VEBA
Annual accounts 2025
abbreviated format, filed on 12-08-2026, 12 days late€156,178
▲ 1.8%
€25,023
▼ 6.9%
€11,462
▼ 33.4%
-€316,129
▼ €86,782
73.9%
▼ 3.0 percentage points
0.37
▲ 0.18
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €210,000. Estimated: probably between €170,000 and €330,000.
Balance sheet
balance sheet total €2.0m on 31-12-2025What the company ownsHow it is paid for
in €m
in euro
Position in the sector
73.9%
Higher than 81% of 11,297 companies in 2025.
0.37
Higher than 24% of 10,849 companies in 2025.
0.6%
Higher than 46% of 11,182 companies in 2025.
VEBA
Middle half of the sector
80% of the sector
Abbreviated accounts in real estate (NACE 68)
Net result: middle half · Equity: top quarter · Balance sheet total: middle half · Working capital: bottom quarter
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||||||||
20/58 |
2.0m | 1.9m | 1.9m | 1.9m | 2.1m | 2.1m | 2.0m | 2.0m | 2.2m | 2.2m | 2.3m | 2.4m | 2.4m | 2.5m | 2.5m | 2.6m | |
21/28 |
1.8m | 1.8m | 1.8m | 1.9m | 1.9m | 1.8m | 2.0m | 1.8m | 2.1m | 2.2m | 2.3m | 2.3m | 2.4m | 2.4m | 2.5m | 2.5m | |
22/27 |
1.8m | 1.8m | 1.8m | 1.9m | 1.9m | 1.8m | 2.0m | 1.8m | 2.1m | 2.2m | 2.3m | 2.3m | 2.4m | 2.4m | 2.5m | 2.5m | |
22 |
1.8m | 1.8m | 1.8m | 1.8m | 1.8m | 1.8m | 2.0m | 1.8m | 2.1m | 2.2m | 2.2m | 2.3m | 2.4m | 2.4m | 2.5m | 2.5m | |
24 |
3,002 | 8,033 | 10,709 | 15,009 | 19,309 | 0 | 0 | 0 | 0 | 10,100 | 20,200 | 30,300 | 40,400 | - | - | - | |
28 |
300 | 300 | 300 | 300 | 300 | 300 | 300 | 300 | 300 | 300 | 300 | - | - | - | - | - | |
29/58 |
183,931 | 51,575 | 44,200 | 69,438 | 223,482 | 240,361 | 78,704 | 189,311 | 100,924 | 57,841 | 15,484 | 22,194 | 13,171 | 32,875 | 39,303 | 32,532 | |
40/41 |
- | 0 | 1,185 | 464 | 0 | 300 | - | - | - | - | 1,509 | - | 793 | 1,513 | 14 | 4,024 | |
40 |
- | 0 | 721 | 0 | 0 | - | - | - | - | - | 1,509 | - | - | 1,513 | - | 4,010 | |
41 |
- | 0 | 464 | 464 | 0 | 300 | - | - | - | - | - | - | 793 | - | 14 | 14 | |
50/53 |
- | - | 0 | 23,837 | 200,023 | - | - | - | - | - | - | - | - | - | - | - | |
54/58 |
181,245 | 49,031 | 40,430 | 43,626 | 21,098 | 239,013 | 75,765 | 185,042 | 100,924 | 57,841 | 13,975 | 22,194 | 12,378 | 30,680 | 35,049 | 28,508 | |
490/1 |
2,686 | 2,545 | 2,585 | 1,511 | 2,360 | 1,048 | 2,939 | 4,269 | - | - | - | - | - | 683 | 4,239 | - | |
| Balance sheet: equity and liabilities | |||||||||||||||||
10/49 |
2.0m | 1.9m | 1.9m | 1.9m | 2.1m | 2.1m | 2.0m | 2.0m | 2.2m | 2.2m | 2.3m | 2.4m | 2.4m | 2.5m | 2.5m | 2.6m | |
10/15 |
1.5m | 1.4m | 1.4m | 1.4m | 1.4m | 1.4m | 1.4m | 1.3m | 1.3m | 1.3m | 1.3m | 1.3m | 1.3m | 1.4m | 1.4m | 1.4m | |
10/11 |
1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | |
10 |
1.5m | 1.5m | 1.5m | 1.5m | - | - | - | - | - | - | - | - | - | - | - | - | |
100 |
1.5m | 1.5m | 1.5m | 1.5m | - | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | |
14 |
-70,837 | -82,300 | -99,516 | -91,600 | -88,811 | -93,142 | -170,526 | -185,216 | -257,151 | -233,068 | -225,018 | -188,979 | -178,344 | -133,276 | -104,948 | -79,573 | |
16 |
- | - | - | - | - | 0 | 10,000 | 10,000 | 10,000 | - | - | - | - | - | - | - | |
160/5 |
- | - | - | - | - | 0 | 10,000 | 10,000 | 10,000 | - | - | - | - | - | - | - | |
163 |
- | - | - | - | - | 0 | 10,000 | 10,000 | 10,000 | - | - | - | - | - | - | - | |
17/49 |
