VABELE: 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.
VABELE
Largest movements
- Cash +€408,344
up €408,344 (+91.9%), from €444,127 to €852,471
mainly Net result for the year (+€267,335) and Receivables within one year (+€255,457)
- Receivables within one year -€255,457
down €255,457 (-15.0%), from €1.7m to €1.4m
of which Other amounts receivable: -€129,144
- Other debts +€145,000
up €145,000, from €0 to €145,000
- Profit (loss) carried forward +€122,335
up €122,335 (+3.1%), from €3.9m to €4.1m
- Financial income -€270,319
down €270,319 (-89.3%), from €302,603 to €32,283
- Gross operating margin -€169,352
down €169,352 (-11.2%), from €1.5m to €1.3m
- Staff costs -€125,683
down €125,683 (-12.7%), from €986,340 to €860,657
- Financial charges +€34,461
up €34,461 (+29.7%), from €115,924 to €150,385
- Taxes -€24,930
down €24,930 (-20.8%), from €119,949 to €95,019
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 | €12,088,277 | €12,198,142 | +€109,865 | +0.9% |
| Fixed assets | 21/28 | €7,308,516 | €7,308,516 | = | 0.0% |
| Financial fixed assets | 28 | €7,308,516 | €7,308,516 | = | 0.0% |
| Current assets | 29/58 | €4,779,762 | €4,889,627 | +€109,865 | +2.3% |
| Amounts receivable within one year | 40/41 | €1,700,431 | €1,444,974 | -€255,457 | -15.0% |
| Trade receivables | 40 | €696,890 | €570,577 | -€126,313 | -18.1% |
| Other amounts receivable | 41 | €1,003,541 | €874,397 | -€129,144 | -12.9% |
| Current investments | 50/53 | €2,613,897 | €2,587,382 | -€26,515 | -1.0% |
| Cash at bank and in hand | 54/58 | €444,127 | €852,471 | +€408,344 | +91.9% |
| Deferred charges and accrued income | 490/1 | €21,307 | €4,800 | -€16,507 | -77.5% |
| Total equity and liabilities | 10/49 | €12,088,277 | €12,198,142 | +€109,865 | +0.9% |
| Equity | 10/15 | €8,944,749 | €9,067,084 | +€122,335 | +1.4% |
| Contributions | 10/11 | €2,900,000 | €2,900,000 | = | 0.0% |
| Capital | 10 | €2,900,000 | €2,900,000 | = | 0.0% |
| Issued capital | 100 | €2,900,000 | €2,900,000 | = | 0.0% |
| Reserves | 13 | €2,105,400 | €2,105,400 | = | 0.0% |
| Non-distributable reserves | 130/1 | €655,400 | €655,400 | = | 0.0% |
| Legal reserve | 130 | €655,400 | €655,400 | = | 0.0% |
| Distributable reserves | 133 | €1,450,000 | €1,450,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,939,349 | €4,061,684 | +€122,335 | +3.1% |
| Amounts payable | 17/49 | €3,143,528 | €3,131,058 | -€12,470 | -0.4% |
| Amounts payable after more than one year | 17 | €2,776,407 | €2,776,407 | = | 0.0% |
| Financial debts | 170/4 | €2,776,407 | €2,776,407 | = | 0.0% |
| Amounts payable within one year | 42/48 | €311,592 | €299,122 | -€12,470 | -4.0% |
| Trade debts | 44 | €101,588 | €1,223 | -€100,365 | -98.8% |
| Suppliers | 440/4 | €101,588 | €1,223 | -€100,365 | -98.8% |
| Taxes, remuneration and social security | 45 | €210,004 | €152,900 | -€57,104 | -27.2% |
| Taxes | 450/3 | €95,826 | €59,114 | -€36,712 | -38.3% |
| Remuneration and social security | 454/9 | €114,178 | €93,786 | -€20,393 | -17.9% |
| Other amounts payable | 47/48 | €0 | €145,000 | +€145,000 | |
| Accrued charges and deferred income | 492/3 | €55,528 | €55,528 | -€0 | 0.0% |
| Remuneration, social security and pensions | 62 | €986,340 | €860,657 | -€125,683 | -12.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €1,467 | €3,373 | +€1,905 | +130% |
| Gross operating margin | 9900 | €1,513,836 | €1,344,485 | -€169,352 | -11.2% |
| Operating profit (loss) | 9901 | €526,029 | €480,455 | -€45,573 | -8.7% |
| Financial income | 75/76B | €302,603 | €32,283 | -€270,319 | -89.3% |
| Recurring financial income | 75 | €302,603 | €32,283 | -€270,319 | -89.3% |
| Financial charges | 65/66B | €115,924 | €150,385 | +€34,461 | +29.7% |
| Recurring financial charges | 65 | €115,924 | €150,385 | +€34,461 | +29.7% |
| Profit (loss) for the period before taxes | 9903 | €712,708 | €362,354 | -€350,354 | -49.2% |
| Income taxes | 67/77 | €119,949 | €95,019 | -€24,930 | -20.8% |
| Profit (loss) for the period | 9904 | €592,759 | €267,335 | -€325,424 | -54.9% |
| Profit (loss) for the period to be appropriated | 9905 | €592,759 | €267,335 | -€325,424 | -54.9% |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.