VABELDO: 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.
What changed
VABELDO
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€6.2m
2024 · €2.2m-€8.3m
Equity
€126.2m
2024 · €132.4m-€6.2m
Cash
€703,232
2024 · €337,593+€365,639
Balance sheet total
€157.0m
2024 · €162.2m-€5.2m
Largest movements
Assets
- Receivables within one year -€4.5m
down €4.5m (-7.9%), from €57.4m to €52.9m
of which Other amounts receivable: -€4.5m
- Financial fixed assets -€2.1m
down €2.1m (-3.3%), from €62.2m to €60.2m
of which Companies linked by participating interests: -€2.1m
Equity and liabilities
- Debts after one year +€14.9m
up €14.9m (+221.0%), from €6.7m to €21.7m
of which Other amounts payable: +€15.0m
- Other debts -€14.0m
down €14.0m (-61.1%), from €22.9m to €8.9m
- Reserves -€6.2m
down €6.2m (-17.1%), from €36.2m to €30.0m
Income statement
- Financial charges +€6.9m
up €6.9m (+477.6%), from €1.4m to €8.4m
of which Non-recurring financial charges: +€5.6m
- Financial income -€2.1m
down €2.1m (-46.6%), from €4.5m to €2.4m
- Taxes -€700,974
down €700,974, from €700,636 to -€338
of which Taxes: -€701,022
- Other operating income +€159,605
new in 2025: €159,605
- Services and other goods +€139,934
up €139,934 (+182.6%), from €76,621 to €216,555
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
€2.2m
Other operating income
+€159,605
Services and other goods
-€139,934
Staff costs
-€19,089
Depreciation
-€50,306
Other operating charges
-€1,066
Other operating items
+€42
Financial income
-€2.1m
Financial charges
-€6.9m
Taxes
+€700,974
Result 2025
-€6.2m
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.
From operations
-€15.6m
Investment
+€1.1m
Financing
+€14.9m
Cash 2024
€337,593
From operations (derived)
-€15.6m
Net result for the year
-€6.2m
Depreciation
+€67,203
Receivables within one year
+€4.5m
Deferred charges and accrued income
-€43,353
Smaller working-capital items
+€39,402
Tax, wage and social debts
-€46,495
Other debts
-€14.0m
Investment (derived)
+€1.1m
Investment in fixed assets (net)
+€1.9m
Current investments
-€825,561
Financing
+€14.9m
Debts after one year
+€14.9m
Cash 2025
€703,232
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €162,224,234 | €156,975,479 | -€5.2m | -3.2% |
| Fixed assets | 21/28 | €62,271,548 | €60,300,525 | -€2.0m | -3.2% |
| Intangible fixed assets | 21 | €1,746 | €6,974 | +€5,228 | +299.3% |
| Tangible fixed assets | 22/27 | €35,989 | €133,496 | +€97,507 | +270.9% |
| Land and buildings | 22 | - | €113,762 | +€113,762 | |
| Furniture and vehicles | 24 | €35,989 | €19,734 | -€16,255 | -45.2% |
| Financial fixed assets | 28 | €62,233,813 | €60,160,055 | -€2.1m | -3.3% |
| Companies linked by participating interests | 282/3 | €56,943,965 | €54,873,469 | -€2.1m | -3.6% |
| Participating interests | 282 | €22,181,210 | €19,412,160 | -€2.8m | -12.5% |
| Amounts receivable | 283 | €34,762,755 | €35,461,309 | +€698,554 | +2.0% |
| Other financial fixed assets | 284/8 | €5,289,848 | €5,286,586 | -€3,262 | -0.1% |
| Shares | 284 | €5,289,848 | €5,286,586 | -€3,262 | -0.1% |
| Current assets | 29/58 | €99,952,686 | €96,674,953 | -€3.3m | -3.3% |
| Amounts receivable after more than one year | 29 | €40,133,333 | €40,133,333 | = | 0.0% |
| Other amounts receivable | 291 | €40,133,333 | €40,133,333 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €57,413,952 | €52,901,667 | -€4.5m | -7.9% |
| Trade receivables | 40 | €3,204 | €11,154 | +€7,949 | +248.1% |
| Other amounts receivable | 41 | €57,410,747 | €52,890,513 | -€4.5m | -7.9% |
| Current investments | 50/53 | €1,800,000 | €2,625,561 | +€825,561 | +45.9% |
| Other investments | 51/53 | €1,800,000 | €2,625,561 | +€825,561 | +45.9% |
