VADE: 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.
VADE
Largest movements
- Cash +€14,776
up €14,776 (+14.9%), from €99,378 to €114,154
mainly Other debts (+€20,000) and Net result for the year (+€3,969)
- Stocks and contracts +€11,500
up €11,500 (+15.8%), from €72,800 to €84,300
- Other debts +€20,000
up €20,000 (+17.2%), from €116,050 to €136,050
- Reserves +€3,969
up €3,969 (+64.7%), from €6,139 to €10,108
of which Distributable reserves: +€3,969
- Gross operating margin +€5,430
up €5,430 (+759.6%), from €715 to €6,145
- Taxes +€2,266
up €2,266, from -€378 to €1,889
- Write-downs -€900
no longer reported in 2025 (was €900)
- Financial income -€576
down €576 (-54.0%), from €1,066 to €491
- Other operating charges -€241
down €241 (-31.1%), from €775 to €535
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 | €172,963 | €198,820 | +€25,858 | +14.9% |
| Current assets | 29/58 | €172,963 | €198,820 | +€25,858 | +14.9% |
| Stocks and contracts in progress | 3 | €72,800 | €84,300 | +€11,500 | +15.8% |
| Stocks | 30/36 | €72,800 | €84,300 | +€11,500 | +15.8% |
| Amounts receivable within one year | 40/41 | €284 | €17 | -€267 | -94.2% |
| Other amounts receivable | 41 | €284 | €17 | -€267 | -94.2% |
| Cash at bank and in hand | 54/58 | €99,378 | €114,154 | +€14,776 | +14.9% |
| Deferred charges and accrued income | 490/1 | €501 | €350 | -€151 | -30.2% |
| Total equity and liabilities | 10/49 | €172,963 | €198,820 | +€25,858 | +14.9% |
| Equity | 10/15 | €56,913 | €60,882 | +€3,969 | +7.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €6,139 | €10,108 | +€3,969 | +64.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €4,279 | €8,248 | +€3,969 | +92.8% |
| Profit (loss) carried forward | 14 | €44,574 | €44,574 | = | 0.0% |
| Amounts payable | 17/49 | €116,050 | €137,939 | +€21,889 | +18.9% |
| Amounts payable within one year | 42/48 | €116,050 | €137,939 | +€21,889 | +18.9% |
| Taxes, remuneration and social security | 45 | - | €1,889 | +€1,889 | |
| Taxes | 450/3 | - | €1,889 | +€1,889 | |
| Other amounts payable | 47/48 | €116,050 | €136,050 | +€20,000 | +17.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €900 | - | -€900 | |
| Other operating charges | 640/8 | €775 | €535 | -€241 | -31.1% |
| Gross operating margin | 9900 | €715 | €6,145 | +€5,430 | +759.6% |
| Operating profit (loss) | 9901 | -€960 | €5,611 | +€6,571 | |
| Financial income | 75/76B | €1,066 | €491 | -€576 | -54.0% |
| Recurring financial income | 75 | €1,066 | €491 | -€576 | -54.0% |
| Financial charges | 65/66B | €240 | €244 | +€4 | +1.7% |
| Recurring financial charges | 65 | €240 | €244 | +€4 | +1.7% |
| Profit (loss) for the period before taxes | 9903 | -€134 | €5,858 | +€5,991 | |
| Income taxes | 67/77 | -€378 | €1,889 | +€2,266 | |
| Profit (loss) for the period | 9904 | €244 | €3,969 | +€3,725 | +1526.0% |
| Profit (loss) for the period to be appropriated | 9905 | €244 | €3,969 | +€3,725 | +1526.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.