VABO PROJECTS: 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 PROJECTS
Largest movements
- Tangible fixed assets -€131,151
down €131,151 (-6.6%), from €2.0m to €1.9m
of which Land and buildings: -€127,147
- Debts after one year -€141,883
down €141,883 (-18.0%), from €788,333 to €646,450
- Current portion of long-term debt -€28,333
down €28,333 (-18.7%), from €151,467 to €123,133
- Other debts +€28,280
up €28,280 (+4.7%), from €603,475 to €631,755
- Financial charges -€15,969
down €15,969 (-16.7%), from €95,344 to €79,375
- Taxes +€5,298
up €5,298 (+196%), from €2,700 to €7,998
- Gross operating margin -€2,631
down €2,631 (-1.0%), from €252,514 to €249,883
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 | €2,093,568 | €1,972,279 | -€121,288 | -5.8% |
| Fixed assets | 21/28 | €1,988,473 | €1,857,322 | -€131,151 | -6.6% |
| Tangible fixed assets | 22/27 | €1,988,473 | €1,857,322 | -€131,151 | -6.6% |
| Land and buildings | 22 | €1,952,443 | €1,825,295 | -€127,147 | -6.5% |
| Plant, machinery and equipment | 23 | €36,030 | €32,027 | -€4,003 | -11.1% |
| Current assets | 29/58 | €105,095 | €114,957 | +€9,862 | +9.4% |
| Amounts receivable within one year | 40/41 | €26,389 | €21,217 | -€5,171 | -19.6% |
| Trade receivables | 40 | €23,589 | €21,217 | -€2,371 | -10.1% |
| Other amounts receivable | 41 | €2,800 | €0 | -€2,800 | -100% |
| Cash at bank and in hand | 54/58 | €77,872 | €89,548 | +€11,677 | +15.0% |
| Deferred charges and accrued income | 490/1 | €834 | €4,192 | +€3,357 | +402% |
| Total equity and liabilities | 10/49 | €2,093,568 | €1,972,279 | -€121,288 | -5.8% |
| Equity | 10/15 | €547,534 | €560,753 | +€13,219 | +2.4% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €247,534 | €260,753 | +€13,219 | +5.3% |
| Distributable reserves | 133 | €247,534 | €260,753 | +€13,219 | +5.3% |
| Amounts payable | 17/49 | €1,546,033 | €1,411,526 | -€134,507 | -8.7% |
| Amounts payable after more than one year | 17 | €788,333 | €646,450 | -€141,883 | -18.0% |
| Financial debts | 170/4 | €788,333 | €646,450 | -€141,883 | -18.0% |
| Amounts payable within one year | 42/48 | €756,825 | €764,201 | +€7,376 | +1.0% |
| Current portion of amounts payable after more than one year | 42 | €151,467 | €123,133 | -€28,333 | -18.7% |
| Trade debts | 44 | €349 | €2,661 | +€2,312 | +662% |
| Suppliers | 440/4 | €349 | €2,661 | +€2,312 | +662% |
| Taxes, remuneration and social security | 45 | €1,534 | €6,651 | +€5,118 | +334% |
| Taxes | 450/3 | €1,534 | €6,651 | +€5,118 | +334% |
| Other amounts payable | 47/48 | €603,475 | €631,755 | +€28,280 | +4.7% |
| Accrued charges and deferred income | 492/3 | €875 | €875 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131,151 | €131,151 | = | 0.0% |
| Other operating charges | 640/8 | €17,608 | €18,141 | +€534 | +3.0% |
| Gross operating margin | 9900 | €252,514 | €249,883 | -€2,631 | -1.0% |
| Operating profit (loss) | 9901 | €103,756 | €100,591 | -€3,165 | -3.1% |
| Financial charges | 65/66B | €95,344 | €79,375 | -€15,969 | -16.7% |
| Recurring financial charges | 65 | €95,344 | €79,375 | -€15,969 | -16.7% |
| Profit (loss) for the period before taxes | 9903 | €8,412 | €21,216 | +€12,804 | +152% |
| Income taxes | 67/77 | €2,700 | €7,998 | +€5,298 | +196% |
| Profit (loss) for the period | 9904 | €5,712 | €13,219 | +€7,507 | +131% |
| Profit (loss) for the period to be appropriated | 9905 | €5,712 | €13,219 | +€7,507 | +131% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.