VEBO: 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.
VEBO
Largest movements
- Tangible fixed assets -€106,982
no longer reported in 2025 (was €106,982)
- Cash +€23,769
up €23,769 (+1,517%), from €1,567 to €25,336
mainly Investment in fixed assets (net) (+€106,982) and Net result for the year (+€40,392)
- Receivables within one year -€7,283
down €7,283 (-49.1%), from €14,846 to €7,562
of which Trade receivables: -€12,697
- Debts after one year -€93,107
no longer reported in 2025 (was €93,107)
- Profit (loss) carried forward +€40,392
up €40,392 (+69.2%), from -€58,388 to -€17,996
- Other debts -€21,155
down €21,155 (-87.6%), from €24,154 to €2,999
- Trade debts -€8,699
down €8,699 (-89.3%), from €9,742 to €1,043
- Current portion of long-term debt -€6,002
no longer reported in 2025 (was €6,002)
- Gross operating margin +€75,418
up €75,418, from -€19,735 to €55,682
- Write-downs +€12,178
new in 2025: €12,178
- Depreciation -€6,305
no longer reported in 2025 (was €6,305)
- Other operating charges -€776
down €776 (-48.9%), from €1,587 to €811
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 | €123,454 | €32,961 | -€90,493 | -73.3% |
| Fixed assets | 21/28 | €106,982 | - | -€106,982 | |
| Tangible fixed assets | 22/27 | €106,982 | - | -€106,982 | |
| Land and buildings | 22 | €106,982 | - | -€106,982 | |
| Current assets | 29/58 | €16,472 | €32,961 | +€16,489 | +100% |
| Amounts receivable within one year | 40/41 | €14,846 | €7,562 | -€7,283 | -49.1% |
| Trade receivables | 40 | €14,846 | €2,149 | -€12,697 | -85.5% |
| Other amounts receivable | 41 | - | €5,413 | +€5,413 | |
| Cash at bank and in hand | 54/58 | €1,567 | €25,336 | +€23,769 | +1,517% |
| Deferred charges and accrued income | 490/1 | €59 | €63 | +€4 | +6.6% |
| Total equity and liabilities | 10/49 | €123,454 | €32,961 | -€90,493 | -73.3% |
| Equity | 10/15 | -€27,554 | €12,839 | +€40,392 | |
| Contributions | 10/11 | €28,000 | €28,000 | = | 0.0% |
| Reserves | 13 | €2,835 | €2,835 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,800 | €2,800 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,800 | €2,800 | = | 0.0% |
| Distributable reserves | 133 | €35 | €35 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€58,388 | -€17,996 | +€40,392 | +69.2% |
| Amounts payable | 17/49 | €151,008 | €20,122 | -€130,885 | -86.7% |
| Amounts payable after more than one year | 17 | €93,107 | - | -€93,107 | |
| Financial debts | 170/4 | €93,107 | - | -€93,107 | |
| Amounts payable within one year | 42/48 | €57,900 | €20,122 | -€37,778 | -65.2% |
| Current portion of amounts payable after more than one year | 42 | €6,002 | - | -€6,002 | |
| Trade debts | 44 | €9,742 | €1,043 | -€8,699 | -89.3% |
| Suppliers | 440/4 | €9,742 | €1,043 | -€8,699 | -89.3% |
| Taxes, remuneration and social security | 45 | €18,003 | €16,080 | -€1,923 | -10.7% |
| Taxes | 450/3 | €3,003 | €16,080 | +€13,077 | +435% |
| Remuneration and social security | 454/9 | €15,000 | - | -€15,000 | |
| Other amounts payable | 47/48 | €24,154 | €2,999 | -€21,155 | -87.6% |
| Non-recurring operating income | 76A | €7,058 | €74,119 | +€67,061 | +950% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,305 | - | -€6,305 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €12,178 | +€12,178 | |
| Other operating charges | 640/8 | €1,587 | €811 | -€776 | -48.9% |
| Non-recurring operating charges | 66A | €749 | - | -€749 | |
| Gross operating margin | 9900 | -€19,735 | €55,682 | +€75,418 | |
| Operating profit (loss) | 9901 | -€28,376 | €42,694 | +€71,070 | |
| Financial income | 75/76B | €0 | €0 | +€0 | +500% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +500% |
| Financial charges | 65/66B | €2,742 | €2,302 | -€440 | -16.1% |
| Recurring financial charges | 65 | €2,742 | €2,302 | -€440 | -16.1% |
| Profit (loss) for the period before taxes | 9903 | -€31,118 | €40,392 | +€71,510 | |
| Income taxes | 67/77 | €254 | - | -€254 | |
| Profit (loss) for the period | 9904 | -€31,372 | €40,392 | +€71,764 | |
| Profit (loss) for the period to be appropriated | 9905 | -€31,372 | €40,392 | +€71,764 |
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 17 October 2026 via checked.be.