VADECA: 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.
VADECA
Largest movements
- Tangible fixed assets -€13,742
down €13,742 (-25.7%), from €53,522 to €39,780
of which Furniture and vehicles: -€10,477
- Receivables within one year +€11,306
up €11,306 (+10.0%), from €113,518 to €124,823
of which Trade receivables: +€17,753
- Cash -€6,084
down €6,084 (-57.0%), from €10,665 to €4,581
mainly Trade debts (-€25,179) and Receivables within one year (-€11,306)
- Trade debts -€25,179
down €25,179 (-27.1%), from €92,891 to €67,713
- Short-term financial debts +€11,689
new in 2025: €11,689
- Tax, wage and social debts +€9,520
up €9,520 (+11.5%), from €82,997 to €92,516
of which Taxes: +€16,205
- Profit (loss) carried forward -€4,642
down €4,642 (-1.9%), from -€241,331 to -€245,973
- Staff costs -€29,703
down €29,703 (-4.7%), from €632,255 to €602,552
- Financial charges +€19,463
up €19,463 (+113.8%), from €17,099 to €36,563
- Taxes +€12,892
up €12,892 (+334.9%), from €3,850 to €16,742
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 | €242,839 | €234,812 | -€8,028 | -3.3% |
| Fixed assets | 21/28 | €54,451 | €40,137 | -€14,314 | -26.3% |
| Intangible fixed assets | 21 | €571 | €0 | -€571 | -100.0% |
| Tangible fixed assets | 22/27 | €53,522 | €39,780 | -€13,742 | -25.7% |
| Plant, machinery and equipment | 23 | €15,026 | €11,760 | -€3,265 | -21.7% |
| Furniture and vehicles | 24 | €38,496 | €28,019 | -€10,477 | -27.2% |
| Financial fixed assets | 28 | €357 | €357 | = | 0.0% |
| Current assets | 29/58 | €188,389 | €194,675 | +€6,286 | +3.3% |
| Stocks and contracts in progress | 3 | €18,499 | €19,311 | +€812 | +4.4% |
| Stocks | 30/36 | €18,499 | €19,311 | +€812 | +4.4% |
| Amounts receivable within one year | 40/41 | €113,518 | €124,823 | +€11,306 | +10.0% |
| Trade receivables | 40 | €58,382 | €76,135 | +€17,753 | +30.4% |
| Other amounts receivable | 41 | €55,136 | €48,689 | -€6,448 | -11.7% |
| Current investments | 50/53 | €43,175 | €43,175 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €10,665 | €4,581 | -€6,084 | -57.0% |
| Deferred charges and accrued income | 490/1 | €2,532 | €2,784 | +€252 | +10.0% |
| Total equity and liabilities | 10/49 | €242,839 | €234,812 | -€8,028 | -3.3% |
| Equity | 10/15 | -€104,556 | -€109,198 | -€4,642 | -4.4% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €111,986 | €111,986 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,479 | €2,479 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,479 | €2,479 | = | 0.0% |
| Tax-exempt reserves | 132 | €26,360 | €26,360 | = | 0.0% |
| Distributable reserves | 133 | €83,146 | €83,146 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€241,331 | -€245,973 | -€4,642 | -1.9% |
| Amounts payable | 17/49 | €347,396 | €344,010 | -€3,386 | -1.0% |
| Amounts payable within one year | 42/48 | €347,396 | €344,010 | -€3,386 | -1.0% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | - | €11,689 | +€11,689 | |
| Credit institutions | 430/8 | - | €11,689 | +€11,689 | |
| Trade debts | 44 | €92,891 | €67,713 | -€25,179 | -27.1% |
| Suppliers | 440/4 | €92,891 | €67,713 | -€25,179 | -27.1% |
| Taxes, remuneration and social security | 45 | €82,997 | €92,516 | +€9,520 | +11.5% |
| Taxes | 450/3 | €10,457 | €26,661 | +€16,205 | +155.0% |
| Remuneration and social security | 454/9 | €72,540 | €65,855 | -€6,685 | -9.2% |
| Other amounts payable | 47/48 | €171,507 | €172,092 | +€585 | +0.3% |
| Remuneration, social security and pensions | 62 | €632,255 | €602,552 | -€29,703 | -4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,697 | €14,314 | -€2,383 | -14.3% |
| Other operating charges | 640/8 | €6,583 | €9,420 | +€2,838 | +43.1% |
| Gross operating margin | 9900 | €658,023 | €655,860 | -€2,163 | -0.3% |
| Operating profit (loss) | 9901 | €2,489 | €29,574 | +€27,085 | +1088.2% |
| Financial income | 75/76B | €17,266 | €19,090 | +€1,823 | +10.6% |
| Recurring financial income | 75 | €17,266 | €19,090 | +€1,823 | +10.6% |
| Financial charges | 65/66B | €17,099 | €36,563 | +€19,463 | +113.8% |
| Recurring financial charges | 65 | €17,099 | €36,563 | +€19,463 | +113.8% |
| Profit (loss) for the period before taxes | 9903 | €2,656 | €12,101 | +€9,445 | +355.6% |
| Income taxes | 67/77 | €3,850 | €16,742 | +€12,892 | +334.9% |
| Profit (loss) for the period | 9904 | -€1,194 | -€4,642 | -€3,448 | -288.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,194 | -€4,642 | -€3,448 | -288.7% |
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.