VABO: 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.
VABO
Largest movements
- Receivables within one year +€103,685
up €103,685 (+54.3%), from €190,885 to €294,570
of which Trade receivables: +€106,892
- Cash -€96,311
down €96,311 (-49.5%), from €194,523 to €98,212
mainly Receivables within one year (-€103,685) and Debts after one year (-€95,589)
- Tangible fixed assets -€58,951
down €58,951 (-6.2%), from €957,154 to €898,203
of which Land and buildings: -€41,854
- Stocks and contracts +€44,743
up €44,743 (+5.7%), from €786,238 to €830,981
- Reserves +€171,229
up €171,229 (+22.5%), from €761,046 to €932,275
of which Distributable reserves: +€171,229
- Debts after one year -€95,589
down €95,589 (-29.8%), from €321,074 to €225,485
of which Financial debts: -€55,589
- Tax, wage and social debts +€36,192
up €36,192 (+17.6%), from €205,877 to €242,069
of which Taxes: +€28,446
- Advances received -€34,841
down €34,841 (-19.5%), from €178,456 to €143,614
- Current portion of long-term debt -€33,447
down €33,447 (-37.6%), from €89,037 to €55,589
- Gross operating margin +€163,536
up €163,536 (+8.8%), from €1.9m to €2.0m
- Staff costs +€75,577
up €75,577 (+4.8%), from €1.6m to €1.7m
- Taxes +€27,021
up €27,021 (+71.5%), from €37,798 to €64,819
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 | €2,131,943 | €2,137,046 | +€5,103 | +0.2% |
| Fixed assets | 21/28 | €959,390 | €899,630 | -€59,759 | -6.2% |
| Intangible fixed assets | 21 | €2,235 | €1,427 | -€809 | -36.2% |
| Tangible fixed assets | 22/27 | €957,154 | €898,203 | -€58,951 | -6.2% |
| Land and buildings | 22 | €871,483 | €829,629 | -€41,854 | -4.8% |
| Plant, machinery and equipment | 23 | €71,217 | €60,895 | -€10,322 | -14.5% |
| Furniture and vehicles | 24 | €14,454 | €7,679 | -€6,774 | -46.9% |
| Current assets | 29/58 | €1,172,554 | €1,237,416 | +€64,862 | +5.5% |
| Stocks and contracts in progress | 3 | €786,238 | €830,981 | +€44,743 | +5.7% |
| Stocks | 30/36 | €786,238 | €830,981 | +€44,743 | +5.7% |
| Amounts receivable within one year | 40/41 | €190,885 | €294,570 | +€103,685 | +54.3% |
| Trade receivables | 40 | €182,432 | €289,324 | +€106,892 | +58.6% |
| Other amounts receivable | 41 | €8,453 | €5,246 | -€3,208 | -37.9% |
| Cash at bank and in hand | 54/58 | €194,523 | €98,212 | -€96,311 | -49.5% |
| Deferred charges and accrued income | 490/1 | €907 | €13,653 | +€12,745 | +1,405% |
| Total equity and liabilities | 10/49 | €2,131,943 | €2,137,046 | +€5,103 | +0.2% |
| Equity | 10/15 | €788,346 | €959,575 | +€171,229 | +21.7% |
| Contributions | 10/11 | €27,300 | €27,300 | = | 0.0% |
| Reserves | 13 | €761,046 | €932,275 | +€171,229 | +22.5% |
| Non-distributable reserves | 130/1 | €7,362 | €7,362 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,362 | €7,362 | = | 0.0% |
| Tax-exempt reserves | 132 | €40,340 | €40,340 | = | 0.0% |
| Distributable reserves | 133 | €713,343 | €884,572 | +€171,229 | +24.0% |
| Amounts payable | 17/49 | €1,343,598 | €1,177,471 | -€166,126 | -12.4% |
| Amounts payable after more than one year | 17 | €321,074 | €225,485 | -€95,589 | -29.8% |
| Financial debts | 170/4 | €161,074 | €105,485 | -€55,589 | -34.5% |
| Other amounts payable | 178/9 | €160,000 | €120,000 | -€40,000 | -25.0% |
| Amounts payable within one year | 42/48 | €1,022,524 | €951,987 | -€70,537 | -6.9% |
| Current portion of amounts payable after more than one year | 42 | €89,037 | €55,589 | -€33,447 | -37.6% |
| Financial debts | 43 | €162,022 | €141,696 | -€20,326 | -12.5% |
| Credit institutions | 430/8 | €162,022 | €141,696 | -€20,326 | -12.5% |
| Trade debts | 44 | €343,719 | €327,593 | -€16,126 | -4.7% |
| Suppliers | 440/4 | €343,719 | €327,593 | -€16,126 | -4.7% |
| Advances received on contracts in progress | 46 | €178,456 | €143,614 | -€34,841 | -19.5% |
| Taxes, remuneration and social security | 45 | €205,877 | €242,069 | +€36,192 | +17.6% |
| Taxes | 450/3 | €14,789 | €43,235 | +€28,446 | +192% |
| Remuneration and social security | 454/9 | €191,088 | €198,834 | +€7,746 | +4.1% |
| Other amounts payable | 47/48 | €43,413 | €41,424 | -€1,988 | -4.6% |
| Remuneration, social security and pensions | 62 | €1,577,605 | €1,653,182 | +€75,577 | +4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,380 | €90,349 | -€10,031 | -10.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,994 | -€3,105 | -€5,099 | |
| Other operating charges | 640/8 | €44,161 | €36,989 | -€7,172 | -16.2% |
| Gross operating margin | 9900 | €1,860,078 | €2,023,614 | +€163,536 | +8.8% |
| Operating profit (loss) | 9901 | €135,938 | €246,200 | +€110,262 | +81.1% |
| Financial income | 75/76B | €17,100 | €15,502 | -€1,598 | -9.3% |
| Recurring financial income | 75 | €17,100 | €15,502 | -€1,598 | -9.3% |
| Financial charges | 65/66B | €23,665 | €25,653 | +€1,988 | +8.4% |
| Recurring financial charges | 65 | €23,665 | €25,653 | +€1,988 | +8.4% |
| Profit (loss) for the period before taxes | 9903 | €129,373 | €236,048 | +€106,676 | +82.5% |
| Income taxes | 67/77 | €37,798 | €64,819 | +€27,021 | +71.5% |
| Profit (loss) for the period | 9904 | €91,575 | €171,229 | +€79,654 | +87.0% |
| Profit (loss) for the period to be appropriated | 9905 | €91,575 | €171,229 | +€79,654 | +87.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.