VETO-1325: 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.
VETO-1325
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Debts after one year -€68,283
down €68,283 (-54.8%), from €124,497 to €56,214
- Profit (loss) carried forward +€40,913
up €40,913 (+31.2%), from €131,004 to €171,918
- Tax, wage and social debts +€31,594
up €31,594 (+116%), from €27,152 to €58,747
of which Taxes: +€30,588
- Other debts +€21,171
up €21,171, from €0 to €21,171
- Trade debts -€14,170
down €14,170 (-10.3%), from €137,804 to €123,634
- Gross operating margin +€155,684
up €155,684 (+98.2%), from €158,597 to €314,280
- Taxes +€28,813
up €28,813 (+584%), from €4,934 to €33,747
- Staff costs +€19,985
up €19,985 (+24.7%), from €81,007 to €100,992
- Depreciation +€7,189
up €7,189 (+16.8%), from €42,744 to €49,932
- Other operating charges +€4,948
up €4,948 (+931%), from €531 to €5,479
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 | €498,418 | €508,550 | +€10,131 | +2.0% |
| Fixed assets | 21/28 | €356,597 | €356,683 | +€86 | 0.0% |
| Tangible fixed assets | 22/27 | €356,597 | €356,683 | +€86 | 0.0% |
| Land and buildings | 22 | €221,423 | €212,873 | -€8,550 | -3.9% |
| Plant, machinery and equipment | 23 | €76,118 | €65,476 | -€10,642 | -14.0% |
| Furniture and vehicles | 24 | €21,483 | €40,598 | +€19,115 | +89.0% |
| Other tangible fixed assets | 26 | €37,573 | €37,736 | +€163 | +0.4% |
| Current assets | 29/58 | €141,821 | €151,866 | +€10,045 | +7.1% |
| Stocks and contracts in progress | 3 | €64,018 | €61,653 | -€2,365 | -3.7% |
| Stocks | 30/36 | €64,018 | €61,653 | -€2,365 | -3.7% |
| Amounts receivable within one year | 40/41 | €54,088 | €58,964 | +€4,877 | +9.0% |
| Trade receivables | 40 | €0 | €17,957 | +€17,957 | |
| Other amounts receivable | 41 | €54,088 | €41,008 | -€13,080 | -24.2% |
| Cash at bank and in hand | 54/58 | €21,686 | €26,208 | +€4,523 | +20.9% |
| Deferred charges and accrued income | 490/1 | €2,030 | €5,040 | +€3,011 | +148% |
| Total equity and liabilities | 10/49 | €498,418 | €508,550 | +€10,131 | +2.0% |
| Equity | 10/15 | €141,004 | €181,918 | +€40,913 | +29.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €131,004 | €171,918 | +€40,913 | +31.2% |
| Amounts payable | 17/49 | €357,414 | €326,632 | -€30,782 | -8.6% |
| Amounts payable after more than one year | 17 | €124,497 | €56,214 | -€68,283 | -54.8% |
| Financial debts | 170/4 | €124,497 | €56,214 | -€68,283 | -54.8% |
| Amounts payable within one year | 42/48 | €231,854 | €270,048 | +€38,194 | +16.5% |
| Current portion of amounts payable after more than one year | 42 | €66,897 | €66,496 | -€401 | -0.6% |
| Trade debts | 44 | €137,804 | €123,634 | -€14,170 | -10.3% |
| Suppliers | 440/4 | €137,804 | €123,634 | -€14,170 | -10.3% |
| Taxes, remuneration and social security | 45 | €27,152 | €58,747 | +€31,594 | +116% |
| Taxes | 450/3 | €14,520 | €45,108 | +€30,588 | +211% |
| Remuneration and social security | 454/9 | €12,632 | €13,639 | +€1,007 | +8.0% |
| Other amounts payable | 47/48 | €0 | €21,171 | +€21,171 | |
| Accrued charges and deferred income | 492/3 | €1,063 | €370 | -€693 | -65.2% |
| Remuneration, social security and pensions | 62 | €81,007 | €100,992 | +€19,985 | +24.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,744 | €49,932 | +€7,189 | +16.8% |
| Other operating charges | 640/8 | €531 | €5,479 | +€4,948 | +931% |
| Gross operating margin | 9900 | €158,597 | €314,280 | +€155,684 | +98.2% |
| Operating profit (loss) | 9901 | €34,315 | €157,878 | +€123,563 | +360% |
| Financial income | 75/76B | €3,296 | €69 | -€3,227 | -97.9% |
| Recurring financial income | 75 | €3,296 | €69 | -€3,227 | -97.9% |
| Financial charges | 65/66B | €16,891 | €18,287 | +€1,396 | +8.3% |
| Recurring financial charges | 65 | €16,891 | €18,287 | +€1,396 | +8.3% |
| Profit (loss) for the period before taxes | 9903 | €20,719 | €139,660 | +€118,941 | +574% |
| Income taxes | 67/77 | €4,934 | €33,747 | +€28,813 | +584% |
| Profit (loss) for the period | 9904 | €15,786 | €105,913 | +€90,128 | +571% |
| Profit (loss) for the period to be appropriated | 9905 | €15,786 | €105,913 | +€90,128 | +571% |
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 1 November 2026 via checked.be.