VABELPA: 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.
VABELPA
Largest movements
- Receivables within one year -€1.5m
down €1.5m (-81.7%), from €1.8m to €328,510
of which Other amounts receivable: -€1.5m
- Cash -€248,154
down €248,154 (-94.1%), from €263,799 to €15,644
mainly Other debts (-€1.5m) and Debts after one year (-€750,589)
- Tangible fixed assets -€221,614
down €221,614 (-5.3%), from €4.2m to €3.9m
of which Land and buildings: -€217,450
- Current investments +€200,000
up €200,000 (+80.0%), from €250,000 to €450,000
- Other debts -€1.5m
down €1.5m (-50.6%), from €2.9m to €1.4m
- Debts after one year -€750,589
down €750,589 (-72.4%), from €1.0m to €285,749
of which Financial debts: -€740,039
- Current portion of long-term debt +€375,000
up €375,000 (+278%), from €135,000 to €510,000
- Reserves +€116,306
up €116,306 (+4.3%), from €2.7m to €2.8m
of which Distributable reserves: +€125,000
- Financial income -€3.2m
down €3.2m (-99.5%), from €3.2m to €15,710
of which Non-recurring financial income: -€2.6m
- Gross operating margin -€238,992
down €238,992 (-24.9%), from €959,217 to €720,225
- Financial charges -€42,794
down €42,794 (-22.4%), from €191,139 to €148,345
- Taxes +€15,395
up €15,395 (+27.3%), from €56,308 to €71,703
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 | €7,099,960 | €5,369,429 | -€1.7m | -24.4% |
| Fixed assets | 21/28 | €4,771,108 | €4,550,246 | -€220,862 | -4.6% |
| Tangible fixed assets | 22/27 | €4,165,761 | €3,944,146 | -€221,614 | -5.3% |
| Land and buildings | 22 | €4,153,785 | €3,936,335 | -€217,450 | -5.2% |
| Plant, machinery and equipment | 23 | €11,975 | €7,811 | -€4,164 | -34.8% |
| Financial fixed assets | 28 | €605,347 | €606,099 | +€752 | +0.1% |
| Current assets | 29/58 | €2,328,852 | €819,183 | -€1.5m | -64.8% |
| Amounts receivable within one year | 40/41 | €1,792,046 | €328,510 | -€1.5m | -81.7% |
| Trade receivables | 40 | - | €1,569 | +€1,569 | |
| Other amounts receivable | 41 | €1,792,046 | €326,941 | -€1.5m | -81.8% |
| Current investments | 50/53 | €250,000 | €450,000 | +€200,000 | +80.0% |
| Cash at bank and in hand | 54/58 | €263,799 | €15,644 | -€248,154 | -94.1% |
| Deferred charges and accrued income | 490/1 | €23,007 | €25,028 | +€2,021 | +8.8% |
| Total equity and liabilities | 10/49 | €7,099,960 | €5,369,429 | -€1.7m | -24.4% |
| Equity | 10/15 | €2,908,595 | €3,003,977 | +€95,382 | +3.3% |
| Contributions | 10/11 | €205,000 | €205,000 | = | 0.0% |
| Capital | 10 | €205,000 | €205,000 | = | 0.0% |
| Issued capital | 100 | €205,000 | €205,000 | = | 0.0% |
| Reserves | 13 | €2,681,153 | €2,797,459 | +€116,306 | +4.3% |
| Non-distributable reserves | 130/1 | €20,500 | €20,500 | = | 0.0% |
| Legal reserve | 130 | €20,500 | €20,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €160,653 | €151,959 | -€8,694 | -5.4% |
| Distributable reserves | 133 | €2,500,000 | €2,625,000 | +€125,000 | +5.0% |
| Profit (loss) carried forward | 14 | €22,442 | €1,517 | -€20,924 | -93.2% |
| Provisions and deferred taxes | 16 | €53,551 | €50,653 | -€2,898 | -5.4% |
| Deferred taxes | 168 | €53,551 | €50,653 | -€2,898 | -5.4% |
| Amounts payable | 17/49 | €4,137,813 | €2,314,799 | -€1.8m | -44.1% |
| Amounts payable after more than one year | 17 | €1,036,338 | €285,749 | -€750,589 | -72.4% |
| Financial debts | 170/4 | €1,025,788 | €285,749 | -€740,039 | -72.1% |
| Other amounts payable | 178/9 | €10,550 | - | -€10,550 | |
| Amounts payable within one year | 42/48 | €3,061,267 | €1,982,403 | -€1.1m | -35.2% |
| Current portion of amounts payable after more than one year | 42 | €135,000 | €510,000 | +€375,000 | +278% |
| Financial debts | 43 | €10,773 | €16,904 | +€6,131 | +56.9% |
| Credit institutions | 430/8 | €10,773 | €16,904 | +€6,131 | +56.9% |
| Trade debts | 44 | €1,333 | €4,069 | +€2,736 | +205% |
| Suppliers | 440/4 | €1,333 | €4,069 | +€2,736 | +205% |
| Taxes, remuneration and social security | 45 | €17,328 | €21,569 | +€4,240 | +24.5% |
| Taxes | 450/3 | €17,328 | €21,569 | +€4,240 | +24.5% |
| Other amounts payable | 47/48 | €2,896,832 | €1,429,861 | -€1.5m | -50.6% |
| Accrued charges and deferred income | 492/3 | €40,209 | €46,647 | +€6,438 | +16.0% |
| Non-recurring operating income | 76A | €192,927 | - | -€192,927 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €217,003 | €225,776 | +€8,773 | +4.0% |
| Other operating charges | 640/8 | €79,979 | €82,309 | +€2,331 | +2.9% |
| Non-recurring operating charges | 66A | €72,859 | €15,319 | -€57,540 | -79.0% |
| Gross operating margin | 9900 | €959,217 | €720,225 | -€238,992 | -24.9% |
| Operating profit (loss) | 9901 | €589,377 | €396,822 | -€192,555 | -32.7% |
| Financial income | 75/76B | €3,178,947 | €15,710 | -€3.2m | -99.5% |
| Recurring financial income | 75 | €575,408 | €15,710 | -€559,698 | -97.3% |
| Non-recurring financial income | 76B | €2,603,539 | - | -€2.6m | |
| Financial charges | 65/66B | €191,139 | €148,345 | -€42,794 | -22.4% |
| Recurring financial charges | 65 | €191,139 | €148,345 | -€42,794 | -22.4% |
| Profit (loss) for the period before taxes | 9903 | €3,577,185 | €264,186 | -€3.3m | -92.6% |
| Transfer from deferred taxes | 780 | €1,462 | €2,898 | +€1,436 | +98.3% |
| Transfer to deferred taxes | 680 | €48,232 | - | -€48,232 | |
| Income taxes | 67/77 | €56,308 | €71,703 | +€15,395 | +27.3% |
| Profit (loss) for the period | 9904 | €3,474,106 | €195,382 | -€3.3m | -94.4% |
| Transfer from tax-exempt reserves | 789 | €4,385 | €8,694 | +€4,309 | +98.3% |
| Transfer to tax-exempt reserves | 689 | €144,695 | - | -€144,695 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,333,796 | €204,076 | -€3.1m | -93.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.