VEB MANAGEMENT: 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.
VEB MANAGEMENT
Largest movements
- Receivables within one year +€2,433
up €2,433 (+13.6%), from €17,888 to €20,320
of which Other amounts receivable: +€2,208
- Deferred charges and accrued income -€1,954
down €1,954 (-23.7%), from €8,255 to €6,302
- Cash -€1,009
down €1,009 (-11.1%), from €9,119 to €8,111
mainly Contributions, distributions and other (-€17,800) and Investment in fixed assets (net) (-€3,355)
- Tangible fixed assets -€845
down €845 (-4.9%), from €17,392 to €16,547
of which Other tangible fixed assets: -€2,409
- Reserves -€17,800
down €17,800 (-51.1%), from €34,800 to €17,000
- Other debts +€17,800
new in 2026: €17,800
- Trade debts -€3,346
down €3,346 (-67.1%), from €4,988 to €1,642
- Profit (loss) carried forward +€2,066
up €2,066, from -€516 to €1,550
- Tax, wage and social debts +€1,915
up €1,915 (+45.4%), from €4,216 to €6,131
of which Remuneration and social security: +€1,677
- Gross operating margin +€7,469
up €7,469 (+90.7%), from €8,233 to €15,702
- Staff costs -€1,506
down €1,506 (-22.5%), from €6,709 to €5,202
- Taxes +€812
up €812 (+289.5%), from €281 to €1,093
- Other operating charges -€611
down €611 (-44.3%), from €1,379 to €768
- Financial charges +€173
up €173 (+6.1%), from €2,814 to €2,987
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €52,725 | €51,350 | -€1,375 | -2.6% |
| Fixed assets | 21/28 | €17,463 | €16,618 | -€845 | -4.8% |
| Tangible fixed assets | 22/27 | €17,392 | €16,547 | -€845 | -4.9% |
| Furniture and vehicles | 24 | €2,673 | €4,237 | +€1,564 | +58.5% |
| Other tangible fixed assets | 26 | €14,719 | €12,310 | -€2,409 | -16.4% |
| Financial fixed assets | 28 | €71 | €71 | = | 0.0% |
| Current assets | 29/58 | €35,262 | €34,733 | -€530 | -1.5% |
| Amounts receivable within one year | 40/41 | €17,888 | €20,320 | +€2,433 | +13.6% |
| Trade receivables | 40 | €9,191 | €9,416 | +€224 | +2.4% |
| Other amounts receivable | 41 | €8,696 | €10,905 | +€2,208 | +25.4% |
| Cash at bank and in hand | 54/58 | €9,119 | €8,111 | -€1,009 | -11.1% |
| Deferred charges and accrued income | 490/1 | €8,255 | €6,302 | -€1,954 | -23.7% |
| Total equity and liabilities | 10/49 | €52,725 | €51,350 | -€1,375 | -2.6% |
| Equity | 10/15 | €40,484 | €24,750 | -€15,734 | -38.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €34,800 | €17,000 | -€17,800 | -51.1% |
| Distributable reserves | 133 | €34,800 | €17,000 | -€17,800 | -51.1% |
| Profit (loss) carried forward | 14 | -€516 | €1,550 | +€2,066 | |
| Amounts payable | 17/49 | €12,241 | €26,600 | +€14,359 | +117.3% |
| Amounts payable after more than one year | 17 | €1,028 | - | -€1,028 | |
| Financial debts | 170/4 | €1,028 | - | -€1,028 | |
| Amounts payable within one year | 42/48 | €11,213 | €26,600 | +€15,387 | +137.2% |
| Financial debts | 43 | €2,009 | €1,028 | -€981 | -48.8% |
| Credit institutions | 430/8 | €2,009 | €1,028 | -€981 | -48.8% |
| Trade debts | 44 | €4,988 | €1,642 | -€3,346 | -67.1% |
| Suppliers | 440/4 | €4,988 | €1,642 | -€3,346 | -67.1% |
| Taxes, remuneration and social security | 45 | €4,216 | €6,131 | +€1,915 | +45.4% |
| Taxes | 450/3 | €3,282 | €3,520 | +€238 | +7.3% |
| Remuneration and social security | 454/9 | €934 | €2,610 | +€1,677 | +179.5% |
| Other amounts payable | 47/48 | - | €17,800 | +€17,800 | |
| Remuneration, social security and pensions | 62 | €6,709 | €5,202 | -€1,506 | -22.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,071 | €4,201 | +€129 | +3.2% |
| Other operating charges | 640/8 | €1,379 | €768 | -€611 | -44.3% |
| Non-recurring operating charges | 66A | - | €10 | +€10 | |
| Gross operating margin | 9900 | €8,233 | €15,702 | +€7,469 | +90.7% |
| Operating profit (loss) | 9901 | -€3,927 | €5,520 | +€9,447 | |
| Financial income | 75/76B | €580 | €625 | +€45 | +7.8% |
| Recurring financial income | 75 | €580 | €625 | +€45 | +7.8% |
| Financial charges | 65/66B | €2,814 | €2,987 | +€173 | +6.1% |
| Recurring financial charges | 65 | €2,814 | €2,987 | +€173 | +6.1% |
| Profit (loss) for the period before taxes | 9903 | -€6,161 | €3,159 | +€9,319 | |
| Income taxes | 67/77 | €281 | €1,093 | +€812 | +289.5% |
| Profit (loss) for the period | 9904 | -€6,441 | €2,066 | +€8,507 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,441 | €2,066 | +€8,507 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.