VETOVANDER: what changed
Two fiscal 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.
VETOVANDER
Largest movements
- Cash -€35,384
down €35,384 (-37.5%), from €94,365 to €58,980
mainly Contributions, distributions and other (-€45,746) and Receivables within one year (-€9,404)
- Receivables within one year +€9,404
up €9,404 (+137.0%), from €6,865 to €16,269
of which Trade receivables: +€4,780
- Tangible fixed assets -€7,553
down €7,553 (-65.4%), from €11,556 to €4,003
of which Leasing and similar rights: -€10,189
- Reserves -€20,555
down €20,555 (-32.4%), from €63,425 to €42,870
- Current portion of long-term debt -€5,504
down €5,504 (-57.5%), from €9,580 to €4,075
- Debts after one year -€4,075
no longer reported in 2025 (was €4,075)
- Tax, wage and social debts -€3,576
down €3,576 (-58.3%), from €6,135 to €2,559
- Purchases and services -€61,756
no longer reported in 2025 (was €61,756)
- Taxes -€1,134
down €1,134 (-16.2%), from €6,995 to €5,861
- Gross operating margin +€556
up €556 (+1.5%), from €37,598 to €38,155
- Depreciation +€384
up €384 (+3.7%), from €10,523 to €10,907
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.
Cash bridge derived
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 | €114,297 | €79,752 | -€34,545 | -30.2% |
| Fixed assets | 21/28 | €12,055 | €4,502 | -€7,553 | -62.7% |
| Tangible fixed assets | 22/27 | €11,556 | €4,003 | -€7,553 | -65.4% |
| Furniture and vehicles | 24 | €1,088 | €3,723 | +€2,636 | +242.3% |
| Leasing and similar rights | 25 | €10,468 | €279 | -€10,189 | -97.3% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €102,242 | €75,249 | -€26,992 | -26.4% |
| Amounts receivable within one year | 40/41 | €6,865 | €16,269 | +€9,404 | +137.0% |
| Trade receivables | 40 | €1,136 | €5,916 | +€4,780 | +420.8% |
| Other amounts receivable | 41 | €5,729 | €10,353 | +€4,624 | +80.7% |
| Cash at bank and in hand | 54/58 | €94,365 | €58,980 | -€35,384 | -37.5% |
| Deferred charges and accrued income | 490/1 | €1,012 | - | -€1,012 | |
| Total equity and liabilities | 10/49 | €114,297 | €79,752 | -€34,545 | -30.2% |
| Equity | 10/15 | €65,425 | €44,870 | -€20,555 | -31.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €63,425 | €42,870 | -€20,555 | -32.4% |
| Distributable reserves | 133 | €63,425 | €42,870 | -€20,555 | -32.4% |
| Amounts payable | 17/49 | €48,872 | €34,882 | -€13,990 | -28.6% |
| Amounts payable after more than one year | 17 | €4,075 | - | -€4,075 | |
| Financial debts | 170/4 | €4,075 | - | -€4,075 | |
| Amounts payable within one year | 42/48 | €44,797 | €34,882 | -€9,915 | -22.1% |
| Current portion of amounts payable after more than one year | 42 | €9,580 | €4,075 | -€5,504 | -57.5% |
| Trade debts | 44 | €3,205 | €2,942 | -€263 | -8.2% |
| Suppliers | 440/4 | €3,205 | €2,942 | -€263 | -8.2% |
| Taxes, remuneration and social security | 45 | €6,135 | €2,559 | -€3,576 | -58.3% |
| Taxes | 450/3 | €6,135 | €2,559 | -€3,576 | -58.3% |
| Other amounts payable | 47/48 | €25,877 | €25,305 | -€572 | -2.2% |
| Goods, raw materials, services and sundry goods | 60/61 | €61,756 | - | -€61,756 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,523 | €10,907 | +€384 | +3.7% |
| Other operating charges | 640/8 | €1,894 | €2,041 | +€147 | +7.8% |
| Gross operating margin | 9900 | €37,598 | €38,155 | +€556 | +1.5% |
| Operating profit (loss) | 9901 | €25,182 | €25,207 | +€25 | +0.1% |
| Financial income | 75/76B | €6,298 | €5,942 | -€356 | -5.7% |
| Recurring financial income | 75 | €6,298 | €5,942 | -€356 | -5.7% |
| Financial charges | 65/66B | €264 | €97 | -€167 | -63.2% |
| Recurring financial charges | 65 | €264 | €97 | -€167 | -63.2% |
| Profit (loss) for the period before taxes | 9903 | €31,216 | €31,052 | -€165 | -0.5% |
| Income taxes | 67/77 | €6,995 | €5,861 | -€1,134 | -16.2% |
| Profit (loss) for the period | 9904 | €24,222 | €25,191 | +€969 | +4.0% |
| Profit (loss) for the period to be appropriated | 9905 | €24,222 | €25,191 | +€969 | +4.0% |
Source: filed annual accounts (NBB), fiscal 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 October 2026 via checked.be.