VAD MANAGEMENT: what changed
Two fiscal 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 MANAGEMENT
Largest movements
- Cash +€38,715
up €38,715 (+115.3%), from €33,564 to €72,279
mainly Other debts (+€88,235) and Net result for the year (+€52,492)
- Receivables within one year +€6,632
up €6,632 (+4.5%), from €148,562 to €155,194
of which Other amounts receivable: +€6,524
- Other debts +€88,235
up €88,235 (+8484.5%), from €1,040 to €89,275
- Profit (loss) carried forward -€35,743
down €35,743 (-12.0%), from €298,513 to €262,770
- Tax, wage and social debts -€10,409
down €10,409 (-19.4%), from €53,641 to €43,232
- Gross operating margin -€5,459
down €5,459 (-7.2%), from €76,146 to €70,687
- Financial income -€2,822
down €2,822 (-42.1%), from €6,708 to €3,885
- Financial charges +€1,625
up €1,625 (+1149.6%), from €141 to €1,766
- Taxes -€1,540
down €1,540 (-8.3%), from €18,454 to €16,914
- Depreciation -€1,425
down €1,425 (-41.2%), from €3,460 to €2,035
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 | €357,343 | €401,910 | +€44,566 | +12.5% |
| Fixed assets | 21/28 | €3,707 | €1,673 | -€2,035 | -54.9% |
| Tangible fixed assets | 22/27 | €3,707 | €1,673 | -€2,035 | -54.9% |
| Furniture and vehicles | 24 | €3,707 | €1,673 | -€2,035 | -54.9% |
| Current assets | 29/58 | €353,636 | €400,237 | +€46,601 | +13.2% |
| Amounts receivable after more than one year | 29 | €170,000 | €170,000 | = | 0.0% |
| Other amounts receivable | 291 | €170,000 | €170,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €148,562 | €155,194 | +€6,632 | +4.5% |
| Trade receivables | 40 | €17,453 | €17,561 | +€108 | +0.6% |
| Other amounts receivable | 41 | €131,109 | €137,633 | +€6,524 | +5.0% |
| Cash at bank and in hand | 54/58 | €33,564 | €72,279 | +€38,715 | +115.3% |
| Deferred charges and accrued income | 490/1 | €1,511 | €2,764 | +€1,253 | +83.0% |
| Total equity and liabilities | 10/49 | €357,343 | €401,910 | +€44,566 | +12.5% |
| Equity | 10/15 | €301,513 | €265,770 | -€35,743 | -11.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €298,513 | €262,770 | -€35,743 | -12.0% |
| Amounts payable | 17/49 | €55,830 | €136,140 | +€80,310 | +143.8% |
| Amounts payable within one year | 42/48 | €55,830 | €136,140 | +€80,310 | +143.8% |
| Trade debts | 44 | - | €2,483 | +€2,483 | |
| Suppliers | 440/4 | - | €2,483 | +€2,483 | |
| Advances received on contracts in progress | 46 | €1,150 | €1,150 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €53,641 | €43,232 | -€10,409 | -19.4% |
| Taxes | 450/3 | €53,641 | €43,232 | -€10,409 | -19.4% |
| Other amounts payable | 47/48 | €1,040 | €89,275 | +€88,235 | +8484.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,460 | €2,035 | -€1,425 | -41.2% |
| Other operating charges | 640/8 | €1,058 | €1,365 | +€307 | +29.0% |
| Gross operating margin | 9900 | €76,146 | €70,687 | -€5,459 | -7.2% |
| Operating profit (loss) | 9901 | €71,628 | €67,287 | -€4,341 | -6.1% |
| Financial income | 75/76B | €6,708 | €3,885 | -€2,822 | -42.1% |
| Recurring financial income | 75 | €6,708 | €3,885 | -€2,822 | -42.1% |
| Financial charges | 65/66B | €141 | €1,766 | +€1,625 | +1149.6% |
| Recurring financial charges | 65 | €141 | €1,766 | +€1,625 | +1149.6% |
| Profit (loss) for the period before taxes | 9903 | €78,195 | €69,406 | -€8,788 | -11.2% |
| Income taxes | 67/77 | €18,454 | €16,914 | -€1,540 | -8.3% |
| Profit (loss) for the period | 9904 | €59,740 | €52,492 | -€7,248 | -12.1% |
| Profit (loss) for the period to be appropriated | 9905 | €59,740 | €52,492 | -€7,248 | -12.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.