VEBLEN: 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.
VEBLEN
Largest movements
- Cash -€92,659
down €92,659 (-53.3%), from €173,980 to €81,322
mainly Contributions, distributions and other (-€150,393) and Investment in fixed assets (net) (-€50,781)
- Tangible fixed assets +€46,855
up €46,855 (+1,286%), from €3,644 to €50,499
of which Furniture and vehicles: +€46,950
- Current investments +€13,340
up €13,340 (+39.6%), from €33,669 to €47,010
- Reserves -€102,000
down €102,000 (-72.1%), from €141,500 to €39,500
- Other debts +€80,362
up €80,362 (+115%), from €70,145 to €150,508
- Tax, wage and social debts -€8,664
down €8,664 (-61.7%), from €14,037 to €5,373
of which Taxes: -€6,068
- Trade debts -€2,310
down €2,310 (-99.2%), from €2,328 to €19
- Gross operating margin -€15,654
down €15,654 (-17.2%), from €90,938 to €75,283
- Financial income -€5,453
down €5,453 (-97.0%), from €5,620 to €167
- Taxes -€4,424
down €4,424 (-23.1%), from €19,184 to €14,760
- Financial charges +€2,838
up €2,838 (+61.0%), from €4,655 to €7,494
- Depreciation +€1,546
up €1,546 (+57.1%), from €2,708 to €4,254
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €230,011 | €197,399 | -€32,611 | -14.2% |
| Formation expenses | 20 | €327 | - | -€327 | |
| Fixed assets | 21/28 | €3,644 | €50,499 | +€46,855 | +1,286% |
| Tangible fixed assets | 22/27 | €3,644 | €50,499 | +€46,855 | +1,286% |
| Plant, machinery and equipment | 23 | €126 | €31 | -€95 | -75.3% |
| Furniture and vehicles | 24 | €3,518 | €50,468 | +€46,950 | +1,335% |
| Current assets | 29/58 | €226,039 | €146,901 | -€79,139 | -35.0% |
| Amounts receivable within one year | 40/41 | €18,359 | €16,653 | -€1,706 | -9.3% |
| Trade receivables | 40 | €18,359 | €14,413 | -€3,946 | -21.5% |
| Other amounts receivable | 41 | - | €2,240 | +€2,240 | |
| Current investments | 50/53 | €33,669 | €47,010 | +€13,340 | +39.6% |
| Cash at bank and in hand | 54/58 | €173,980 | €81,322 | -€92,659 | -53.3% |
| Deferred charges and accrued income | 490/1 | €31 | €1,916 | +€1,885 | +6,099% |
| Total equity and liabilities | 10/49 | €230,011 | €197,399 | -€32,611 | -14.2% |
| Equity | 10/15 | €143,500 | €41,500 | -€102,000 | -71.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €141,500 | €39,500 | -€102,000 | -72.1% |
| Distributable reserves | 133 | €141,500 | €39,500 | -€102,000 | -72.1% |
| Amounts payable | 17/49 | €86,511 | €155,899 | +€69,389 | +80.2% |
| Amounts payable within one year | 42/48 | €86,511 | €155,899 | +€69,389 | +80.2% |
| Trade debts | 44 | €2,328 | €19 | -€2,310 | -99.2% |
| Suppliers | 440/4 | €2,328 | €19 | -€2,310 | -99.2% |
| Taxes, remuneration and social security | 45 | €14,037 | €5,373 | -€8,664 | -61.7% |
| Taxes | 450/3 | €11,441 | €5,373 | -€6,068 | -53.0% |
| Remuneration and social security | 454/9 | €2,596 | - | -€2,596 | |
| Other amounts payable | 47/48 | €70,145 | €150,508 | +€80,362 | +115% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,708 | €4,254 | +€1,546 | +57.1% |
| Other operating charges | 640/8 | €885 | €419 | -€467 | -52.7% |
| Non-recurring operating charges | 66A | - | €131 | +€131 | |
| Gross operating margin | 9900 | €90,938 | €75,283 | -€15,654 | -17.2% |
| Operating profit (loss) | 9901 | €87,344 | €70,479 | -€16,865 | -19.3% |
| Financial income | 75/76B | €5,620 | €167 | -€5,453 | -97.0% |
| Recurring financial income | 75 | €5,620 | €167 | -€5,453 | -97.0% |
| Financial charges | 65/66B | €4,655 | €7,494 | +€2,838 | +61.0% |
| Recurring financial charges | 65 | €4,655 | €7,494 | +€2,838 | +61.0% |
| Profit (loss) for the period before taxes | 9903 | €88,309 | €63,152 | -€25,157 | -28.5% |
| Income taxes | 67/77 | €19,184 | €14,760 | -€4,424 | -23.1% |
| Profit (loss) for the period | 9904 | €69,125 | €48,393 | -€20,732 | -30.0% |
| Profit (loss) for the period to be appropriated | 9905 | €69,125 | €48,393 | -€20,732 | -30.0% |
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 14 October 2026 via checked.be.