VABEPA: 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.
VABEPA
Largest movements
- Tangible fixed assets -€25,500
down €25,500 (-15.5%), from €164,643 to €139,142
of which Furniture and vehicles: -€13,140
- Receivables within one year -€24,855
down €24,855 (-39.1%), from €63,569 to €38,714
of which Trade receivables: -€17,523
- Stocks and contracts +€4,810
up €4,810 (+146.4%), from €3,285 to €8,095
of which Contracts in progress: +€4,810
- Deferred charges and accrued income -€4,507
down €4,507 (-24.2%), from €18,609 to €14,102
- Debts after one year -€26,262
down €26,262 (-30.3%), from €86,790 to €60,528
- Tax, wage and social debts -€7,927
down €7,927 (-31.3%), from €25,338 to €17,411
of which Remuneration and social security: -€4,329
- Current portion of long-term debt -€5,230
down €5,230 (-15.7%), from €33,346 to €28,116
- Reserves -€5,064
down €5,064 (-4.7%), from €108,807 to €103,743
of which Distributable reserves: -€5,064
- Gross operating margin -€34,862
down €34,862 (-31.2%), from €111,769 to €76,907
- Staff costs -€19,842
down €19,842 (-30.8%), from €64,387 to €44,545
- Taxes -€1,888
down €1,888 (-57.6%), from €3,279 to €1,391
- Other operating charges -€1,707
down €1,707 (-49.0%), from €3,484 to €1,777
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 | €291,093 | €243,821 | -€47,272 | -16.2% |
| Fixed assets | 21/28 | €164,643 | €139,142 | -€25,500 | -15.5% |
| Tangible fixed assets | 22/27 | €164,643 | €139,142 | -€25,500 | -15.5% |
| Land and buildings | 22 | €99,784 | €91,784 | -€8,000 | -8.0% |
| Plant, machinery and equipment | 23 | €16,428 | €12,068 | -€4,361 | -26.5% |
| Furniture and vehicles | 24 | €48,431 | €35,291 | -€13,140 | -27.1% |
| Current assets | 29/58 | €126,450 | €104,679 | -€21,771 | -17.2% |
| Amounts receivable after more than one year | 29 | €29,000 | €29,000 | = | 0.0% |
| Other amounts receivable | 291 | €29,000 | €29,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €3,285 | €8,095 | +€4,810 | +146.4% |
| Stocks | 30/36 | €750 | €750 | = | 0.0% |
| Contracts in progress | 37 | €2,535 | €7,345 | +€4,810 | +189.7% |
| Amounts receivable within one year | 40/41 | €63,569 | €38,714 | -€24,855 | -39.1% |
| Trade receivables | 40 | €17,709 | €186 | -€17,523 | -99.0% |
| Other amounts receivable | 41 | €45,860 | €38,528 | -€7,332 | -16.0% |
| Cash at bank and in hand | 54/58 | €11,988 | €14,769 | +€2,781 | +23.2% |
| Deferred charges and accrued income | 490/1 | €18,609 | €14,102 | -€4,507 | -24.2% |
| Total equity and liabilities | 10/49 | €291,093 | €243,821 | -€47,272 | -16.2% |
| Equity | 10/15 | €115,007 | €109,943 | -€5,064 | -4.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €108,807 | €103,743 | -€5,064 | -4.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €63 | €63 | = | 0.0% |
| Distributable reserves | 133 | €106,884 | €101,819 | -€5,064 | -4.7% |
| Amounts payable | 17/49 | €176,086 | €133,879 | -€42,207 | -24.0% |
| Amounts payable after more than one year | 17 | €86,790 | €60,528 | -€26,262 | -30.3% |
| Financial debts | 170/4 | €86,790 | €60,528 | -€26,262 | -30.3% |
| Amounts payable within one year | 42/48 | €89,114 | €73,119 | -€15,995 | -17.9% |
| Current portion of amounts payable after more than one year | 42 | €33,346 | €28,116 | -€5,230 | -15.7% |
| Financial debts | 43 | €16,292 | €13,704 | -€2,587 | -15.9% |
| Credit institutions | 430/8 | €16,292 | €13,704 | -€2,587 | -15.9% |
| Trade debts | 44 | €14,139 | €13,889 | -€250 | -1.8% |
| Suppliers | 440/4 | €14,139 | €13,889 | -€250 | -1.8% |
| Taxes, remuneration and social security | 45 | €25,338 | €17,411 | -€7,927 | -31.3% |
| Taxes | 450/3 | €14,366 | €10,768 | -€3,597 | -25.0% |
| Remuneration and social security | 454/9 | €10,972 | €6,643 | -€4,329 | -39.5% |
| Accrued charges and deferred income | 492/3 | €181 | €231 | +€50 | +27.3% |
| Non-recurring operating income | 76A | €10,386 | - | -€10,386 | |
| Remuneration, social security and pensions | 62 | €64,387 | €44,545 | -€19,842 | -30.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,910 | €25,500 | +€590 | +2.4% |
| Other operating charges | 640/8 | €3,484 | €1,777 | -€1,707 | -49.0% |
| Gross operating margin | 9900 | €111,769 | €76,907 | -€34,862 | -31.2% |
| Operating profit (loss) | 9901 | €18,988 | €5,085 | -€13,903 | -73.2% |
| Financial income | 75/76B | €2,878 | €3,713 | +€835 | +29.0% |
| Recurring financial income | 75 | €2,878 | €3,713 | +€835 | +29.0% |
| Financial charges | 65/66B | €12,356 | €12,471 | +€115 | +0.9% |
| Recurring financial charges | 65 | €12,356 | €12,471 | +€115 | +0.9% |
| Profit (loss) for the period before taxes | 9903 | €9,510 | -€3,673 | -€13,184 | |
| Income taxes | 67/77 | €3,279 | €1,391 | -€1,888 | -57.6% |
| Profit (loss) for the period | 9904 | €6,231 | -€5,064 | -€11,295 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,231 | -€5,064 | -€11,295 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.