Vade Ad Cor: 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.
Vade Ad Cor
Largest movements
- Cash +€52,645
up €52,645 (+186%), from €28,270 to €80,915
mainly Net result for the year (+€48,049) and Depreciation (+€11,448)
- Tangible fixed assets -€11,448
down €11,448 (-69.9%), from €16,371 to €4,922
- Profit (loss) carried forward +€48,049
up €48,049 (+36.7%), from -€130,846 to -€82,797
- Debts after one year -€5,956
down €5,956 (-7.8%), from €75,991 to €70,035
- Other debts +€3,478
up €3,478 (+5.0%), from €69,006 to €72,484
- Tax, wage and social debts -€3,061
down €3,061 (-72.4%), from €4,227 to €1,166
- Trade debts -€1,647
down €1,647 (-65.0%), from €2,533 to €885
- Gross operating margin +€100,234
up €100,234, from -€38,214 to €62,020
- Depreciation -€7,157
down €7,157 (-38.5%), from €18,605 to €11,448
- Other operating charges -€1,021
down €1,021 (-45.9%), from €2,225 to €1,203
- Financial charges -€840
down €840 (-45.4%), from €1,849 to €1,009
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 | €46,305 | €86,595 | +€40,290 | +87.0% |
| Fixed assets | 21/28 | €16,371 | €4,922 | -€11,448 | -69.9% |
| Tangible fixed assets | 22/27 | €16,371 | €4,922 | -€11,448 | -69.9% |
| Furniture and vehicles | 24 | €16,371 | €4,922 | -€11,448 | -69.9% |
| Current assets | 29/58 | €29,934 | €81,673 | +€51,739 | +173% |
| Amounts receivable within one year | 40/41 | €1,283 | €673 | -€611 | -47.6% |
| Trade receivables | 40 | €1,240 | €0 | -€1,240 | -100% |
| Other amounts receivable | 41 | €43 | €673 | +€629 | +1,461% |
| Cash at bank and in hand | 54/58 | €28,270 | €80,915 | +€52,645 | +186% |
| Deferred charges and accrued income | 490/1 | €381 | €86 | -€296 | -77.5% |
| Total equity and liabilities | 10/49 | €46,305 | €86,595 | +€40,290 | +87.0% |
| Equity | 10/15 | -€112,246 | -€64,197 | +€48,049 | +42.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€130,846 | -€82,797 | +€48,049 | +36.7% |
| Amounts payable | 17/49 | €158,550 | €150,792 | -€7,758 | -4.9% |
| Amounts payable after more than one year | 17 | €75,991 | €70,035 | -€5,956 | -7.8% |
| Financial debts | 170/4 | €75,991 | €70,035 | -€5,956 | -7.8% |
| Amounts payable within one year | 42/48 | €81,855 | €80,757 | -€1,099 | -1.3% |
| Current portion of amounts payable after more than one year | 42 | €5,676 | €5,956 | +€279 | +4.9% |
| Financial debts | 43 | €413 | €265 | -€148 | -35.9% |
| Credit institutions | 430/8 | €413 | €265 | -€148 | -35.9% |
| Trade debts | 44 | €2,533 | €885 | -€1,647 | -65.0% |
| Suppliers | 440/4 | €2,533 | €885 | -€1,647 | -65.0% |
| Taxes, remuneration and social security | 45 | €4,227 | €1,166 | -€3,061 | -72.4% |
| Taxes | 450/3 | €4,227 | €1,166 | -€3,061 | -72.4% |
| Other amounts payable | 47/48 | €69,006 | €72,484 | +€3,478 | +5.0% |
| Accrued charges and deferred income | 492/3 | €704 | €0 | -€704 | -100% |
| Non-recurring operating income | 76A | €5,785 | €0 | -€5,785 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,605 | €11,448 | -€7,157 | -38.5% |
| Other operating charges | 640/8 | €2,225 | €1,203 | -€1,021 | -45.9% |
| Gross operating margin | 9900 | -€38,214 | €62,020 | +€100,234 | |
| Operating profit (loss) | 9901 | -€59,044 | €49,368 | +€108,412 | |
| Financial income | 75/76B | €0 | €0 | +€0 | +900% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +900% |
| Financial charges | 65/66B | €1,849 | €1,009 | -€840 | -45.4% |
| Recurring financial charges | 65 | €1,849 | €1,009 | -€840 | -45.4% |
| Profit (loss) for the period before taxes | 9903 | -€60,892 | €48,360 | +€109,252 | |
| Income taxes | 67/77 | €500 | €311 | -€189 | -37.8% |
| Profit (loss) for the period | 9904 | -€61,392 | €48,049 | +€109,441 | |
| Profit (loss) for the period to be appropriated | 9905 | -€61,392 | €48,049 | +€109,441 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.