VEBECON: 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.
VEBECON
Largest movements
- Cash +€27,569
up €27,569 (+18.7%), from €147,453 to €175,021
mainly Net result for the year (+€46,827) and Depreciation (+€4,620)
- Receivables within one year +€9,499
up €9,499 (+45.8%), from €20,761 to €30,259
of which Trade receivables: +€9,499
- Reserves +€43,227
up €43,227 (+29.9%), from €144,586 to €187,812
of which Distributable reserves: +€43,227
- Tax, wage and social debts -€9,398
down €9,398 (-45.1%), from €20,819 to €11,421
- Turnover +€6,980
up €6,980 (+11.3%), from €61,641 to €68,620
- Gross operating margin +€6,980
up €6,980 (+11.3%), from €61,641 to €68,620
- Depreciation -€1,751
down €1,751 (-27.5%), from €6,371 to €4,620
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 | €185,084 | €221,602 | +€36,518 | +19.7% |
| Fixed assets | 21/28 | €15,871 | €15,321 | -€549 | -3.5% |
| Tangible fixed assets | 22/27 | €15,871 | €15,321 | -€549 | -3.5% |
| Furniture and vehicles | 24 | €5,530 | €4,200 | -€1,330 | -24.0% |
| Other tangible fixed assets | 26 | €10,341 | €11,121 | +€780 | +7.5% |
| Current assets | 29/58 | €169,213 | €206,280 | +€37,067 | +21.9% |
| Amounts receivable within one year | 40/41 | €20,761 | €30,259 | +€9,499 | +45.8% |
| Trade receivables | 40 | €20,510 | €30,008 | +€9,499 | +46.3% |
| Other amounts receivable | 41 | €251 | €251 | = | 0.0% |
| Current investments | 50/53 | €1,000 | €1,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €147,453 | €175,021 | +€27,569 | +18.7% |
| Total equity and liabilities | 10/49 | €185,084 | €221,602 | +€36,518 | +19.7% |
| Equity | 10/15 | €163,186 | €206,412 | +€43,227 | +26.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €144,586 | €187,812 | +€43,227 | +29.9% |
| Tax-exempt reserves | 132 | €1,267 | €1,267 | = | 0.0% |
| Distributable reserves | 133 | €143,318 | €186,545 | +€43,227 | +30.2% |
| Amounts payable | 17/49 | €21,898 | €15,189 | -€6,709 | -30.6% |
| Amounts payable within one year | 42/48 | €20,951 | €13,470 | -€7,481 | -35.7% |
| Trade debts | 44 | €131 | €2,049 | +€1,918 | +1459.0% |
| Suppliers | 440/4 | €131 | €2,049 | +€1,918 | +1459.0% |
| Taxes, remuneration and social security | 45 | €20,819 | €11,421 | -€9,398 | -45.1% |
| Taxes | 450/3 | €20,819 | €11,421 | -€9,398 | -45.1% |
| Accrued charges and deferred income | 492/3 | €948 | €1,719 | +€772 | +81.4% |
| Turnover | 70 | €61,641 | €68,620 | +€6,980 | +11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,371 | €4,620 | -€1,751 | -27.5% |
| Other operating charges | 640/8 | €1,366 | €1,238 | -€128 | -9.4% |
| Gross operating margin | 9900 | €61,641 | €68,620 | +€6,980 | +11.3% |
| Operating profit (loss) | 9901 | €53,904 | €62,762 | +€8,858 | +16.4% |
| Financial income | 75/76B | €2,428 | €2,516 | +€88 | +3.6% |
| Recurring financial income | 75 | €2,428 | €2,516 | +€88 | +3.6% |
| Financial charges | 65/66B | €67 | €84 | +€17 | +25.1% |
| Recurring financial charges | 65 | €67 | €84 | +€17 | +25.1% |
| Profit (loss) for the period before taxes | 9903 | €56,265 | €65,194 | +€8,929 | +15.9% |
| Income taxes | 67/77 | €17,746 | €18,367 | +€621 | +3.5% |
| Profit (loss) for the period | 9904 | €38,519 | €46,827 | +€8,307 | +21.6% |
| Profit (loss) for the period to be appropriated | 9905 | €38,519 | €46,827 | +€8,307 | +21.6% |
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 1 October 2026 via checked.be.