VECOBO: 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.
VECOBO
Largest movements
- Cash +€58,811
up €58,811 (+65.7%), from €89,484 to €148,295
mainly Net result for the year (+€41,585) and Trade debts (+€29,883)
- Receivables within one year -€14,537
down €14,537 (-7.8%), from €186,100 to €171,563
of which Trade receivables: -€16,221
- Tangible fixed assets +€13,580
up €13,580 (+11.4%), from €119,322 to €132,902
of which Furniture and vehicles: +€14,118
- Reserves +€39,919
up €39,919 (+16.9%), from €236,191 to €276,110
- Trade debts +€29,883
up €29,883 (+41.0%), from €72,826 to €102,709
- Debts after one year -€19,547
down €19,547 (-67.3%), from €29,061 to €9,514
- Gross operating margin +€28,289
up €28,289 (+25.7%), from €109,897 to €138,186
- Depreciation -€5,715
down €5,715 (-18.0%), from €31,753 to €26,038
- Staff costs +€4,044
up €4,044 (+9.0%), from €44,996 to €49,040
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 | €397,139 | €454,737 | +€57,598 | +14.5% |
| Fixed assets | 21/28 | €119,380 | €132,960 | +€13,580 | +11.4% |
| Tangible fixed assets | 22/27 | €119,322 | €132,902 | +€13,580 | +11.4% |
| Land and buildings | 22 | €38,315 | €38,000 | -€315 | -0.8% |
| Plant, machinery and equipment | 23 | €577 | €354 | -€223 | -38.6% |
| Furniture and vehicles | 24 | €80,430 | €94,548 | +€14,118 | +17.6% |
| Financial fixed assets | 28 | €58 | €58 | = | 0.0% |
| Current assets | 29/58 | €277,759 | €321,777 | +€44,018 | +15.8% |
| Amounts receivable within one year | 40/41 | €186,100 | €171,563 | -€14,537 | -7.8% |
| Trade receivables | 40 | €177,231 | €161,010 | -€16,221 | -9.2% |
| Other amounts receivable | 41 | €8,869 | €10,553 | +€1,684 | +19.0% |
| Cash at bank and in hand | 54/58 | €89,484 | €148,295 | +€58,811 | +65.7% |
| Deferred charges and accrued income | 490/1 | €2,175 | €1,919 | -€256 | -11.8% |
| Total equity and liabilities | 10/49 | €397,139 | €454,737 | +€57,598 | +14.5% |
| Equity | 10/15 | €261,191 | €301,110 | +€39,919 | +15.3% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €236,191 | €276,110 | +€39,919 | +16.9% |
| Distributable reserves | 133 | €236,191 | €276,110 | +€39,919 | +16.9% |
| Amounts payable | 17/49 | €135,948 | €153,627 | +€17,679 | +13.0% |
| Amounts payable after more than one year | 17 | €29,061 | €9,514 | -€19,547 | -67.3% |
| Financial debts | 170/4 | €29,061 | €9,514 | -€19,547 | -67.3% |
| Amounts payable within one year | 42/48 | €106,887 | €144,113 | +€37,226 | +34.8% |
| Current portion of amounts payable after more than one year | 42 | €18,749 | €19,546 | +€797 | +4.3% |
| Trade debts | 44 | €72,826 | €102,709 | +€29,883 | +41.0% |
| Suppliers | 440/4 | €72,826 | €102,709 | +€29,883 | +41.0% |
| Taxes, remuneration and social security | 45 | €9,370 | €13,458 | +€4,088 | +43.6% |
| Taxes | 450/3 | €4,535 | €5,013 | +€478 | +10.5% |
| Remuneration and social security | 454/9 | €4,835 | €8,445 | +€3,610 | +74.7% |
| Other amounts payable | 47/48 | €5,942 | €8,400 | +€2,458 | +41.4% |
| Remuneration, social security and pensions | 62 | €44,996 | €49,040 | +€4,044 | +9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,753 | €26,038 | -€5,715 | -18.0% |
| Other operating charges | 640/8 | €2,664 | €2,753 | +€89 | +3.3% |
| Non-recurring operating charges | 66A | €1,048 | €591 | -€457 | -43.6% |
| Gross operating margin | 9900 | €109,897 | €138,186 | +€28,289 | +25.7% |
| Operating profit (loss) | 9901 | €29,436 | €59,764 | +€30,328 | +103% |
| Financial charges | 65/66B | €3,656 | €3,555 | -€101 | -2.8% |
| Recurring financial charges | 65 | €3,656 | €3,555 | -€101 | -2.8% |
| Profit (loss) for the period before taxes | 9903 | €25,780 | €56,209 | +€30,429 | +118% |
| Income taxes | 67/77 | €15,513 | €14,624 | -€889 | -5.7% |
| Profit (loss) for the period | 9904 | €10,267 | €41,585 | +€31,318 | +305% |
| Profit (loss) for the period to be appropriated | 9905 | €10,267 | €41,585 | +€31,318 | +305% |
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 24 October 2026 via checked.be.