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
- Current investments +€172,970
up €172,970 (+34.9%), from €495,065 to €668,035
- Cash -€37,815
down €37,815 (-11.8%), from €319,969 to €282,153
mainly Current investments (-€172,970) and Receivables after one year (-€19,388)
- Reserves +€109,300
up €109,300 (+7.8%), from €1.4m to €1.5m
of which Distributable reserves: +€109,300
- Tax, wage and social debts +€47,063
up €47,063 (+197%), from €23,857 to €70,920
of which Taxes: +€49,603
- Financial income +€46,090
up €46,090 (+123%), from €37,507 to €83,597
- Taxes +€21,294
up €21,294 (+79.2%), from €26,892 to €48,187
- Gross operating margin +€19,887
up €19,887 (+26.2%), from €75,779 to €95,666
- Financial charges -€1,360
down €1,360 (-28.4%), from €4,791 to €3,431
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 | €1,839,419 | €1,983,634 | +€144,215 | +7.8% |
| Fixed assets | 21/28 | €274,574 | €265,652 | -€8,922 | -3.2% |
| Tangible fixed assets | 22/27 | €199,777 | €190,855 | -€8,922 | -4.5% |
| Land and buildings | 22 | €177,694 | €172,570 | -€5,124 | -2.9% |
| Plant, machinery and equipment | 23 | €849 | €616 | -€233 | -27.4% |
| Furniture and vehicles | 24 | €21,235 | €17,669 | -€3,566 | -16.8% |
| Financial fixed assets | 28 | €74,796 | €74,796 | = | 0.0% |
| Current assets | 29/58 | €1,564,846 | €1,717,983 | +€153,137 | +9.8% |
| Amounts receivable after more than one year | 29 | €745,699 | €765,087 | +€19,388 | +2.6% |
| Other amounts receivable | 291 | €745,699 | €765,087 | +€19,388 | +2.6% |
| Amounts receivable within one year | 40/41 | €1,908 | €0 | -€1,908 | -100% |
| Other amounts receivable | 41 | €1,908 | €0 | -€1,908 | -100% |
| Current investments | 50/53 | €495,065 | €668,035 | +€172,970 | +34.9% |
| Cash at bank and in hand | 54/58 | €319,969 | €282,153 | -€37,815 | -11.8% |
| Deferred charges and accrued income | 490/1 | €2,204 | €2,707 | +€503 | +22.8% |
| Total equity and liabilities | 10/49 | €1,839,419 | €1,983,634 | +€144,215 | +7.8% |
| Equity | 10/15 | €1,667,293 | €1,776,677 | +€109,383 | +6.6% |
| Contributions | 10/11 | €271,334 | €271,334 | = | 0.0% |
| Reserves | 13 | €1,393,912 | €1,503,212 | +€109,300 | +7.8% |
| Non-distributable reserves | 130/1 | €11,508 | €11,508 | = | 0.0% |
| Reserves not available under the articles | 1311 | €11,508 | €11,508 | = | 0.0% |
| Distributable reserves | 133 | €1,382,404 | €1,491,704 | +€109,300 | +7.9% |
| Profit (loss) carried forward | 14 | €2,048 | €2,131 | +€83 | +4.1% |
| Amounts payable | 17/49 | €172,126 | €206,957 | +€34,831 | +20.2% |
| Amounts payable after more than one year | 17 | €56,577 | €49,621 | -€6,956 | -12.3% |
| Financial debts | 170/4 | €56,577 | €49,621 | -€6,956 | -12.3% |
| Amounts payable within one year | 42/48 | €115,549 | €157,337 | +€41,787 | +36.2% |
| Current portion of amounts payable after more than one year | 42 | €6,683 | €6,956 | +€273 | +4.1% |
| Trade debts | 44 | €9,518 | €1,759 | -€7,759 | -81.5% |
| Suppliers | 440/4 | €9,518 | €1,759 | -€7,759 | -81.5% |
| Taxes, remuneration and social security | 45 | €23,857 | €70,920 | +€47,063 | +197% |
| Taxes | 450/3 | €21,317 | €70,920 | +€49,603 | +233% |
| Remuneration and social security | 454/9 | €2,540 | €0 | -€2,540 | -100% |
| Other amounts payable | 47/48 | €75,490 | €77,702 | +€2,211 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,047 | €15,621 | +€574 | +3.8% |
| Other operating charges | 640/8 | €2,572 | €2,641 | +€69 | +2.7% |
| Gross operating margin | 9900 | €75,779 | €95,666 | +€19,887 | +26.2% |
| Operating profit (loss) | 9901 | €58,159 | €77,404 | +€19,244 | +33.1% |
| Financial income | 75/76B | €37,507 | €83,597 | +€46,090 | +123% |
| Recurring financial income | 75 | €37,507 | €83,597 | +€46,090 | +123% |
| Financial charges | 65/66B | €4,791 | €3,431 | -€1,360 | -28.4% |
| Recurring financial charges | 65 | €4,791 | €3,431 | -€1,360 | -28.4% |
| Profit (loss) for the period before taxes | 9903 | €90,876 | €157,570 | +€66,695 | +73.4% |
| Income taxes | 67/77 | €26,892 | €48,187 | +€21,294 | +79.2% |
| Profit (loss) for the period | 9904 | €63,983 | €109,383 | +€45,400 | +71.0% |
| Profit (loss) for the period to be appropriated | 9905 | €63,983 | €109,383 | +€45,400 | +71.0% |
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 17 October 2026 via checked.be.