VEFIBEL: 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.
VEFIBEL
Largest movements
- Cash -€607,271
down €607,271 (-86.4%), from €702,898 to €95,627
mainly Short-term financial debts (-€800,000) and Other debts (-€386,207)
- Receivables within one year -€337,273
down €337,273 (-36.8%), from €917,526 to €580,253
of which Other amounts receivable: -€342,519
- Tangible fixed assets +€128,022
up €128,022 (+3.7%), from €3.4m to €3.5m
of which Land and buildings: +€80,960
- Short-term financial debts -€800,000
down €800,000 (-34.0%), from €2.4m to €1.6m
- Reserves +€406,505
up €406,505 (+10.2%), from €4.0m to €4.4m
of which Distributable reserves: +€406,505
- Other debts -€386,207
down €386,207 (-77.3%), from €499,677 to €113,470
- Debts after one year -€183,333
down €183,333 (-18.4%), from €995,833 to €812,500
- Tax, wage and social debts +€151,893
up €151,893 (+1,636%), from €9,286 to €161,179
- Financial charges +€55,491
up €55,491 (+79.5%), from €69,812 to €125,303
- Turnover +€45,890
up €45,890 (+27.1%), from €169,512 to €215,402
- Taxes -€35,469
down €35,469 (-28.3%), from €125,504 to €90,035
of which Taxes: -€24,807
- Financial income +€26,515
up €26,515 (+38.7%), from €68,542 to €95,057
- Other operating income -€26,100
down €26,100 (-3.4%), from €774,764 to €748,664
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 | €9,051,578 | €8,248,427 | -€803,151 | -8.9% |
| Fixed assets | 21/28 | €7,431,154 | €7,564,126 | +€132,972 | +1.8% |
| Tangible fixed assets | 22/27 | €3,416,223 | €3,544,245 | +€128,022 | +3.7% |
| Land and buildings | 22 | €2,511,789 | €2,592,749 | +€80,960 | +3.2% |
| Plant, machinery and equipment | 23 | €904,434 | €951,496 | +€47,062 | +5.2% |
| Financial fixed assets | 28 | €4,014,931 | €4,019,881 | +€4,950 | +0.1% |
| Affiliated companies | 280/1 | - | €4,950 | +€4,950 | |
| Participating interests | 280 | - | €4,950 | +€4,950 | |
| Other financial fixed assets | 284/8 | €4,014,931 | €4,014,931 | = | 0.0% |
| Shares | 284 | €4,014,931 | €4,014,931 | = | 0.0% |
| Current assets | 29/58 | €1,620,424 | €684,301 | -€936,123 | -57.8% |
| Amounts receivable within one year | 40/41 | €917,526 | €580,253 | -€337,273 | -36.8% |
| Trade receivables | 40 | €53,059 | €58,305 | +€5,246 | +9.9% |
| Other amounts receivable | 41 | €864,467 | €521,948 | -€342,519 | -39.6% |
| Cash at bank and in hand | 54/58 | €702,898 | €95,627 | -€607,271 | -86.4% |
| Deferred charges and accrued income | 490/1 | - | €8,421 | +€8,421 | |
| Total equity and liabilities | 10/49 | €9,051,578 | €8,248,427 | -€803,151 | -8.9% |
| Equity | 10/15 | €4,947,046 | €5,353,551 | +€406,505 | +8.2% |
| Contributions | 10/11 | €958,000 | €958,000 | = | 0.0% |
| Capital | 10 | €958,000 | €958,000 | = | 0.0% |
| Issued capital | 100 | €958,000 | €958,000 | = | 0.0% |
| Reserves | 13 | €3,989,046 | €4,395,551 | +€406,505 | +10.2% |
| Non-distributable reserves | 130/1 | €95,800 | €95,800 | = | 0.0% |
| Legal reserve | 130 | €95,800 | €95,800 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,076,332 | €1,076,332 | = | 0.0% |
| Distributable reserves | 133 | €2,816,914 | €3,223,419 | +€406,505 | +14.4% |
| Amounts payable | 17/49 | €4,104,532 | €2,894,876 | -€1.2m | -29.5% |
| Amounts payable after more than one year | 17 | €995,833 | €812,500 | -€183,333 | -18.4% |
| Financial debts | 170/4 | €995,833 | €812,500 | -€183,333 | -18.4% |
| Credit institutions | 173 | €995,833 | €812,500 | -€183,333 | -18.4% |
| Amounts payable within one year | 42/48 | €3,105,996 | €2,082,376 | -€1.0m | -33.0% |
| Current portion of amounts payable after more than one year | 42 | €183,333 | €183,333 | = | 0.0% |
| Financial debts | 43 | €2,350,000 | €1,550,000 | -€800,000 | -34.0% |
| Other loans | 439 | €2,350,000 | €1,550,000 | -€800,000 | -34.0% |
| Trade debts | 44 | €63,700 | €74,394 | +€10,694 | +16.8% |
| Suppliers | 440/4 | €63,700 | €74,394 | +€10,694 | +16.8% |
| Taxes, remuneration and social security | 45 | €9,286 | €161,179 | +€151,893 | +1,636% |
| Taxes | 450/3 | €9,286 | €161,179 | +€151,893 | +1,636% |
| Other amounts payable | 47/48 | €499,677 | €113,470 | -€386,207 | -77.3% |
| Accrued charges and deferred income | 492/3 | €2,703 | €0 | -€2,703 | -100% |
| Operating income | 70/76A | €944,276 | €964,066 | +€19,790 | +2.1% |
| Turnover | 70 | €169,512 | €215,402 | +€45,890 | +27.1% |
| Other operating income | 74 | €774,764 | €748,664 | -€26,100 | -3.4% |
| Operating charges | 60/66A | €440,981 | €437,280 | -€3,701 | -0.8% |
| Services and other goods | 61 | €179,088 | €181,797 | +€2,709 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €210,536 | €194,045 | -€16,491 | -7.8% |
| Other operating charges | 640/8 | €51,357 | €61,438 | +€10,081 | +19.6% |
| Operating profit (loss) | 9901 | €503,295 | €526,786 | +€23,491 | +4.7% |
| Financial income | 75/76B | €68,542 | €95,057 | +€26,515 | +38.7% |
| Recurring financial income | 75 | €68,542 | €95,057 | +€26,515 | +38.7% |
| Income from financial fixed assets | 750 | €0 | €95,050 | +€95,050 | |
| Income from current assets | 751 | €68,542 | €7 | -€68,535 | -100.0% |
| Financial charges | 65/66B | €69,812 | €125,303 | +€55,491 | +79.5% |
| Recurring financial charges | 65 | €69,812 | €125,303 | +€55,491 | +79.5% |
| Debt charges | 650 | €69,014 | €124,441 | +€55,427 | +80.3% |
| Other financial charges | 652/9 | €798 | €862 | +€64 | +8.0% |
| Profit (loss) for the period before taxes | 9903 | €502,025 | €496,540 | -€5,485 | -1.1% |
| Income taxes | 67/77 | €125,504 | €90,035 | -€35,469 | -28.3% |
| Taxes | 670/3 | €125,504 | €100,697 | -€24,807 | -19.8% |
| Tax adjustments and reversals of tax provisions | 77 | - | €10,662 | +€10,662 | |
| Profit (loss) for the period | 9904 | €376,521 | €406,505 | +€29,984 | +8.0% |
| Profit (loss) for the period to be appropriated | 9905 | €376,521 | €406,505 | +€29,984 | +8.0% |
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.