VAD CONSULTING: 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.
VAD CONSULTING
Largest movements
- Cash +€47,937
up €47,937 (+386%), from €12,431 to €60,368
mainly Net result for the year (+€47,249) and Receivables within one year (+€21,948)
- Receivables after one year +€28,768
up €28,768 (+21.8%), from €132,030 to €160,798
- Receivables within one year -€21,948
down €21,948 (-54.3%), from €40,402 to €18,454
of which Trade receivables: -€14,601
- Tangible fixed assets -€7,563
down €7,563 (-63.3%), from €11,952 to €4,388
- Reserves +€47,000
up €47,000 (+44.0%), from €106,859 to €153,859
of which Distributable reserves: +€47,000
- Debts after one year -€15,406
down €15,406 (-39.9%), from €38,595 to €23,189
- Tax, wage and social debts +€10,211
up €10,211 (+118%), from €8,666 to €18,877
- Trade debts +€3,946
up €3,946 (+225%), from €1,754 to €5,700
- Financial charges -€49,458
down €49,458 (-93.4%), from €52,961 to €3,503
of which Non-recurring financial charges: -€45,440
- Gross operating margin +€13,907
up €13,907 (+20.5%), from €67,745 to €81,652
- Write-downs +€10,297
new in 2025: €10,297
- Taxes +€6,955
up €6,955 (+58.9%), from €11,806 to €18,761
- Depreciation -€4,243
down €4,243 (-75.8%), from €5,598 to €1,355
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 | €265,737 | €312,524 | +€46,787 | +17.6% |
| Fixed assets | 21/28 | €49,852 | €42,288 | -€7,563 | -15.2% |
| Tangible fixed assets | 22/27 | €11,952 | €4,388 | -€7,563 | -63.3% |
| Furniture and vehicles | 24 | €11,952 | €4,388 | -€7,563 | -63.3% |
| Financial fixed assets | 28 | €37,900 | €37,900 | = | 0.0% |
| Current assets | 29/58 | €215,886 | €270,235 | +€54,350 | +25.2% |
| Amounts receivable after more than one year | 29 | €132,030 | €160,798 | +€28,768 | +21.8% |
| Other amounts receivable | 291 | €132,030 | €160,798 | +€28,768 | +21.8% |
| Amounts receivable within one year | 40/41 | €40,402 | €18,454 | -€21,948 | -54.3% |
| Trade receivables | 40 | €29,078 | €14,477 | -€14,601 | -50.2% |
| Other amounts receivable | 41 | €11,324 | €3,977 | -€7,347 | -64.9% |
| Cash at bank and in hand | 54/58 | €12,431 | €60,368 | +€47,937 | +386% |
| Deferred charges and accrued income | 490/1 | €31,022 | €30,615 | -€408 | -1.3% |
| Total equity and liabilities | 10/49 | €265,737 | €312,524 | +€46,787 | +17.6% |
| Equity | 10/15 | €156,962 | €204,211 | +€47,249 | +30.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Capital | 10 | €18,592 | €18,592 | = | 0.0% |
| Issued capital | 100 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €106,859 | €153,859 | +€47,000 | +44.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Legal reserve | 130 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €105,000 | €152,000 | +€47,000 | +44.8% |
| Profit (loss) carried forward | 14 | €31,510 | €31,760 | +€249 | +0.8% |
| Provisions and deferred taxes | 16 | €41,941 | €41,941 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €41,941 | €41,941 | = | 0.0% |
| Other liabilities and charges | 164/5 | €41,941 | €41,941 | = | 0.0% |
| Amounts payable | 17/49 | €66,834 | €66,371 | -€463 | -0.7% |
| Amounts payable after more than one year | 17 | €38,595 | €23,189 | -€15,406 | -39.9% |
| Financial debts | 170/4 | €38,595 | €23,189 | -€15,406 | -39.9% |
| Amounts payable within one year | 42/48 | €28,239 | €43,182 | +€14,943 | +52.9% |
| Current portion of amounts payable after more than one year | 42 | €14,653 | €15,406 | +€753 | +5.1% |
| Financial debts | 43 | €3,165 | €3,199 | +€34 | +1.1% |
| Credit institutions | 430/8 | €3,165 | €3,199 | +€34 | +1.1% |
| Trade debts | 44 | €1,754 | €5,700 | +€3,946 | +225% |
| Suppliers | 440/4 | €1,754 | €5,700 | +€3,946 | +225% |
| Taxes, remuneration and social security | 45 | €8,666 | €18,877 | +€10,211 | +118% |
| Taxes | 450/3 | €8,666 | €18,877 | +€10,211 | +118% |
| Non-recurring operating income | 76A | - | €2,841 | +€2,841 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,598 | €1,355 | -€4,243 | -75.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €10,297 | +€10,297 | |
| Other operating charges | 640/8 | €2,999 | €488 | -€2,511 | -83.7% |
| Gross operating margin | 9900 | €67,745 | €81,652 | +€13,907 | +20.5% |
| Operating profit (loss) | 9901 | €59,149 | €69,513 | +€10,365 | +17.5% |
| Financial income | 75/76B | €3,722 | - | -€3,722 | |
| Recurring financial income | 75 | €3,722 | - | -€3,722 | |
| Financial charges | 65/66B | €52,961 | €3,503 | -€49,458 | -93.4% |
| Recurring financial charges | 65 | €7,521 | €3,503 | -€4,018 | -53.4% |
| Non-recurring financial charges | 66B | €45,440 | - | -€45,440 | |
| Profit (loss) for the period before taxes | 9903 | €9,910 | €66,010 | +€56,100 | +566% |
| Income taxes | 67/77 | €11,806 | €18,761 | +€6,955 | +58.9% |
| Profit (loss) for the period | 9904 | -€1,895 | €47,249 | +€49,145 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,895 | €47,249 | +€49,145 |
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 19 October 2026 via checked.be.