VABORO: 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.
VABORO
Largest movements
- Current investments -€399,888
down €399,888 (-29.2%), from €1.4m to €969,999
- Cash +€309,162
up €309,162 (+356.5%), from €86,726 to €395,887
mainly Current investments (+€399,888) and Stocks and contracts (+€100,087)
- Receivables within one year +€187,870
up €187,870 (+31.3%), from €599,616 to €787,486
of which Other amounts receivable: +€187,870
- Stocks and contracts -€100,087
down €100,087 (-33.0%), from €303,293 to €203,206
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€1.7m
down €1.7m (-99.5%), from €1.7m to €8,880
- Financial income -€24,648
down €24,648 (-77.8%), from €31,691 to €7,044
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 | €2,984,890 | €2,970,370 | -€14,520 | -0.5% |
| Fixed assets | 21/28 | €623,691 | €612,664 | -€11,026 | -1.8% |
| Tangible fixed assets | 22/27 | €621,036 | €610,009 | -€11,026 | -1.8% |
| Land and buildings | 22 | €621,036 | €610,009 | -€11,026 | -1.8% |
| Financial fixed assets | 28 | €2,655 | €2,655 | = | 0.0% |
| Current assets | 29/58 | €2,361,200 | €2,357,705 | -€3,494 | -0.1% |
| Stocks and contracts in progress | 3 | €303,293 | €203,206 | -€100,087 | -33.0% |
| Stocks | 30/36 | €303,293 | €203,206 | -€100,087 | -33.0% |
| Amounts receivable within one year | 40/41 | €599,616 | €787,486 | +€187,870 | +31.3% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €599,616 | €787,486 | +€187,870 | +31.3% |
| Current investments | 50/53 | €1,369,887 | €969,999 | -€399,888 | -29.2% |
| Cash at bank and in hand | 54/58 | €86,726 | €395,887 | +€309,162 | +356.5% |
| Deferred charges and accrued income | 490/1 | €1,678 | €1,127 | -€551 | -32.8% |
| Total equity and liabilities | 10/49 | €2,984,890 | €2,970,370 | -€14,520 | -0.5% |
| Equity | 10/15 | €2,544,442 | €2,538,534 | -€5,908 | -0.2% |
| Contributions | 10/11 | €335,000 | €335,000 | = | 0.0% |
| Reserves | 13 | €2,209,442 | €2,203,534 | -€5,908 | -0.3% |
| Non-distributable reserves | 130/1 | €43,930 | €43,930 | = | 0.0% |
| Reserves not available under the articles | 1311 | €43,930 | €43,930 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,280,470 | €1,280,470 | = | 0.0% |
| Distributable reserves | 133 | €885,042 | €879,134 | -€5,908 | -0.7% |
| Provisions and deferred taxes | 16 | €426,823 | €426,823 | = | 0.0% |
| Deferred taxes | 168 | €426,823 | €426,823 | = | 0.0% |
| Amounts payable | 17/49 | €13,625 | €5,013 | -€8,613 | -63.2% |
| Amounts payable within one year | 42/48 | €12,979 | €5,013 | -€7,966 | -61.4% |
| Trade debts | 44 | €6,602 | €4,085 | -€2,518 | -38.1% |
| Suppliers | 440/4 | €6,602 | €4,085 | -€2,518 | -38.1% |
| Taxes, remuneration and social security | 45 | €6,376 | €0 | -€6,376 | -100.0% |
| Taxes | 450/3 | €6,376 | €0 | -€6,376 | -100.0% |
| Other amounts payable | 47/48 | €0 | €928 | +€928 | |
| Accrued charges and deferred income | 492/3 | €646 | €0 | -€646 | -100.0% |
| Non-recurring operating income | 76A | €1,707,293 | €0 | -€1.7m | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,984 | €17,076 | +€93 | +0.5% |
| Other operating charges | 640/8 | €9,459 | €3,664 | -€5,795 | -61.3% |
| Gross operating margin | 9900 | €1,667,861 | €8,880 | -€1.7m | -99.5% |
| Operating profit (loss) | 9901 | €1,641,419 | -€11,860 | -€1.7m | |
| Financial income | 75/76B | €31,691 | €7,044 | -€24,648 | -77.8% |
| Recurring financial income | 75 | €31,691 | €7,044 | -€24,648 | -77.8% |
| Financial charges | 65/66B | €1,108 | €1,091 | -€16 | -1.5% |
| Recurring financial charges | 65 | €1,108 | €1,091 | -€16 | -1.5% |
| Profit (loss) for the period before taxes | 9903 | €1,672,002 | -€5,908 | -€1.7m | |
| Transfer to deferred taxes | 680 | €426,823 | €0 | -€426,823 | -100.0% |
| Income taxes | 67/77 | -€449 | €0 | +€449 | |
| Profit (loss) for the period | 9904 | €1,245,628 | -€5,908 | -€1.3m | |
| Transfer to tax-exempt reserves | 689 | €1,280,470 | €0 | -€1.3m | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€34,842 | -€5,908 | +€28,934 | +83.0% |
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 6 October 2026 via checked.be.