LE VAUDREE 2: 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.
LE VAUDREE 2
Largest movements
- Receivables within one year -€22,789
down €22,789 (-87.3%), from €26,109 to €3,320
of which Other amounts receivable: -€13,403
- Tangible fixed assets -€15,681
down €15,681 (-6.0%), from €262,899 to €247,218
of which Land and buildings: -€10,195
- Cash +€15,476
up €15,476 (+927.3%), from €1,669 to €17,145
mainly Trade debts (+€78,502) and Tax, wage and social debts (+€66,486)
- Stocks and contracts +€7,146
up €7,146 (+96.2%), from €7,432 to €14,578
- Profit (loss) carried forward -€154,530
down €154,530 (-137.4%), from -€112,428 to -€266,958
- Trade debts +€78,502
up €78,502 (+172.7%), from €45,462 to €123,964
- Tax, wage and social debts +€66,486
up €66,486 (+433.0%), from €15,354 to €81,840
of which Remuneration and social security: +€56,803
- Current portion of long-term debt +€10,878
up €10,878 (+116.0%), from €9,376 to €20,254
- Accrued charges and deferred income -€10,572
no longer reported in 2025 (was €10,572)
- Gross operating margin -€80,085
down €80,085 (-96.7%), from €82,786 to €2,701
- Staff costs -€54,949
down €54,949 (-60.7%), from €90,481 to €35,532
- Financial charges +€10,363
up €10,363 (+73.2%), from €14,149 to €24,512
- Financial income -€945
down €945 (-98.8%), from €956 to €11
- Depreciation -€887
down €887 (-4.1%), from €21,518 to €20,631
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 | €306,612 | €288,997 | -€17,615 | -5.7% |
| Fixed assets | 21/28 | €270,939 | €253,218 | -€17,721 | -6.5% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €262,899 | €247,218 | -€15,681 | -6.0% |
| Land and buildings | 22 | €212,781 | €202,586 | -€10,195 | -4.8% |
| Plant, machinery and equipment | 23 | €6,062 | €3,989 | -€2,073 | -34.2% |
| Furniture and vehicles | 24 | €3,103 | €2,503 | -€600 | -19.3% |
| Other tangible fixed assets | 26 | €40,953 | €38,140 | -€2,813 | -6.9% |
| Financial fixed assets | 28 | €8,040 | €6,000 | -€2,040 | -25.4% |
| Current assets | 29/58 | €35,673 | €35,779 | +€106 | +0.3% |
| Stocks and contracts in progress | 3 | €7,432 | €14,578 | +€7,146 | +96.2% |
| Stocks | 30/36 | €7,432 | €14,578 | +€7,146 | +96.2% |
| Amounts receivable within one year | 40/41 | €26,109 | €3,320 | -€22,789 | -87.3% |
| Trade receivables | 40 | €12,706 | €3,320 | -€9,386 | -73.9% |
| Other amounts receivable | 41 | €13,403 | - | -€13,403 | |
| Current investments | 50/53 | - | €28 | +€28 | |
| Cash at bank and in hand | 54/58 | €1,669 | €17,145 | +€15,476 | +927.3% |
| Deferred charges and accrued income | 490/1 | €463 | €708 | +€245 | +52.9% |
| Total equity and liabilities | 10/49 | €306,612 | €288,997 | -€17,615 | -5.7% |
| Equity | 10/15 | -€30,518 | -€185,048 | -€154,530 | -506.4% |
| Contributions | 10/11 | €78,600 | €78,600 | = | 0.0% |
| Reserves | 13 | €3,310 | €3,310 | = | 0.0% |
| Distributable reserves | 133 | €3,310 | €3,310 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€112,428 | -€266,958 | -€154,530 | -137.4% |
| Amounts payable | 17/49 | €337,130 | €474,045 | +€136,915 | +40.6% |
| Amounts payable after more than one year | 17 | €253,366 | €243,487 | -€9,879 | -3.9% |
| Financial debts | 170/4 | €253,366 | €243,487 | -€9,879 | -3.9% |
| Amounts payable within one year | 42/48 | €73,192 | €230,558 | +€157,366 | +215.0% |
| Current portion of amounts payable after more than one year | 42 | €9,376 | €20,254 | +€10,878 | +116.0% |
| Trade debts | 44 | €45,462 | €123,964 | +€78,502 | +172.7% |
| Suppliers | 440/4 | €45,462 | €123,964 | +€78,502 | +172.7% |
| Taxes, remuneration and social security | 45 | €15,354 | €81,840 | +€66,486 | +433.0% |
| Taxes | 450/3 | €15,354 | €25,037 | +€9,683 | +63.1% |
| Remuneration and social security | 454/9 | - | €56,803 | +€56,803 | |
| Other amounts payable | 47/48 | €3,000 | €4,500 | +€1,500 | +50.0% |
| Accrued charges and deferred income | 492/3 | €10,572 | - | -€10,572 | |
| Remuneration, social security and pensions | 62 | €90,481 | €35,532 | -€54,949 | -60.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,518 | €20,631 | -€887 | -4.1% |
| Other operating charges | 640/8 | €11,184 | €10,432 | -€752 | -6.7% |
| Non-recurring operating charges | 66A | - | €66,135 | +€66,135 | |
| Gross operating margin | 9900 | €82,786 | €2,701 | -€80,085 | -96.7% |
| Operating profit (loss) | 9901 | -€40,397 | -€130,029 | -€89,632 | -221.9% |
| Financial income | 75/76B | €956 | €11 | -€945 | -98.8% |
| Recurring financial income | 75 | €956 | €11 | -€945 | -98.8% |
| Financial charges | 65/66B | €14,149 | €24,512 | +€10,363 | +73.2% |
| Recurring financial charges | 65 | €14,149 | €24,512 | +€10,363 | +73.2% |
| Profit (loss) for the period before taxes | 9903 | -€53,590 | -€154,530 | -€100,940 | -188.4% |
| Profit (loss) for the period | 9904 | -€53,590 | -€154,530 | -€100,940 | -188.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€53,590 | -€154,530 | -€100,940 | -188.4% |
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.