VADALO: 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.
VADALO
Largest movements
- Tangible fixed assets +€95,689
up €95,689 (+74.6%), from €128,188 to €223,877
of which Plant, machinery and equipment: +€94,499
- Cash -€57,777
down €57,777 (-55.7%), from €103,699 to €45,922
mainly Contributions, distributions and other (-€135,000) and Investment in fixed assets (net) (-€116,030)
- Receivables within one year -€51,350
down €51,350 (-58.1%), from €88,391 to €37,041
of which Trade receivables: -€53,330
- Reserves -€53,465
down €53,465 (-31.9%), from €167,430 to €113,964
- Debts after one year +€34,900
up €34,900 (+24.9%), from €140,327 to €175,227
- Current portion of long-term debt +€12,020
up €12,020 (+106%), from €11,376 to €23,397
- Tax, wage and social debts -€3,955
down €3,955 (-16.5%), from €23,929 to €19,974
- Gross operating margin +€58,807
up €58,807 (+81.3%), from €72,336 to €131,143
- Depreciation +€17,008
up €17,008 (+510%), from €3,333 to €20,341
- Financial charges +€6,195
up €6,195 (+394%), from €1,573 to €7,768
- Taxes +€4,598
up €4,598 (+29.8%), from €15,422 to €20,020
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 | €358,950 | €345,097 | -€13,853 | -3.9% |
| Fixed assets | 21/28 | €128,188 | €223,877 | +€95,689 | +74.6% |
| Tangible fixed assets | 22/27 | €128,188 | €223,877 | +€95,689 | +74.6% |
| Land and buildings | 22 | €33,004 | €32,009 | -€994 | -3.0% |
| Plant, machinery and equipment | 23 | €92,486 | €186,985 | +€94,499 | +102% |
| Furniture and vehicles | 24 | €2,699 | €4,883 | +€2,184 | +80.9% |
| Current assets | 29/58 | €230,762 | €121,220 | -€109,541 | -47.5% |
| Amounts receivable after more than one year | 29 | €35,000 | €35,000 | = | 0.0% |
| Other amounts receivable | 291 | €35,000 | €35,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €88,391 | €37,041 | -€51,350 | -58.1% |
| Trade receivables | 40 | €88,391 | €35,061 | -€53,330 | -60.3% |
| Other amounts receivable | 41 | - | €1,980 | +€1,980 | |
| Cash at bank and in hand | 54/58 | €103,699 | €45,922 | -€57,777 | -55.7% |
| Deferred charges and accrued income | 490/1 | €3,671 | €3,257 | -€414 | -11.3% |
| Total equity and liabilities | 10/49 | €358,950 | €345,097 | -€13,853 | -3.9% |
| Equity | 10/15 | €172,430 | €118,964 | -€53,465 | -31.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €167,430 | €113,964 | -€53,465 | -31.9% |
| Distributable reserves | 133 | €167,430 | €113,964 | -€53,465 | -31.9% |
| Amounts payable | 17/49 | €186,520 | €226,133 | +€39,613 | +21.2% |
| Amounts payable after more than one year | 17 | €140,327 | €175,227 | +€34,900 | +24.9% |
| Financial debts | 170/4 | €140,327 | €175,227 | +€34,900 | +24.9% |
| Amounts payable within one year | 42/48 | €44,584 | €50,906 | +€6,321 | +14.2% |
| Current portion of amounts payable after more than one year | 42 | €11,376 | €23,397 | +€12,020 | +106% |
| Trade debts | 44 | €9,279 | €6,461 | -€2,817 | -30.4% |
| Suppliers | 440/4 | €9,279 | €6,461 | -€2,817 | -30.4% |
| Taxes, remuneration and social security | 45 | €23,929 | €19,974 | -€3,955 | -16.5% |
| Taxes | 450/3 | €23,929 | €19,974 | -€3,955 | -16.5% |
| Other amounts payable | 47/48 | - | €1,074 | +€1,074 | |
| Accrued charges and deferred income | 492/3 | €1,609 | - | -€1,609 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,333 | €20,341 | +€17,008 | +510% |
| Other operating charges | 640/8 | €2,414 | €3,595 | +€1,181 | +48.9% |
| Gross operating margin | 9900 | €72,336 | €131,143 | +€58,807 | +81.3% |
| Operating profit (loss) | 9901 | €66,589 | €107,208 | +€40,619 | +61.0% |
| Financial income | 75/76B | €2,130 | €2,115 | -€15 | -0.7% |
| Recurring financial income | 75 | €2,130 | €2,115 | -€15 | -0.7% |
| Financial charges | 65/66B | €1,573 | €7,768 | +€6,195 | +394% |
| Recurring financial charges | 65 | €1,573 | €7,768 | +€6,195 | +394% |
| Profit (loss) for the period before taxes | 9903 | €67,146 | €101,555 | +€34,408 | +51.2% |
| Income taxes | 67/77 | €15,422 | €20,020 | +€4,598 | +29.8% |
| Profit (loss) for the period | 9904 | €51,724 | €81,535 | +€29,810 | +57.6% |
| Profit (loss) for the period to be appropriated | 9905 | €51,724 | €81,535 | +€29,810 | +57.6% |
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 21 October 2026 via checked.be.