 | +€74,757 | +7.3% |
| Provisions and deferred taxes | 16 | €1,123 | - | -€1,123 | |
| Deferred taxes | 168 | €1,123 | - | -€1,123 | |
| Amounts payable | 17/49 | €132,460 | €8,930 | -€123,530 | -93.3% |
| Amounts payable within one year | 42/48 | €132,460 | €8,930 | -€123,530 | -93.3% |
| Taxes, remuneration and social security | 45 | - | €8,930 | +€8,930 | |
| Taxes | 450/3 | - | €8,930 | +€8,930 | |
| Other amounts payable | 47/48 | €132,460 | - | -€132,460 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €142,246 | €87,751 | -€54,495 | -38.3% |
| Other operating charges | 640/8 | €15,895 | €16,379 | +€484 | +3.0% |
| Gross operating margin | 9900 | €204,647 | €217,113 | +€12,467 | +6.1% |
| Operating profit (loss) | 9901 | €46,506 | €112,983 | +€66,478 | +142.9% |
| Financial income | 75/76B | - | €297 | +€297 | |
| Recurring financial income | 75 | - | €297 | +€297 | |
| Financial charges | 65/66B | €72 | €44 | -€29 | -39.9% |
| Recurring financial charges | 65 | €72 | €44 | -€29 | -39.9% |
| Profit (loss) for the period before taxes | 9903 | €46,434 | €113,237 | +€66,803 | +143.9% |
| Transfer from deferred taxes | 780 | €9,018 | €1,123 | -€7,895 | -87.5% |
| Income taxes | 67/77 | €19,230 | €42,277 | +€23,047 | +119.9% |
| Profit (loss) for the period | 9904 | €36,221 | €72,083 | +€35,861 | +99.0% |
| Transfer from tax-exempt reserves | 789 | €21,469 | €2,674 | -€18,795 | -87.5% |
| Profit (loss) for the period to be appropriated | 9905 | €57,690 | €74,757 | +€17,066 | +29.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.