VEBON: 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.
VEBON
Largest movements
- Receivables within one year +€87,734
up €87,734 (+23.3%), from €376,674 to €464,408
of which Trade receivables: +€51,477
- Cash +€63,874
up €63,874 (+20.5%), from €311,487 to €375,360
mainly Trade debts (+€125,718) and Net result for the year (+€78,926)
- Stocks and contracts +€55,772
up €55,772 (+8.3%), from €675,329 to €731,101
- Current investments -€21,748
no longer reported in 2025 (was €21,748)
- Trade debts +€125,718
up €125,718 (+95.8%), from €131,176 to €256,894
- Reserves +€78,926
up €78,926 (+8.8%), from €900,596 to €979,522
of which Distributable reserves: +€78,926
- Gross operating margin +€35,009
up €35,009 (+9.9%), from €354,299 to €389,308
- Financial income +€18,795
up €18,795 (+1,282%), from €1,466 to €20,261
- Staff costs +€16,413
up €16,413 (+6.6%), from €250,147 to €266,560
- Depreciation -€9,182
down €9,182 (-38.0%), from €24,149 to €14,967
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 | €1,418,391 | €1,607,904 | +€189,513 | +13.4% |
| Fixed assets | 21/28 | €26,949 | €19,396 | -€7,553 | -28.0% |
| Intangible fixed assets | 21 | €3,462 | €4,471 | +€1,009 | +29.1% |
| Tangible fixed assets | 22/27 | €23,487 | €14,925 | -€8,562 | -36.5% |
| Plant, machinery and equipment | 23 | €14,755 | €9,921 | -€4,834 | -32.8% |
| Furniture and vehicles | 24 | €1,226 | - | -€1,226 | |
| Other tangible fixed assets | 26 | €7,506 | €5,004 | -€2,502 | -33.3% |
| Current assets | 29/58 | €1,391,442 | €1,588,508 | +€197,067 | +14.2% |
| Stocks and contracts in progress | 3 | €675,329 | €731,101 | +€55,772 | +8.3% |
| Stocks | 30/36 | €675,329 | €731,101 | +€55,772 | +8.3% |
| Amounts receivable within one year | 40/41 | €376,674 | €464,408 | +€87,734 | +23.3% |
| Trade receivables | 40 | €376,674 | €428,151 | +€51,477 | +13.7% |
| Other amounts receivable | 41 | - | €36,257 | +€36,257 | |
| Current investments | 50/53 | €21,748 | - | -€21,748 | |
| Cash at bank and in hand | 54/58 | €311,487 | €375,360 | +€63,874 | +20.5% |
| Deferred charges and accrued income | 490/1 | €6,204 | €17,639 | +€11,435 | +184% |
| Total equity and liabilities | 10/49 | €1,418,391 | €1,607,904 | +€189,513 | +13.4% |
| Equity | 10/15 | €981,893 | €1,060,818 | +€78,926 | +8.0% |
| Contributions | 10/11 | €81,296 | €81,296 | = | 0.0% |
| Capital | 10 | €81,296 | €81,296 | = | 0.0% |
| Issued capital | 100 | €81,296 | €81,296 | = | 0.0% |
| Reserves | 13 | €900,596 | €979,522 | +€78,926 | +8.8% |
| Non-distributable reserves | 130/1 | €32,519 | €32,519 | = | 0.0% |
| Legal reserve | 130 | €32,519 | €32,519 | = | 0.0% |
| Distributable reserves | 133 | €868,078 | €947,003 | +€78,926 | +9.1% |
| Provisions and deferred taxes | 16 | €164,192 | €164,192 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €164,192 | €164,192 | = | 0.0% |
| Pensions and similar obligations | 160 | €164,192 | €164,192 | = | 0.0% |
| Amounts payable | 17/49 | €272,306 | €382,894 | +€110,588 | +40.6% |
| Amounts payable within one year | 42/48 | €270,556 | €381,144 | +€110,588 | +40.9% |
| Trade debts | 44 | €131,176 | €256,894 | +€125,718 | +95.8% |
| Suppliers | 440/4 | €131,176 | €256,894 | +€125,718 | +95.8% |
| Advances received on contracts in progress | 46 | €18,035 | €11,270 | -€6,764 | -37.5% |
| Taxes, remuneration and social security | 45 | €59,057 | €59,804 | +€747 | +1.3% |
| Taxes | 450/3 | €29,525 | €28,609 | -€916 | -3.1% |
| Remuneration and social security | 454/9 | €29,531 | €31,195 | +€1,663 | +5.6% |
| Other amounts payable | 47/48 | €62,289 | €53,176 | -€9,113 | -14.6% |
| Accrued charges and deferred income | 492/3 | €1,750 | €1,750 | = | 0.0% |
| Non-recurring operating income | 76A | €12,416 | €2,770 | -€9,646 | -77.7% |
| Remuneration, social security and pensions | 62 | €250,147 | €266,560 | +€16,413 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,149 | €14,967 | -€9,182 | -38.0% |
| Other operating charges | 640/8 | €3,137 | €4,013 | +€876 | +27.9% |
| Gross operating margin | 9900 | €354,299 | €389,308 | +€35,009 | +9.9% |
| Operating profit (loss) | 9901 | €76,865 | €103,768 | +€26,902 | +35.0% |
| Financial income | 75/76B | €1,466 | €20,261 | +€18,795 | +1,282% |
| Recurring financial income | 75 | €1,466 | €20,261 | +€18,795 | +1,282% |
| Financial charges | 65/66B | €42,569 | €44,177 | +€1,608 | +3.8% |
| Recurring financial charges | 65 | €42,569 | €44,177 | +€1,608 | +3.8% |
| Profit (loss) for the period before taxes | 9903 | €35,762 | €79,852 | +€44,089 | +123% |
| Income taxes | 67/77 | €901 | €926 | +€25 | +2.8% |
| Profit (loss) for the period | 9904 | €34,862 | €78,926 | +€44,064 | +126% |
| Profit (loss) for the period to be appropriated | 9905 | €34,862 | €78,926 | +€44,064 | +126% |
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 15 October 2026 via checked.be.