VADEBE: 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.
VADEBE
Largest movements
- Receivables within one year +€269,618
up €269,618 (+271.1%), from €99,435 to €369,054
of which Trade receivables: +€194,988
- Tangible fixed assets +€240,992
up €240,992 (+41.9%), from €574,657 to €815,649
of which Land and buildings: +€178,881
- Cash +€119,006
up €119,006 (+1043.4%), from €11,405 to €130,411
mainly Contributions, distributions and other (+€226,698) and Trade debts (+€164,089)
- Financial fixed assets -€48,000
down €48,000 (-81.4%), from €59,000 to €11,000
- Profit (loss) carried forward +€237,067
up €237,067 (+165.5%), from €143,214 to €380,280
- Trade debts +€164,089
up €164,089 (+1158.7%), from €14,162 to €178,251
- Debts after one year +€130,491
up €130,491 (+40.5%), from €321,938 to €452,429
- Other debts -€54,348
down €54,348 (-61.4%), from €88,474 to €34,126
- Reserves +€48,880
up €48,880 (+70.5%), from €69,376 to €118,256
of which Distributable reserves: +€29,546
- Financial income +€63,349
new in 2025: €63,349
of which Financial income: +€63,349
- Gross operating margin +€57,578
up €57,578 (+51.2%), from €112,355 to €169,932
- Other operating charges +€52,508
up €52,508 (+1663.2%), from €3,157 to €55,665
- Depreciation -€13,789
down €13,789 (-21.9%), from €62,864 to €49,075
- Taxes +€8,317
up €8,317 (+82.9%), from €10,033 to €18,351
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 | €746,901 | €1,327,433 | +€580,533 | +77.7% |
| Fixed assets | 21/28 | €633,657 | €826,649 | +€192,992 | +30.5% |
| Tangible fixed assets | 22/27 | €574,657 | €815,649 | +€240,992 | +41.9% |
| Land and buildings | 22 | €514,229 | €693,109 | +€178,881 | +34.8% |
| Plant, machinery and equipment | 23 | €1,416 | €743 | -€673 | -47.5% |
| Furniture and vehicles | 24 | €49,696 | €121,797 | +€72,101 | +145.1% |
| Leasing and similar rights | 25 | €9,317 | - | -€9,317 | |
| Financial fixed assets | 28 | €59,000 | €11,000 | -€48,000 | -81.4% |
| Current assets | 29/58 | €113,244 | €500,784 | +€387,541 | +342.2% |
| Amounts receivable within one year | 40/41 | €99,435 | €369,054 | +€269,618 | +271.1% |
| Trade receivables | 40 | €33,606 | €228,594 | +€194,988 | +580.2% |
| Other amounts receivable | 41 | €65,830 | €140,460 | +€74,631 | +113.4% |
| Cash at bank and in hand | 54/58 | €11,405 | €130,411 | +€119,006 | +1043.4% |
| Deferred charges and accrued income | 490/1 | €2,403 | €1,320 | -€1,083 | -45.1% |
| Total equity and liabilities | 10/49 | €746,901 | €1,327,433 | +€580,533 | +77.7% |
| Equity | 10/15 | €241,590 | €568,870 | +€327,280 | +135.5% |
| Contributions | 10/11 | €29,000 | €70,333 | +€41,333 | +142.5% |
| Reserves | 13 | €69,376 | €118,256 | +€48,880 | +70.5% |
| Tax-exempt reserves | 132 | - | €19,334 | +€19,334 | |
| Distributable reserves | 133 | €69,376 | €98,922 | +€29,546 | +42.6% |
| Profit (loss) carried forward | 14 | €143,214 | €380,280 | +€237,067 | +165.5% |
| Amounts payable | 17/49 | €505,311 | €758,564 | +€253,252 | +50.1% |
| Amounts payable after more than one year | 17 | €321,938 | €452,429 | +€130,491 | +40.5% |
| Financial debts | 170/4 | €321,938 | €452,429 | +€130,491 | +40.5% |
| Amounts payable within one year | 42/48 | €183,373 | €306,135 | +€122,762 | +66.9% |
| Current portion of amounts payable after more than one year | 42 | €74,024 | €75,629 | +€1,605 | +2.2% |
| Trade debts | 44 | €14,162 | €178,251 | +€164,089 | +1158.7% |
| Suppliers | 440/4 | €14,162 | €178,251 | +€164,089 | +1158.7% |
| Taxes, remuneration and social security | 45 | €6,713 | €18,129 | +€11,416 | +170.1% |
| Taxes | 450/3 | €6,713 | €18,129 | +€11,416 | +170.1% |
| Other amounts payable | 47/48 | €88,474 | €34,126 | -€54,348 | -61.4% |
| Non-recurring operating income | 76A | - | €32,000 | +€32,000 | |
| Remuneration, social security and pensions | 62 | - | €241 | +€241 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,864 | €49,075 | -€13,789 | -21.9% |
| Other operating charges | 640/8 | €3,157 | €55,665 | +€52,508 | +1663.2% |
| Gross operating margin | 9900 | €112,355 | €169,932 | +€57,578 | +51.2% |
| Operating profit (loss) | 9901 | €46,334 | €64,952 | +€18,618 | +40.2% |
| Financial income | 75/76B | - | €63,349 | +€63,349 | |
| Recurring financial income | 75 | - | €63,349 | +€63,349 | |
| Non-recurring financial income | 76B | - | €63,349 | +€63,349 | |
| Financial charges | 65/66B | €11,035 | €9,369 | -€1,667 | -15.1% |
| Recurring financial charges | 65 | €11,035 | €9,369 | -€1,667 | -15.1% |
| Profit (loss) for the period before taxes | 9903 | €35,298 | €118,932 | +€83,634 | +236.9% |
| Income taxes | 67/77 | €10,033 | €18,351 | +€8,317 | +82.9% |
| Profit (loss) for the period | 9904 | €25,265 | €100,582 | +€75,317 | +298.1% |
| Profit (loss) for the period to be appropriated | 9905 | €25,265 | €100,582 | +€75,317 | +298.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.