VETRABO: 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.
What changed
VETRABO
NACE 41.001, General construction of residential buildings
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€467,638
2024 · €259,308+€208,330
Equity
€536,700
2024 · €994,063-€457,362
Cash
€24,551
2024 · €36,724-€12,172
Balance sheet total
€3.2m
2024 · €3.9m-€663,634
Largest movements
Assets
- Stocks and contracts -€377,236
down €377,236 (-15.3%), from €2.5m to €2.1m
of which Contracts in progress: -€359,671
- Receivables within one year -€186,250
down €186,250 (-51.2%), from €363,667 to €177,418
of which Trade receivables: -€133,564
- Tangible fixed assets -€80,200
down €80,200 (-9.2%), from €871,296 to €791,096
of which Furniture and vehicles: -€48,208
Equity and liabilities
- Other debts +€466,126
up €466,126 (+57.6%), from €808,949 to €1.3m
- Advances received -€443,183
down €443,183 (-44.2%), from €1.0m to €558,442
- Reserves -€440,000
down €440,000 (-48.5%), from €906,400 to €466,400
of which Distributable reserves: -€440,000
- Tax, wage and social debts -€153,285
down €153,285 (-41.2%), from €372,276 to €218,991
of which Taxes: -€145,382
- Trade debts -€139,151
down €139,151 (-26.3%), from €528,359 to €389,208
Income statement
- Gross operating margin +€1.3m
up €1.3m (+64.8%), from €2.0m to €3.3m
- Taxes +€68,338
up €68,338 (+76.0%), from €89,882 to €158,220
- Financial charges +€45,534
up €45,534 (+174%), from €26,217 to €71,751
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.
Result 2024
€259,308
Gross operating margin
+€1.3m
Staff costs
-€10,641
Depreciation
-€11,546
Other operating charges
-€3,181
Other operating items
-€958,484
Financial income
-€7,923
Financial charges
-€45,534
Taxes
-€68,338
Result 2025
€467,638
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€973,477
Investment
-€81,998
Financing
-€903,651
Cash 2024
€36,724
From operations (derived)
+€973,477
Net result for the year
+€467,638
Depreciation
+€162,197
Stocks and contracts
+€377,236
Receivables within one year
+€186,250
Deferred charges and accrued income
+€7,777
Trade debts
-€139,151
Tax, wage and social debts
-€153,285
Advances received
-€443,183
Other debts
+€466,126
Accrued charges and deferred income
+€41,872
Investment (derived)
-€81,998
Investment in fixed assets (net)
-€81,998
Financing
-€903,651
Debts after one year
+€23,091
Current portion of long-term debt
-€1,581
Short-term financial debts
-€162
Contributions, distributions and other
-€925,000
Cash 2025
€24,551
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,853,432 | €3,189,798 | -€663,634 | -17.2% |
| Fixed assets | 21/28 | €952,622 | €872,422 | -€80,200 | -8.4% |
| Tangible fixed assets | 22/27 | €871,296 | €791,096 | -€80,200 | -9.2% |
| Land and buildings | 22 | €535,565 | €487,931 | -€47,634 | -8.9% |
| Plant, machinery and equipment | 23 | €101,542 | €117,184 | +€15,642 | +15.4% |
| Furniture and vehicles | 24 | €234,189 | €185,981 | -€48,208 | -20.6% |
| Financial fixed assets | 28 | €81,326 | €81,326 | = | 0.0% |
| Current assets | 29/58 | €2,900,811 | €2,317,376 | -€583,435 | -20.1% |
| Stocks and contracts in progress | 3 | €2,472,458 | €2,095,222 | -€377,236 | -15.3% |
| Stocks | 30/36 | €297,887 | €280,322 | -€17,565 | -5.9% |
| Contracts in progress | 37 | €2,174,571 | €1,814,900 | -€359,671 | -16.5% |
