VetWorks: 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.
VetWorks
Largest movements
- Current investments +€325,000
up €325,000 (+52.0%), from €625,000 to €950,000
- Cash -€46,652
down €46,652 (-44.4%), from €105,041 to €58,389
mainly Current investments (-€325,000) and Investment in fixed assets (net) (-€16,317)
- Tangible fixed assets -€15,261
down €15,261 (-11.0%), from €138,366 to €123,105
of which Other tangible fixed assets: -€23,231
- Receivables within one year +€12,840
up €12,840 (+133.3%), from €9,634 to €22,474
of which Trade receivables: +€12,840
- Reserves +€217,047
up €217,047 (+42.5%), from €510,878 to €727,925
of which Distributable reserves: +€217,047
- Tax, wage and social debts +€59,288
up €59,288 (+138.2%), from €42,910 to €102,198
- Depreciation -€26,509
down €26,509 (-45.6%), from €58,087 to €31,578
- Gross operating margin +€15,846
up €15,846 (+5.0%), from €317,574 to €333,420
- Taxes +€11,446
up €11,446 (+13.6%), from €84,172 to €95,618
- Financial income +€10,593
up €10,593 (+120.5%), from €8,793 to €19,386
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 | €878,041 | €1,154,481 | +€276,440 | +31.5% |
| Fixed assets | 21/28 | €138,366 | €123,105 | -€15,261 | -11.0% |
| Tangible fixed assets | 22/27 | €138,366 | €123,105 | -€15,261 | -11.0% |
| Land and buildings | 22 | €7,910 | €6,491 | -€1,419 | -17.9% |
| Plant, machinery and equipment | 23 | €0 | €3,819 | +€3,819 | |
| Furniture and vehicles | 24 | €6,558 | €12,127 | +€5,570 | +84.9% |
| Other tangible fixed assets | 26 | €123,899 | €100,668 | -€23,231 | -18.7% |
| Current assets | 29/58 | €739,675 | €1,031,376 | +€291,701 | +39.4% |
| Amounts receivable within one year | 40/41 | €9,634 | €22,474 | +€12,840 | +133.3% |
| Trade receivables | 40 | €7,593 | €20,433 | +€12,840 | +169.1% |
| Other amounts receivable | 41 | €2,041 | €2,041 | = | 0.0% |
| Current investments | 50/53 | €625,000 | €950,000 | +€325,000 | +52.0% |
| Cash at bank and in hand | 54/58 | €105,041 | €58,389 | -€46,652 | -44.4% |
| Deferred charges and accrued income | 490/1 | - | €513 | +€513 | |
| Total equity and liabilities | 10/49 | €878,041 | €1,154,481 | +€276,440 | +31.5% |
| Equity | 10/15 | €784,243 | €1,001,290 | +€217,047 | +27.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €510,878 | €727,925 | +€217,047 | +42.5% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,500 | €7,500 | = | 0.0% |
| Distributable reserves | 133 | €503,378 | €720,425 | +€217,047 | +43.1% |
| Profit (loss) carried forward | 14 | €253,365 | €253,365 | = | 0.0% |
| Amounts payable | 17/49 | €93,798 | €153,191 | +€59,392 | +63.3% |
| Amounts payable within one year | 42/48 | €93,798 | €152,288 | +€58,489 | +62.4% |
| Trade debts | 44 | €5,759 | €11,763 | +€6,004 | +104.2% |
| Suppliers | 440/4 | €5,759 | €11,763 | +€6,004 | +104.2% |
| Taxes, remuneration and social security | 45 | €42,910 | €102,198 | +€59,288 | +138.2% |
| Taxes | 450/3 | €42,910 | €102,198 | +€59,288 | +138.2% |
| Other amounts payable | 47/48 | €45,129 | €38,326 | -€6,802 | -15.1% |
| Accrued charges and deferred income | 492/3 | €0 | €903 | +€903 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,087 | €31,578 | -€26,509 | -45.6% |
| Other operating charges | 640/8 | €7,221 | €6,436 | -€785 | -10.9% |
| Gross operating margin | 9900 | €317,574 | €333,420 | +€15,846 | +5.0% |
| Operating profit (loss) | 9901 | €252,266 | €295,406 | +€43,140 | +17.1% |
| Financial income | 75/76B | €8,793 | €19,386 | +€10,593 | +120.5% |
| Recurring financial income | 75 | €8,793 | €19,386 | +€10,593 | +120.5% |
| Financial charges | 65/66B | €127 | €461 | +€333 | +261.4% |
| Recurring financial charges | 65 | €127 | €461 | +€333 | +261.4% |
| Profit (loss) for the period before taxes | 9903 | €260,932 | €314,331 | +€53,399 | +20.5% |
| Income taxes | 67/77 | €84,172 | €95,618 | +€11,446 | +13.6% |
| Profit (loss) for the period | 9904 | €176,760 | €218,713 | +€41,953 | +23.7% |
| Profit (loss) for the period to be appropriated | 9905 | €176,760 | €218,713 | +€41,953 | +23.7% |
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 10 October 2026 via checked.be.