Vabruco: 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.
Vabruco
Largest movements
- Tangible fixed assets -€248,004
down €248,004 (-20.6%), from €1.2m to €954,724
of which Land and buildings: -€245,642
- Receivables within one year -€115,921
down €115,921 (-48.9%), from €236,888 to €120,967
of which Trade receivables: -€81,577
- Cash +€91,614
up €91,614 (+161%), from €57,061 to €148,675
mainly Investment in fixed assets (net) (+€205,947) and Receivables within one year (+€115,921)
- Receivables after one year -€66,496
down €66,496 (-9.9%), from €670,244 to €603,748
- Reserves -€325,534
down €325,534 (-21.0%), from €1.5m to €1.2m
- Other debts +€75,657
up €75,657 (+21,022%), from €360 to €76,017
- Debts after one year -€53,494
down €53,494 (-21.1%), from €253,787 to €200,293
of which Financial debts: -€53,494
- Tax, wage and social debts -€36,827
down €36,827 (-54.5%), from €67,569 to €30,743
of which Taxes: -€36,827
- Gross operating margin +€37,059
up €37,059 (+53.8%), from €68,822 to €105,882
- Financial income -€29,095
down €29,095 (-77.2%), from €37,709 to €8,614
- Other operating charges -€19,428
down €19,428 (-71.4%), from €27,212 to €7,784
- Taxes +€13,221
up €13,221 (+275%), from €4,814 to €18,035
- Write-downs +€10,010
new in 2025: €10,010
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 | €2,168,548 | €1,828,774 | -€339,774 | -15.7% |
| Fixed assets | 21/28 | €1,203,387 | €955,384 | -€248,004 | -20.6% |
| Tangible fixed assets | 22/27 | €1,202,727 | €954,724 | -€248,004 | -20.6% |
| Land and buildings | 22 | €1,197,119 | €951,477 | -€245,642 | -20.5% |
| Plant, machinery and equipment | 23 | €5,608 | €3,246 | -€2,362 | -42.1% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €660 | €660 | = | 0.0% |
| Current assets | 29/58 | €965,160 | €873,390 | -€91,770 | -9.5% |
| Amounts receivable after more than one year | 29 | €670,244 | €603,748 | -€66,496 | -9.9% |
| Other amounts receivable | 291 | €670,244 | €603,748 | -€66,496 | -9.9% |
| Amounts receivable within one year | 40/41 | €236,888 | €120,967 | -€115,921 | -48.9% |
| Trade receivables | 40 | €96,856 | €15,279 | -€81,577 | -84.2% |
| Other amounts receivable | 41 | €140,032 | €105,688 | -€34,344 | -24.5% |
| Cash at bank and in hand | 54/58 | €57,061 | €148,675 | +€91,614 | +161% |
| Deferred charges and accrued income | 490/1 | €968 | €0 | -€968 | -100% |
| Total equity and liabilities | 10/49 | €2,168,548 | €1,828,774 | -€339,774 | -15.7% |
| Equity | 10/15 | €1,789,718 | €1,464,184 | -€325,534 | -18.2% |
| Contributions | 10/11 | €243,164 | €243,164 | = | 0.0% |
| Reserves | 13 | €1,546,554 | €1,221,020 | -€325,534 | -21.0% |
| Distributable reserves | 133 | €1,546,554 | €1,221,020 | -€325,534 | -21.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €378,830 | €364,590 | -€14,240 | -3.8% |
| Amounts payable after more than one year | 17 | €253,787 | €200,293 | -€53,494 | -21.1% |
| Financial debts | 170/4 | €250,987 | €197,493 | -€53,494 | -21.3% |
| Other amounts payable | 178/9 | €2,800 | €2,800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €124,176 | €163,266 | +€39,089 | +31.5% |
| Current portion of amounts payable after more than one year | 42 | €53,756 | €54,142 | +€386 | +0.7% |
| Trade debts | 44 | €2,491 | €2,364 | -€127 | -5.1% |
| Suppliers | 440/4 | €2,491 | €2,364 | -€127 | -5.1% |
| Taxes, remuneration and social security | 45 | €67,569 | €30,743 | -€36,827 | -54.5% |
| Taxes | 450/3 | €67,569 | €30,743 | -€36,827 | -54.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €360 | €76,017 | +€75,657 | +21,022% |
| Accrued charges and deferred income | 492/3 | €866 | €1,031 | +€165 | +19.1% |
| Non-recurring operating income | 76A | €31,265 | €33,669 | +€2,404 | +7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,671 | €42,056 | -€7,614 | -15.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €10,010 | +€10,010 | |
| Other operating charges | 640/8 | €27,212 | €7,784 | -€19,428 | -71.4% |
| Gross operating margin | 9900 | €68,822 | €105,882 | +€37,059 | +53.8% |
| Operating profit (loss) | 9901 | -€8,060 | €46,032 | +€54,092 | |
| Financial income | 75/76B | €37,709 | €8,614 | -€29,095 | -77.2% |
| Recurring financial income | 75 | €37,709 | €8,614 | -€29,095 | -77.2% |
| Financial charges | 65/66B | €6,860 | €5,957 | -€903 | -13.2% |
| Recurring financial charges | 65 | €6,860 | €5,957 | -€903 | -13.2% |
| Profit (loss) for the period before taxes | 9903 | €22,789 | €48,688 | +€25,899 | +114% |
| Income taxes | 67/77 | €4,814 | €18,035 | +€13,221 | +275% |
| Profit (loss) for the period | 9904 | €17,975 | €30,653 | +€12,678 | +70.5% |
| Profit (loss) for the period to be appropriated | 9905 | €17,975 | €30,653 | +€12,678 | +70.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.