VEBRECON: 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.
VEBRECON
Largest movements
- Stocks and contracts -€15,305
down €15,305 (-52.7%), from €29,036 to €13,731
- Receivables within one year -€9,953
down €9,953 (-33.8%), from €29,459 to €19,506
of which Trade receivables: -€5,128
- Cash -€7,917
down €7,917 (-40.2%), from €19,713 to €11,796
mainly Investment in fixed assets (net) (-€30,553) and Other debts (-€19,805)
- Tangible fixed assets +€3,109
up €3,109 (+4.5%), from €69,733 to €72,842
of which Plant, machinery and equipment: +€26,260
- Deferred charges and accrued income +€2,252
up €2,252 (+34.8%), from €6,475 to €8,727
- Other debts -€19,805
down €19,805 (-73.4%), from €26,985 to €7,180
- Reserves -€18,981
down €18,981 (-25.7%), from €73,959 to €54,978
- Trade debts +€4,092
up €4,092 (+280%), from €1,462 to €5,555
- Current portion of long-term debt +€3,313
up €3,313 (+33.4%), from €9,904 to €13,217
- Debts after one year +€1,783
up €1,783 (+7.7%), from €23,062 to €24,845
- Gross operating margin -€23,174
down €23,174 (-64.4%), from €35,995 to €12,821
- Depreciation +€2,747
up €2,747 (+11.1%), from €24,696 to €27,444
- Write-downs +€2,149
new in 2025: €2,149
- Taxes -€2,002
down €2,002 (-89.6%), from €2,234 to €232
- Financial charges -€464
down €464 (-23.4%), from €1,977 to €1,514
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 | €154,416 | €126,602 | -€27,814 | -18.0% |
| Fixed assets | 21/28 | €69,733 | €72,842 | +€3,109 | +4.5% |
| Tangible fixed assets | 22/27 | €69,733 | €72,842 | +€3,109 | +4.5% |
| Plant, machinery and equipment | 23 | €2,543 | €28,804 | +€26,260 | +1,033% |
| Furniture and vehicles | 24 | €67,190 | €44,038 | -€23,151 | -34.5% |
| Current assets | 29/58 | €84,683 | €53,760 | -€30,923 | -36.5% |
| Stocks and contracts in progress | 3 | €29,036 | €13,731 | -€15,305 | -52.7% |
| Stocks | 30/36 | €29,036 | €13,731 | -€15,305 | -52.7% |
| Amounts receivable within one year | 40/41 | €29,459 | €19,506 | -€9,953 | -33.8% |
| Trade receivables | 40 | €22,740 | €17,611 | -€5,128 | -22.6% |
| Other amounts receivable | 41 | €6,719 | €1,895 | -€4,825 | -71.8% |
| Cash at bank and in hand | 54/58 | €19,713 | €11,796 | -€7,917 | -40.2% |
| Deferred charges and accrued income | 490/1 | €6,475 | €8,727 | +€2,252 | +34.8% |
| Total equity and liabilities | 10/49 | €154,416 | €126,602 | -€27,814 | -18.0% |
| Equity | 10/15 | €92,559 | €73,578 | -€18,981 | -20.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €73,959 | €54,978 | -€18,981 | -25.7% |
| Distributable reserves | 133 | €73,959 | €54,978 | -€18,981 | -25.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €61,857 | €53,024 | -€8,833 | -14.3% |
| Amounts payable after more than one year | 17 | €23,062 | €24,845 | +€1,783 | +7.7% |
| Financial debts | 170/4 | €23,062 | €24,845 | +€1,783 | +7.7% |
| Amounts payable within one year | 42/48 | €38,795 | €28,169 | -€10,626 | -27.4% |
| Current portion of amounts payable after more than one year | 42 | €9,904 | €13,217 | +€3,313 | +33.4% |
| Trade debts | 44 | €1,462 | €5,555 | +€4,092 | +280% |
| Suppliers | 440/4 | €1,462 | €5,555 | +€4,092 | +280% |
| Taxes, remuneration and social security | 45 | €444 | €2,218 | +€1,774 | +400% |
| Taxes | 450/3 | €444 | €2,218 | +€1,774 | +400% |
| Other amounts payable | 47/48 | €26,985 | €7,180 | -€19,805 | -73.4% |
| Accrued charges and deferred income | 492/3 | - | €10 | +€10 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,696 | €27,444 | +€2,747 | +11.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,149 | +€2,149 | |
| Other operating charges | 640/8 | €577 | €593 | +€16 | +2.8% |
| Gross operating margin | 9900 | €35,995 | €12,821 | -€23,174 | -64.4% |
| Operating profit (loss) | 9901 | €10,722 | -€17,364 | -€28,086 | |
| Financial income | 75/76B | €178 | €129 | -€49 | -27.4% |
| Recurring financial income | 75 | €178 | €129 | -€49 | -27.4% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €1,977 | €1,514 | -€464 | -23.4% |
| Recurring financial charges | 65 | €1,977 | €1,514 | -€464 | -23.4% |
| Profit (loss) for the period before taxes | 9903 | €8,922 | -€18,749 | -€27,671 | |
| Income taxes | 67/77 | €2,234 | €232 | -€2,002 | -89.6% |
| Profit (loss) for the period | 9904 | €6,689 | -€18,981 | -€25,669 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,689 | -€18,981 | -€25,669 |
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 16 October 2026 via checked.be.