VABELMA: 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.
VABELMA
Largest movements
- Cash +€327,168
up €327,168 (+317.9%), from €102,916 to €430,084
mainly Net result for the year (+€357,644) and Investment in fixed assets (net) (+€9,404)
- Receivables within one year +€41,217
up €41,217 (+389.7%), from €10,576 to €51,793
- Reserves +€357,644
up €357,644 (+56.9%), from €628,439 to €986,083
of which Distributable reserves: +€357,644
- Gross operating margin +€143,086
up €143,086 (+38.0%), from €376,515 to €519,601
- Taxes +€57,059
up €57,059 (+52.0%), from €109,834 to €166,893
- Depreciation -€13,599
no longer reported in 2025 (was €13,599)
- Financial income +€8,886
up €8,886 (+1503.9%), from €591 to €9,477
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 | €1,050,935 | €1,409,369 | +€358,434 | +34.1% |
| Fixed assets | 21/28 | €936,825 | €927,421 | -€9,404 | -1.0% |
| Tangible fixed assets | 22/27 | €736,825 | €727,421 | -€9,404 | -1.3% |
| Land and buildings | 22 | €736,825 | €727,421 | -€9,404 | -1.3% |
| Financial fixed assets | 28 | €200,000 | €200,000 | = | 0.0% |
| Current assets | 29/58 | €114,110 | €481,948 | +€367,838 | +322.4% |
| Amounts receivable within one year | 40/41 | €10,576 | €51,793 | +€41,217 | +389.7% |
| Other amounts receivable | 41 | €10,576 | €51,793 | +€41,217 | +389.7% |
| Cash at bank and in hand | 54/58 | €102,916 | €430,084 | +€327,168 | +317.9% |
| Deferred charges and accrued income | 490/1 | €617 | €70 | -€547 | -88.6% |
| Total equity and liabilities | 10/49 | €1,050,935 | €1,409,369 | +€358,434 | +34.1% |
| Equity | 10/15 | €1,030,026 | €1,387,670 | +€357,644 | +34.7% |
| Contributions | 10/11 | €401,588 | €401,588 | = | 0.0% |
| Capital | 10 | €401,588 | €401,588 | = | 0.0% |
| Issued capital | 100 | €401,588 | €401,588 | = | 0.0% |
| Reserves | 13 | €628,439 | €986,083 | +€357,644 | +56.9% |
| Non-distributable reserves | 130/1 | €40,159 | €40,159 | = | 0.0% |
| Legal reserve | 130 | €40,159 | €40,159 | = | 0.0% |
| Distributable reserves | 133 | €588,280 | €945,924 | +€357,644 | +60.8% |
| Amounts payable | 17/49 | €20,909 | €21,698 | +€790 | +3.8% |
| Amounts payable within one year | 42/48 | €20,909 | €21,698 | +€790 | +3.8% |
| Trade debts | 44 | €2,040 | €2,830 | +€790 | +38.7% |
| Suppliers | 440/4 | €2,040 | €2,830 | +€790 | +38.7% |
| Other amounts payable | 47/48 | €18,868 | €18,868 | = | 0.0% |
| Non-recurring operating income | 76A | €402,063 | €540,596 | +€138,533 | +34.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,599 | - | -€13,599 | |
| Other operating charges | 640/8 | €6,553 | €4,510 | -€2,043 | -31.2% |
| Gross operating margin | 9900 | €376,515 | €519,601 | +€143,086 | +38.0% |
| Operating profit (loss) | 9901 | €356,363 | €515,090 | +€158,727 | +44.5% |
| Financial income | 75/76B | €591 | €9,477 | +€8,886 | +1503.9% |
| Recurring financial income | 75 | €591 | €9,477 | +€8,886 | +1503.9% |
| Financial charges | 65/66B | €2,029 | €30 | -€1,999 | -98.5% |
| Recurring financial charges | 65 | €2,029 | €30 | -€1,999 | -98.5% |
| Profit (loss) for the period before taxes | 9903 | €354,926 | €524,537 | +€169,611 | +47.8% |
| Income taxes | 67/77 | €109,834 | €166,893 | +€57,059 | +52.0% |
| Profit (loss) for the period | 9904 | €245,091 | €357,644 | +€112,552 | +45.9% |
| Profit (loss) for the period to be appropriated | 9905 | €245,091 | €357,644 | +€112,552 | +45.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.