VEKABO: 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.
What changed
VEKABO
NACE 68.110, Buying and selling of own real estate
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€447,953
2024 · -€6.9m+€6.4m
Equity
€13.1m
2024 · €13.6m-€447,953
Cash
€105,229
2024 · €4+€105,226
Balance sheet total
€81.2m
2024 · €86.4m-€5.2m
Largest movements
Assets
- Stocks and contracts -€4.6m
down €4.6m (-5.8%), from €79.8m to €75.2m
Equity and liabilities
- Current portion of long-term debt -€34.9m
down €34.9m (-99.7%), from €35.0m to €100,000
- Short-term financial debts +€26.7m
up €26.7m (+77.4%), from €34.5m to €61.1m
- Other debts +€4.3m
up €4.3m (+157271.8%), from €2,725 to €4.3m
Income statement
- Financial charges -€4.5m
down €4.5m (-61.9%), from €7.3m to €2.8m
- Turnover -€4.2m
down €4.2m (-36.9%), from €11.3m to €7.1m
- Goods and materials -€2.8m
down €2.8m (-31.2%), from €8.9m to €6.2m
of which Purchases: -€4.8m
- Other operating charges -€424,437
down €424,437 (-67.4%), from €629,582 to €205,145
- Write-downs +€421,654
up €421,654 (+985.5%), from €42,788 to €464,441
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.
Result 2024
-€6.9m
Turnover
-€4.2m
Other operating income
-€29,517
Goods and materials
+€2.8m
Services and other goods
+€361,161
Staff costs
+€153,036
Write-downs
-€421,654
Provisions
+€80,000
Other operating charges
+€424,437
Other operating items
+€2.7m
Financial income
-€21,072
Financial charges
+€4.5m
Taxes
+€529
Result 2025
-€447,953
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.
From operations
+€8.4m
Investment
€0
Financing
-€8.3m
Cash 2024
€4
From operations (derived)
+€8.4m
Net result for the year
-€447,953
Depreciation
+€3,103
Stocks and contracts
+€4.6m
Receivables within one year
+€584,194
Deferred charges and accrued income
+€108,369
Trade debts
-€582,374
Smaller working-capital items
-€22,552
Other debts
+€4.3m
Accrued charges and deferred income
-€108,813
Financing
-€8.3m
Debts after one year
-€100,000
Current portion of long-term debt
-€34.9m
Short-term financial debts
+€26.7m
Cash 2025
€105,229
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €86,414,851 | €81,205,644 | -€5.2m | -6.0% |
| Fixed assets | 21/28 | €58,836 | €55,732 | -€3,103 | -5.3% |
| Tangible fixed assets | 22/27 | €27,586 | €24,482 | -€3,103 | -11.2% |
| Other tangible fixed assets | 26 | €27,586 | €24,482 | -€3,103 | -11.2% |
| Financial fixed assets | 28 | €31,250 | €31,250 | = | 0.0% |
| Affiliated companies | 280/1 | €31,250 | €31,250 | = | 0.0% |
| Participating interests | 280 | €31,250 | €31,250 | = | 0.0% |
| Current assets | 29/58 | €86,356,015 | €81,149,911 | -€5.2m | -6.0% |
| Amounts receivable after more than one year | 29 | €2,000,000 | €2,000,000 | = | 0.0% |
| Other amounts receivable | 291 | €2,000,000 | €2,000,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €79,841,012 | €75,222,246 | -€4.6m | -5.8% |
| Stocks | 30/36 | €79,841,012 | €75,222,246 | -€4.6m | -5.8% |
| Property held for sale | 35 | €79,841,012 | €75,222,246 | -€4.6m | -5.8% |
| Amounts receivable within one year | 40/41 | €4,382,857 | €3,798,663 | -€584,194 | -13.3% |
| Trade receivables | 40 | €817,304 | €860,285 | +€42,980 | +5.3% |
| Other amounts receivable | 41 | €3,565,552 | €2,938,378 | -€627,174 | -17.6% |
| Cash at bank and in hand | 54/58 | €4 | €105,229 | +€105,226 | +2726050.5% |
| Deferred charges and accrued income | 490/1 | €132,142 | €23,773 | -€108,369 | -82.0% |
| Total equity and liabilities | 10/49 | €86,414,851 | €81,205,644 | -€5.2m | -6.0% |
| Equity | 10/15 | €13,575,420 | €13,127,468 | -€447,953 | -3.3% |
| Contributions | 10/11 | €12,292,538 | €12,292,538 | = | 0.0% |
| Capital | 10 | €12,292,337 | €12,292,337 | = | 0.0% |
| Issued capital | 100 | €12,292,337 | €12,292,337 | = | 0.0% |
| Outside capital | 11 | €202 | €202 | = | 0.0% |
| Share premium | 1100/10 | €202 | €202 | = | 0.0% |
| Reserves | 13 | €2,966,581 | €2,966,581 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,229,234 | €1,229,234 | = | 0.0% |
