Veto Zen: 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 Zen
Largest movements
- Tangible fixed assets +€15,936
up €15,936 (+39.5%), from €40,308 to €56,244
of which Other tangible fixed assets: +€34,744
- Receivables within one year +€10,294
up €10,294 (+109%), from €9,422 to €19,716
of which Other amounts receivable: +€9,552
- Stocks and contracts +€2,057
up €2,057 (+15.1%), from €13,580 to €15,637
- Reserves +€28,697
up €28,697 (+1,543%), from €1,860 to €30,557
of which Distributable reserves: +€30,557
- Other debts -€23,296
no longer reported in 2025 (was €23,296)
- Debts after one year +€19,130
up €19,130 (+65.1%), from €29,384 to €48,514
- Current portion of long-term debt +€9,099
up €9,099 (+59.0%), from €15,421 to €24,520
- Short-term financial debts -€7,957
no longer reported in 2025 (was €7,957)
- Financial charges +€1,497
up €1,497 (+34.0%), from €4,408 to €5,905
- Depreciation +€1,406
up €1,406 (+7.1%), from €19,860 to €21,266
- Financial income +€1,307
up €1,307 (+77.8%), from €1,679 to €2,986
- Gross operating margin +€1,070
up €1,070 (+1.7%), from €61,331 to €62,401
- Taxes -€976
down €976 (-12.7%), from €7,677 to €6,702
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 | €119,979 | €149,883 | +€29,904 | +24.9% |
| Fixed assets | 21/28 | €40,308 | €56,244 | +€15,936 | +39.5% |
| Tangible fixed assets | 22/27 | €40,308 | €56,244 | +€15,936 | +39.5% |
| Land and buildings | 22 | €5,679 | €4,385 | -€1,294 | -22.8% |
| Plant, machinery and equipment | 23 | €7,658 | €5,833 | -€1,825 | -23.8% |
| Leasing and similar rights | 25 | €23,082 | €7,393 | -€15,689 | -68.0% |
| Other tangible fixed assets | 26 | €3,889 | €38,632 | +€34,744 | +893% |
| Current assets | 29/58 | €79,671 | €93,639 | +€13,968 | +17.5% |
| Amounts receivable after more than one year | 29 | €56,000 | €56,000 | = | 0.0% |
| Other amounts receivable | 291 | €56,000 | €56,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €13,580 | €15,637 | +€2,057 | +15.1% |
| Stocks | 30/36 | €13,580 | €15,637 | +€2,057 | +15.1% |
| Amounts receivable within one year | 40/41 | €9,422 | €19,716 | +€10,294 | +109% |
| Trade receivables | 40 | - | €743 | +€743 | |
| Other amounts receivable | 41 | €9,422 | €18,974 | +€9,552 | +101% |
| Cash at bank and in hand | 54/58 | - | €712 | +€712 | |
| Deferred charges and accrued income | 490/1 | €669 | €1,574 | +€905 | +135% |
| Total equity and liabilities | 10/49 | €119,979 | €149,883 | +€29,904 | +24.9% |
| Equity | 10/15 | €20,460 | €49,157 | +€28,697 | +140% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | - | -€18,600 | |
| Other | 1109/19 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €1,860 | €30,557 | +€28,697 | +1,543% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | - | €30,557 | +€30,557 | |
| Amounts payable | 17/49 | €99,519 | €100,726 | +€1,207 | +1.2% |
| Amounts payable after more than one year | 17 | €29,384 | €48,514 | +€19,130 | +65.1% |
| Financial debts | 170/4 | €29,384 | €48,514 | +€19,130 | +65.1% |
| Amounts payable within one year | 42/48 | €69,776 | €52,212 | -€17,564 | -25.2% |
| Current portion of amounts payable after more than one year | 42 | €15,421 | €24,520 | +€9,099 | +59.0% |
| Financial debts | 43 | €7,957 | - | -€7,957 | |
| Other loans | 439 | €7,957 | - | -€7,957 | |
| Trade debts | 44 | €7,908 | €12,611 | +€4,703 | +59.5% |
| Suppliers | 440/4 | €7,908 | €12,611 | +€4,703 | +59.5% |
| Taxes, remuneration and social security | 45 | €15,193 | €15,081 | -€112 | -0.7% |
| Taxes | 450/3 | €15,038 | €12,733 | -€2,304 | -15.3% |
| Remuneration and social security | 454/9 | €156 | €2,348 | +€2,192 | +1,408% |
| Other amounts payable | 47/48 | €23,296 | - | -€23,296 | |
| Accrued charges and deferred income | 492/3 | €359 | - | -€359 | |
| Remuneration, social security and pensions | 62 | €2,594 | €2,306 | -€288 | -11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,860 | €21,266 | +€1,406 | +7.1% |
| Other operating charges | 640/8 | €1,063 | €511 | -€552 | -51.9% |
| Gross operating margin | 9900 | €61,331 | €62,401 | +€1,070 | +1.7% |
| Operating profit (loss) | 9901 | €37,814 | €38,318 | +€504 | +1.3% |
| Financial income | 75/76B | €1,679 | €2,986 | +€1,307 | +77.8% |
| Recurring financial income | 75 | €1,679 | €2,986 | +€1,307 | +77.8% |
| Financial charges | 65/66B | €4,408 | €5,905 | +€1,497 | +34.0% |
| Recurring financial charges | 65 | €4,408 | €5,905 | +€1,497 | +34.0% |
| Profit (loss) for the period before taxes | 9903 | €35,085 | €35,398 | +€314 | +0.9% |
| Income taxes | 67/77 | €7,677 | €6,702 | -€976 | -12.7% |
| Profit (loss) for the period | 9904 | €27,407 | €28,697 | +€1,289 | +4.7% |
| Profit (loss) for the period to be appropriated | 9905 | €27,407 | €28,697 | +€1,289 | +4.7% |
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 26 October 2026 via checked.be.