VADAGO: 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.
VADAGO
Largest movements
- Tangible fixed assets -€15,813
down €15,813 (-20.3%), from €77,872 to €62,059
of which Plant, machinery and equipment: -€12,483
- Deferred charges and accrued income -€3,686
down €3,686 (-91.4%), from €4,032 to €346
- Cash -€2,913
down €2,913 (-26.9%), from €10,819 to €7,905
mainly Net result for the year (-€12,264) and Debts after one year (-€9,788)
- Intangible fixed assets -€1,500
down €1,500 (-10.7%), from €13,956 to €12,456
- Profit (loss) carried forward -€12,264
new in 2025: -€12,264
- Debts after one year -€9,788
down €9,788 (-27.6%), from €35,413 to €25,626
- Other debts -€3,878
down €3,878 (-11.9%), from €32,637 to €28,759
- Trade debts -€3,647
down €3,647 (-38.2%), from €9,560 to €5,912
- Tax, wage and social debts +€2,476
up €2,476 (+12.6%), from €19,585 to €22,061
of which Remuneration and social security: +€2,536
- Staff costs +€41,904
up €41,904 (+50.4%), from €83,135 to €125,039
- Gross operating margin +€39,879
up €39,879 (+40.4%), from €98,619 to €138,498
- Depreciation +€5,748
up €5,748 (+45.3%), from €12,684 to €18,431
- Other operating charges +€4,281
up €4,281 (+2673.7%), from €160 to €4,441
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 | €117,365 | €90,710 | -€26,655 | -22.7% |
| Formation expenses | 20 | €2,593 | €1,475 | -€1,118 | -43.1% |
| Fixed assets | 21/28 | €91,828 | €74,515 | -€17,313 | -18.9% |
| Intangible fixed assets | 21 | €13,956 | €12,456 | -€1,500 | -10.7% |
| Tangible fixed assets | 22/27 | €77,872 | €62,059 | -€15,813 | -20.3% |
| Plant, machinery and equipment | 23 | €46,889 | €34,406 | -€12,483 | -26.6% |
| Other tangible fixed assets | 26 | €30,983 | €27,653 | -€3,330 | -10.7% |
| Current assets | 29/58 | €22,945 | €14,721 | -€8,224 | -35.8% |
| Stocks and contracts in progress | 3 | €6,800 | €6,001 | -€799 | -11.8% |
| Stocks | 30/36 | €6,800 | €6,001 | -€799 | -11.8% |
| Amounts receivable within one year | 40/41 | €1,294 | €469 | -€825 | -63.8% |
| Trade receivables | 40 | €750 | €17 | -€733 | -97.7% |
| Other amounts receivable | 41 | €544 | €451 | -€92 | -17.0% |
| Cash at bank and in hand | 54/58 | €10,819 | €7,905 | -€2,913 | -26.9% |
| Deferred charges and accrued income | 490/1 | €4,032 | €346 | -€3,686 | -91.4% |
| Total equity and liabilities | 10/49 | €117,365 | €90,710 | -€26,655 | -22.7% |
| Equity | 10/15 | €10,829 | -€1,435 | -€12,264 | |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €829 | €829 | = | 0.0% |
| Distributable reserves | 133 | €829 | €829 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€12,264 | -€12,264 | |
| Amounts payable | 17/49 | €106,537 | €92,145 | -€14,391 | -13.5% |
| Amounts payable after more than one year | 17 | €35,413 | €25,626 | -€9,788 | -27.6% |
| Financial debts | 170/4 | €35,413 | €25,626 | -€9,788 | -27.6% |
| Amounts payable within one year | 42/48 | €71,123 | €66,520 | -€4,603 | -6.5% |
| Current portion of amounts payable after more than one year | 42 | €9,342 | €9,788 | +€446 | +4.8% |
| Trade debts | 44 | €9,560 | €5,912 | -€3,647 | -38.2% |
| Suppliers | 440/4 | €9,560 | €5,912 | -€3,647 | -38.2% |
| Taxes, remuneration and social security | 45 | €19,585 | €22,061 | +€2,476 | +12.6% |
| Taxes | 450/3 | €7,694 | €7,634 | -€60 | -0.8% |
| Remuneration and social security | 454/9 | €11,891 | €14,427 | +€2,536 | +21.3% |
| Other amounts payable | 47/48 | €32,637 | €28,759 | -€3,878 | -11.9% |
| Remuneration, social security and pensions | 62 | €83,135 | €125,039 | +€41,904 | +50.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,684 | €18,431 | +€5,748 | +45.3% |
| Other operating charges | 640/8 | €160 | €4,441 | +€4,281 | +2673.7% |
| Gross operating margin | 9900 | €98,619 | €138,498 | +€39,879 | +40.4% |
| Operating profit (loss) | 9901 | €2,640 | -€9,414 | -€12,054 | |
| Financial income | 75/76B | €280 | €9 | -€271 | -96.7% |
| Recurring financial income | 75 | €280 | €9 | -€271 | -96.7% |
| Financial charges | 65/66B | €1,639 | €2,595 | +€956 | +58.3% |
| Recurring financial charges | 65 | €1,639 | €2,595 | +€956 | +58.3% |
| Profit (loss) for the period before taxes | 9903 | €1,281 | -€12,000 | -€13,281 | |
| Income taxes | 67/77 | €452 | €264 | -€188 | -41.6% |
| Profit (loss) for the period | 9904 | €829 | -€12,264 | -€13,093 | |
| Profit (loss) for the period to be appropriated | 9905 | €829 | -€12,264 | -€13,093 |
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 2 October 2026 via checked.be.