Vadebo: 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.
Vadebo
Largest movements
- Tangible fixed assets +€2.7m
up €2.7m (+33.6%), from €8.0m to €10.6m
of which Land and buildings: +€2.7m
- Cash -€2.2m
down €2.2m (-62.7%), from €3.6m to €1.3m
mainly Investment in fixed assets (net) (-€3.3m) and Receivables after one year (-€273,484)
No liability line moved by more than 1% of the balance sheet total.
- Financial income -€24.7m
down €24.7m (-98.9%), from €25.0m to €275,326
of which Non-recurring financial income: -€24.7m
- Gross operating margin +€462,052
up €462,052 (+84.5%), from €547,096 to €1.0m
- Financial charges -€149,602
down €149,602 (-99.7%), from €150,013 to €411
- Staff costs +€79,450
up €79,450 (+17.5%), from €454,627 to €534,077
- Depreciation +€72,958
up €72,958 (+15.4%), from €474,227 to €547,185
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 | €35,066,968 | €35,560,320 | +€493,352 | +1.4% |
| Fixed assets | 21/28 | €16,091,227 | €18,833,897 | +€2.7m | +17.0% |
| Tangible fixed assets | 22/27 | €7,965,916 | €10,641,861 | +€2.7m | +33.6% |
| Land and buildings | 22 | €7,436,633 | €10,101,537 | +€2.7m | +35.8% |
| Plant, machinery and equipment | 23 | €216,364 | €241,039 | +€24,675 | +11.4% |
| Furniture and vehicles | 24 | €312,919 | €299,285 | -€13,634 | -4.4% |
| Financial fixed assets | 28 | €8,125,312 | €8,192,036 | +€66,725 | +0.8% |
| Current assets | 29/58 | €18,975,741 | €16,726,423 | -€2.2m | -11.9% |
| Amounts receivable after more than one year | 29 | €10,518,615 | €10,792,099 | +€273,484 | +2.6% |
| Other amounts receivable | 291 | €10,518,615 | €10,792,099 | +€273,484 | +2.6% |
| Stocks and contracts in progress | 3 | €4,487,792 | €4,337,467 | -€150,325 | -3.3% |
| Stocks | 30/36 | €4,487,792 | €4,337,467 | -€150,325 | -3.3% |
| Amounts receivable within one year | 40/41 | €370,200 | €238,864 | -€131,336 | -35.5% |
| Trade receivables | 40 | €370,200 | €206,264 | -€163,936 | -44.3% |
| Other amounts receivable | 41 | - | €32,600 | +€32,600 | |
| Cash at bank and in hand | 54/58 | €3,577,991 | €1,334,307 | -€2.2m | -62.7% |
| Deferred charges and accrued income | 490/1 | €21,142 | €23,686 | +€2,543 | +12.0% |
| Total equity and liabilities | 10/49 | €35,066,968 | €35,560,320 | +€493,352 | +1.4% |
| Equity | 10/15 | €26,251,043 | €26,414,798 | +€163,755 | +0.6% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €2,681,887 | €2,681,887 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,134 | €8,134 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,984 | €1,984 | = | 0.0% |
| Distributable reserves | 133 | €2,673,753 | €2,673,753 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,507,656 | €23,671,411 | +€163,755 | +0.7% |
| Amounts payable | 17/49 | €8,815,925 | €9,145,522 | +€329,597 | +3.7% |
| Amounts payable within one year | 42/48 | €8,811,615 | €8,937,561 | +€125,945 | +1.4% |
| Trade debts | 44 | €67,021 | €43,082 | -€23,939 | -35.7% |
| Suppliers | 440/4 | €67,021 | €43,082 | -€23,939 | -35.7% |
| Taxes, remuneration and social security | 45 | €64,940 | €59,987 | -€4,952 | -7.6% |
| Taxes | 450/3 | €3,588 | €1,397 | -€2,191 | -61.1% |
| Remuneration and social security | 454/9 | €61,352 | €58,591 | -€2,761 | -4.5% |
| Other amounts payable | 47/48 | €8,679,654 | €8,834,491 | +€154,836 | +1.8% |
| Accrued charges and deferred income | 492/3 | €4,310 | €207,962 | +€203,652 | +4,725% |
| Non-recurring operating income | 76A | - | €1,376,768 | +€1.4m | |
| Remuneration, social security and pensions | 62 | €454,627 | €534,077 | +€79,450 | +17.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €474,227 | €547,185 | +€72,958 | +15.4% |
| Other operating charges | 640/8 | €37,341 | €37,695 | +€354 | +0.9% |
| Gross operating margin | 9900 | €547,096 | €1,009,148 | +€462,052 | +84.5% |
| Operating profit (loss) | 9901 | -€419,099 | -€109,810 | +€309,290 | +73.8% |
| Financial income | 75/76B | €25,014,220 | €275,326 | -€24.7m | -98.9% |
| Recurring financial income | 75 | €266,554 | €275,326 | +€8,773 | +3.3% |
| Non-recurring financial income | 76B | €24,747,666 | - | -€24.7m | |
| Financial charges | 65/66B | €150,013 | €411 | -€149,602 | -99.7% |
| Recurring financial charges | 65 | €150,013 | €411 | -€149,602 | -99.7% |
| Profit (loss) for the period before taxes | 9903 | €24,445,107 | €165,105 | -€24.3m | -99.3% |
| Income taxes | 67/77 | €649 | €1,350 | +€701 | +108% |
| Profit (loss) for the period | 9904 | €24,444,458 | €163,755 | -€24.3m | -99.3% |
| Profit (loss) for the period to be appropriated | 9905 | €24,444,458 | €163,755 | -€24.3m | -99.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.