VETRAPO: 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
VETRAPO
NACE 25.110, Manufacture of metal structures and parts of structures
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€34,867
2024 · €40,550-€75,417
Equity
€237,091
2024 · €271,959-€34,867
Cash
€30
2024 · €4+€27
Balance sheet total
€462,044
2024 · €470,499-€8,455
Largest movements
Assets
- Tangible fixed assets -€28,927
down €28,927 (-33.2%), from €87,165 to €58,238
of which Furniture and vehicles: -€16,935
- Stocks and contracts +€12,443
up €12,443 (+6.8%), from €181,943 to €194,386
- Deferred charges and accrued income +€5,742
up €5,742 (+108%), from €5,326 to €11,068
Equity and liabilities
- Other debts +€67,093
new in 2025: €67,093
- Trade debts -€35,939
down €35,939 (-35.3%), from €101,769 to €65,830
- Profit (loss) carried forward -€34,867
new in 2025: -€34,867
- Tax, wage and social debts -€9,371
down €9,371 (-34.8%), from €26,932 to €17,561
of which Remuneration and social security: -€6,873
- Short-term financial debts +€7,438
up €7,438 (+48.8%), from €15,243 to €22,682
Income statement
- Gross operating margin -€139,326
down €139,326 (-40.7%), from €342,718 to €203,392
- Staff costs -€50,898
down €50,898 (-20.4%), from €249,631 to €198,733
- Taxes -€15,965
down €15,965 (-100%), from €15,965 to €0
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
€40,550
Gross operating margin
-€139,326
Staff costs
+€50,898
Depreciation
+€1,237
Other operating charges
-€2,968
Financial income
+€1,078
Financial charges
-€2,301
Taxes
+€15,965
Result 2025
-€34,867
raises the resultlowers the result
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
+€177
Investment
-€3,885
Financing
+€3,734
Cash 2024
€4
From operations (derived)
+€177
Net result for the year
-€34,867
Depreciation
+€33,111
Stocks and contracts
-€12,443
Receivables within one year
-€2,560
Deferred charges and accrued income
-€5,742
Trade debts
-€35,939
Tax, wage and social debts
-€9,371
Other debts
+€67,093
Accrued charges and deferred income
+€895
Investment (derived)
-€3,885
Investment in fixed assets (net)
-€3,885
Financing
+€3,734
Debts after one year
-€3,563
Current portion of long-term debt
-€141
Short-term financial debts
+€7,438
Cash 2025
€30
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €470,499 | €462,044 | -€8,455 | -1.8% |
| Fixed assets | 21/28 | €88,533 | €59,307 | -€29,227 | -33.0% |
| Intangible fixed assets | 21 | €694 | €394 | -€300 | -43.2% |
| Tangible fixed assets | 22/27 | €87,165 | €58,238 | -€28,927 | -33.2% |
| Land and buildings | 22 | €4,417 | €3,221 | -€1,196 | -27.1% |
| Plant, machinery and equipment | 23 | €34,320 | €28,661 | -€5,659 | -16.5% |
| Furniture and vehicles | 24 | €21,695 | €4,760 | -€16,935 | -78.1% |
| Other tangible fixed assets | 26 | €26,733 | €21,597 | -€5,137 | -19.2% |
| Financial fixed assets | 28 | €675 | €675 | = | 0.0% |
| Current assets | 29/58 | €381,965 | €402,737 | +€20,772 | +5.4% |
| Stocks and contracts in progress | 3 | €181,943 | €194,386 | +€12,443 | +6.8% |
| Stocks | 30/36 | €181,943 | €194,386 | +€12,443 | +6.8% |
| Amounts receivable within one year | 40/41 | €194,693 | €197,253 | +€2,560 | +1.3% |
| Trade receivables | 40 | €81,807 | €112,434 | +€30,628 | +37.4% |
| Other amounts receivable | 41 | €112,886 | €84,819 | -€28,067 | -24.9% |
| Cash at bank and in hand | 54/58 | €4 | €30 | +€27 | +751% |
| Deferred charges and accrued income | 490/1 | €5,326 | €11,068 | +€5,742 | +108% |
| Total equity and liabilities | 10/49 | €470,499 | €462,044 | -€8,455 | -1.8% |
| Equity | 10/15 | €271,959 | €237,091 | -€34,867 | -12.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €209,959 | €209,959 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €716 | €716 | = | 0.0% |
| Distributable reserves | 133 | €203,043 | €203,043 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€34,867 | -€34,867 | |
| Amounts payable | 17/49 | €198,540 | €224,953 | +€26,412 | +13.3% |
| Amounts payable after more than one year | 17 | €22,363 | €18,800 | -€3,563 | -15.9% |
| Financial debts | 170/4 | €22,363 | €18,800 | -€3,563 | -15.9% |
| Amounts payable within one year | 42/48 | €176,177 | €205,258 | +€29,081 | +16.5% |
| Current portion of amounts payable after more than one year | 42 | €32,233 | €32,093 | -€141 | -0.4% |
| Financial debts | 43 | €15,243 | €22,682 | +€7,438 | +48.8% |
| Credit institutions | 430/8 | €15,243 | €22,682 | +€7,438 | +48.8% |
| Trade debts | 44 | €101,769 | €65,830 | -€35,939 | -35.3% |
| Suppliers | 440/4 | €101,769 | €65,830 | -€35,939 | -35.3% |
| Taxes, remuneration and social security | 45 | €26,932 | €17,561 | -€9,371 | -34.8% |
| Taxes | 450/3 | €5,913 | €3,416 | -€2,497 | -42.2% |
| Remuneration and social security | 454/9 | €21,019 | €14,145 | -€6,873 | -32.7% |
| Other amounts payable | 47/48 | - | €67,093 | +€67,093 | |
| Accrued charges and deferred income | 492/3 | - | €895 | +€895 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €249,631 | €198,733 | -€50,898 | -20.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,348 | €33,111 | -€1,237 | -3.6% |
| Other operating charges | 640/8 | €1,811 | €4,778 | +€2,968 | +164% |
| Gross operating margin | 9900 | €342,718 | €203,392 | -€139,326 | -40.7% |
| Operating profit (loss) | 9901 | €56,928 | -€33,231 | -€90,159 | |
| Financial income | 75/76B | €21,498 | €22,576 | +€1,078 | +5.0% |
| Recurring financial income | 75 | €21,498 | €22,576 | +€1,078 | +5.0% |
| Financial charges | 65/66B | €21,912 | €24,213 | +€2,301 | +10.5% |
| Recurring financial charges | 65 | €21,912 | €24,213 | +€2,301 | +10.5% |
| Profit (loss) for the period before taxes | 9903 | €56,515 | -€34,867 | -€91,382 | |
| Income taxes | 67/77 | €15,965 | €0 | -€15,965 | -100% |
| Profit (loss) for the period | 9904 | €40,550 | -€34,867 | -€75,417 | |
| Profit (loss) for the period to be appropriated | 9905 | €40,550 | -€34,867 | -€75,417 |
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 25 October 2026 via checked.be.