| Legal reserve | 130 | €1,229,234 | €1,229,234 | = | 0.0% |
| Distributable reserves | 133 | €1,737,347 | €1,737,347 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,683,699 | -€2,131,652 | -€447,953 | -26.6% |
| Provisions and deferred taxes | 16 | €230,000 | €230,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €230,000 | €230,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €230,000 | €230,000 | = | 0.0% |
| Amounts payable | 17/49 | €72,609,430 | €67,848,176 | -€4.8m | -6.6% |
| Amounts payable after more than one year | 17 | €1,682,500 | €1,582,500 | -€100,000 | -5.9% |
| Other amounts payable | 178/9 | €1,682,500 | €1,582,500 | -€100,000 | -5.9% |
| Amounts payable within one year | 42/48 | €70,379,206 | €65,826,765 | -€4.6m | -6.5% |
| Current portion of amounts payable after more than one year | 42 | €35,000,000 | €100,000 | -€34.9m | -99.7% |
| Financial debts | 43 | €34,473,869 | €61,140,698 | +€26.7m | +77.4% |
| Credit institutions | 430/8 | €34,473,869 | €61,140,698 | +€26.7m | +77.4% |
| Trade debts | 44 | €851,359 | €268,985 | -€582,374 | -68.4% |
| Suppliers | 440/4 | €851,359 | €268,985 | -€582,374 | -68.4% |
| Advances received on contracts in progress | 46 | €5,250 | €10,000 | +€4,750 | +90.5% |
| Taxes, remuneration and social security | 45 | €46,003 | €18,702 | -€27,302 | -59.3% |
| Taxes | 450/3 | €27,706 | €13,400 | -€14,307 | -51.6% |
| Remuneration and social security | 454/9 | €18,297 | €5,302 | -€12,995 | -71.0% |
| Other amounts payable | 47/48 | €2,725 | €4,288,380 | +€4.3m | +157271.8% |
| Accrued charges and deferred income | 492/3 | €547,724 | €438,911 | -€108,813 | -19.9% |
| Operating income | 70/76A | €11,370,427 | €9,888,963 | -€1.5m | -13.0% |
| Turnover | 70 | €11,282,832 | €7,122,475 | -€4.2m | -36.9% |
| Other operating income | 74 | €87,594 | €58,077 | -€29,517 | -33.7% |
| Non-recurring operating income | 76A | - | €2,708,411 | +€2.7m | |
| Operating charges | 60/66A | €11,059,631 | €7,673,015 | -€3.4m | -30.6% |
| Goods for resale, raw materials and consumables | 60 | €8,941,925 | €6,153,391 | -€2.8m | -31.2% |
| Purchases | 600/8 | €6,817,635 | €2,010,502 | -€4.8m | -70.5% |
| Change in stocks: decrease (increase) | 609 | €2,124,291 | €4,142,889 | +€2.0m | +95.0% |
| Services and other goods | 61 | €988,144 | €626,984 | -€361,161 | -36.5% |
| Remuneration, social security and pensions | 62 | €372,987 | €219,951 | -€153,036 | -41.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,103 | €3,103 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €42,788 | €464,441 | +€421,654 | +985.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €80,000 | - | -€80,000 | |
| Other operating charges | 640/8 | €629,582 | €205,145 | -€424,437 | -67.4% |
| Non-recurring operating charges | 66A | €1,103 | - | -€1,103 | |
| Operating profit (loss) | 9901 | €310,795 | €2,215,948 | +€1.9m | +613.0% |
| Financial income | 75/76B | €138,243 | €117,172 | -€21,072 | -15.2% |
| Recurring financial income | 75 | €138,243 | €117,172 | -€21,072 | -15.2% |
| Income from current assets | 751 | €138,055 | €117,135 | -€20,920 | -15.2% |
| Other financial income | 752/9 | €188 | €36 | -€152 | -80.7% |
| Financial charges | 65/66B | €7,300,826 | €2,780,539 | -€4.5m | -61.9% |
| Recurring financial charges | 65 | €7,300,826 | €2,780,539 | -€4.5m | -61.9% |
| Debt charges | 650 | €3,142,428 | €2,719,097 | -€423,332 | -13.5% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €4,000,000 | - | -€4.0m | |
| Other financial charges | 652/9 | €158,398 | €61,442 | -€96,955 | -61.2% |
| Profit (loss) for the period before taxes | 9903 | -€6,851,788 | -€447,420 | +€6.4m | +93.5% |
| Income taxes | 67/77 | €1,063 | €533 | -€529 | -49.8% |
| Taxes | 670/3 | €1,063 | €533 | -€529 | -49.8% |
| Profit (loss) for the period | 9904 | -€6,852,850 | -€447,953 | +€6.4m | +93.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,852,850 | -€447,953 | +€6.4m | +93.5% |
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 5 October 2026 via checked.be.