VABRO: 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.
VABRO
Largest movements
- Current investments +€100,000
new in 2025: €100,000
- Cash +€68,992
up €68,992 (+92.4%), from €74,664 to €143,655
mainly Net result for the year (+€293,147) and Depreciation (+€117,001)
- Tangible fixed assets -€63,768
down €63,768 (-2.0%), from €3.2m to €3.1m
of which Land and buildings: -€51,299
- Reserves +€293,147
up €293,147 (+20.1%), from €1.5m to €1.8m
of which Distributable reserves: +€305,602
- Debts after one year -€231,222
down €231,222 (-18.1%), from €1.3m to €1.0m
- Gross operating margin -€453,805
down €453,805 (-43.0%), from €1.1m to €602,681
- Depreciation +€45,825
up €45,825 (+64.4%), from €71,176 to €117,001
- Financial charges +€20,796
up €20,796 (+108.2%), from €19,214 to €40,009
- Taxes +€13,774
up €13,774 (+10.4%), from €131,935 to €145,709
- Financial income -€11,580
down €11,580 (-89.9%), from €12,888 to €1,308
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 | €3,275,140 | €3,367,835 | +€92,695 | +2.8% |
| Fixed assets | 21/28 | €3,171,801 | €3,108,034 | -€63,768 | -2.0% |
| Tangible fixed assets | 22/27 | €3,171,801 | €3,108,034 | -€63,768 | -2.0% |
| Land and buildings | 22 | €3,033,314 | €2,982,015 | -€51,299 | -1.7% |
| Furniture and vehicles | 24 | €58,281 | €45,812 | -€12,469 | -21.4% |
| Other tangible fixed assets | 26 | €80,207 | €80,207 | = | 0.0% |
| Current assets | 29/58 | €103,338 | €259,801 | +€156,463 | +151.4% |
| Amounts receivable within one year | 40/41 | €21,732 | €10,000 | -€11,732 | -54.0% |
| Trade receivables | 40 | €1,732 | €10,000 | +€8,268 | +477.5% |
| Other amounts receivable | 41 | €20,000 | €0 | -€20,000 | -100.0% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €74,664 | €143,655 | +€68,992 | +92.4% |
| Deferred charges and accrued income | 490/1 | €6,943 | €6,146 | -€797 | -11.5% |
| Total equity and liabilities | 10/49 | €3,275,140 | €3,367,835 | +€92,695 | +2.8% |
| Equity | 10/15 | €1,607,156 | €1,900,303 | +€293,147 | +18.2% |
| Contributions | 10/11 | €149,296 | €149,296 | = | 0.0% |
| Reserves | 13 | €1,457,860 | €1,751,007 | +€293,147 | +20.1% |
| Tax-exempt reserves | 132 | €411,003 | €398,548 | -€12,455 | -3.0% |
| Distributable reserves | 133 | €1,046,858 | €1,352,459 | +€305,602 | +29.2% |
| Provisions and deferred taxes | 16 | €137,001 | €132,849 | -€4,152 | -3.0% |
| Deferred taxes | 168 | €137,001 | €132,849 | -€4,152 | -3.0% |
| Amounts payable | 17/49 | €1,530,982 | €1,334,682 | -€196,301 | -12.8% |
| Amounts payable after more than one year | 17 | €1,278,083 | €1,046,861 | -€231,222 | -18.1% |
| Financial debts | 170/4 | €1,278,083 | €1,046,861 | -€231,222 | -18.1% |
| Amounts payable within one year | 42/48 | €249,734 | €284,426 | +€34,692 | +13.9% |
| Current portion of amounts payable after more than one year | 42 | €142,333 | €131,222 | -€11,111 | -7.8% |
| Trade debts | 44 | €3,205 | €11,025 | +€7,820 | +244.0% |
| Suppliers | 440/4 | €3,205 | €11,025 | +€7,820 | +244.0% |
| Taxes, remuneration and social security | 45 | €81,916 | €112,980 | +€31,064 | +37.9% |
| Taxes | 450/3 | €81,916 | €112,980 | +€31,064 | +37.9% |
| Other amounts payable | 47/48 | €22,279 | €29,199 | +€6,920 | +31.1% |
| Accrued charges and deferred income | 492/3 | €3,166 | €3,395 | +€229 | +7.2% |
| Non-recurring operating income | 76A | €548,003 | €1,836 | -€546,168 | -99.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,176 | €117,001 | +€45,825 | +64.4% |
| Other operating charges | 640/8 | €7,204 | €12,275 | +€5,071 | +70.4% |
| Gross operating margin | 9900 | €1,056,486 | €602,681 | -€453,805 | -43.0% |
| Operating profit (loss) | 9901 | €978,107 | €473,406 | -€504,701 | -51.6% |
| Financial income | 75/76B | €12,888 | €1,308 | -€11,580 | -89.9% |
| Recurring financial income | 75 | €12,888 | €1,308 | -€11,580 | -89.9% |
| Financial charges | 65/66B | €19,214 | €40,009 | +€20,796 | +108.2% |
| Recurring financial charges | 65 | €19,214 | €40,009 | +€20,796 | +108.2% |
| Profit (loss) for the period before taxes | 9903 | €971,782 | €434,705 | -€537,077 | -55.3% |
| Transfer from deferred taxes | 780 | - | €4,152 | +€4,152 | |
| Transfer to deferred taxes | 680 | €137,001 | €0 | -€137,001 | -100.0% |
| Income taxes | 67/77 | €131,935 | €145,709 | +€13,774 | +10.4% |
| Profit (loss) for the period | 9904 | €702,846 | €293,147 | -€409,699 | -58.3% |
| Transfer from tax-exempt reserves | 789 | - | €12,455 | +€12,455 | |
| Transfer to tax-exempt reserves | 689 | €411,003 | €0 | -€411,003 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €291,843 | €305,602 | +€13,759 | +4.7% |
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 8 October 2026 via checked.be.