VEBO: 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.
VEBO
Largest movements
- Receivables within one year +€12,647
up €12,647 (+228.3%), from €5,539 to €18,186
of which Trade receivables: +€12,526
- Cash +€4,118
up €4,118 (+14629.2%), from €28 to €4,146
mainly Other debts (+€22,668) and Trade debts (+€9,166)
- Tangible fixed assets -€2,211
down €2,211 (-15.4%), from €14,373 to €12,162
of which Other tangible fixed assets: -€1,337
- Other debts +€22,668
up €22,668 (+253.6%), from €8,937 to €31,605
- Profit (loss) carried forward -€17,385
down €17,385 (-24.2%), from -€71,763 to -€89,148
- Trade debts +€9,166
up €9,166 (+57.6%), from €15,908 to €25,074
- Tax, wage and social debts +€4,723
up €4,723 (+14.0%), from €33,662 to €38,385
of which Remuneration and social security: +€3,939
- Short-term financial debts -€4,616
no longer reported in 2025 (was €4,616)
- Gross operating margin -€8,656
down €8,656, from €4,095 to -€4,561
- Staff costs -€4,694
down €4,694 (-39.6%), from €11,842 to €7,148
- Other operating charges +€2,423
up €2,423 (+258.0%), from €939 to €3,362
- Financial charges -€533
down €533 (-83.8%), from €636 to €103
- Depreciation +€47
up €47 (+2.2%), from €2,164 to €2,211
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 | €19,939 | €34,494 | +€14,555 | +73.0% |
| Fixed assets | 21/28 | €14,373 | €12,162 | -€2,211 | -15.4% |
| Tangible fixed assets | 22/27 | €14,373 | €12,162 | -€2,211 | -15.4% |
| Land and buildings | 22 | €8,128 | €8,128 | = | 0.0% |
| Plant, machinery and equipment | 23 | €529 | €310 | -€219 | -41.4% |
| Furniture and vehicles | 24 | €1,375 | €721 | -€654 | -47.6% |
| Other tangible fixed assets | 26 | €4,341 | €3,004 | -€1,337 | -30.8% |
| Current assets | 29/58 | €5,567 | €22,332 | +€16,766 | +301.2% |
| Amounts receivable within one year | 40/41 | €5,539 | €18,186 | +€12,647 | +228.3% |
| Trade receivables | 40 | €5,539 | €18,064 | +€12,526 | +226.2% |
| Other amounts receivable | 41 | - | €122 | +€122 | |
| Cash at bank and in hand | 54/58 | €28 | €4,146 | +€4,118 | +14629.2% |
| Total equity and liabilities | 10/49 | €19,939 | €34,494 | +€14,555 | +73.0% |
| Equity | 10/15 | -€43,184 | -€60,569 | -€17,385 | -40.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €9,987 | €9,987 | = | 0.0% |
| Non-distributable reserves | 130/1 | €9,987 | €9,987 | = | 0.0% |
| Reserves not available under the articles | 1311 | €9,987 | €9,987 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€71,763 | -€89,148 | -€17,385 | -24.2% |
| Amounts payable | 17/49 | €63,123 | €95,063 | +€31,940 | +50.6% |
| Amounts payable within one year | 42/48 | €63,123 | €95,063 | +€31,940 | +50.6% |
| Financial debts | 43 | €4,616 | - | -€4,616 | |
| Credit institutions | 430/8 | €4,616 | - | -€4,616 | |
| Trade debts | 44 | €15,908 | €25,074 | +€9,166 | +57.6% |
| Suppliers | 440/4 | €15,908 | €25,074 | +€9,166 | +57.6% |
| Taxes, remuneration and social security | 45 | €33,662 | €38,385 | +€4,723 | +14.0% |
| Taxes | 450/3 | €290 | €1,073 | +€784 | +270.4% |
| Remuneration and social security | 454/9 | €33,373 | €37,312 | +€3,939 | +11.8% |
| Other amounts payable | 47/48 | €8,937 | €31,605 | +€22,668 | +253.6% |
| Remuneration, social security and pensions | 62 | €11,842 | €7,148 | -€4,694 | -39.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,164 | €2,211 | +€47 | +2.2% |
| Other operating charges | 640/8 | €939 | €3,362 | +€2,423 | +258.0% |
| Gross operating margin | 9900 | €4,095 | -€4,561 | -€8,656 | |
| Operating profit (loss) | 9901 | -€10,851 | -€17,282 | -€6,431 | -59.3% |
| Financial charges | 65/66B | €636 | €103 | -€533 | -83.8% |
| Recurring financial charges | 65 | €636 | €103 | -€533 | -83.8% |
| Profit (loss) for the period before taxes | 9903 | -€11,487 | -€17,385 | -€5,898 | -51.3% |
| Profit (loss) for the period | 9904 | -€11,487 | -€17,385 | -€5,898 | -51.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,487 | -€17,385 | -€5,898 | -51.3% |
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 30 September 2026 via checked.be.