VEBOFISC: 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.
VEBOFISC
Largest movements
- Tangible fixed assets +€572,119
up €572,119 (+282.2%), from €202,737 to €774,856
of which Land and buildings: +€558,325
- Current investments -€362,027
down €362,027 (-57.3%), from €632,027 to €270,000
- Receivables within one year +€43,230
up €43,230 (+88.9%), from €48,603 to €91,833
- Cash -€17,693
down €17,693 (-72.5%), from €24,399 to €6,706
mainly Investment in fixed assets (net) (-€589,782) and Receivables within one year (-€43,230)
- Reserves +€151,107
up €151,107 (+20.1%), from €753,291 to €904,398
- Debts after one year +€87,266
up €87,266 (+1049.4%), from €8,316 to €95,582
- Provisions -€40,047
no longer reported in 2025 (was €40,047)
- Current portion of long-term debt +€14,679
up €14,679 (+75.6%), from €19,428 to €34,107
- Trade debts +€13,113
up €13,113 (+233.8%), from €5,608 to €18,721
- Other operating charges +€68,017
up €68,017 (+1177.4%), from €5,777 to €73,794
- Provisions -€40,047
new in 2025: -€40,047
- Gross operating margin +€24,005
up €24,005 (+8.4%), from €285,248 to €309,253
- Depreciation -€16,988
down €16,988 (-49.0%), from €34,651 to €17,663
- Financial charges +€3,186
up €3,186 (+227.2%), from €1,402 to €4,588
of which Financial charges: +€2,886
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 | €913,386 | €1,149,523 | +€236,137 | +25.9% |
| Fixed assets | 21/28 | €202,811 | €774,930 | +€572,119 | +282.1% |
| Tangible fixed assets | 22/27 | €202,737 | €774,856 | +€572,119 | +282.2% |
| Land and buildings | 22 | €187,608 | €745,933 | +€558,325 | +297.6% |
| Plant, machinery and equipment | 23 | €10,355 | €15,938 | +€5,583 | +53.9% |
| Furniture and vehicles | 24 | €4,774 | €12,985 | +€8,211 | +172.0% |
| Financial fixed assets | 28 | €74 | €74 | = | 0.0% |
| Current assets | 29/58 | €710,575 | €374,593 | -€335,982 | -47.3% |
| Amounts receivable within one year | 40/41 | €48,603 | €91,833 | +€43,230 | +88.9% |
| Trade receivables | 40 | €48,603 | €91,833 | +€43,230 | +88.9% |
| Current investments | 50/53 | €632,027 | €270,000 | -€362,027 | -57.3% |
| Cash at bank and in hand | 54/58 | €24,399 | €6,706 | -€17,693 | -72.5% |
| Deferred charges and accrued income | 490/1 | €5,546 | €6,054 | +€508 | +9.2% |
| Total equity and liabilities | 10/49 | €913,386 | €1,149,523 | +€236,137 | +25.9% |
| Equity | 10/15 | €773,291 | €924,398 | +€151,107 | +19.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €753,291 | €904,398 | +€151,107 | +20.1% |
| Distributable reserves | 133 | €753,291 | €904,398 | +€151,107 | +20.1% |
| Provisions and deferred taxes | 16 | €40,047 | - | -€40,047 | |
| Provisions for liabilities and charges | 160/5 | €40,047 | - | -€40,047 | |
| Other liabilities and charges | 164/5 | €40,047 | - | -€40,047 | |
| Amounts payable | 17/49 | €100,048 | €225,125 | +€125,077 | +125.0% |
| Amounts payable after more than one year | 17 | €8,316 | €95,582 | +€87,266 | +1049.4% |
| Financial debts | 170/4 | €8,316 | €95,582 | +€87,266 | +1049.4% |
| Amounts payable within one year | 42/48 | €65,082 | €102,893 | +€37,811 | +58.1% |
| Current portion of amounts payable after more than one year | 42 | €19,428 | €34,107 | +€14,679 | +75.6% |
| Trade debts | 44 | €5,608 | €18,721 | +€13,113 | +233.8% |
| Suppliers | 440/4 | €5,608 | €18,721 | +€13,113 | +233.8% |
| Taxes, remuneration and social security | 45 | €32,417 | €41,634 | +€9,217 | +28.4% |
| Taxes | 450/3 | €23,177 | €32,428 | +€9,251 | +39.9% |
| Remuneration and social security | 454/9 | €9,240 | €9,206 | -€34 | -0.4% |
| Other amounts payable | 47/48 | €7,629 | €8,431 | +€802 | +10.5% |
| Accrued charges and deferred income | 492/3 | €26,650 | €26,650 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €35,365 | €35,423 | +€58 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,651 | €17,663 | -€16,988 | -49.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€40,047 | -€40,047 | |
| Other operating charges | 640/8 | €5,777 | €73,794 | +€68,017 | +1177.4% |
| Gross operating margin | 9900 | €285,248 | €309,253 | +€24,005 | +8.4% |
| Operating profit (loss) | 9901 | €209,455 | €222,420 | +€12,965 | +6.2% |
| Financial income | 75/76B | €190 | €1,520 | +€1,330 | +700.0% |
| Recurring financial income | 75 | €190 | €1,520 | +€1,330 | +700.0% |
| Financial charges | 65/66B | €1,402 | €4,588 | +€3,186 | +227.2% |
| Recurring financial charges | 65 | €1,402 | €4,288 | +€2,886 | +205.8% |
| Non-recurring financial charges | 66B | - | €300 | +€300 | |
| Profit (loss) for the period before taxes | 9903 | €208,243 | €219,352 | +€11,109 | +5.3% |
| Income taxes | 67/77 | €68,787 | €68,244 | -€543 | -0.8% |
| Profit (loss) for the period | 9904 | €139,456 | €151,108 | +€11,652 | +8.4% |
| Profit (loss) for the period to be appropriated | 9905 | €139,456 | €151,108 | +€11,652 | +8.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.