VETOMAX: 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.
VETOMAX
Largest movements
- Cash +€25,909
up €25,909 (+37.4%), from €69,276 to €95,184
mainly Net result for the year (+€51,765) and Depreciation (+€9,072)
- Receivables within one year +€10,794
up €10,794 (+63.6%), from €16,967 to €27,761
of which Trade receivables: +€13,489
- Tangible fixed assets -€6,814
down €6,814 (-16.2%), from €42,031 to €35,217
of which Furniture and vehicles: -€7,876
- Reserves +€51,765
up €51,765 (+29.1%), from €177,776 to €229,541
of which Distributable reserves: +€51,765
- Debts after one year -€18,628
down €18,628 (-100.0%), from €18,628 to €0
- Tax, wage and social debts -€7,112
down €7,112 (-74.4%), from €9,564 to €2,452
- Gross operating margin +€13,882
up €13,882 (+17.4%), from €79,829 to €93,711
- Depreciation +€6,914
up €6,914 (+320.5%), from €2,158 to €9,072
- Taxes +€5,127
up €5,127 (+20.0%), from €25,642 to €30,769
- Other operating charges +€2,302
up €2,302 (+232.4%), from €991 to €3,293
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €282,085 | €311,016 | +€28,931 | +10.3% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €42,581 | €35,767 | -€6,814 | -16.0% |
| Tangible fixed assets | 22/27 | €42,031 | €35,217 | -€6,814 | -16.2% |
| Plant, machinery and equipment | 23 | €65 | €1,421 | +€1,356 | +2078.5% |
| Furniture and vehicles | 24 | €41,009 | €33,134 | -€7,876 | -19.2% |
| Other tangible fixed assets | 26 | €956 | €662 | -€294 | -30.8% |
| Financial fixed assets | 28 | €550 | €550 | = | 0.0% |
| Current assets | 29/58 | €239,505 | €275,249 | +€35,744 | +14.9% |
| Amounts receivable within one year | 40/41 | €16,967 | €27,761 | +€10,794 | +63.6% |
| Trade receivables | 40 | €13,965 | €27,454 | +€13,489 | +96.6% |
| Other amounts receivable | 41 | €3,002 | €307 | -€2,695 | -89.8% |
| Current investments | 50/53 | €150,000 | €150,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €69,276 | €95,184 | +€25,909 | +37.4% |
| Deferred charges and accrued income | 490/1 | €3,262 | €2,304 | -€959 | -29.4% |
| Total equity and liabilities | 10/49 | €282,085 | €311,016 | +€28,931 | +10.3% |
| Equity | 10/15 | €224,065 | €275,830 | +€51,765 | +23.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €177,776 | €229,541 | +€51,765 | +29.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €175,916 | €227,681 | +€51,765 | +29.4% |
| Profit (loss) carried forward | 14 | €33,889 | €33,889 | = | 0.0% |
| Amounts payable | 17/49 | €58,020 | €35,186 | -€22,834 | -39.4% |
| Amounts payable after more than one year | 17 | €18,628 | €0 | -€18,628 | -100.0% |
| Financial debts | 170/4 | €18,628 | €0 | -€18,628 | -100.0% |
| Amounts payable within one year | 42/48 | €39,077 | €35,143 | -€3,934 | -10.1% |
| Current portion of amounts payable after more than one year | 42 | €17,983 | €18,628 | +€645 | +3.6% |
| Trade debts | 44 | €2,970 | €5,532 | +€2,562 | +86.3% |
| Suppliers | 440/4 | €2,970 | €5,532 | +€2,562 | +86.3% |
| Taxes, remuneration and social security | 45 | €9,564 | €2,452 | -€7,112 | -74.4% |
| Taxes | 450/3 | €9,564 | €2,452 | -€7,112 | -74.4% |
| Other amounts payable | 47/48 | €8,561 | €8,531 | -€30 | -0.4% |
| Accrued charges and deferred income | 492/3 | €315 | €43 | -€272 | -86.3% |
| Non-recurring operating income | 76A | €10,500 | €0 | -€10,500 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,158 | €9,072 | +€6,914 | +320.5% |
| Other operating charges | 640/8 | €991 | €3,293 | +€2,302 | +232.4% |
| Gross operating margin | 9900 | €79,829 | €93,711 | +€13,882 | +17.4% |
| Operating profit (loss) | 9901 | €76,681 | €81,346 | +€4,665 | +6.1% |
| Financial income | 75/76B | €2,583 | €2,530 | -€54 | -2.1% |
| Recurring financial income | 75 | €2,583 | €2,530 | -€54 | -2.1% |
| Financial charges | 65/66B | €671 | €1,343 | +€672 | +100.3% |
| Recurring financial charges | 65 | €671 | €1,343 | +€672 | +100.3% |
| Profit (loss) for the period before taxes | 9903 | €78,594 | €82,533 | +€3,939 | +5.0% |
| Income taxes | 67/77 | €25,642 | €30,769 | +€5,127 | +20.0% |
| Profit (loss) for the period | 9904 | €52,952 | €51,765 | -€1,187 | -2.2% |
| Profit (loss) for the period to be appropriated | 9905 | €52,952 | €51,765 | -€1,187 | -2.2% |
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 12 October 2026 via checked.be.