VESEBO: 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.
VESEBO
Largest movements
- Cash +€299,240
up €299,240 (+687.5%), from €43,524 to €342,764
mainly Receivables after one year (+€119,956) and Receivables within one year (+€106,047)
- Receivables after one year -€119,956
down €119,956 (-73.6%), from €162,901 to €42,945
- Receivables within one year -€106,047
down €106,047 (-83.2%), from €127,474 to €21,427
- Tangible fixed assets -€46,466
down €46,466 (-5.2%), from €887,668 to €841,202
of which Land and buildings: -€45,479
- Reserves +€29,750
up €29,750 (+5.1%), from €585,743 to €615,493
of which Distributable reserves: +€32,867
- Gross operating margin -€4,905
down €4,905 (-4.9%), from €100,208 to €95,303
- Financial income +€4,687
up €4,687 (+238.4%), from €1,966 to €6,653
- Other operating charges +€1,664
up €1,664 (+100.8%), from €1,651 to €3,315
- Financial charges -€1,271
down €1,271 (-11.7%), from €10,865 to €9,594
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 | €1,231,492 | €1,258,263 | +€26,771 | +2.2% |
| Fixed assets | 21/28 | €887,668 | €841,202 | -€46,466 | -5.2% |
| Tangible fixed assets | 22/27 | €887,668 | €841,202 | -€46,466 | -5.2% |
| Land and buildings | 22 | €885,035 | €839,556 | -€45,479 | -5.1% |
| Plant, machinery and equipment | 23 | €2,633 | €1,646 | -€987 | -37.5% |
| Current assets | 29/58 | €343,824 | €417,061 | +€73,237 | +21.3% |
| Amounts receivable after more than one year | 29 | €162,901 | €42,945 | -€119,956 | -73.6% |
| Other amounts receivable | 291 | €162,901 | €42,945 | -€119,956 | -73.6% |
| Amounts receivable within one year | 40/41 | €127,474 | €21,427 | -€106,047 | -83.2% |
| Other amounts receivable | 41 | €127,474 | €21,427 | -€106,047 | -83.2% |
| Current investments | 50/53 | €1,000 | €1,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €43,524 | €342,764 | +€299,240 | +687.5% |
| Deferred charges and accrued income | 490/1 | €8,925 | €8,925 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,231,492 | €1,258,263 | +€26,771 | +2.2% |
| Equity | 10/15 | €1,044,346 | €1,074,096 | +€29,750 | +2.8% |
| Contributions | 10/11 | €458,603 | €458,603 | = | 0.0% |
| Capital | 10 | €458,603 | €458,603 | = | 0.0% |
| Issued capital | 100 | €458,603 | €458,603 | = | 0.0% |
| Reserves | 13 | €585,743 | €615,493 | +€29,750 | +5.1% |
| Non-distributable reserves | 130/1 | €27,645 | €29,375 | +€1,730 | +6.3% |
| Legal reserve | 130 | €27,645 | €29,375 | +€1,730 | +6.3% |
| Tax-exempt reserves | 132 | €72,770 | €67,923 | -€4,847 | -6.7% |
| Distributable reserves | 133 | €485,328 | €518,195 | +€32,867 | +6.8% |
| Provisions and deferred taxes | 16 | €37,471 | €34,975 | -€2,496 | -6.7% |
| Deferred taxes | 168 | €37,471 | €34,975 | -€2,496 | -6.7% |
| Amounts payable | 17/49 | €149,675 | €149,192 | -€483 | -0.3% |
| Amounts payable after more than one year | 17 | €7,419 | €7,419 | = | 0.0% |
| Other amounts payable | 178/9 | €7,419 | €7,419 | = | 0.0% |
| Amounts payable within one year | 42/48 | €142,256 | €141,773 | -€483 | -0.3% |
| Financial debts | 43 | €7,298 | €6,443 | -€855 | -11.7% |
| Credit institutions | 430/8 | €7,298 | €6,443 | -€855 | -11.7% |
| Trade debts | 44 | €1,520 | €1,869 | +€349 | +23.0% |
| Suppliers | 440/4 | €1,520 | €1,869 | +€349 | +23.0% |
| Taxes, remuneration and social security | 45 | €3,128 | €3,151 | +€23 | +0.7% |
| Taxes | 450/3 | €3,128 | €3,151 | +€23 | +0.7% |
| Other amounts payable | 47/48 | €130,310 | €130,310 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,673 | €50,369 | -€304 | -0.6% |
| Other operating charges | 640/8 | €1,651 | €3,315 | +€1,664 | +100.8% |
| Gross operating margin | 9900 | €100,208 | €95,303 | -€4,905 | -4.9% |
| Operating profit (loss) | 9901 | €47,884 | €41,619 | -€6,265 | -13.1% |
| Financial income | 75/76B | €1,966 | €6,653 | +€4,687 | +238.4% |
| Recurring financial income | 75 | €1,966 | €6,653 | +€4,687 | +238.4% |
| Financial charges | 65/66B | €10,865 | €9,594 | -€1,271 | -11.7% |
| Recurring financial charges | 65 | €10,865 | €9,594 | -€1,271 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | €38,985 | €38,678 | -€307 | -0.8% |
| Transfer from deferred taxes | 780 | €2,496 | €2,496 | = | 0.0% |
| Income taxes | 67/77 | €11,588 | €11,424 | -€164 | -1.4% |
| Profit (loss) for the period | 9904 | €29,893 | €29,750 | -€143 | -0.5% |
| Transfer from tax-exempt reserves | 789 | €4,847 | €4,847 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €34,740 | €34,597 | -€143 | -0.4% |
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 8 October 2026 via checked.be.