VETRINORD: 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
VETRINORD
NACE 47.730, Retail sale of pharmaceutical products
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€258,812
2024 · €190,439+€68,373
Equity
€5.5m
2024 · €5.5m
Cash
€506,215
2024 · €623,638-€117,423
Balance sheet total
€7.8m
2024 · €7.3m+€455,474
Largest movements
Assets
- Receivables after one year +€800,340
up €800,340 (+80.0%), from €1.0m to €1.8m
- Receivables within one year +€332,526
up €332,526 (+15.3%), from €2.2m to €2.5m
of which Trade receivables: +€218,823
- Current investments -€292,139
down €292,139 (-26.5%), from €1.1m to €808,427
- Stocks and contracts -€254,123
down €254,123 (-15.6%), from €1.6m to €1.4m
- Cash -€117,423
down €117,423 (-18.8%), from €623,638 to €506,215
mainly Receivables after one year (-€800,340) and Receivables within one year (-€332,526)
Equity and liabilities
- Debts after one year +€413,984
up €413,984 (+118%), from €350,000 to €763,984
- Other debts -€152,455
down €152,455 (-28.4%), from €536,343 to €383,888
- Current portion of long-term debt +€147,974
up €147,974 (+148%), from €100,000 to €247,974
- Accrued charges and deferred income +€83,763
up €83,763 (+349%), from €23,979 to €107,742
Income statement
- Goods and materials -€1.5m
down €1.5m (-11.2%), from €13.0m to €11.6m
of which Purchases: -€955,056
- Turnover -€1.4m
down €1.4m (-9.5%), from €14.4m to €13.0m
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
€190,439
Turnover
-€1.4m
Other operating income
+€33,995
Goods and materials
+€1.5m
Services and other goods
-€15,098
Staff costs
-€86,092
Depreciation
+€2,370
Write-downs
-€86,487
Other operating charges
+€21,448
Other operating items
-€135
Financial income
+€113,867
Financial charges
+€16,906
Taxes
-€20,898
Result 2025
€258,812
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
-€710,817
Investment
+€304,139
Financing
+€289,254
Cash 2024
€623,638
From operations (derived)
-€710,817
Net result for the year
+€258,812
Depreciation
+€15,490
Receivables after one year
-€800,340
Stocks and contracts
+€254,123
Receivables within one year
-€332,526
Deferred charges and accrued income
-€13,784
Trade debts
+€47,645
Tax, wage and social debts
-€71,545
Other debts
-€152,455
Accrued charges and deferred income
+€83,763
Investment (derived)
+€304,139
Investment in fixed assets (net)
+€12,000
Current investments
+€292,139
Financing
+€289,254
Debts after one year
+€413,984
Current portion of long-term debt
+€147,974
Short-term financial debts
-€13,892
Contributions, distributions and other
-€258,812
Cash 2025
€506,215
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,299,241 | €7,754,716 | +€455,474 | +6.2% |
| Fixed assets | 21/28 | €700,086 | €672,596 | -€27,490 | -3.9% |
| Tangible fixed assets | 22/27 | €28,047 | €12,557 | -€15,490 | -55.2% |
| Plant, machinery and equipment | 23 | €4,917 | €4,393 | -€524 | -10.6% |
| Furniture and vehicles | 24 | €14,174 | €4,852 | -€9,323 | -65.8% |
| Other tangible fixed assets | 26 | €8,955 | €3,312 | -€5,644 | -63.0% |
| Financial fixed assets | 28 | €672,039 | €660,039 | -€12,000 | -1.8% |
| Affiliated companies | 280/1 | €659,999 | €659,999 | = | 0.0% |
| Participating interests | 280 | €659,999 | €659,999 | = | 0.0% |
| Other financial fixed assets | 284/8 | €12,040 | €40 | -€12,000 | -99.7% |
| Amounts receivable and cash guarantees | 285/8 | €12,040 | €40 | -€12,000 | -99.7% |
| Current assets | 29/58 | €6,599,155 | €7,082,120 | +€482,964 | +7.3% |
| Amounts receivable after more than one year | 29 | €1,000,000 | €1,800,340 | +€800,340 | +80.0% |
| Other amounts receivable | 291 | €1,000,000 | €1,800,340 | +€800,340 | +80.0% |
| Stocks and contracts in progress | 3 | €1,625,211 | €1,371,088 | -€254,123 | -15.6% |
| Stocks | 30/36 | €1,625,211 | €1,371,088 | -€254,123 | -15.6% |
| Goods purchased for resale | 34 | €1,625,211 | €1,371,088 | -€254,123 | -15.6% |
| Amounts receivable within one year | 40/41 | €2,169,810 | €2,502,336 | +€332,526 | +15.3% |
| Trade receivables | 40 | €1,833,824 | €2,052,647 | +€218,823 | +11.9% |
