Vadebo: 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.
What changed
Vadebo
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1,345
2024 · -€1,039+€2,383
Equity
€1.5m
2024 · €1.5m+€1,345
Cash
€206,058
2024 · €231,089-€25,031
Balance sheet total
€2.8m
2024 · €2.9m-€94,242
Largest movements
Assets
- Tangible fixed assets -€65,433
down €65,433 (-2.7%), from €2.4m to €2.3m
of which Land and buildings: -€61,185
Equity and liabilities
- Debts after one year -€79,031
down €79,031 (-8.7%), from €910,027 to €830,996
- Profit (loss) carried forward +€39,826
up €39,826 (+33.2%), from -€119,813 to -€79,987
- Reserves -€38,481
down €38,481 (-3.3%), from €1.2m to €1.1m
of which Tax-exempt reserves: -€38,481
Income statement
- Financial income +€1,550
new in 2025: €1,550
- Financial charges -€1,096
down €1,096 (-8.1%), from €13,497 to €12,400
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.
Result 2024
-€1,039
Gross operating margin
+€122
Depreciation
-€438
Other operating charges
+€525
Financial income
+€1,550
Financial charges
+€1,096
Taxes
-€472
Result 2025
€1,345
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.
From operations
+€58,137
Investment
-€5,128
Financing
-€78,040
Cash 2024
€231,089
From operations (derived)
+€58,137
Net result for the year
+€1,345
Depreciation
+€65,433
Receivables within one year
+€8,905
Provisions
-€12,827
Trade debts
-€7,418
Tax, wage and social debts
-€308
Other debts
-€1,662
Accrued charges and deferred income
+€4,668
Investment (derived)
-€5,128
Current investments
-€5,128
Financing
-€78,040
Debts after one year
-€79,031
Current portion of long-term debt
+€992
Cash 2025
€206,058
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,937,107 | €2,842,865 | -€94,242 | -3.2% |
| Fixed assets | 21/28 | €2,390,695 | €2,325,262 | -€65,433 | -2.7% |
| Tangible fixed assets | 22/27 | €2,390,695 | €2,325,262 | -€65,433 | -2.7% |
| Land and buildings | 22 | €2,355,979 | €2,294,794 | -€61,185 | -2.6% |
| Plant, machinery and equipment | 23 | €34,716 | €30,468 | -€4,248 | -12.2% |
| Current assets | 29/58 | €546,412 | €517,604 | -€28,808 | -5.3% |
| Amounts receivable within one year | 40/41 | €8,905 | €0 | -€8,905 | -100.0% |
| Other amounts receivable | 41 | €8,905 | €0 | -€8,905 | -100.0% |
| Current investments | 50/53 | €306,417 | €311,546 | +€5,128 | +1.7% |
| Cash at bank and in hand | 54/58 | €231,089 | €206,058 | -€25,031 | -10.8% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €2,937,107 | €2,842,865 | -€94,242 | -3.2% |
| Equity | 10/15 | €1,512,240 | €1,513,585 | +€1,345 | +0.1% |
| Contributions | 10/11 | €450,069 | €450,069 | = | 0.0% |
| Capital | 10 | €379,730 | €379,730 | = | 0.0% |
| Issued capital | 100 | €379,730 | €379,730 | = | 0.0% |
| Outside capital | 11 | €70,339 | €70,339 | = | 0.0% |
| Share premium | 1100/10 | €70,339 | €70,339 | = | 0.0% |
| Reserves | 13 | €1,181,984 | €1,143,503 | -€38,481 | -3.3% |
| Non-distributable reserves | 130/1 | €37,973 | €37,973 | = | 0.0% |
| Legal reserve | 130 | €37,973 | €37,973 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,144,011 | €1,105,530 | -€38,481 | -3.4% |
| Profit (loss) carried forward | 14 | -€119,813 | -€79,987 | +€39,826 | +33.2% |
| Provisions and deferred taxes | 16 | €376,213 | €363,386 | -€12,827 | -3.4% |
| Deferred taxes | 168 | €376,213 | €363,386 | -€12,827 | -3.4% |
| Amounts payable | 17/49 | €1,048,654 | €965,895 | -€82,760 | -7.9% |
| Amounts payable after more than one year | 17 | €910,027 | €830,996 | -€79,031 | -8.7% |
| Financial debts | 170/4 | €910,027 | €830,996 | -€79,031 | -8.7% |
| Amounts payable within one year | 42/48 | €129,625 | €121,228 | -€8,396 | -6.5% |
| Current portion of amounts payable after more than one year | 42 | €78,040 | €79,031 | +€992 | +1.3% |
| Trade debts | 44 | €8,173 | €756 | -€7,418 | -90.8% |
| Suppliers | 440/4 | €8,173 | €756 | -€7,418 | -90.8% |
| Taxes, remuneration and social security | 45 | €645 | €336 | -€308 | -47.8% |
| Taxes | 450/3 | €645 | €336 | -€308 | -47.8% |
| Other amounts payable | 47/48 | €42,767 | €41,105 | -€1,662 | -3.9% |
| Accrued charges and deferred income | 492/3 | €9,002 | €13,671 | +€4,668 | +51.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,995 | €65,433 | +€438 | +0.7% |
| Other operating charges | 640/8 | €9,533 | €9,008 | -€525 | -5.5% |
| Gross operating margin | 9900 | €74,488 | €74,611 | +€122 | +0.2% |
| Operating profit (loss) | 9901 | -€39 | €169 | +€209 | |
| Financial income | 75/76B | - | €1,550 | +€1,550 | |
| Recurring financial income | 75 | - | €1,550 | +€1,550 | |
| Financial charges | 65/66B | €13,497 | €12,400 | -€1,096 | -8.1% |
| Recurring financial charges | 65 | €13,497 | €12,400 | -€1,096 | -8.1% |
| Profit (loss) for the period before taxes | 9903 | -€13,536 | -€10,681 | +€2,855 | +21.1% |
| Transfer from deferred taxes | 780 | €12,827 | €12,827 | = | 0.0% |
| Income taxes | 67/77 | €330 | €801 | +€472 | +143.1% |
| Profit (loss) for the period | 9904 | -€1,039 | €1,345 | +€2,383 | |
| Transfer from tax-exempt reserves | 789 | €38,481 | €38,481 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €37,442 | €39,826 | +€2,383 | +6.4% |
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 4 October 2026 via checked.be.