513,532 | 433,674 | 463,146 | 489,954 | 652,910 | 656,160 | 687,158 | 643,292 | 892,309 | 929,392 | 973,234 | 1.0m | 1.1m | 1.1m | 1.1m | 1.1m | |
17 |
- | - | - | 0 | 30,000 | - | - | - | - | - | - | - | - | - | - | - | |
170/4 |
- | - | - | 0 | 30,000 | - | - | - | - | - | - | - | - | - | - | - | |
42/48 |
500,060 | 280,923 | 319,838 | 357,660 | 505,495 | 557,689 | 687,158 | 643,292 | 892,309 | 929,392 | 973,234 | 1.0m | 1.1m | 1.1m | 1.1m | 1.1m | |
44 |
202 | 567 | 5,291 | 245 | 1,030 | 212 | 798 | 3,770 | 4,750 | 595 | 4,243 | 919 | 10,808 | 1,340 | 3,124 | 2,497 | |
440/4 |
202 | 567 | 5,291 | 245 | 1,030 | 212 | 798 | 3,770 | 4,750 | 595 | 4,243 | 919 | 10,808 | 1,340 | 3,124 | 2,497 | |
45 |
130 | 174 | 66 | 0 | 81 | 447 | 78,149 | 56,799 | 31,681 | - | - | 1,530 | 406 | 3,184 | 2,456 | 1,236 | |
450/3 |
130 | 174 | 66 | 0 | 81 | 447 | 78,149 | 56,799 | 31,681 | - | - | 1,530 | 406 | 3,184 | 2,456 | 1,236 | |
454/9 |
- | - | - | - | - | - | - | 0 | - | - | - | - | - | - | - | - | |
47/48 |
499,728 | 280,182 | 314,481 | 357,415 | 504,384 | 557,030 | 608,211 | 582,723 | 855,878 | 928,798 | 968,991 | 1.0m | 1.1m | 1.1m | 1.1m | 1.1m | |
492/3 |
13,472 | 152,751 | 143,308 | 132,294 | 117,415 | 98,471 | - | - | - | - | - | - | - | 1,200 | - | - | |
| Income statement | |||||||||||||||||
76A |
- | 2,711 | 588 | - | - | 94,579 | - | - | - | - | - | 430 | - | - | - | - | |
9900 |
156,178 | 153,376 | 130,273 | 152,319 | 137,402 | 202,358 | 157,518 | 198,980 | 135,208 | 142,207 | 113,457 | 137,804 | 127,250 | 121,385 | 120,899 | 75,690 | |
60/61 |
- | - | - | - | 0 | - | 0 | - | - | - | - | - | - | - | - | - | |
630 |
102,712 | 101,033 | 98,281 | 92,896 | 92,007 | 84,970 | 98,114 | 78,122 | 94,249 | 94,249 | 94,249 | 92,363 | 91,309 | 79,922 | 75,558 | 127,035 | |
640/8 |
28,443 | 25,466 | 25,499 | 22,909 | 22,910 | 18,595 | 23,332 | 23,398 | 23,336 | 23,106 | 21,034 | 20,622 | 28,558 | 16,773 | 16,799 | 951 | |
66A |
- | - | - | - | - | - | - | - | 10,000 | - | - | - | - | - | - | - | |
9901 |
25,023 | 26,877 | 6,492 | 36,514 | 22,485 | 98,792 | 36,072 | 97,460 | 7,624 | 24,852 | -1,825 | 24,819 | 7,383 | 24,690 | 28,542 | -52,296 | |
75/76B |
147 | 0 | 308 | 2,012 | 944 | 0 | - | - | 3 | - | 5 | 80 | 22 | 31 | 60 | 97 | |
75 |
147 | 0 | 308 | 2,012 | 944 | 0 | - | - | 3 | - | 5 | 80 | 22 | 31 | 60 | 97 | |
65/66B |
13,534 | 9,486 | 14,558 | 41,175 | 19,017 | 21,124 | 20,935 | 25,200 | 31,327 | 32,902 | 34,223 | 35,963 | 52,474 | 53,041 | 53,977 | 27,373 | |
65 |
13,534 | 9,486 | 14,558 | 41,175 | 19,017 | 21,124 | 20,935 | 25,200 | 31,327 | 32,902 | 34,223 | 35,963 | 52,474 | 53,041 | 53,977 | 27,373 | |
9903 |
11,636 | 17,391 | -7,758 | -2,649 | 4,412 | 77,668 | 15,137 | 72,260 | -23,701 | -8,050 | -36,043 | -10,634 | -45,069 | -28,321 | -25,376 | -79,573 | |
67/77 |
173 | 174 | 158 | 140 | 81 | 284 | 447 | 324 | 382 | - | -4 | 2 | -1 | 6 | - | - | |
9904 |
11,462 | 17,216 | -7,916 | -2,789 | 4,331 | 77,384 | 14,690 | 71,935 | -24,083 | -8,050 | -36,038 | -10,636 | -45,068 | -28,328 | -25,376 | -79,573 | |
9905 |
11,462 | 17,216 | -7,916 | -2,789 | 4,331 | 77,384 | 14,690 | 71,935 | -24,083 | -8,050 | -36,038 | -10,636 | -45,068 | -28,328 | -25,376 | -79,573 | |
| Appropriation of the result | |||||||||||||||||
9906 |
-70,837 | -82,300 | -99,516 | -91,600 | -88,811 | -93,142 | -170,526 | -185,216 | -257,151 | -233,068 | -225,018 | -188,979 | -178,344 | -133,276 | -104,948 | -79,573 | |
