VLEBO: 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.
VLEBO
Largest movements
- Current investments -€28,023
down €28,023 (-62.3%), from €45,000 to €16,977
- Tangible fixed assets -€14,829
down €14,829 (-6.2%), from €238,509 to €223,680
of which Land and buildings: -€14,324
- Receivables within one year -€12,571
down €12,571 (-31.7%), from €39,595 to €27,024
of which Trade receivables: -€11,686
- Cash +€7,927
up €7,927 (+190%), from €4,177 to €12,104
mainly Net result for the year (+€34,097) and Current investments (+€28,023)
- Reserves -€59,906
down €59,906 (-33.8%), from €177,480 to €117,575
of which Distributable reserves: -€59,906
- Other debts +€27,774
up €27,774 (+46.8%), from €59,321 to €87,095
- Debts after one year -€17,431
down €17,431 (-37.0%), from €47,138 to €29,708
- Tax, wage and social debts +€6,767
up €6,767 (+189%), from €3,579 to €10,347
- Current portion of long-term debt -€3,742
down €3,742 (-17.7%), from €21,173 to €17,431
- Gross operating margin +€3,617
up €3,617 (+6.2%), from €58,733 to €62,350
- Financial income +€2,517
up €2,517 (+757%), from €333 to €2,849
- Depreciation -€1,232
down €1,232 (-7.7%), from €16,061 to €14,829
- Taxes +€1,198
up €1,198 (+9.9%), from €12,143 to €13,341
- Financial charges -€851
down €851 (-25.8%), from €3,296 to €2,445
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 | €334,744 | €287,238 | -€47,506 | -14.2% |
| Fixed assets | 21/28 | €243,509 | €228,680 | -€14,829 | -6.1% |
| Tangible fixed assets | 22/27 | €238,509 | €223,680 | -€14,829 | -6.2% |
| Land and buildings | 22 | €226,769 | €212,445 | -€14,324 | -6.3% |
| Plant, machinery and equipment | 23 | €10,850 | €10,850 | = | 0.0% |
| Furniture and vehicles | 24 | €890 | €385 | -€505 | -56.8% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €91,235 | €58,558 | -€32,677 | -35.8% |
| Amounts receivable within one year | 40/41 | €39,595 | €27,024 | -€12,571 | -31.7% |
| Trade receivables | 40 | €38,511 | €26,825 | -€11,686 | -30.3% |
| Other amounts receivable | 41 | €1,083 | €199 | -€884 | -81.6% |
| Current investments | 50/53 | €45,000 | €16,977 | -€28,023 | -62.3% |
| Cash at bank and in hand | 54/58 | €4,177 | €12,104 | +€7,927 | +190% |
| Deferred charges and accrued income | 490/1 | €2,463 | €2,452 | -€11 | -0.4% |
| Total equity and liabilities | 10/49 | €334,744 | €287,238 | -€47,506 | -14.2% |
| Equity | 10/15 | €196,080 | €136,175 | -€59,906 | -30.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €177,480 | €117,575 | -€59,906 | -33.8% |
| Non-distributable reserves | 130/1 | €5,260 | €5,260 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,260 | €5,260 | = | 0.0% |
| Distributable reserves | 133 | €172,220 | €112,315 | -€59,906 | -34.8% |
| Amounts payable | 17/49 | €138,664 | €151,063 | +€12,399 | +8.9% |
| Amounts payable after more than one year | 17 | €47,138 | €29,708 | -€17,431 | -37.0% |
| Financial debts | 170/4 | €47,138 | €29,708 | -€17,431 | -37.0% |
| Amounts payable within one year | 42/48 | €91,330 | €119,642 | +€28,312 | +31.0% |
| Current portion of amounts payable after more than one year | 42 | €21,173 | €17,431 | -€3,742 | -17.7% |
| Financial debts | 43 | €1,862 | €1,012 | -€850 | -45.6% |
| Credit institutions | 430/8 | €1,862 | €1,012 | -€850 | -45.6% |
| Trade debts | 44 | €5,396 | €3,758 | -€1,638 | -30.4% |
| Suppliers | 440/4 | €5,396 | €3,758 | -€1,638 | -30.4% |
| Taxes, remuneration and social security | 45 | €3,579 | €10,347 | +€6,767 | +189% |
| Taxes | 450/3 | €3,579 | €10,347 | +€6,767 | +189% |
| Other amounts payable | 47/48 | €59,321 | €87,095 | +€27,774 | +46.8% |
| Accrued charges and deferred income | 492/3 | €195 | €1,713 | +€1,518 | +779% |
| Non-recurring operating income | 76A | - | €1,267 | +€1,267 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,061 | €14,829 | -€1,232 | -7.7% |
| Other operating charges | 640/8 | €488 | €488 | -€1 | -0.1% |
| Gross operating margin | 9900 | €58,733 | €62,350 | +€3,617 | +6.2% |
| Operating profit (loss) | 9901 | €42,184 | €47,034 | +€4,849 | +11.5% |
| Financial income | 75/76B | €333 | €2,849 | +€2,517 | +757% |
| Recurring financial income | 75 | €333 | €2,849 | +€2,517 | +757% |
| Financial charges | 65/66B | €3,296 | €2,445 | -€851 | -25.8% |
| Recurring financial charges | 65 | €3,296 | €2,445 | -€851 | -25.8% |
| Profit (loss) for the period before taxes | 9903 | €39,221 | €47,438 | +€8,217 | +21.0% |
| Income taxes | 67/77 | €12,143 | €13,341 | +€1,198 | +9.9% |
| Profit (loss) for the period | 9904 | €27,078 | €34,097 | +€7,019 | +25.9% |
| Profit (loss) for the period to be appropriated | 9905 | €27,078 | €34,097 | +€7,019 | +25.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.