VEBF: what changed
VEBF
Largest movements
- Deferred charges and accrued income +€53,014
up €53,014 (+709%), from €7,482 to €60,496
- Receivables within one year -€33,497
down €33,497 (-35.9%), from €93,411 to €59,914
of which Trade receivables: -€33,558
- Cash +€4,015
up €4,015 (+1,010%), from €398 to €4,413
- Accrued charges and deferred income +€26,600
new in 2025: €26,600
- Reserves +€7,380
up €7,380 (+26.1%), from €28,310 to €35,690
of which Distributable reserves: +€7,380
- Trade debts -€6,953
down €6,953 (-48.5%), from €14,343 to €7,389
- Other debts -€4,401
no longer reported in 2025 (was €4,401)
- Staff costs -€17,337
down €17,337 (-17.4%), from €99,379 to €82,041
- Gross operating margin -€7,777
down €7,777 (-7.4%), from €104,756 to €96,979
- Financial charges +€2,926
up €2,926 (+114%), from €2,567 to €5,493
- Taxes +€2,643
up €2,643 (+317%), from €834 to €3,477
- Other operating charges +€2,090
up €2,090 (+423%), from €493 to €2,583
Change in the result, 2023 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
A cash bridge needs two consecutive financial years. One year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €101,291 | €124,823 | +€23,532 | +23.2% |
| Current assets | 29/58 | €101,291 | €124,823 | +€23,532 | +23.2% |
| Amounts receivable within one year | 40/41 | €93,411 | €59,914 | -€33,497 | -35.9% |
| Trade receivables | 40 | €93,411 | €59,853 | -€33,558 | -35.9% |
| Other amounts receivable | 41 | - | €61 | +€61 | |
| Cash at bank and in hand | 54/58 | €398 | €4,413 | +€4,015 | +1,010% |
| Deferred charges and accrued income | 490/1 | €7,482 | €60,496 | +€53,014 | +709% |
| Total equity and liabilities | 10/49 | €101,291 | €124,823 | +€23,532 | +23.2% |
| Equity | 10/15 | €56,199 | €63,605 | +€7,406 | +13.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €28,310 | €35,690 | +€7,380 | +26.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €26,450 | €33,830 | +€7,380 | +27.9% |
| Profit (loss) carried forward | 14 | €9,289 | €9,315 | +€26 | +0.3% |
| Amounts payable | 17/49 | €45,092 | €61,218 | +€16,126 | +35.8% |
| Amounts payable within one year | 42/48 | €45,092 | €34,618 | -€10,474 | -23.2% |
| Trade debts | 44 | €14,343 | €7,389 | -€6,953 | -48.5% |
| Suppliers | 440/4 | €14,343 | €7,389 | -€6,953 | -48.5% |
| Taxes, remuneration and social security | 45 | €26,349 | €27,229 | +€880 | +3.3% |
| Taxes | 450/3 | €9,449 | €15,803 | +€6,354 | +67.2% |
| Remuneration and social security | 454/9 | €16,899 | €11,425 | -€5,474 | -32.4% |
| Other amounts payable | 47/48 | €4,401 | - | -€4,401 | |
| Accrued charges and deferred income | 492/3 | - | €26,600 | +€26,600 | |
| Remuneration, social security and pensions | 62 | €99,379 | €82,041 | -€17,337 | -17.4% |
| Other operating charges | 640/8 | €493 | €2,583 | +€2,090 | +423% |
| Gross operating margin | 9900 | €104,756 | €96,979 | -€7,777 | -7.4% |
| Operating profit (loss) | 9901 | €4,883 | €12,354 | +€7,471 | +153% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €2,567 | €5,493 | +€2,926 | +114% |
| Recurring financial charges | 65 | €2,567 | €5,493 | +€2,926 | +114% |
| Profit (loss) for the period before taxes | 9903 | €2,318 | €6,861 | +€4,544 | +196% |
| Income taxes | 67/77 | €834 | €3,477 | +€2,643 | +317% |
| Profit (loss) for the period | 9904 | €1,484 | €3,385 | +€1,901 | +128% |
| Profit (loss) for the period to be appropriated | 9905 | €1,484 | €3,385 | +€1,901 | +128% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.