VADA: 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.
VADA
Largest movements
- Tangible fixed assets -€54,882
down €54,882 (-7.4%), from €744,762 to €689,880
- Receivables within one year -€10,731
down €10,731 (-3.4%), from €318,667 to €307,936
of which Trade receivables: -€9,530
- Provisions -€46,703
down €46,703 (-8.2%), from €567,029 to €520,326
- Debts after one year -€29,449
down €29,449 (-10.2%), from €288,049 to €258,600
- Profit (loss) carried forward +€22,030
up €22,030 (+41.0%), from -€53,728 to -€31,698
- Provisions -€46,703
new in 2025: -€46,703
- Gross operating margin -€6,622
down €6,622 (-7.5%), from €87,899 to €81,277
- Depreciation -€3,836
down €3,836 (-6.5%), from €58,718 to €54,882
- Other operating charges -€894
down €894 (-19.1%), from €4,675 to €3,781
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 | €1,065,672 | €1,000,840 | -€64,832 | -6.1% |
| Fixed assets | 21/28 | €744,762 | €689,880 | -€54,882 | -7.4% |
| Tangible fixed assets | 22/27 | €744,762 | €689,880 | -€54,882 | -7.4% |
| Land and buildings | 22 | €744,762 | €689,880 | -€54,882 | -7.4% |
| Current assets | 29/58 | €320,910 | €310,960 | -€9,951 | -3.1% |
| Amounts receivable within one year | 40/41 | €318,667 | €307,936 | -€10,731 | -3.4% |
| Trade receivables | 40 | €14,997 | €5,467 | -€9,530 | -63.5% |
| Other amounts receivable | 41 | €303,670 | €302,469 | -€1,201 | -0.4% |
| Cash at bank and in hand | 54/58 | €1,172 | €1,905 | +€733 | +62.5% |
| Deferred charges and accrued income | 490/1 | €1,071 | €1,119 | +€48 | +4.5% |
| Total equity and liabilities | 10/49 | €1,065,672 | €1,000,840 | -€64,832 | -6.1% |
| Equity | 10/15 | -€19,023 | €3,007 | +€22,030 | |
| Contributions | 10/11 | €34,705 | €34,705 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€53,728 | -€31,698 | +€22,030 | +41.0% |
| Provisions and deferred taxes | 16 | €567,029 | €520,326 | -€46,703 | -8.2% |
| Provisions for liabilities and charges | 160/5 | €567,029 | €520,326 | -€46,703 | -8.2% |
| Pensions and similar obligations | 160 | - | €520,326 | +€520,326 | |
| Other liabilities and charges | 164/5 | €567,029 | - | -€567,029 | |
| Amounts payable | 17/49 | €517,666 | €477,507 | -€40,159 | -7.8% |
| Amounts payable after more than one year | 17 | €288,049 | €258,600 | -€29,449 | -10.2% |
| Financial debts | 170/4 | €288,049 | €258,600 | -€29,449 | -10.2% |
| Amounts payable within one year | 42/48 | €229,617 | €218,907 | -€10,710 | -4.7% |
| Current portion of amounts payable after more than one year | 42 | €28,853 | €29,449 | +€596 | +2.1% |
| Trade debts | 44 | €9,328 | €2,829 | -€6,499 | -69.7% |
| Suppliers | 440/4 | €9,328 | €2,829 | -€6,499 | -69.7% |
| Taxes, remuneration and social security | 45 | €242 | €5,001 | +€4,759 | +1964.8% |
| Taxes | 450/3 | €242 | €5,001 | +€4,759 | +1964.8% |
| Other amounts payable | 47/48 | €191,194 | €181,627 | -€9,566 | -5.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,718 | €54,882 | -€3,836 | -6.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€46,703 | -€46,703 | |
| Other operating charges | 640/8 | €4,675 | €3,781 | -€894 | -19.1% |
| Gross operating margin | 9900 | €87,899 | €81,277 | -€6,622 | -7.5% |
| Operating profit (loss) | 9901 | €24,506 | €69,317 | +€44,811 | +182.9% |
| Financial income | 75/76B | €9 | €28 | +€19 | +213.2% |
| Recurring financial income | 75 | €9 | €28 | +€19 | +213.2% |
| Financial charges | 65/66B | €47,255 | €47,315 | +€60 | +0.1% |
| Recurring financial charges | 65 | €47,255 | €47,315 | +€60 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | -€22,740 | €22,030 | +€44,770 | |
| Profit (loss) for the period | 9904 | -€22,740 | €22,030 | +€44,770 | |
| Profit (loss) for the period to be appropriated | 9905 | -€22,740 | €22,030 | +€44,770 |
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 7 October 2026 via checked.be.