VESBO: 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.
VESBO
Largest movements
- Stocks and contracts -€427,371
down €427,371 (-34.9%), from €1.2m to €796,766
- Cash -€69,696
down €69,696 (-59.2%), from €117,704 to €48,008
mainly Current portion of long-term debt (-€434,000) and Other debts (-€60,000)
- Current portion of long-term debt -€434,000
down €434,000 (-56.8%), from €764,750 to €330,750
- Other debts -€60,000
down €60,000 (-50.4%), from €119,096 to €59,096
- Tax, wage and social debts -€28,682
down €28,682 (-76.9%), from €37,295 to €8,613
- Profit (loss) carried forward +€22,994
up €22,994 (+5.1%), from €447,814 to €470,808
- Gross operating margin -€31,981
down €31,981 (-29.9%), from €107,031 to €75,049
- Taxes -€8,105
down €8,105 (-48.5%), from €16,718 to €8,613
- Financial charges +€3,420
up €3,420 (+8.8%), from €39,082 to €42,502
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 | €1,377,645 | €877,327 | -€500,319 | -36.3% |
| Current assets | 29/58 | €1,377,645 | €877,327 | -€500,319 | -36.3% |
| Stocks and contracts in progress | 3 | €1,224,137 | €796,766 | -€427,371 | -34.9% |
| Stocks | 30/36 | €1,224,137 | €796,766 | -€427,371 | -34.9% |
| Amounts receivable within one year | 40/41 | €35,805 | €32,553 | -€3,252 | -9.1% |
| Trade receivables | 40 | €584 | €584 | = | 0.0% |
| Other amounts receivable | 41 | €35,221 | €31,970 | -€3,252 | -9.2% |
| Cash at bank and in hand | 54/58 | €117,704 | €48,008 | -€69,696 | -59.2% |
| Total equity and liabilities | 10/49 | €1,377,645 | €877,327 | -€500,319 | -36.3% |
| Equity | 10/15 | €455,874 | €478,868 | +€22,994 | +5.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €447,814 | €470,808 | +€22,994 | +5.1% |
| Amounts payable | 17/49 | €921,771 | €398,459 | -€523,312 | -56.8% |
| Amounts payable within one year | 42/48 | €921,771 | €398,459 | -€523,312 | -56.8% |
| Current portion of amounts payable after more than one year | 42 | €764,750 | €330,750 | -€434,000 | -56.8% |
| Trade debts | 44 | €630 | - | -€630 | |
| Suppliers | 440/4 | €630 | - | -€630 | |
| Taxes, remuneration and social security | 45 | €37,295 | €8,613 | -€28,682 | -76.9% |
| Taxes | 450/3 | €37,295 | €8,613 | -€28,682 | -76.9% |
| Other amounts payable | 47/48 | €119,096 | €59,096 | -€60,000 | -50.4% |
| Other operating charges | 640/8 | €960 | €941 | -€19 | -2.0% |
| Gross operating margin | 9900 | €107,031 | €75,049 | -€31,981 | -29.9% |
| Operating profit (loss) | 9901 | €106,070 | €74,109 | -€31,962 | -30.1% |
| Financial income | 75/76B | €6 | - | -€6 | |
| Recurring financial income | 75 | €6 | - | -€6 | |
| Financial charges | 65/66B | €39,082 | €42,502 | +€3,420 | +8.8% |
| Recurring financial charges | 65 | €39,082 | €42,502 | +€3,420 | +8.8% |
| Profit (loss) for the period before taxes | 9903 | €66,993 | €31,606 | -€35,387 | -52.8% |
| Income taxes | 67/77 | €16,718 | €8,613 | -€8,105 | -48.5% |
| Profit (loss) for the period | 9904 | €50,276 | €22,994 | -€27,282 | -54.3% |
| Profit (loss) for the period to be appropriated | 9905 | €50,276 | €22,994 | -€27,282 | -54.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.