Balance sheet

Vebego's capital position remains strong. The solvency ratio increased to 30.2% in 2025 (2024: 27.5%), calculated as equity (after distribution of dividends) divided by total assets. This modest increase is in line with the previous year, as the positive outcome in 2025 resulted in higher equity. Total assets increased. This was due to increased inventory and receivables due to higher turnover, partly offset by the amortisation of intangible fixed assets, the depreciation of tangible fixed assets and a strong focus on collecting receivables from customers. The increase in financial fixed assets reflects the improved performance of certain investment companies and the acquisition of a minority interest. This was partly offset by the sale of Reflex Healthcare People and a decrease in deferred tax assets. The cash position increased thanks to the performance of the Group as a whole, with a large contribution also arising from the sale of the share in the Altrio Group as of the end of December. The cash position after deducting short-term debts to credit institutions stood at €127 million on the balance sheet date.

Liquidity increased because of higher results, substantial divestments, changes in provisions and changes in working capital. This was partly offset by the payment of dividends and repayments of short-term bank overdrafts and long-term bank loans. Vebego has sufficient resources of its own to finance its strategic vision and the subsidiaries’ plans.