14P |
-82,300 | -99,516 | -91,600 | -88,811 | -93,142 | - | - | - | - | - | - | - | - | - | - | - | |
| Document | |||||||||||||||||
The notes to these accounts have 5 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 12-08-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank2025 annual accounts filed 12 days after the deadline. Filed on 12 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00394896.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 12-08-2026 | 2026-00394896 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00437745 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00392186 | |
| 31-12-2022 | micro format | 29-08-2023 | 2023-00366294 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20370719 | |
| 31-12-2020 | abbreviated format | 27-08-2021 | 2021-55400176 | |
| 31-12-2019 | micro format | 30-09-2020 | 2020-57200354 | |
| 31-12-2018 | micro format | 31-08-2019 | 2019-62700455 | |
| 31-12-2017 | micro format | 10-10-2018 | 2018-69000558 | |
| 31-12-2016 | micro format | 30-08-2017 | 2017-55400536 | |
| 31-12-2015 | abbreviated format | 30-08-2016 | 2016-57700452 | |
| 31-12-2014 | abbreviated format | 13-08-2015 | 2015-42400536 | |
| 31-12-2013 | abbreviated format | 02-07-2014 | 2014-26900600 | |
| 31-12-2012 | abbreviated format | 10-07-2013 | 2013-30300535 | |
| 31-12-2011 | abbreviated format | 22-08-2012 | 2012-43600299 | |
| 31-12-2010 | abbreviated format | 19-09-2011 | 2011-54800337 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 127,735 | 127,910 | 104,774 | 129,410 | 114,492 | 183,762 | 134,186 | 175,582 | 101,873 | 119,101 | 92,424 | 117,182 | 98,692 | 104,612 | 104,100 | 74,738 | ||
| 114,175 | 118,250 | 90,366 | 90,107 | 96,338 | 162,355 | 112,804 | 150,058 | 70,166 | 86,199 | 58,210 | 81,727 | 46,241 | 51,595 | 50,182 | 47,462 | ||
| 61,677 | 81,401 | 88,796 | 81,195 | 109,967 | 50,121 | 267,277 | 6,372 | 0 | 0 | 19,161 | 10,534 | 63,369 | 43,646 | 19,255 | 2.7m | ||
| 132,214 | 8,600 | -3,196 | 22,528 | -217,914 | 163,248 | -109,277 | 84,118 | 43,082 | 43,866 | -8,219 | 9,816 | -18,302 | -4,370 | 6,541 | - | ||
| -316,129 | -229,347 | -275,638 | -288,222 | -282,013 | -317,328 | -608,454 | -453,981 | -791,385 | -871,551 | -957,750 | -996,799 | -1.1m | -1.0m | -1.1m | -1.1m | ||
| 73.9% | 76.9% | 75.4% | 74.5% | 68.7% | 68.5% | 66.0% | 67.2% | 58.4% | 58.1% | 57.1% | 56.7% | 55.4% | 56.2% | 56.3% | 56.2% | ||
| 0.37 | 0.18 | 0.14 | 0.19 | 0.44 | 0.43 | 0.11 | 0.29 | 0.11 | 0.06 | 0.02 | 0.02 | 0.01 | 0.03 | 0.04 | 0.03 | ||
| 0.35 | 0.30 | 0.33 | 0.34 | 0.46 | 0.46 | 0.51 | 0.48 | 0.71 | 0.72 | 0.75 | 0.76 | 0.80 | 0.78 | 0.77 | 0.78 | ||
| 0.8% | 1.2% | -0.6% | -0.2% | 0.3% | 5.4% | 1.1% | 5.4% | -1.9% | -0.6% | -2.8% | -0.8% | -3.4% | -2.0% | -1.8% | -5.5% | ||
| 0.6% | 0.9% | -0.4% | -0.1% | 0.2% | 3.7% | 0.7% | 3.6% | -1.1% | -0.4% | -1.6% | -0.5% | -1.9% | -1.1% | -1.0% | -3.1% | ||
| 9.44 | 13.48 | 7.20 | 3.14 | 6.02 | - | - | - | - | - | - | - | - | - | - | - |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €61,677 | €81,401 | €88,796 | €81,195 | €109,967 |
| €102,712 | €101,033 | €98,281 | €92,896 | €92,007 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on VEBA
The operating result for 2025 is 7% lower than in 2024.
Debt's share of the balance-sheet total rises from 23.1% to 26.1%. Equity and debt are higher.