If you are going to run a physical to virtual conversion, make sure you run a defrag before the conversion: the reason being is when the VM is backed up via CBT it will produce large incremental .VBR files if there is file fragmentation. This works on a 1MB block size, so a single 1k change would mean a 1MB increment, thus if there is a linear structure to file patterns this will help reducing the size of the VBR file.
Pages Files on Windows VM’s are backed up as default via a full Veeam backup, as this data contained in the page file is inconsistent this will in turn produce large incremental VBR files. This is especially an issue with something like Exchange that uses database caching. To solve this create a separate VMDK and place the Windows page file on this disk and when the back job is created exclude this disk.
Make sure you follow this KB article when creating data stores for virtual machines that will be backed up via Veeam or you may have problems when the snapshot is created.