VABELCO: 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.
VABELCO
Largest movements
- Current investments +€354,708
up €354,708 (+96.9%), from €366,050 to €720,758
- Cash -€295,391
down €295,391 (-91.3%), from €323,615 to €28,224
mainly Current investments (-€354,708) and Contributions, distributions and other (-€97,807)
- Reserves +€51,982
up €51,982 (+7.1%), from €730,884 to €782,865
of which Distributable reserves: +€51,982
- Financial income -€4,062
down €4,062 (-88.7%), from €4,582 to €519
- Staff costs +€3,363
up €3,363 (+9.1%), from €36,805 to €40,168
- Taxes +€2,931
up €2,931 (+4.1%), from €70,633 to €73,564
- Gross operating margin +€2,897
up €2,897 (+1.0%), from €281,914 to €284,811
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €832,355 | €887,511 | +€55,156 | +6.6% |
| Fixed assets | 21/28 | €137,741 | €130,862 | -€6,879 | -5.0% |
| Tangible fixed assets | 22/27 | €137,678 | €130,799 | -€6,879 | -5.0% |
| Land and buildings | 22 | €92,452 | €81,730 | -€10,721 | -11.6% |
| Plant, machinery and equipment | 23 | €496 | €5,224 | +€4,728 | +953% |
| Furniture and vehicles | 24 | €9,313 | €10,762 | +€1,449 | +15.6% |
| Other tangible fixed assets | 26 | €35,417 | €33,082 | -€2,335 | -6.6% |
| Financial fixed assets | 28 | €63 | €63 | = | 0.0% |
| Current assets | 29/58 | €694,614 | €756,649 | +€62,036 | +8.9% |
| Amounts receivable within one year | 40/41 | €4,793 | €5,509 | +€716 | +14.9% |
| Trade receivables | 40 | €838 | €400 | -€438 | -52.2% |
| Other amounts receivable | 41 | €3,956 | €5,109 | +€1,153 | +29.2% |
| Current investments | 50/53 | €366,050 | €720,758 | +€354,708 | +96.9% |
| Cash at bank and in hand | 54/58 | €323,615 | €28,224 | -€295,391 | -91.3% |
| Deferred charges and accrued income | 490/1 | €155 | €2,158 | +€2,003 | +1,291% |
| Total equity and liabilities | 10/49 | €832,355 | €887,511 | +€55,156 | +6.6% |
| Equity | 10/15 | €789,927 | €841,909 | +€51,982 | +6.6% |
| Contributions | 10/11 | €58,600 | €58,600 | = | 0.0% |
| Reserves | 13 | €730,884 | €782,865 | +€51,982 | +7.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €729,024 | €781,005 | +€51,982 | +7.1% |
| Profit (loss) carried forward | 14 | €443 | €443 | = | 0.0% |
| Amounts payable | 17/49 | €42,428 | €45,603 | +€3,175 | +7.5% |
| Amounts payable within one year | 42/48 | €42,428 | €45,603 | +€3,175 | +7.5% |
| Trade debts | 44 | €4,259 | €7,706 | +€3,447 | +80.9% |
| Suppliers | 440/4 | €4,259 | €7,706 | +€3,447 | +80.9% |
| Taxes, remuneration and social security | 45 | €37,265 | €37,435 | +€170 | +0.5% |
| Taxes | 450/3 | €32,731 | €32,674 | -€57 | -0.2% |
| Remuneration and social security | 454/9 | €4,534 | €4,761 | +€227 | +5.0% |
| Other amounts payable | 47/48 | €903 | €461 | -€442 | -48.9% |
| Remuneration, social security and pensions | 62 | €36,805 | €40,168 | +€3,363 | +9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,641 | €17,868 | +€227 | +1.3% |
| Other operating charges | 640/8 | €2,497 | €2,485 | -€12 | -0.5% |
| Non-recurring operating charges | 66A | €0 | €868 | +€868 | |
| Gross operating margin | 9900 | €281,914 | €284,811 | +€2,897 | +1.0% |
| Operating profit (loss) | 9901 | €224,971 | €223,423 | -€1,549 | -0.7% |
| Financial income | 75/76B | €4,582 | €519 | -€4,062 | -88.7% |
| Recurring financial income | 75 | €4,582 | €519 | -€4,062 | -88.7% |
| Financial charges | 65/66B | €546 | €589 | +€43 | +7.8% |
| Recurring financial charges | 65 | €546 | €589 | +€43 | +7.8% |
| Profit (loss) for the period before taxes | 9903 | €229,007 | €223,353 | -€5,654 | -2.5% |
| Income taxes | 67/77 | €70,633 | €73,564 | +€2,931 | +4.1% |
| Profit (loss) for the period | 9904 | €158,373 | €149,789 | -€8,584 | -5.4% |
| Profit (loss) for the period to be appropriated | 9905 | €158,373 | €149,789 | -€8,584 | -5.4% |
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.