VEBEX: 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.
VEBEX
Largest movements
- Stocks and contracts -€24,008
down €24,008 (-17.3%), from €139,145 to €115,137
- Receivables within one year -€10,887
down €10,887 (-59.7%), from €18,247 to €7,359
of which Trade receivables: -€10,164
- Deferred charges and accrued income -€6,745
down €6,745 (-38.7%), from €17,427 to €10,682
- Cash +€3,370
up €3,370 (+5.8%), from €57,672 to €61,041
mainly Stocks and contracts (+€24,008) and Receivables within one year (+€10,887)
- Tangible fixed assets -€2,741
down €2,741 (-6.9%), from €39,913 to €37,172
of which Plant, machinery and equipment: -€2,311
- Profit (loss) carried forward -€38,836
down €38,836 (-65.0%), from €59,733 to €20,897
- Trade debts -€7,623
down €7,623 (-14.9%), from €51,028 to €43,405
- Tax, wage and social debts +€4,715
up €4,715 (+26.5%), from €17,799 to €22,514
of which Remuneration and social security: +€3,463
- Write-downs +€16,448
new in 2025: €16,448
- Gross operating margin -€12,691
down €12,691 (-21.5%), from €59,053 to €46,362
- Staff costs +€1,630
up €1,630 (+2.8%), from €59,284 to €60,915
- Financial charges -€761
down €761 (-20.0%), from €3,809 to €3,048
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 | €272,403 | €231,391 | -€41,012 | -15.1% |
| Fixed assets | 21/28 | €39,913 | €37,172 | -€2,741 | -6.9% |
| Tangible fixed assets | 22/27 | €39,913 | €37,172 | -€2,741 | -6.9% |
| Plant, machinery and equipment | 23 | €5,475 | €3,164 | -€2,311 | -42.2% |
| Furniture and vehicles | 24 | €34,438 | €34,008 | -€430 | -1.2% |
| Current assets | 29/58 | €232,490 | €194,219 | -€38,271 | -16.5% |
| Stocks and contracts in progress | 3 | €139,145 | €115,137 | -€24,008 | -17.3% |
| Stocks | 30/36 | €139,145 | €115,137 | -€24,008 | -17.3% |
| Amounts receivable within one year | 40/41 | €18,247 | €7,359 | -€10,887 | -59.7% |
| Trade receivables | 40 | €12,242 | €2,078 | -€10,164 | -83.0% |
| Other amounts receivable | 41 | €6,004 | €5,281 | -€723 | -12.0% |
| Cash at bank and in hand | 54/58 | €57,672 | €61,041 | +€3,370 | +5.8% |
| Deferred charges and accrued income | 490/1 | €17,427 | €10,682 | -€6,745 | -38.7% |
| Total equity and liabilities | 10/49 | €272,403 | €231,391 | -€41,012 | -15.1% |
| Equity | 10/15 | €200,810 | €161,975 | -€38,836 | -19.3% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €66,078 | €66,078 | = | 0.0% |
| Distributable reserves | 133 | €66,078 | €66,078 | = | 0.0% |
| Profit (loss) carried forward | 14 | €59,733 | €20,897 | -€38,836 | -65.0% |
| Amounts payable | 17/49 | €71,593 | €69,417 | -€2,176 | -3.0% |
| Amounts payable within one year | 42/48 | €71,573 | €69,417 | -€2,156 | -3.0% |
| Trade debts | 44 | €51,028 | €43,405 | -€7,623 | -14.9% |
| Suppliers | 440/4 | €51,028 | €43,405 | -€7,623 | -14.9% |
| Taxes, remuneration and social security | 45 | €17,799 | €22,514 | +€4,715 | +26.5% |
| Taxes | 450/3 | €10,227 | €11,478 | +€1,252 | +12.2% |
| Remuneration and social security | 454/9 | €7,573 | €11,036 | +€3,463 | +45.7% |
| Other amounts payable | 47/48 | €2,745 | €3,498 | +€752 | +27.4% |
| Accrued charges and deferred income | 492/3 | €20 | - | -€20 | |
| Non-recurring operating income | 76A | €2,643 | - | -€2,643 | |
| Remuneration, social security and pensions | 62 | €59,284 | €60,915 | +€1,630 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,307 | €2,741 | -€566 | -17.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €16,448 | +€16,448 | |
| Other operating charges | 640/8 | €1,702 | €1,952 | +€250 | +14.7% |
| Gross operating margin | 9900 | €59,053 | €46,362 | -€12,691 | -21.5% |
| Operating profit (loss) | 9901 | -€5,240 | -€35,694 | -€30,454 | -581.2% |
| Financial income | 75/76B | €224 | €168 | -€56 | -25.2% |
| Recurring financial income | 75 | €224 | €168 | -€56 | -25.2% |
| Financial charges | 65/66B | €3,809 | €3,048 | -€761 | -20.0% |
| Recurring financial charges | 65 | €3,809 | €3,048 | -€761 | -20.0% |
| Profit (loss) for the period before taxes | 9903 | -€8,825 | -€38,574 | -€29,749 | -337.1% |
| Income taxes | 67/77 | €281 | €262 | -€20 | -6.9% |
| Profit (loss) for the period | 9904 | -€9,106 | -€38,836 | -€29,730 | -326.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,106 | -€38,836 | -€29,730 | -326.5% |
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 11 October 2026 via checked.be.