VORABEL: 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.
VORABEL
Largest movements
- Tangible fixed assets -€297,967
down €297,967 (-21.0%), from €1.4m to €1.1m
- Receivables within one year -€104,782
down €104,782 (-57.8%), from €181,327 to €76,545
- Stocks and contracts -€73,972
down €73,972 (-49.4%), from €149,689 to €75,717
- Cash -€21,827
down €21,827 (-38.6%), from €56,548 to €34,721
mainly Trade debts (-€353,752) and Accrued charges and deferred income (-€94,247)
- Trade debts -€353,752
down €353,752 (-38.7%), from €913,407 to €559,654
- Accrued charges and deferred income -€94,247
no longer reported in 2025 (was €94,247)
- Tax, wage and social debts -€54,314
down €54,314 (-29.0%), from €187,539 to €133,225
of which Remuneration and social security: -€94,799
- Gross operating margin -€486,708
down €486,708 (-38.4%), from €1.3m to €780,631
- Staff costs -€397,680
down €397,680 (-44.7%), from €889,994 to €492,314
- Depreciation -€28,243
down €28,243 (-10.3%), from €274,712 to €246,470
- Taxes -€19,896
down €19,896 (-88.3%), from €22,537 to €2,641
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 | €1,805,910 | €1,307,362 | -€498,548 | -27.6% |
| Formation expenses | 20 | €13 | €13 | = | 0.0% |
| Fixed assets | 21/28 | €1,418,333 | €1,120,365 | -€297,967 | -21.0% |
| Tangible fixed assets | 22/27 | €1,418,333 | €1,120,365 | -€297,967 | -21.0% |
| Land and buildings | 22 | €791,298 | €694,159 | -€97,139 | -12.3% |
| Plant, machinery and equipment | 23 | €244,052 | €117,386 | -€126,666 | -51.9% |
| Furniture and vehicles | 24 | €6,038 | - | -€6,038 | |
| Other tangible fixed assets | 26 | €376,944 | €308,820 | -€68,124 | -18.1% |
| Current assets | 29/58 | €387,565 | €186,984 | -€200,581 | -51.8% |
| Stocks and contracts in progress | 3 | €149,689 | €75,717 | -€73,972 | -49.4% |
| Stocks | 30/36 | €149,689 | €75,717 | -€73,972 | -49.4% |
| Amounts receivable within one year | 40/41 | €181,327 | €76,545 | -€104,782 | -57.8% |
| Trade receivables | 40 | €181,327 | €76,545 | -€104,782 | -57.8% |
| Cash at bank and in hand | 54/58 | €56,548 | €34,721 | -€21,827 | -38.6% |
| Total equity and liabilities | 10/49 | €1,805,910 | €1,307,362 | -€498,548 | -27.6% |
| Equity | 10/15 | €124,486 | €124,160 | -€326 | -0.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €56,286 | €55,960 | -€326 | -0.6% |
| Amounts payable | 17/49 | €1,681,424 | €1,183,202 | -€498,222 | -29.6% |
| Amounts payable within one year | 42/48 | €1,587,178 | €1,183,202 | -€403,975 | -25.5% |
| Trade debts | 44 | €913,407 | €559,654 | -€353,752 | -38.7% |
| Suppliers | 440/4 | €913,407 | €559,654 | -€353,752 | -38.7% |
| Taxes, remuneration and social security | 45 | €187,539 | €133,225 | -€54,314 | -29.0% |
| Taxes | 450/3 | €25,007 | €65,492 | +€40,485 | +161.9% |
| Remuneration and social security | 454/9 | €162,532 | €67,733 | -€94,799 | -58.3% |
| Other amounts payable | 47/48 | €486,232 | €490,323 | +€4,091 | +0.8% |
| Accrued charges and deferred income | 492/3 | €94,247 | - | -€94,247 | |
| Remuneration, social security and pensions | 62 | €889,994 | €492,314 | -€397,680 | -44.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €274,712 | €246,470 | -€28,243 | -10.3% |
| Other operating charges | 640/8 | €15,576 | €15,919 | +€343 | +2.2% |
| Gross operating margin | 9900 | €1,267,339 | €780,631 | -€486,708 | -38.4% |
| Operating profit (loss) | 9901 | €87,056 | €25,928 | -€61,128 | -70.2% |
| Financial income | 75/76B | €2 | - | -€2 | |
| Recurring financial income | 75 | €2 | - | -€2 | |
| Financial charges | 65/66B | €31,438 | €23,613 | -€7,825 | -24.9% |
| Recurring financial charges | 65 | €31,438 | €23,613 | -€7,825 | -24.9% |
| Profit (loss) for the period before taxes | 9903 | €55,621 | €2,315 | -€53,305 | -95.8% |
| Income taxes | 67/77 | €22,537 | €2,641 | -€19,896 | -88.3% |
| Profit (loss) for the period | 9904 | €33,083 | -€326 | -€33,409 | |
| Profit (loss) for the period to be appropriated | 9905 | €33,083 | -€326 | -€33,409 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.