| Cash at bank and in hand | 54/58 | €337,593 | €703,232 | +€365,639 | +108.3% |
| Deferred charges and accrued income | 490/1 | €267,808 | €311,161 | +€43,353 | +16.2% |
| Total equity and liabilities | 10/49 | €162,224,234 | €156,975,479 | -€5.2m | -3.2% |
| Equity | 10/15 | €132,350,583 | €126,160,706 | -€6.2m | -4.7% |
| Contributions | 10/11 | €96,127,793 | €96,127,793 | = | 0.0% |
| Reserves | 13 | €36,222,790 | €30,032,913 | -€6.2m | -17.1% |
| Distributable reserves | 133 | €36,222,790 | €30,032,913 | -€6.2m | -17.1% |
| Amounts payable | 17/49 | €29,873,651 | €30,814,773 | +€941,122 | +3.2% |
| Amounts payable after more than one year | 17 | €6,743,600 | €21,650,000 | +€14.9m | +221.0% |
| Financial debts | 170/4 | €93,600 | - | -€93,600 | |
| Credit institutions | 173 | €93,600 | - | -€93,600 | |
| Other amounts payable | 178/9 | €6,650,000 | €21,650,000 | +€15.0m | +225.6% |
| Amounts payable within one year | 42/48 | €23,128,658 | €9,145,576 | -€14.0m | -60.5% |
| Current portion of amounts payable after more than one year | 42 | €93,600 | €93,600 | = | 0.0% |
| Trade debts | 44 | €17,891 | €39,489 | +€21,598 | +120.7% |
| Suppliers | 440/4 | €17,891 | €39,489 | +€21,598 | +120.7% |
| Taxes, remuneration and social security | 45 | €155,163 | €108,668 | -€46,495 | -30.0% |
| Taxes | 450/3 | €111,916 | €65,146 | -€46,770 | -41.8% |
| Remuneration and social security | 454/9 | €43,247 | €43,522 | +€275 | +0.6% |
| Other amounts payable | 47/48 | €22,862,004 | €8,903,819 | -€14.0m | -61.1% |
| Accrued charges and deferred income | 492/3 | €1,393 | €19,197 | +€17,804 | +1277.7% |
| Operating income | 70/76A | €144,000 | €303,605 | +€159,605 | +110.8% |
| Turnover | 70 | €144,000 | €144,000 | = | 0.0% |
| Other operating income | 74 | - | €159,605 | +€159,605 | |
| Operating charges | 60/66A | €293,463 | €503,817 | +€210,353 | +71.7% |
| Services and other goods | 61 | €76,621 | €216,555 | +€139,934 | +182.6% |
| Remuneration, social security and pensions | 62 | €192,272 | €211,361 | +€19,089 | +9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,897 | €67,203 | +€50,306 | +297.7% |
| Other operating charges | 640/8 | €7,504 | €8,570 | +€1,066 | +14.2% |
| Non-recurring operating charges | 66A | €169 | €127 | -€42 | -24.9% |
| Operating profit (loss) | 9901 | -€149,463 | -€200,212 | -€50,748 | -34.0% |
| Financial income | 75/76B | €4,452,841 | €2,376,520 | -€2.1m | -46.6% |
| Recurring financial income | 75 | €4,452,841 | €2,376,520 | -€2.1m | -46.6% |
| Income from financial fixed assets | 750 | €320,983 | €15,265 | -€305,718 | -95.2% |
| Income from current assets | 751 | €2,629,243 | €2,361,141 | -€268,101 | -10.2% |
| Other financial income | 752/9 | €1,502,615 | €113 | -€1.5m | -100.0% |
| Financial charges | 65/66B | €1,448,380 | €8,366,523 | +€6.9m | +477.6% |
| Recurring financial charges | 65 | €1,448,380 | €2,790,006 | +€1.3m | +92.6% |
| Debt charges | 650 | €1,220,555 | €1,074,192 | -€146,363 | -12.0% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €221,820 | €44,529 | -€177,290 | -79.9% |
| Other financial charges | 652/9 | €6,006 | €1,671,285 | +€1.7m | +27727.7% |
| Non-recurring financial charges | 66B | €0 | €5,576,518 | +€5.6m | +55765176000.0% |
| Profit (loss) for the period before taxes | 9903 | €2,854,997 | -€6,190,215 | -€9.0m | |
| Income taxes | 67/77 | €700,636 | -€338 | -€700,974 | |
| Taxes | 670/3 | €701,186 | €164 | -€701,022 | -100.0% |
| Tax adjustments and reversals of tax provisions | 77 | €550 | €501 | -€49 | -8.8% |
| Profit (loss) for the period | 9904 | €2,154,361 | -€6,189,877 | -€8.3m | |
| Profit (loss) for the period to be appropriated | 9905 | €2,154,361 | -€6,189,877 | -€8.3m |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.