Vaard: 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.
Vaard
Largest movements
- Current investments -€50,194
down €50,194 (-74.4%), from €67,509 to €17,315
- Cash -€24,295
down €24,295 (-48.4%), from €50,237 to €25,942
mainly Contributions, distributions and other (-€150,340) and Investment in fixed assets (net) (-€5,897)
- Receivables within one year +€5,201
up €5,201 (+39.0%), from €13,346 to €18,547
of which Trade receivables: +€4,908
- Tangible fixed assets +€2,290
up €2,290 (+38.3%), from €5,983 to €8,272
of which Plant, machinery and equipment: +€2,893
- Reserves -€109,639
down €109,639 (-94.4%), from €116,139 to €6,500
- Other debts +€34,201
new in 2025: €34,201
- Tax, wage and social debts +€6,728
up €6,728 (+26.4%), from €25,533 to €32,261
of which Taxes: +€6,728
- Gross operating margin +€16,060
up €16,060 (+30.4%), from €52,759 to €68,819
- Taxes +€14,521
up €14,521 (+141%), from €10,266 to €24,787
- Financial income +€1,974
up €1,974 (+1,901%), from €104 to €2,078
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.
Derived cash bridge
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 | €147,963 | €79,507 | -€68,456 | -46.3% |
| Fixed assets | 21/28 | €5,983 | €8,272 | +€2,290 | +38.3% |
| Tangible fixed assets | 22/27 | €5,983 | €8,272 | +€2,290 | +38.3% |
| Plant, machinery and equipment | 23 | €4,156 | €7,049 | +€2,893 | +69.6% |
| Furniture and vehicles | 24 | €1,826 | €1,223 | -€603 | -33.0% |
| Current assets | 29/58 | €141,980 | €71,235 | -€70,746 | -49.8% |
| Amounts receivable within one year | 40/41 | €13,346 | €18,547 | +€5,201 | +39.0% |
| Trade receivables | 40 | €11,314 | €16,222 | +€4,908 | +43.4% |
| Other amounts receivable | 41 | €2,033 | €2,326 | +€293 | +14.4% |
| Current investments | 50/53 | €67,509 | €17,315 | -€50,194 | -74.4% |
| Cash at bank and in hand | 54/58 | €50,237 | €25,942 | -€24,295 | -48.4% |
| Deferred charges and accrued income | 490/1 | €10,888 | €9,431 | -€1,457 | -13.4% |
| Total equity and liabilities | 10/49 | €147,963 | €79,507 | -€68,456 | -46.3% |
| Equity | 10/15 | €119,139 | €9,500 | -€109,639 | -92.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €116,139 | €6,500 | -€109,639 | -94.4% |
| Distributable reserves | 133 | €116,139 | €6,500 | -€109,639 | -94.4% |
| Amounts payable | 17/49 | €28,824 | €70,007 | +€41,183 | +143% |
| Amounts payable within one year | 42/48 | €25,845 | €67,027 | +€41,183 | +159% |
| Trade debts | 44 | €312 | €565 | +€253 | +81.1% |
| Suppliers | 440/4 | €312 | €565 | +€253 | +81.1% |
| Taxes, remuneration and social security | 45 | €25,533 | €32,261 | +€6,728 | +26.4% |
| Taxes | 450/3 | €25,533 | €32,261 | +€6,728 | +26.4% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | - | €34,201 | +€34,201 | |
| Accrued charges and deferred income | 492/3 | €2,980 | €2,980 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,033 | €3,608 | +€574 | +18.9% |
| Other operating charges | 640/8 | €505 | €720 | +€214 | +42.4% |
| Gross operating margin | 9900 | €52,759 | €68,819 | +€16,060 | +30.4% |
| Operating profit (loss) | 9901 | €49,221 | €64,491 | +€15,271 | +31.0% |
| Financial income | 75/76B | €104 | €2,078 | +€1,974 | +1,901% |
| Recurring financial income | 75 | €104 | €2,078 | +€1,974 | +1,901% |
| Financial charges | 65/66B | €1,223 | €1,081 | -€142 | -11.6% |
| Recurring financial charges | 65 | €1,223 | €1,081 | -€142 | -11.6% |
| Profit (loss) for the period before taxes | 9903 | €48,102 | €65,488 | +€17,387 | +36.1% |
| Income taxes | 67/77 | €10,266 | €24,787 | +€14,521 | +141% |
| Profit (loss) for the period | 9904 | €37,835 | €40,701 | +€2,866 | +7.6% |
| Profit (loss) for the period to be appropriated | 9905 | €37,835 | €40,701 | +€2,866 | +7.6% |
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 22 October 2026 via checked.be.