Vetworks: 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.
Vetworks
Largest movements
- Receivables within one year +€193,636
up €193,636 (+67.9%), from €285,108 to €478,744
of which Trade receivables: +€188,500
- Cash -€161,365
down €161,365 (-89.6%), from €180,011 to €18,646
mainly Receivables within one year (-€193,636) and Investment in fixed assets (net) (-€138,061)
- Tangible fixed assets +€47,113
up €47,113 (+7.2%), from €651,366 to €698,479
of which Furniture and vehicles: +€73,398
- Intangible fixed assets +€18,201
new in 2025: €18,201
- Reserves +€123,075
up €123,075 (+51.1%), from €240,950 to €364,025
- Tax, wage and social debts -€30,197
down €30,197 (-25.8%), from €117,048 to €86,850
of which Taxes: -€19,547
- Current portion of long-term debt +€19,515
up €19,515 (+82.1%), from €23,765 to €43,280
- Trade debts -€15,108
down €15,108 (-9.8%), from €153,518 to €138,410
- Gross operating margin +€80,528
up €80,528 (+20.9%), from €385,384 to €465,912
- Taxes +€27,592
up €27,592 (+86.0%), from €32,074 to €59,665
- Financial charges -€15,607
down €15,607 (-55.2%), from €28,285 to €12,678
- Depreciation +€10,759
up €10,759 (+17.4%), from €61,988 to €72,747
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 | €1,156,921 | €1,255,437 | +€98,516 | +8.5% |
| Fixed assets | 21/28 | €669,366 | €734,680 | +€65,314 | +9.8% |
| Intangible fixed assets | 21 | - | €18,201 | +€18,201 | |
| Tangible fixed assets | 22/27 | €651,366 | €698,479 | +€47,113 | +7.2% |
| Land and buildings | 22 | €630,980 | €610,213 | -€20,767 | -3.3% |
| Plant, machinery and equipment | 23 | €17,559 | €12,041 | -€5,518 | -31.4% |
| Furniture and vehicles | 24 | €2,827 | €76,225 | +€73,398 | +2596.4% |
| Financial fixed assets | 28 | €18,000 | €18,000 | = | 0.0% |
| Current assets | 29/58 | €487,555 | €520,757 | +€33,202 | +6.8% |
| Amounts receivable within one year | 40/41 | €285,108 | €478,744 | +€193,636 | +67.9% |
| Trade receivables | 40 | €233,918 | €422,418 | +€188,500 | +80.6% |
| Other amounts receivable | 41 | €51,191 | €56,326 | +€5,136 | +10.0% |
| Cash at bank and in hand | 54/58 | €180,011 | €18,646 | -€161,365 | -89.6% |
| Deferred charges and accrued income | 490/1 | €22,436 | €23,367 | +€931 | +4.1% |
| Total equity and liabilities | 10/49 | €1,156,921 | €1,255,437 | +€98,516 | +8.5% |
| Equity | 10/15 | €297,267 | €420,342 | +€123,075 | +41.4% |
| Contributions | 10/11 | €56,317 | €56,317 | = | 0.0% |
| Reserves | 13 | €240,950 | €364,025 | +€123,075 | +51.1% |
| Distributable reserves | 133 | €240,950 | €364,025 | +€123,075 | +51.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €859,654 | €835,095 | -€24,560 | -2.9% |
| Amounts payable after more than one year | 17 | €135,510 | €137,308 | +€1,798 | +1.3% |
| Financial debts | 170/4 | €135,510 | €137,308 | +€1,798 | +1.3% |
| Amounts payable within one year | 42/48 | €718,821 | €691,833 | -€26,988 | -3.8% |
| Current portion of amounts payable after more than one year | 42 | €23,765 | €43,280 | +€19,515 | +82.1% |
| Trade debts | 44 | €153,518 | €138,410 | -€15,108 | -9.8% |
| Suppliers | 440/4 | €153,518 | €138,410 | -€15,108 | -9.8% |
| Advances received on contracts in progress | 46 | €8,040 | €0 | -€8,040 | -100.0% |
| Taxes, remuneration and social security | 45 | €117,048 | €86,850 | -€30,197 | -25.8% |
| Taxes | 450/3 | €84,640 | €65,093 | -€19,547 | -23.1% |
| Remuneration and social security | 454/9 | €32,408 | €21,757 | -€10,650 | -32.9% |
| Other amounts payable | 47/48 | €416,450 | €423,292 | +€6,841 | +1.6% |
| Accrued charges and deferred income | 492/3 | €5,324 | €5,954 | +€630 | +11.8% |
| Remuneration, social security and pensions | 62 | €194,219 | €197,586 | +€3,366 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,988 | €72,747 | +€10,759 | +17.4% |
| Other operating charges | 640/8 | €3,143 | €3,902 | +€759 | +24.1% |
| Gross operating margin | 9900 | €385,384 | €465,912 | +€80,528 | +20.9% |
| Operating profit (loss) | 9901 | €126,033 | €191,677 | +€65,644 | +52.1% |
| Financial income | 75/76B | €2,265 | €3,742 | +€1,477 | +65.2% |
| Recurring financial income | 75 | €2,265 | €3,742 | +€1,477 | +65.2% |
| Financial charges | 65/66B | €28,285 | €12,678 | -€15,607 | -55.2% |
| Recurring financial charges | 65 | €28,285 | €12,678 | -€15,607 | -55.2% |
| Profit (loss) for the period before taxes | 9903 | €100,014 | €182,741 | +€82,727 | +82.7% |
| Income taxes | 67/77 | €32,074 | €59,665 | +€27,592 | +86.0% |
| Profit (loss) for the period | 9904 | €67,940 | €123,075 | +€55,135 | +81.2% |
| Profit (loss) for the period to be appropriated | 9905 | €67,940 | €123,075 | +€55,135 | +81.2% |
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 8 October 2026 via checked.be.