VETO CONSULTING: 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 CONSULTING
Largest movements
- Receivables within one year -€20,331
down €20,331 (-21.3%), from €95,378 to €75,047
of which Other amounts receivable: -€20,331
- Cash -€17,984
down €17,984 (-56.6%), from €31,790 to €13,806
mainly Contributions, distributions and other (-€83,988) and Trade debts (-€35,842)
- Tangible fixed assets -€17,510
down €17,510 (-4.6%), from €381,643 to €364,133
of which Land and buildings: -€12,751
- Deferred charges and accrued income +€7,403
up €7,403 (+169%), from €4,382 to €11,785
- Reserves -€55,972
down €55,972 (-38.0%), from €147,263 to €91,291
- Other debts +€55,004
up €55,004 (+609%), from €9,028 to €64,032
- Trade debts -€35,842
down €35,842 (-83.1%), from €43,138 to €7,296
- Debts after one year -€17,417
down €17,417 (-5.4%), from €320,935 to €303,518
- Short-term financial debts +€11,750
up €11,750 (+94.0%), from €12,500 to €24,250
- Gross operating margin +€34,170
up €34,170 (+78.3%), from €43,637 to €77,806
- Financial income -€7,207
down €7,207 (-64.3%), from €11,215 to €4,008
- Taxes +€6,554
up €6,554 (+78.1%), from €8,390 to €14,944
- Financial charges +€4,982
up €4,982 (+38.2%), from €13,033 to €18,016
- Depreciation +€3,453
up €3,453 (+24.6%), from €14,057 to €17,510
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 | €576,193 | €523,771 | -€52,423 | -9.1% |
| Fixed assets | 21/28 | €437,643 | €420,133 | -€17,510 | -4.0% |
| Tangible fixed assets | 22/27 | €381,643 | €364,133 | -€17,510 | -4.6% |
| Land and buildings | 22 | €376,211 | €363,460 | -€12,751 | -3.4% |
| Plant, machinery and equipment | 23 | €4,479 | €0 | -€4,479 | -100% |
| Furniture and vehicles | 24 | €953 | €672 | -€281 | -29.5% |
| Financial fixed assets | 28 | €56,000 | €56,000 | = | 0.0% |
| Current assets | 29/58 | €138,550 | €103,638 | -€34,912 | -25.2% |
| Amounts receivable after more than one year | 29 | €7,000 | €3,000 | -€4,000 | -57.1% |
| Other amounts receivable | 291 | €7,000 | €3,000 | -€4,000 | -57.1% |
| Amounts receivable within one year | 40/41 | €95,378 | €75,047 | -€20,331 | -21.3% |
| Trade receivables | 40 | €14,520 | €14,520 | = | 0.0% |
| Other amounts receivable | 41 | €80,858 | €60,527 | -€20,331 | -25.1% |
| Cash at bank and in hand | 54/58 | €31,790 | €13,806 | -€17,984 | -56.6% |
| Deferred charges and accrued income | 490/1 | €4,382 | €11,785 | +€7,403 | +169% |
| Total equity and liabilities | 10/49 | €576,193 | €523,771 | -€52,423 | -9.1% |
| Equity | 10/15 | €154,092 | €98,120 | -€55,972 | -36.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €147,263 | €91,291 | -€55,972 | -38.0% |
| Distributable reserves | 133 | €147,263 | €91,291 | -€55,972 | -38.0% |
| Profit (loss) carried forward | 14 | €629 | €629 | = | 0.0% |
| Amounts payable | 17/49 | €422,101 | €425,651 | +€3,550 | +0.8% |
| Amounts payable after more than one year | 17 | €320,935 | €303,518 | -€17,417 | -5.4% |
| Financial debts | 170/4 | €320,935 | €303,518 | -€17,417 | -5.4% |
| Amounts payable within one year | 42/48 | €101,166 | €122,133 | +€20,966 | +20.7% |
| Current portion of amounts payable after more than one year | 42 | €20,748 | €17,417 | -€3,331 | -16.1% |
| Financial debts | 43 | €12,500 | €24,250 | +€11,750 | +94.0% |
| Credit institutions | 430/8 | €12,500 | €24,250 | +€11,750 | +94.0% |
| Trade debts | 44 | €43,138 | €7,296 | -€35,842 | -83.1% |
| Suppliers | 440/4 | €43,138 | €7,296 | -€35,842 | -83.1% |
| Taxes, remuneration and social security | 45 | €15,753 | €9,139 | -€6,614 | -42.0% |
| Taxes | 450/3 | €15,753 | €9,139 | -€6,614 | -42.0% |
| Other amounts payable | 47/48 | €9,028 | €64,032 | +€55,004 | +609% |
| Non-recurring operating income | 76A | - | €19,233 | +€19,233 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,057 | €17,510 | +€3,453 | +24.6% |
| Other operating charges | 640/8 | €5,741 | €3,329 | -€2,412 | -42.0% |
| Gross operating margin | 9900 | €43,637 | €77,806 | +€34,170 | +78.3% |
| Operating profit (loss) | 9901 | €23,839 | €56,967 | +€33,129 | +139% |
| Financial income | 75/76B | €11,215 | €4,008 | -€7,207 | -64.3% |
| Recurring financial income | 75 | €11,215 | €4,008 | -€7,207 | -64.3% |
| Financial charges | 65/66B | €13,033 | €18,016 | +€4,982 | +38.2% |
| Recurring financial charges | 65 | €13,033 | €18,016 | +€4,982 | +38.2% |
| Profit (loss) for the period before taxes | 9903 | €22,020 | €42,960 | +€20,940 | +95.1% |
| Income taxes | 67/77 | €8,390 | €14,944 | +€6,554 | +78.1% |
| Profit (loss) for the period | 9904 | €13,630 | €28,016 | +€14,386 | +106% |
| Profit (loss) for the period to be appropriated | 9905 | €13,630 | €28,016 | +€14,386 | +106% |
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 28 October 2026 via checked.be.