VABOR: what changed
What changed
VABOR
NACE 43.120, Site preparation
filed annual accounts (NBB)
Net result for the year
€127,784
2024 · €58,711+€69,073
Equity
€634,623
2024 · €506,839+€127,784
Cash
€308,840
2024 · €89,193+€219,647
Balance sheet total
€1.2m
2024 · €1.0m+€153,794
Largest movements
Assets
- Cash +€219,647
up €219,647 (+246%), from €89,193 to €308,840
mainly Depreciation (+€250,061) and Net result for the year (+€127,784)
- Tangible fixed assets -€93,256
down €93,256 (-11.5%), from €808,941 to €715,685
of which Furniture and vehicles: -€63,045
- Stocks and contracts +€21,263
up €21,263 (+9,245%), from €230 to €21,493
Equity and liabilities
- Reserves +€127,784
up €127,784 (+26.2%), from €488,239 to €616,023
of which Distributable reserves: +€145,714
- Other debts +€33,175
up €33,175 (+22.4%), from €147,907 to €181,081
- Debts after one year -€30,713
down €30,713 (-11.0%), from €279,136 to €248,423
- Current portion of long-term debt +€30,713
new in 2025: €30,713
- Short-term financial debts -€30,132
no longer reported in 2025 (was €30,132)
Income statement
- Gross operating margin +€140,208
up €140,208 (+49.6%), from €282,526 to €422,734
- Taxes +€40,246
new in 2025: €40,246
- Depreciation +€35,156
up €35,156 (+16.4%), from €214,905 to €250,061
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€58,711
Gross operating margin
+€140,208
Depreciation
-€35,156
Other operating charges
-€1,188
Other operating items
-€2,879
Financial income
+€877
Financial charges
+€131
Taxes
-€40,246
Deferred taxes and other
+€7,327
Result 2025
€127,784
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€406,585
Investment
-€156,805
Financing
-€30,132
Cash 2024
€89,193
From operations (derived)
+€406,585
Net result for the year
+€127,784
Depreciation
+€250,061
Stocks and contracts
-€21,263
Receivables within one year
+€4,827
Deferred charges and accrued income
-€10,967
Provisions
-€4,483
Trade debts
+€17,738
Tax, wage and social debts
+€9,711
Other debts
+€33,175
Accrued charges and deferred income
+€1
Investment (derived)
-€156,805
Investment in fixed assets (net)
-€156,805
Financing
-€30,132
Debts after one year
-€30,713
Current portion of long-term debt
+€30,713
Short-term financial debts
-€30,132
Cash 2025
€308,840
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,005,608 | €1,159,401 | +€153,794 | +15.3% |
| Fixed assets | 21/28 | €823,211 | €729,955 | -€93,256 | -11.3% |
| Tangible fixed assets | 22/27 | €808,941 | €715,685 | -€93,256 | -11.5% |
| Plant, machinery and equipment | 23 | €418,679 | €406,957 | -€11,722 | -2.8% |
| Furniture and vehicles | 24 | €235,038 | €171,992 | -€63,045 | -26.8% |
| Other tangible fixed assets | 26 | €155,224 | €136,736 | -€18,489 | -11.9% |
| Financial fixed assets | 28 | €14,270 | €14,270 | = | 0.0% |
| Current assets | 29/58 | €182,397 | €429,446 | +€247,049 | +135% |
| Stocks and contracts in progress | 3 | €230 | €21,493 | +€21,263 | +9,245% |
| Stocks | 30/36 | €230 | €21,493 | +€21,263 | +9,245% |
| Amounts receivable within one year | 40/41 | €92,974 | €88,147 | -€4,827 | -5.2% |
| Trade receivables | 40 | €88,052 | €83,481 | -€4,571 | -5.2% |
| Other amounts receivable | 41 | €4,922 | €4,666 | -€256 | -5.2% |
| Cash at bank and in hand | 54/58 | €89,193 | €308,840 | +€219,647 | +246% |
| Deferred charges and accrued income | 490/1 | - | €10,967 | +€10,967 | |
| Total equity and liabilities | 10/49 | €1,005,608 | €1,159,401 | +€153,794 | +15.3% |
| Equity | 10/15 | €506,839 | €634,623 | +€127,784 | +25.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €488,239 | €616,023 | +€127,784 | +26.2% |
| Tax-exempt reserves | 132 | €17,930 | €0 | -€17,930 | -100% |
| Distributable reserves | 133 | €470,309 | €616,023 | +€145,714 | +31.0% |
| Provisions and deferred taxes | 16 | €4,483 | €0 | -€4,483 | -100% |
| Deferred taxes | 168 | €4,483 | €0 | -€4,483 | -100% |
| Amounts payable | 17/49 | €494,286 | €524,778 | +€30,492 | +6.2% |
| Amounts payable after more than one year | 17 | €279,136 | €248,423 | -€30,713 | -11.0% |
| Financial debts | 170/4 | €279,136 | €248,423 | -€30,713 | -11.0% |
| Amounts payable within one year | 42/48 | €212,775 | €273,979 | +€61,204 | +28.8% |
| Current portion of amounts payable after more than one year | 42 | - | €30,713 | +€30,713 | |
| Financial debts | 43 | €30,132 | - | -€30,132 | |
| Credit institutions | 430/8 | €30,132 | - | -€30,132 | |
| Trade debts | 44 | €34,513 | €52,251 | +€17,738 | +51.4% |
| Suppliers | 440/4 | €34,513 | €52,251 | +€17,738 | +51.4% |
| Taxes, remuneration and social security | 45 | €223 | €9,934 | +€9,711 | +4,364% |
| Taxes | 450/3 | €223 | €9,934 | +€9,711 | +4,364% |
| Other amounts payable | 47/48 | €147,907 | €181,081 | +€33,175 | +22.4% |
| Accrued charges and deferred income | 492/3 | €2,375 | €2,376 | +€1 | 0.0% |
| Non-recurring operating income | 76A | €29,333 | €14,681 | -€14,653 | -50.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €214,905 | €250,061 | +€35,156 | +16.4% |
| Other operating charges | 640/8 | €1,546 | €2,734 | +€1,188 | +76.9% |
| Non-recurring operating charges | 66A | - | €2,879 | +€2,879 | |
| Gross operating margin | 9900 | €282,526 | €422,734 | +€140,208 | +49.6% |
| Operating profit (loss) | 9901 | €66,075 | €167,060 | +€100,985 | +153% |
| Financial income | 75/76B | €169 | €1,046 | +€877 | +519% |
| Recurring financial income | 75 | €169 | €1,046 | +€877 | +519% |
| Financial charges | 65/66B | €4,689 | €4,558 | -€131 | -2.8% |
| Recurring financial charges | 65 | €4,689 | €4,558 | -€131 | -2.8% |
| Profit (loss) for the period before taxes | 9903 | €61,555 | €163,547 | +€101,993 | +166% |
| Transfer from deferred taxes | 780 | €1,756 | €4,483 | +€2,727 | +155% |
| Transfer to deferred taxes | 680 | €4,600 | €0 | -€4,600 | -100% |
| Income taxes | 67/77 | - | €40,246 | +€40,246 | |
| Profit (loss) for the period | 9904 | €58,711 | €127,784 | +€69,073 | +118% |
| Transfer from tax-exempt reserves | 789 | €7,026 | €17,930 | +€10,905 | +155% |
| Transfer to tax-exempt reserves | 689 | €18,400 | €0 | -€18,400 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €47,337 | €145,714 | +€98,378 | +208% |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.