VADE-EXCO: 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-EXCO
Largest movements
- Cash -€98,245
down €98,245 (-60.9%), from €161,267 to €63,022
mainly Investment in fixed assets (net) (-€93,734) and Debts after one year (-€42,014)
- Tangible fixed assets +€58,438
up €58,438 (+9.6%), from €607,163 to €665,600
of which Land and buildings: +€58,435
- Debts after one year -€42,014
down €42,014 (-8.0%), from €526,328 to €484,314
- Reserves +€24,565
up €24,565 (+18.4%), from €133,694 to €158,258
- Tax, wage and social debts -€14,962
down €14,962 (-80.5%), from €18,576 to €3,614
- Current portion of long-term debt -€9,890
down €9,890 (-19.1%), from €51,904 to €42,014
- Depreciation +€8,305
up €8,305 (+30.8%), from €26,991 to €35,296
- Taxes -€4,571
down €4,571 (-31.9%), from €14,345 to €9,774
- Gross operating margin -€2,892
down €2,892 (-2.8%), from €102,446 to €99,554
- Financial charges +€2,455
up €2,455 (+10.5%), from €23,477 to €25,932
- Other operating charges +€2,383
up €2,383 (+126%), from €1,887 to €4,270
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 | €811,077 | €777,019 | -€34,059 | -4.2% |
| Fixed assets | 21/28 | €607,163 | €665,600 | +€58,438 | +9.6% |
| Tangible fixed assets | 22/27 | €607,163 | €665,600 | +€58,438 | +9.6% |
| Land and buildings | 22 | €572,773 | €631,208 | +€58,435 | +10.2% |
| Furniture and vehicles | 24 | €10,949 | €21,647 | +€10,698 | +97.7% |
| Leasing and similar rights | 25 | €23,441 | €12,746 | -€10,695 | -45.6% |
| Current assets | 29/58 | €203,915 | €111,418 | -€92,497 | -45.4% |
| Amounts receivable within one year | 40/41 | €40,480 | €45,940 | +€5,460 | +13.5% |
| Trade receivables | 40 | €40,338 | €40,707 | +€369 | +0.9% |
| Other amounts receivable | 41 | €142 | €5,234 | +€5,092 | +3,577% |
| Cash at bank and in hand | 54/58 | €161,267 | €63,022 | -€98,245 | -60.9% |
| Deferred charges and accrued income | 490/1 | €2,167 | €2,455 | +€288 | +13.3% |
| Total equity and liabilities | 10/49 | €811,077 | €777,019 | -€34,059 | -4.2% |
| Equity | 10/15 | €138,694 | €163,258 | +€24,565 | +17.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €133,694 | €158,258 | +€24,565 | +18.4% |
| Distributable reserves | 133 | €133,694 | €158,258 | +€24,565 | +18.4% |
| Amounts payable | 17/49 | €672,383 | €613,760 | -€58,623 | -8.7% |
| Amounts payable after more than one year | 17 | €526,328 | €484,314 | -€42,014 | -8.0% |
| Financial debts | 170/4 | €526,328 | €484,314 | -€42,014 | -8.0% |
| Amounts payable within one year | 42/48 | €142,111 | €123,855 | -€18,256 | -12.8% |
| Current portion of amounts payable after more than one year | 42 | €51,904 | €42,014 | -€9,890 | -19.1% |
| Trade debts | 44 | €3,924 | €3,205 | -€719 | -18.3% |
| Suppliers | 440/4 | €3,924 | €3,205 | -€719 | -18.3% |
| Taxes, remuneration and social security | 45 | €18,576 | €3,614 | -€14,962 | -80.5% |
| Taxes | 450/3 | €18,576 | €3,614 | -€14,962 | -80.5% |
| Other amounts payable | 47/48 | €67,707 | €75,023 | +€7,315 | +10.8% |
| Accrued charges and deferred income | 492/3 | €3,944 | €5,591 | +€1,646 | +41.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,991 | €35,296 | +€8,305 | +30.8% |
| Other operating charges | 640/8 | €1,887 | €4,270 | +€2,383 | +126% |
| Gross operating margin | 9900 | €102,446 | €99,554 | -€2,892 | -2.8% |
| Operating profit (loss) | 9901 | €73,569 | €59,989 | -€13,580 | -18.5% |
| Financial income | 75/76B | €1,217 | €282 | -€935 | -76.8% |
| Recurring financial income | 75 | €1,217 | €282 | -€935 | -76.8% |
| Financial charges | 65/66B | €23,477 | €25,932 | +€2,455 | +10.5% |
| Recurring financial charges | 65 | €23,477 | €25,932 | +€2,455 | +10.5% |
| Profit (loss) for the period before taxes | 9903 | €51,309 | €34,339 | -€16,970 | -33.1% |
| Income taxes | 67/77 | €14,345 | €9,774 | -€4,571 | -31.9% |
| Profit (loss) for the period | 9904 | €36,963 | €24,565 | -€12,399 | -33.5% |
| Profit (loss) for the period to be appropriated | 9905 | €36,963 | €24,565 | -€12,399 | -33.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.