VLEBA: 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.
VLEBA
Largest movements
- Receivables within one year -€548,610
down €548,610 (-32.6%), from €1.7m to €1.1m
of which Other amounts receivable: -€350,759
- Cash +€146,750
new in 2026: €146,750
mainly Receivables within one year (+€548,610) and Depreciation (+€202,019)
- Stocks and contracts +€136,903
up €136,903 (+28.8%), from €476,128 to €613,031
- Tangible fixed assets +€58,685
up €58,685 (+14.4%), from €406,169 to €464,854
of which Plant, machinery and equipment: +€66,829
- Trade debts -€168,324
down €168,324 (-14.4%), from €1.2m to €1.0m
- Tax, wage and social debts -€140,731
down €140,731 (-39.0%), from €360,767 to €220,036
of which Remuneration and social security: -€70,951
- Profit (loss) carried forward +€113,279
up €113,279 (+25.3%), from €447,851 to €561,130
- Staff costs +€284,038
up €284,038 (+16.0%), from €1.8m to €2.1m
- Gross operating margin -€157,075
down €157,075 (-6.1%), from €2.6m to €2.4m
- Taxes -€111,290
down €111,290 (-74.2%), from €149,897 to €38,607
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,601,987 | €2,406,211 | -€195,776 | -7.5% |
| Fixed assets | 21/28 | €426,625 | €500,420 | +€73,795 | +17.3% |
| Intangible fixed assets | 21 | €20,456 | €35,566 | +€15,110 | +73.9% |
| Tangible fixed assets | 22/27 | €406,169 | €464,854 | +€58,685 | +14.4% |
| Plant, machinery and equipment | 23 | €259,895 | €326,724 | +€66,829 | +25.7% |
| Furniture and vehicles | 24 | €32,638 | €17,127 | -€15,511 | -47.5% |
| Other tangible fixed assets | 26 | €113,636 | €121,003 | +€7,367 | +6.5% |
| Current assets | 29/58 | €2,175,362 | €1,905,791 | -€269,571 | -12.4% |
| Stocks and contracts in progress | 3 | €476,128 | €613,031 | +€136,903 | +28.8% |
| Stocks | 30/36 | €476,128 | €613,031 | +€136,903 | +28.8% |
| Amounts receivable within one year | 40/41 | €1,685,205 | €1,136,595 | -€548,610 | -32.6% |
| Trade receivables | 40 | €1,228,973 | €1,031,122 | -€197,851 | -16.1% |
| Other amounts receivable | 41 | €456,232 | €105,473 | -€350,759 | -76.9% |
| Cash at bank and in hand | 54/58 | - | €146,750 | +€146,750 | |
| Deferred charges and accrued income | 490/1 | €14,029 | €9,415 | -€4,614 | -32.9% |
| Total equity and liabilities | 10/49 | €2,601,987 | €2,406,211 | -€195,776 | -7.5% |
| Equity | 10/15 | €1,072,851 | €1,186,130 | +€113,279 | +10.6% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €375,000 | €375,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €75,000 | €75,000 | = | 0.0% |
| Legal reserve | 130 | €75,000 | €75,000 | = | 0.0% |
| Distributable reserves | 133 | €300,000 | €300,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €447,851 | €561,130 | +€113,279 | +25.3% |
| Amounts payable | 17/49 | €1,529,136 | €1,220,081 | -€309,055 | -20.2% |
| Amounts payable within one year | 42/48 | €1,529,136 | €1,220,081 | -€309,055 | -20.2% |
| Trade debts | 44 | €1,168,369 | €1,000,045 | -€168,324 | -14.4% |
| Suppliers | 440/4 | €1,168,369 | €1,000,045 | -€168,324 | -14.4% |
| Taxes, remuneration and social security | 45 | €360,767 | €220,036 | -€140,731 | -39.0% |
| Taxes | 450/3 | €80,391 | €10,611 | -€69,780 | -86.8% |
| Remuneration and social security | 454/9 | €280,376 | €209,425 | -€70,951 | -25.3% |
| Remuneration, social security and pensions | 62 | €1,769,878 | €2,053,916 | +€284,038 | +16.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €182,467 | €202,019 | +€19,552 | +10.7% |
| Other operating charges | 640/8 | €6,891 | €17,468 | +€10,577 | +153.5% |
| Gross operating margin | 9900 | €2,580,136 | €2,423,061 | -€157,075 | -6.1% |
| Operating profit (loss) | 9901 | €620,900 | €149,658 | -€471,242 | -75.9% |
| Financial income | 75/76B | €52 | €9,602 | +€9,550 | +18365.4% |
| Recurring financial income | 75 | €52 | €2,164 | +€2,112 | +4061.5% |
| Non-recurring financial income | 76B | - | €7,438 | +€7,438 | |
| Financial charges | 65/66B | €25,071 | €7,373 | -€17,698 | -70.6% |
| Recurring financial charges | 65 | €25,071 | €7,373 | -€17,698 | -70.6% |
| Profit (loss) for the period before taxes | 9903 | €595,881 | €151,887 | -€443,994 | -74.5% |
| Income taxes | 67/77 | €149,897 | €38,607 | -€111,290 | -74.2% |
| Profit (loss) for the period | 9904 | €445,984 | €113,280 | -€332,704 | -74.6% |
| Profit (loss) for the period to be appropriated | 9905 | €445,984 | €113,280 | -€332,704 | -74.6% |
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.