| Amounts receivable within one year | 40/41 | €363,667 | €177,418 | -€186,250 | -51.2% |
| Trade receivables | 40 | €303,549 | €169,984 | -€133,564 | -44.0% |
| Other amounts receivable | 41 | €60,118 | €7,433 | -€52,685 | -87.6% |
| Cash at bank and in hand | 54/58 | €36,724 | €24,551 | -€12,172 | -33.1% |
| Deferred charges and accrued income | 490/1 | €27,962 | €20,185 | -€7,777 | -27.8% |
| Total equity and liabilities | 10/49 | €3,853,432 | €3,189,798 | -€663,634 | -17.2% |
| Equity | 10/15 | €994,063 | €536,700 | -€457,362 | -46.0% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €906,400 | €466,400 | -€440,000 | -48.5% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €250 | €250 | = | 0.0% |
| Distributable reserves | 133 | €900,000 | €460,000 | -€440,000 | -48.9% |
| Profit (loss) carried forward | 14 | €26,163 | €8,800 | -€17,362 | -66.4% |
| Amounts payable | 17/49 | €2,859,370 | €2,653,098 | -€206,272 | -7.2% |
| Amounts payable after more than one year | 17 | €22,469 | €45,560 | +€23,091 | +103% |
| Financial debts | 170/4 | €22,469 | €45,560 | +€23,091 | +103% |
| Amounts payable within one year | 42/48 | €2,813,660 | €2,542,425 | -€271,235 | -9.6% |
| Current portion of amounts payable after more than one year | 42 | €51,248 | €49,667 | -€1,581 | -3.1% |
| Financial debts | 43 | €51,203 | €51,042 | -€162 | -0.3% |
| Credit institutions | 430/8 | €51,203 | €51,042 | -€162 | -0.3% |
| Trade debts | 44 | €528,359 | €389,208 | -€139,151 | -26.3% |
| Suppliers | 440/4 | €528,359 | €389,208 | -€139,151 | -26.3% |
| Advances received on contracts in progress | 46 | €1,001,625 | €558,442 | -€443,183 | -44.2% |
| Taxes, remuneration and social security | 45 | €372,276 | €218,991 | -€153,285 | -41.2% |
| Taxes | 450/3 | €205,892 | €60,510 | -€145,382 | -70.6% |
| Remuneration and social security | 454/9 | €166,383 | €158,481 | -€7,903 | -4.7% |
| Other amounts payable | 47/48 | €808,949 | €1,275,075 | +€466,126 | +57.6% |
| Accrued charges and deferred income | 492/3 | €23,240 | €65,112 | +€41,872 | +180% |
| Non-recurring operating income | 76A | €35,875 | €1,077,942 | +€1.0m | +2,905% |
| Remuneration, social security and pensions | 62 | €1,452,049 | €1,462,690 | +€10,641 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €150,652 | €162,197 | +€11,546 | +7.7% |
| Other operating charges | 640/8 | €28,033 | €31,214 | +€3,181 | +11.3% |
| Non-recurring operating charges | 66A | €43,422 | €1,001,905 | +€958,484 | +2,207% |
| Gross operating margin | 9900 | €2,027,668 | €3,341,645 | +€1.3m | +64.8% |
| Operating profit (loss) | 9901 | €353,512 | €683,638 | +€330,126 | +93.4% |
| Financial income | 75/76B | €21,893 | €13,970 | -€7,923 | -36.2% |
| Recurring financial income | 75 | €21,893 | €13,970 | -€7,923 | -36.2% |
| Financial charges | 65/66B | €26,217 | €71,751 | +€45,534 | +174% |
| Recurring financial charges | 65 | €26,217 | €71,751 | +€45,534 | +174% |
| Profit (loss) for the period before taxes | 9903 | €349,189 | €625,857 | +€276,668 | +79.2% |
| Income taxes | 67/77 | €89,882 | €158,220 | +€68,338 | +76.0% |
| Profit (loss) for the period | 9904 | €259,308 | €467,638 | +€208,330 | +80.3% |
| Profit (loss) for the period to be appropriated | 9905 | €259,308 | €467,638 | +€208,330 | +80.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.