VEBAR: 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.
VEBAR
Largest movements
- Cash +€113,164
up €113,164 (+207.6%), from €54,498 to €167,661
mainly Receivables within one year (+€69,616) and Current investments (+€50,000)
- Receivables within one year -€69,616
down €69,616 (-11.6%), from €602,129 to €532,513
of which Trade receivables: -€69,584
No liability line moved by more than 1% of the balance sheet total.
- Financial income -€120,607
down €120,607 (-99.7%), from €121,009 to €402
- Other operating charges -€40,955
down €40,955 (-98.4%), from €41,639 to €684
- Taxes -€6,457
down €6,457 (-93.7%), from €6,890 to €433
- Gross operating margin +€6,100
up €6,100 (+1425.1%), from €428 to €6,528
- Financial charges -€1,692
down €1,692 (-95.9%), from €1,765 to €73
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 | €5,126,956 | €5,118,715 | -€8,241 | -0.2% |
| Fixed assets | 21/28 | €4,169,085 | €4,167,296 | -€1,789 | 0.0% |
| Tangible fixed assets | 22/27 | €5,081 | €3,292 | -€1,789 | -35.2% |
| Plant, machinery and equipment | 23 | €2,960 | €1,948 | -€1,012 | -34.2% |
| Furniture and vehicles | 24 | €2,121 | €1,344 | -€777 | -36.6% |
| Financial fixed assets | 28 | €4,164,004 | €4,164,004 | = | 0.0% |
| Current assets | 29/58 | €957,871 | €951,419 | -€6,452 | -0.7% |
| Amounts receivable within one year | 40/41 | €602,129 | €532,513 | -€69,616 | -11.6% |
| Trade receivables | 40 | €602,097 | €532,513 | -€69,584 | -11.6% |
| Other amounts receivable | 41 | €32 | - | -€32 | |
| Current investments | 50/53 | €301,245 | €251,245 | -€50,000 | -16.6% |
| Cash at bank and in hand | 54/58 | €54,498 | €167,661 | +€113,164 | +207.6% |
| Total equity and liabilities | 10/49 | €5,126,956 | €5,118,715 | -€8,241 | -0.2% |
| Equity | 10/15 | €5,034,543 | €5,034,989 | +€445 | 0.0% |
| Contributions | 10/11 | €3,014,774 | €3,014,774 | = | 0.0% |
| Reserves | 13 | €745,878 | €745,878 | = | 0.0% |
| Distributable reserves | 133 | €745,878 | €745,878 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,273,891 | €1,274,336 | +€445 | 0.0% |
| Amounts payable | 17/49 | €92,412 | €83,726 | -€8,686 | -9.4% |
| Amounts payable within one year | 42/48 | €92,412 | €83,726 | -€8,686 | -9.4% |
| Trade debts | 44 | €1,363 | €1,000 | -€363 | -26.6% |
| Suppliers | 440/4 | €1,363 | €1,000 | -€363 | -26.6% |
| Taxes, remuneration and social security | 45 | €9,904 | €6,755 | -€3,149 | -31.8% |
| Taxes | 450/3 | €9,904 | €6,755 | -€3,149 | -31.8% |
| Other amounts payable | 47/48 | €81,145 | €75,971 | -€5,174 | -6.4% |
| Remuneration, social security and pensions | 62 | €3,236 | €1,840 | -€1,395 | -43.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,149 | €1,789 | -€360 | -16.8% |
| Other operating charges | 640/8 | €41,639 | €684 | -€40,955 | -98.4% |
| Gross operating margin | 9900 | €428 | €6,528 | +€6,100 | +1425.1% |
| Operating profit (loss) | 9901 | -€46,595 | €2,215 | +€48,810 | |
| Financial income | 75/76B | €121,009 | €402 | -€120,607 | -99.7% |
| Recurring financial income | 75 | €121,009 | €402 | -€120,607 | -99.7% |
| Financial charges | 65/66B | €1,765 | €73 | -€1,692 | -95.9% |
| Recurring financial charges | 65 | €1,765 | €73 | -€1,692 | -95.9% |
| Profit (loss) for the period before taxes | 9903 | €72,650 | €2,544 | -€70,106 | -96.5% |
| Income taxes | 67/77 | €6,890 | €433 | -€6,457 | -93.7% |
| Profit (loss) for the period | 9904 | €65,760 | €2,111 | -€63,648 | -96.8% |
| Profit (loss) for the period to be appropriated | 9905 | €65,760 | €2,111 | -€63,648 | -96.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.