VAGUBEL: 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.
What changed
VAGUBEL
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€300,366
2024 · €271,512+€28,853
Equity
€16.4m
2024 · €16.2m+€246,149
Cash
€6.2m
2024 · €5.8m+€405,425
Balance sheet total
€16.8m
2024 · €16.4m+€351,912
Largest movements
Assets
- Cash +€405,425
up €405,425 (+7.0%), from €5.8m to €6.2m
mainly Depreciation (+€386,965) and Net result for the year (+€300,366)
Equity and liabilities
- Reserves +€246,149
up €246,149 (+1.6%), from €15.7m to €15.9m
of which Distributable reserves: +€300,464
Income statement
- Gross operating margin +€59,227
up €59,227 (+8.7%), from €684,281 to €743,508
- Depreciation +€22,559
up €22,559 (+6.2%), from €364,406 to €386,965
- Taxes +€15,876
up €15,876 (+10.6%), from €150,231 to €166,107
- Financial income +€12,819
up €12,819 (+8.2%), from €157,151 to €169,970
of which Financial income: +€27,712
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.
Result 2024
€271,512
Gross operating margin
+€59,227
Depreciation
-€22,559
Other operating charges
-€5,910
Financial income
+€12,819
Financial charges
+€1,152
Taxes
-€15,876
Result 2025
€300,366
raises the resultlowers the result
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.
From operations
+€778,585
Investment
-€318,944
Financing
-€54,217
Cash 2024
€5.8m
From operations (derived)
+€778,585
Net result for the year
+€300,366
Depreciation
+€386,965
Receivables within one year
+€6,049
Deferred charges and accrued income
-€20,557
Provisions
-€27,968
Trade debts
+€125,805
Tax, wage and social debts
-€1,865
Other debts
+€20,738
Accrued charges and deferred income
-€10,946
Investment (derived)
-€318,944
Investment in fixed assets (net)
-€318,102
Current investments
-€842
Financing
-€54,217
Contributions, distributions and other
-€54,217
Cash 2025
€6.2m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,446,456 | €16,798,368 | +€351,912 | +2.1% |
| Fixed assets | 21/28 | €9,161,890 | €9,093,027 | -€68,863 | -0.8% |
| Tangible fixed assets | 22/27 | €9,161,890 | €9,093,027 | -€68,863 | -0.8% |
| Land and buildings | 22 | €9,087,801 | €9,049,802 | -€37,999 | -0.4% |
| Plant, machinery and equipment | 23 | €6,211 | €5,550 | -€661 | -10.6% |
| Furniture and vehicles | 24 | €67,877 | €37,674 | -€30,203 | -44.5% |
| Current assets | 29/58 | €7,284,566 | €7,705,341 | +€420,775 | +5.8% |
| Amounts receivable within one year | 40/41 | €6,049 | €0 | -€6,049 | -100% |
| Other amounts receivable | 41 | €6,049 | €0 | -€6,049 | -100% |
| Current investments | 50/53 | €1,509,111 | €1,509,953 | +€842 | +0.1% |
| Cash at bank and in hand | 54/58 | €5,752,263 | €6,157,688 | +€405,425 | +7.0% |
| Deferred charges and accrued income | 490/1 | €17,143 | €37,700 | +€20,557 | +120% |
| Total equity and liabilities | 10/49 | €16,446,456 | €16,798,368 | +€351,912 | +2.1% |
| Equity | 10/15 | €16,161,704 | €16,407,852 | +€246,149 | +1.5% |
| Contributions | 10/11 | €481,916 | €481,916 | = | 0.0% |
| Capital | 10 | €481,916 | €481,916 | = | 0.0% |
| Issued capital | 100 | €481,916 | €481,916 | = | 0.0% |
| Reserves | 13 | €15,679,788 | €15,925,936 | +€246,149 | +1.6% |
| Non-distributable reserves | 130/1 | €50,668 | €50,668 | = | 0.0% |
| Legal reserve | 130 | €50,668 | €50,668 | = | 0.0% |
| Tax-exempt reserves | 132 | €642,628 | €588,312 | -€54,316 | -8.5% |
| Distributable reserves | 133 | €14,986,491 | €15,286,956 | +€300,464 | +2.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €237,883 | €209,915 | -€27,968 | -11.8% |
| Deferred taxes | 168 | €237,883 | €209,915 | -€27,968 | -11.8% |
| Amounts payable | 17/49 | €46,868 | €180,600 | +€133,732 | +285% |
| Amounts payable within one year | 42/48 | €35,923 | €180,600 | +€144,678 | +403% |
| Trade debts | 44 | €200 | €126,006 | +€125,805 | +62,768% |
| Suppliers | 440/4 | €200 | €126,006 | +€125,805 | +62,768% |
| Taxes, remuneration and social security | 45 | €18,499 | €16,633 | -€1,865 | -10.1% |
| Taxes | 450/3 | €18,499 | €16,633 | -€1,865 | -10.1% |
| Other amounts payable | 47/48 | €17,223 | €37,961 | +€20,738 | +120% |
| Accrued charges and deferred income | 492/3 | €10,946 | €0 | -€10,946 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €364,406 | €386,965 | +€22,559 | +6.2% |
| Other operating charges | 640/8 | €78,828 | €84,738 | +€5,910 | +7.5% |
| Gross operating margin | 9900 | €684,281 | €743,508 | +€59,227 | +8.7% |
| Operating profit (loss) | 9901 | €241,048 | €271,805 | +€30,758 | +12.8% |
| Financial income | 75/76B | €157,151 | €169,970 | +€12,819 | +8.2% |
| Recurring financial income | 75 | €142,259 | €169,970 | +€27,712 | +19.5% |
| Non-recurring financial income | 76B | €14,893 | €0 | -€14,893 | -100% |
| Financial charges | 65/66B | €4,424 | €3,272 | -€1,152 | -26.0% |
| Recurring financial charges | 65 | €4,424 | €3,272 | -€1,152 | -26.0% |
| Profit (loss) for the period before taxes | 9903 | €393,775 | €438,504 | +€44,729 | +11.4% |
| Transfer from deferred taxes | 780 | €27,968 | €27,968 | = | 0.0% |
| Income taxes | 67/77 | €150,231 | €166,107 | +€15,876 | +10.6% |
| Profit (loss) for the period | 9904 | €271,512 | €300,366 | +€28,853 | +10.6% |
| Transfer from tax-exempt reserves | 789 | €54,316 | €54,316 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €325,828 | €354,681 | +€28,853 | +8.9% |
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 27 October 2026 via checked.be.