| Other amounts receivable | 41 | €335,986 | €449,689 | +€113,703 | +33.8% |
| Current investments | 50/53 | €1,100,566 | €808,427 | -€292,139 | -26.5% |
| Other investments | 51/53 | €1,100,566 | €808,427 | -€292,139 | -26.5% |
| Cash at bank and in hand | 54/58 | €623,638 | €506,215 | -€117,423 | -18.8% |
| Deferred charges and accrued income | 490/1 | €79,929 | €93,713 | +€13,784 | +17.2% |
| Total equity and liabilities | 10/49 | €7,299,241 | €7,754,716 | +€455,474 | +6.2% |
| Equity | 10/15 | €5,548,713 | €5,548,713 | = | 0.0% |
| 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 | €5,487,213 | €5,487,213 | = | 0.0% |
| Distributable reserves | 133 | €5,487,213 | €5,487,213 | = | 0.0% |
| Amounts payable | 17/49 | €1,750,528 | €2,206,003 | +€455,474 | +26.0% |
| Amounts payable after more than one year | 17 | €350,000 | €763,984 | +€413,984 | +118% |
| Financial debts | 170/4 | €350,000 | €763,984 | +€413,984 | +118% |
| Credit institutions | 173 | €350,000 | €763,984 | +€413,984 | +118% |
| Amounts payable within one year | 42/48 | €1,376,550 | €1,334,277 | -€42,273 | -3.1% |
| Current portion of amounts payable after more than one year | 42 | €100,000 | €247,974 | +€147,974 | +148% |
| Financial debts | 43 | €91,217 | €77,325 | -€13,892 | -15.2% |
| Other loans | 439 | €91,217 | €77,325 | -€13,892 | -15.2% |
| Trade debts | 44 | €501,727 | €549,372 | +€47,645 | +9.5% |
| Suppliers | 440/4 | €501,727 | €549,372 | +€47,645 | +9.5% |
| Taxes, remuneration and social security | 45 | €147,263 | €75,718 | -€71,545 | -48.6% |
| Taxes | 450/3 | €90,931 | €27,234 | -€63,697 | -70.0% |
| Remuneration and social security | 454/9 | €56,332 | €48,484 | -€7,848 | -13.9% |
| Other amounts payable | 47/48 | €536,343 | €383,888 | -€152,455 | -28.4% |
| Accrued charges and deferred income | 492/3 | €23,979 | €107,742 | +€83,763 | +349% |
| Operating income | 70/76A | €14,477,345 | €13,145,901 | -€1.3m | -9.2% |
| Turnover | 70 | €14,362,575 | €12,997,135 | -€1.4m | -9.5% |
| Other operating income | 74 | €114,771 | €148,766 | +€33,995 | +29.6% |
| Operating charges | 60/66A | €14,036,656 | €12,746,714 | -€1.3m | -9.2% |
| Goods for resale, raw materials and consumables | 60 | €13,032,906 | €11,578,970 | -€1.5m | -11.2% |
| Purchases | 600/8 | €12,279,903 | €11,324,847 | -€955,056 | -7.8% |
| Change in stocks: decrease (increase) | 609 | €753,003 | €254,123 | -€498,879 | -66.3% |
| Services and other goods | 61 | €547,965 | €563,062 | +€15,098 | +2.8% |
| Remuneration, social security and pensions | 62 | €329,102 | €415,194 | +€86,092 | +26.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,860 | €15,490 | -€2,370 | -13.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €86,487 | +€86,487 | |
| Other operating charges | 640/8 | €108,824 | €87,376 | -€21,448 | -19.7% |
| Non-recurring operating charges | 66A | - | €135 | +€135 | |
| Operating profit (loss) | 9901 | €440,690 | €399,187 | -€41,502 | -9.4% |
| Financial income | 75/76B | €74,528 | €188,395 | +€113,867 | +153% |
| Recurring financial income | 75 | €74,528 | €188,395 | +€113,867 | +153% |
| Income from current assets | 751 | €4,345 | €137,847 | +€133,502 | +3,073% |
| Other financial income | 752/9 | €70,183 | €50,548 | -€19,635 | -28.0% |
| Financial charges | 65/66B | €264,573 | €247,667 | -€16,906 | -6.4% |
| Recurring financial charges | 65 | €264,573 | €247,667 | -€16,906 | -6.4% |
| Debt charges | 650 | €15,334 | €34,605 | +€19,271 | +126% |
| Other financial charges | 652/9 | €249,239 | €213,063 | -€36,177 | -14.5% |
| Profit (loss) for the period before taxes | 9903 | €250,644 | €339,915 | +€89,270 | +35.6% |
| Income taxes | 67/77 | €60,205 | €81,103 | +€20,898 | +34.7% |
| Taxes | 670/3 | €60,205 | €81,103 | +€20,898 | +34.7% |
| Profit (loss) for the period | 9904 | €190,439 | €258,812 | +€68,373 | +35.9% |
| Profit (loss) for the period to be appropriated | 9905 | €190,439 | €258,812 | +€68,373 | +35.9% |
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 23 October 2026 via checked.be.