VECOBE: 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.
VECOBE
Largest movements
- Stocks and contracts +€175,755
up €175,755 (+560.0%), from €31,386 to €207,141
- Receivables within one year -€159,852
down €159,852 (-52.9%), from €301,981 to €142,129
of which Trade receivables: -€161,755
- Cash -€78,333
down €78,333 (-21.8%), from €358,694 to €280,361
mainly Contributions, distributions and other (-€274,402) and Stocks and contracts (-€175,755)
- Tangible fixed assets -€13,943
down €13,943 (-7.3%), from €191,244 to €177,301
of which Furniture and vehicles: -€13,943
- Reserves -€212,221
down €212,221 (-28.4%), from €746,954 to €534,733
of which Distributable reserves: -€212,221
- Other debts +€189,259
up €189,259 (+662.1%), from €28,586 to €217,845
- Tax, wage and social debts -€40,022
down €40,022 (-73.5%), from €54,484 to €14,462
- Debts after one year -€11,750
down €11,750 (-92.3%), from €12,735 to €985
- Gross operating margin -€22,424
down €22,424 (-16.1%), from €139,035 to €116,611
- Taxes -€10,723
down €10,723 (-27.0%), from €39,691 to €28,968
- Other operating charges +€6,509
up €6,509 (+359.8%), from €1,809 to €8,318
- Financial income -€4,266
down €4,266 (-67.2%), from €6,349 to €2,083
- Financial charges +€2,303
up €2,303 (+77.3%), from €2,981 to €5,284
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 | €883,310 | €806,937 | -€76,373 | -8.6% |
| Fixed assets | 21/28 | €191,249 | €177,306 | -€13,943 | -7.3% |
| Tangible fixed assets | 22/27 | €191,244 | €177,301 | -€13,943 | -7.3% |
| Land and buildings | 22 | €159,390 | €159,390 | = | 0.0% |
| Furniture and vehicles | 24 | €31,854 | €17,911 | -€13,943 | -43.8% |
| Financial fixed assets | 28 | €5 | €5 | = | 0.0% |
| Current assets | 29/58 | €692,061 | €629,631 | -€62,430 | -9.0% |
| Stocks and contracts in progress | 3 | €31,386 | €207,141 | +€175,755 | +560.0% |
| Stocks | 30/36 | €31,386 | €207,141 | +€175,755 | +560.0% |
| Amounts receivable within one year | 40/41 | €301,981 | €142,129 | -€159,852 | -52.9% |
| Trade receivables | 40 | €191,008 | €29,253 | -€161,755 | -84.7% |
| Other amounts receivable | 41 | €110,973 | €112,876 | +€1,903 | +1.7% |
| Cash at bank and in hand | 54/58 | €358,694 | €280,361 | -€78,333 | -21.8% |
| Total equity and liabilities | 10/49 | €883,310 | €806,937 | -€76,373 | -8.6% |
| Equity | 10/15 | €773,342 | €561,121 | -€212,221 | -27.4% |
| Contributions | 10/11 | €26,388 | €26,388 | = | 0.0% |
| Capital | 10 | €25,000 | €25,000 | = | 0.0% |
| Issued capital | 100 | €25,000 | €25,000 | = | 0.0% |
| Outside capital | 11 | €1,388 | €1,388 | = | 0.0% |
| Share premium | 1100/10 | €1,388 | €1,388 | = | 0.0% |
| Reserves | 13 | €746,954 | €534,733 | -€212,221 | -28.4% |
| Non-distributable reserves | 130/1 | €27,491 | €27,491 | = | 0.0% |
| Legal reserve | 130 | €27,491 | €27,491 | = | 0.0% |
| Distributable reserves | 133 | €719,463 | €507,242 | -€212,221 | -29.5% |
| Amounts payable | 17/49 | €109,968 | €245,816 | +€135,848 | +123.5% |
| Amounts payable after more than one year | 17 | €12,735 | €985 | -€11,750 | -92.3% |
| Financial debts | 170/4 | €12,735 | €985 | -€11,750 | -92.3% |
| Amounts payable within one year | 42/48 | €97,233 | €244,831 | +€147,598 | +151.8% |
| Current portion of amounts payable after more than one year | 42 | €11,614 | €11,749 | +€135 | +1.2% |
| Trade debts | 44 | €2,549 | €775 | -€1,774 | -69.6% |
| Suppliers | 440/4 | €2,549 | €775 | -€1,774 | -69.6% |
| Taxes, remuneration and social security | 45 | €54,484 | €14,462 | -€40,022 | -73.5% |
| Taxes | 450/3 | €54,484 | €14,462 | -€40,022 | -73.5% |
| Other amounts payable | 47/48 | €28,586 | €217,845 | +€189,259 | +662.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,493 | €13,943 | -€550 | -3.8% |
| Other operating charges | 640/8 | €1,809 | €8,318 | +€6,509 | +359.8% |
| Gross operating margin | 9900 | €139,035 | €116,611 | -€22,424 | -16.1% |
| Operating profit (loss) | 9901 | €122,733 | €94,350 | -€28,383 | -23.1% |
| Financial income | 75/76B | €6,349 | €2,083 | -€4,266 | -67.2% |
| Recurring financial income | 75 | €6,349 | €2,083 | -€4,266 | -67.2% |
| Financial charges | 65/66B | €2,981 | €5,284 | +€2,303 | +77.3% |
| Recurring financial charges | 65 | €2,981 | €5,284 | +€2,303 | +77.3% |
| Profit (loss) for the period before taxes | 9903 | €126,101 | €91,149 | -€34,952 | -27.7% |
| Income taxes | 67/77 | €39,691 | €28,968 | -€10,723 | -27.0% |
| Profit (loss) for the period | 9904 | €86,410 | €62,181 | -€24,229 | -28.0% |
| Profit (loss) for the period to be appropriated | 9905 | €86,410 | €62,181 | -€24,229 | -28.0% |
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 28 September 2026 via checked.be.