VABOTEC: 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.
VABOTEC
Largest movements
- Cash -€105,571
down €105,571 (-23.1%), from €456,385 to €350,814
mainly Contributions, distributions and other (-€882,526) and Trade debts (-€316,694)
- Receivables within one year -€78,242
down €78,242 (-19.6%), from €400,004 to €321,763
of which Trade receivables: -€122,174
- Trade debts -€316,694
down €316,694 (-60.1%), from €527,351 to €210,657
- Current portion of long-term debt +€187,227
up €187,227 (+97.1%), from €192,901 to €380,128
- Reserves +€172,030
up €172,030 (+8.8%), from €2.0m to €2.1m
of which Distributable reserves: +€172,030
- Debts after one year -€160,581
down €160,581 (-30.5%), from €526,953 to €366,372
- Other debts +€118,666
up €118,666 (+45.5%), from €261,000 to €379,666
- Taxes -€137,076
down €137,076 (-71.0%), from €193,144 to €56,068
- Other operating charges -€50,021
down €50,021 (-69.5%), from €71,967 to €21,946
- Gross operating margin +€32,351
up €32,351 (+2.6%), from €1.2m to €1.3m
- Depreciation +€22,700
up €22,700 (+23.4%), from €96,927 to €119,627
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 | €4,210,313 | €4,047,997 | -€162,315 | -3.9% |
| Fixed assets | 21/28 | €1,980,452 | €1,939,342 | -€41,110 | -2.1% |
| Tangible fixed assets | 22/27 | €1,980,452 | €1,939,342 | -€41,110 | -2.1% |
| Land and buildings | 22 | €1,894,602 | €1,818,514 | -€76,088 | -4.0% |
| Plant, machinery and equipment | 23 | €47,304 | €46,052 | -€1,252 | -2.6% |
| Furniture and vehicles | 24 | €38,547 | €74,776 | +€36,230 | +94.0% |
| Current assets | 29/58 | €2,229,861 | €2,108,656 | -€121,205 | -5.4% |
| Stocks and contracts in progress | 3 | €1,355,000 | €1,386,917 | +€31,917 | +2.4% |
| Stocks | 30/36 | €1,355,000 | €1,386,917 | +€31,917 | +2.4% |
| Amounts receivable within one year | 40/41 | €400,004 | €321,763 | -€78,242 | -19.6% |
| Trade receivables | 40 | €400,004 | €277,831 | -€122,174 | -30.5% |
| Other amounts receivable | 41 | - | €43,932 | +€43,932 | |
| Cash at bank and in hand | 54/58 | €456,385 | €350,814 | -€105,571 | -23.1% |
| Deferred charges and accrued income | 490/1 | €18,472 | €49,162 | +€30,691 | +166.1% |
| Total equity and liabilities | 10/49 | €4,210,313 | €4,047,997 | -€162,315 | -3.9% |
| Equity | 10/15 | €2,495,821 | €2,649,482 | +€153,662 | +6.2% |
| Contributions | 10/11 | €31,197 | €31,197 | = | 0.0% |
| Revaluation surpluses | 12 | €508,079 | €492,571 | -€15,508 | -3.1% |
| Reserves | 13 | €1,950,253 | €2,122,283 | +€172,030 | +8.8% |
| Tax-exempt reserves | 132 | €324,950 | €324,950 | = | 0.0% |
| Distributable reserves | 133 | €1,625,303 | €1,797,333 | +€172,030 | +10.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €6,291 | €3,432 | -€2,860 | -45.5% |
| Amounts payable | 17/49 | €1,714,492 | €1,398,515 | -€315,977 | -18.4% |
| Amounts payable after more than one year | 17 | €526,953 | €366,372 | -€160,581 | -30.5% |
| Financial debts | 170/4 | €526,953 | €366,372 | -€160,581 | -30.5% |
| Amounts payable within one year | 42/48 | €1,187,539 | €1,032,143 | -€155,396 | -13.1% |
| Current portion of amounts payable after more than one year | 42 | €192,901 | €380,128 | +€187,227 | +97.1% |
| Financial debts | 43 | €136,832 | €33,656 | -€103,176 | -75.4% |
| Credit institutions | 430/8 | €136,832 | €33,656 | -€103,176 | -75.4% |
| Trade debts | 44 | €527,351 | €210,657 | -€316,694 | -60.1% |
| Suppliers | 440/4 | €527,351 | €210,657 | -€316,694 | -60.1% |
| Advances received on contracts in progress | 46 | €471 | €0 | -€471 | -100.0% |
| Taxes, remuneration and social security | 45 | €68,984 | €28,036 | -€40,948 | -59.4% |
| Taxes | 450/3 | €68,984 | €28,036 | -€40,948 | -59.4% |
| Other amounts payable | 47/48 | €261,000 | €379,666 | +€118,666 | +45.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €7,000 | +€7,000 | |
| Remuneration, social security and pensions | 62 | €2,960 | €3,268 | +€308 | +10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,927 | €119,627 | +€22,700 | +23.4% |
| Other operating charges | 640/8 | €71,967 | €21,946 | -€50,021 | -69.5% |
| Gross operating margin | 9900 | €1,241,418 | €1,273,769 | +€32,351 | +2.6% |
| Operating profit (loss) | 9901 | €1,069,564 | €1,128,929 | +€59,364 | +5.6% |
| Financial income | 75/76B | €7,120 | €7,525 | +€405 | +5.7% |
| Recurring financial income | 75 | €7,120 | €7,525 | +€405 | +5.7% |
| Financial charges | 65/66B | €48,573 | €44,198 | -€4,375 | -9.0% |
| Recurring financial charges | 65 | €48,573 | €44,198 | -€4,375 | -9.0% |
| Profit (loss) for the period before taxes | 9903 | €1,028,111 | €1,092,256 | +€64,145 | +6.2% |
| Income taxes | 67/77 | €193,144 | €56,068 | -€137,076 | -71.0% |
| Profit (loss) for the period | 9904 | €834,967 | €1,036,187 | +€201,221 | +24.1% |
| Transfer to tax-exempt reserves | 689 | €294,700 | €0 | -€294,700 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €540,267 | €1,036,187 | +€495,921 | +91.8% |
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 4 October 2026 via checked.be.