VABEN: 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.
VABEN
Largest movements
- Receivables within one year -€54,732
down €54,732 (-61.8%), from €88,510 to €33,779
of which Trade receivables: -€48,944
- Tangible fixed assets -€36,223
down €36,223 (-34.2%), from €106,023 to €69,800
of which Furniture and vehicles: -€19,549
- Stocks and contracts -€13,000
down €13,000 (-48.6%), from €26,750 to €13,750
of which Stocks: -€13,000
- Reserves -€49,611
down €49,611 (-34.2%), from €145,203 to €95,593
- Debts after one year -€22,123
down €22,123 (-37.3%), from €59,299 to €37,177
- Other debts -€19,053
down €19,053 (-64.0%), from €29,750 to €10,697
- Tax, wage and social debts -€14,794
down €14,794 (-94.7%), from €15,620 to €826
of which Taxes: -€14,794
- Gross operating margin -€68,841
down €68,841, from €63,094 to -€5,746
- Taxes -€5,815
down €5,815 (-97.0%), from €5,992 to €177
- Financial charges -€1,362
down €1,362 (-23.5%), from €5,785 to €4,423
- Financial income -€867
down €867 (-94.2%), from €921 to €54
- Depreciation +€812
up €812 (+2.3%), from €35,411 to €36,223
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 | €290,883 | €187,327 | -€103,556 | -35.6% |
| Fixed assets | 21/28 | €106,023 | €69,800 | -€36,223 | -34.2% |
| Tangible fixed assets | 22/27 | €106,023 | €69,800 | -€36,223 | -34.2% |
| Land and buildings | 22 | €54,097 | €38,520 | -€15,578 | -28.8% |
| Plant, machinery and equipment | 23 | €1,717 | €621 | -€1,096 | -63.8% |
| Furniture and vehicles | 24 | €50,209 | €30,660 | -€19,549 | -38.9% |
| Current assets | 29/58 | €184,860 | €117,527 | -€67,332 | -36.4% |
| Stocks and contracts in progress | 3 | €26,750 | €13,750 | -€13,000 | -48.6% |
| Stocks | 30/36 | €26,750 | €13,750 | -€13,000 | -48.6% |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €88,510 | €33,779 | -€54,732 | -61.8% |
| Trade receivables | 40 | €81,704 | €32,760 | -€48,944 | -59.9% |
| Other amounts receivable | 41 | €6,807 | €1,019 | -€5,788 | -85.0% |
| Current investments | 50/53 | €3,000 | €3,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €65,547 | €66,045 | +€497 | +0.8% |
| Deferred charges and accrued income | 490/1 | €1,052 | €954 | -€98 | -9.3% |
| Total equity and liabilities | 10/49 | €290,883 | €187,327 | -€103,556 | -35.6% |
| Equity | 10/15 | €163,803 | €114,193 | -€49,611 | -30.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €145,203 | €95,593 | -€49,611 | -34.2% |
| Distributable reserves | 133 | €145,203 | €95,593 | -€49,611 | -34.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €127,080 | €73,135 | -€53,945 | -42.4% |
| Amounts payable after more than one year | 17 | €59,299 | €37,177 | -€22,123 | -37.3% |
| Financial debts | 170/4 | €59,299 | €37,177 | -€22,123 | -37.3% |
| Amounts payable within one year | 42/48 | €67,780 | €35,958 | -€31,823 | -46.9% |
| Current portion of amounts payable after more than one year | 42 | €21,994 | €22,123 | +€129 | +0.6% |
| Trade debts | 44 | €416 | €2,312 | +€1,896 | +455.6% |
| Suppliers | 440/4 | €416 | €2,312 | +€1,896 | +455.6% |
| Taxes, remuneration and social security | 45 | €15,620 | €826 | -€14,794 | -94.7% |
| Taxes | 450/3 | €15,620 | €826 | -€14,794 | -94.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €29,750 | €10,697 | -€19,053 | -64.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,411 | €36,223 | +€812 | +2.3% |
| Other operating charges | 640/8 | €1,738 | €2,262 | +€523 | +30.1% |
| Gross operating margin | 9900 | €63,094 | -€5,746 | -€68,841 | |
| Operating profit (loss) | 9901 | €25,945 | -€44,231 | -€70,176 | |
| Financial income | 75/76B | €921 | €54 | -€867 | -94.2% |
| Recurring financial income | 75 | €921 | €54 | -€867 | -94.2% |
| Financial charges | 65/66B | €5,785 | €4,423 | -€1,362 | -23.5% |
| Recurring financial charges | 65 | €5,785 | €4,423 | -€1,362 | -23.5% |
| Profit (loss) for the period before taxes | 9903 | €21,081 | -€48,600 | -€69,681 | |
| Income taxes | 67/77 | €5,992 | €177 | -€5,815 | -97.0% |
| Profit (loss) for the period | 9904 | €15,089 | -€48,778 | -€63,866 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,089 | -€48,778 | -€63,866 |
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 8 October 2026 via checked.be.