VetoDG: 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.
VetoDG
Largest movements
- Receivables within one year -€33,339
down €33,339 (-87.9%), from €37,938 to €4,599
- Intangible fixed assets -€20,352
down €20,352 (-13.4%), from €151,555 to €131,203
- Tangible fixed assets -€17,838
down €17,838 (-10.2%), from €175,053 to €157,216
of which Land and buildings: -€14,335
- Debts after one year -€52,108
down €52,108 (-20.8%), from €250,735 to €198,627
- Profit (loss) carried forward +€26,092
up €26,092, from -€12,325 to €13,767
- Trade debts -€22,985
down €22,985 (-45.0%), from €51,059 to €28,074
- Other debts -€21,503
down €21,503 (-52.6%), from €40,873 to €19,370
- Tax, wage and social debts -€5,312
down €5,312 (-24.0%), from €22,087 to €16,776
of which Taxes: -€7,720
- Gross operating margin +€57,358
up €57,358 (+74.3%), from €77,166 to €134,523
- Staff costs +€10,454
up €10,454 (+30.5%), from €34,236 to €44,691
- Depreciation +€6,078
up €6,078 (+16.8%), from €36,120 to €42,199
- Taxes +€4,207
up €4,207 (+2,761%), from €152 to €4,359
- Other operating charges -€1,655
down €1,655 (-45.2%), from €3,663 to €2,008
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 | €403,321 | €329,721 | -€73,601 | -18.2% |
| Fixed assets | 21/28 | €326,774 | €288,583 | -€38,190 | -11.7% |
| Intangible fixed assets | 21 | €151,555 | €131,203 | -€20,352 | -13.4% |
| Tangible fixed assets | 22/27 | €175,053 | €157,216 | -€17,838 | -10.2% |
| Land and buildings | 22 | €166,483 | €152,148 | -€14,335 | -8.6% |
| Furniture and vehicles | 24 | €8,571 | €5,068 | -€3,503 | -40.9% |
| Financial fixed assets | 28 | €165 | €165 | = | 0.0% |
| Current assets | 29/58 | €76,547 | €41,137 | -€35,410 | -46.3% |
| Amounts receivable within one year | 40/41 | €37,938 | €4,599 | -€33,339 | -87.9% |
| Trade receivables | 40 | €37,938 | €4,599 | -€33,339 | -87.9% |
| Cash at bank and in hand | 54/58 | €35,930 | €33,873 | -€2,057 | -5.7% |
| Deferred charges and accrued income | 490/1 | €2,679 | €2,665 | -€14 | -0.5% |
| Total equity and liabilities | 10/49 | €403,321 | €329,721 | -€73,601 | -18.2% |
| Equity | 10/15 | -€11,325 | €14,767 | +€26,092 | |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€12,325 | €13,767 | +€26,092 | |
| Amounts payable | 17/49 | €414,646 | €314,954 | -€99,692 | -24.0% |
| Amounts payable after more than one year | 17 | €250,735 | €198,627 | -€52,108 | -20.8% |
| Financial debts | 170/4 | €250,735 | €198,627 | -€52,108 | -20.8% |
| Amounts payable within one year | 42/48 | €163,911 | €116,327 | -€47,584 | -29.0% |
| Current portion of amounts payable after more than one year | 42 | €49,893 | €52,108 | +€2,215 | +4.4% |
| Trade debts | 44 | €51,059 | €28,074 | -€22,985 | -45.0% |
| Suppliers | 440/4 | €51,059 | €28,074 | -€22,985 | -45.0% |
| Taxes, remuneration and social security | 45 | €22,087 | €16,776 | -€5,312 | -24.0% |
| Taxes | 450/3 | €16,883 | €9,162 | -€7,720 | -45.7% |
| Remuneration and social security | 454/9 | €5,205 | €7,613 | +€2,409 | +46.3% |
| Other amounts payable | 47/48 | €40,873 | €19,370 | -€21,503 | -52.6% |
| Remuneration, social security and pensions | 62 | €34,236 | €44,691 | +€10,454 | +30.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,120 | €42,199 | +€6,078 | +16.8% |
| Other operating charges | 640/8 | €3,663 | €2,008 | -€1,655 | -45.2% |
| Gross operating margin | 9900 | €77,166 | €134,523 | +€57,358 | +74.3% |
| Operating profit (loss) | 9901 | €3,146 | €45,627 | +€42,481 | +1,350% |
| Financial income | 75/76B | €0 | €0 | -€0 | -50.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -50.0% |
| Financial charges | 65/66B | €15,069 | €15,175 | +€107 | +0.7% |
| Recurring financial charges | 65 | €15,069 | €15,175 | +€107 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | -€11,923 | €30,451 | +€42,374 | |
| Income taxes | 67/77 | €152 | €4,359 | +€4,207 | +2,761% |
| Profit (loss) for the period | 9904 | -€12,075 | €26,092 | +€38,167 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,075 | €26,092 | +€38,167 |
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 30 October 2026 via checked.be.