VADAMUS: 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.
VADAMUS
Largest movements
- Current investments -€198,288
down €198,288 (-59.2%), from €335,142 to €136,854
- Cash -€31,260
down €31,260 (-12.6%), from €248,194 to €216,934
mainly Contributions, distributions and other (-€510,000) and Tax, wage and social debts (-€58,910)
- Profit (loss) carried forward -€300,807
down €300,807 (-78.3%), from €384,404 to €83,597
- Short-term financial debts +€129,998
new in 2025: €129,998
- Tax, wage and social debts -€58,910
down €58,910 (-59.2%), from €99,495 to €40,585
of which Taxes: -€52,323
- Gross operating margin +€46,907
up €46,907 (+21.1%), from €221,967 to €268,874
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 | €619,913 | €390,400 | -€229,513 | -37.0% |
| Fixed assets | 21/28 | €1,126 | €284 | -€842 | -74.8% |
| Tangible fixed assets | 22/27 | €1,126 | €284 | -€842 | -74.8% |
| Plant, machinery and equipment | 23 | €576 | €284 | -€292 | -50.7% |
| Furniture and vehicles | 24 | €550 | €0 | -€550 | -100% |
| Current assets | 29/58 | €618,787 | €390,115 | -€228,672 | -37.0% |
| Amounts receivable within one year | 40/41 | €32,952 | €34,375 | +€1,423 | +4.3% |
| Trade receivables | 40 | €32,952 | €34,375 | +€1,423 | +4.3% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €335,142 | €136,854 | -€198,288 | -59.2% |
| Cash at bank and in hand | 54/58 | €248,194 | €216,934 | -€31,260 | -12.6% |
| Deferred charges and accrued income | 490/1 | €2,499 | €1,952 | -€547 | -21.9% |
| Total equity and liabilities | 10/49 | €619,913 | €390,400 | -€229,513 | -37.0% |
| Equity | 10/15 | €519,236 | €218,429 | -€300,807 | -57.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €131,832 | €131,832 | = | 0.0% |
| Distributable reserves | 133 | €131,832 | €131,832 | = | 0.0% |
| Profit (loss) carried forward | 14 | €384,404 | €83,597 | -€300,807 | -78.3% |
| Amounts payable | 17/49 | €100,677 | €171,971 | +€71,294 | +70.8% |
| Amounts payable within one year | 42/48 | €100,666 | €171,959 | +€71,293 | +70.8% |
| Financial debts | 43 | - | €129,998 | +€129,998 | |
| Credit institutions | 430/8 | - | €129,998 | +€129,998 | |
| Trade debts | 44 | €942 | €1,144 | +€202 | +21.4% |
| Suppliers | 440/4 | €942 | €1,144 | +€202 | +21.4% |
| Taxes, remuneration and social security | 45 | €99,495 | €40,585 | -€58,910 | -59.2% |
| Taxes | 450/3 | €92,907 | €40,585 | -€52,323 | -56.3% |
| Remuneration and social security | 454/9 | €6,588 | €0 | -€6,588 | -100% |
| Other amounts payable | 47/48 | €228 | €232 | +€4 | +1.7% |
| Accrued charges and deferred income | 492/3 | €12 | €12 | +€0 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €843 | €842 | -€2 | -0.2% |
| Other operating charges | 640/8 | €400 | €400 | -€1 | -0.2% |
| Gross operating margin | 9900 | €221,967 | €268,874 | +€46,907 | +21.1% |
| Operating profit (loss) | 9901 | €220,724 | €267,633 | +€46,909 | +21.3% |
| Financial income | 75/76B | €6,886 | €7,436 | +€550 | +8.0% |
| Recurring financial income | 75 | €6,886 | €7,436 | +€550 | +8.0% |
| Financial charges | 65/66B | €185 | €263 | +€77 | +41.8% |
| Recurring financial charges | 65 | €185 | €263 | +€77 | +41.8% |
| Profit (loss) for the period before taxes | 9903 | €227,424 | €274,806 | +€47,382 | +20.8% |
| Income taxes | 67/77 | €63,633 | €65,613 | +€1,980 | +3.1% |
| Profit (loss) for the period | 9904 | €163,791 | €209,193 | +€45,402 | +27.7% |
| Profit (loss) for the period to be appropriated | 9905 | €163,791 | €209,193 | +€45,402 | +27.7% |
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 14 October 2026 via checked.be.