VADECAS MANAGEMENT: 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.
VADECAS MANAGEMENT
Largest movements
- Receivables after one year +€1.6m
up €1.6m (+278%), from €573,197 to €2.2m
- Receivables within one year -€843,591
down €843,591 (-97.1%), from €868,357 to €24,766
of which Other amounts receivable: -€843,258
- Cash +€254,790
up €254,790 (+371%), from €68,743 to €323,533
mainly Receivables within one year (+€843,591) and Net result for the year (+€641,392)
- Current investments +€57,592
up €57,592 (+3.5%), from €1.7m to €1.7m
- Reserves +€582,132
up €582,132 (+22.6%), from €2.6m to €3.2m
- Other debts +€532,760
up €532,760 (+145%), from €368,513 to €901,274
- Debts after one year -€78,338
down €78,338 (-9.6%), from €816,109 to €737,771
- Financial income +€187,485
up €187,485 (+34.5%), from €542,651 to €730,137
- Gross operating margin +€28,687
up €28,687 (+55.8%), from €51,400 to €80,087
- Taxes +€13,582
up €13,582 (+26.9%), from €50,557 to €64,139
- Depreciation +€3,096
up €3,096 (+5.0%), from €61,979 to €65,074
- Other operating charges +€1,221
up €1,221 (+19.3%), from €6,340 to €7,561
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 | €4,407,655 | €5,446,157 | +€1.0m | +23.6% |
| Fixed assets | 21/28 | €1,225,281 | €1,194,375 | -€30,906 | -2.5% |
| Tangible fixed assets | 22/27 | €1,216,031 | €1,170,374 | -€45,657 | -3.8% |
| Land and buildings | 22 | €1,205,290 | €1,156,141 | -€49,149 | -4.1% |
| Plant, machinery and equipment | 23 | €10,741 | €11,027 | +€285 | +2.7% |
| Furniture and vehicles | 24 | - | €3,206 | +€3,206 | |
| Financial fixed assets | 28 | €9,250 | €24,001 | +€14,751 | +159% |
| Current assets | 29/58 | €3,182,374 | €4,251,782 | +€1.1m | +33.6% |
| Amounts receivable after more than one year | 29 | €573,197 | €2,168,843 | +€1.6m | +278% |
| Other amounts receivable | 291 | €573,197 | €2,168,843 | +€1.6m | +278% |
| Amounts receivable within one year | 40/41 | €868,357 | €24,766 | -€843,591 | -97.1% |
| Trade receivables | 40 | €21,508 | €21,175 | -€333 | -1.5% |
| Other amounts receivable | 41 | €846,849 | €3,591 | -€843,258 | -99.6% |
| Current investments | 50/53 | €1,667,478 | €1,725,071 | +€57,592 | +3.5% |
| Cash at bank and in hand | 54/58 | €68,743 | €323,533 | +€254,790 | +371% |
| Deferred charges and accrued income | 490/1 | €4,599 | €9,569 | +€4,970 | +108% |
| Total equity and liabilities | 10/49 | €4,407,655 | €5,446,157 | +€1.0m | +23.6% |
| Equity | 10/15 | €3,074,292 | €3,656,424 | +€582,132 | +18.9% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €2,574,292 | €3,156,424 | +€582,132 | +22.6% |
| Distributable reserves | 133 | €2,574,292 | €3,156,424 | +€582,132 | +22.6% |
| Amounts payable | 17/49 | €1,333,363 | €1,789,733 | +€456,370 | +34.2% |
| Amounts payable after more than one year | 17 | €816,109 | €737,771 | -€78,338 | -9.6% |
| Financial debts | 170/4 | €816,109 | €737,771 | -€78,338 | -9.6% |
| Amounts payable within one year | 42/48 | €517,254 | €1,051,962 | +€534,708 | +103% |
| Current portion of amounts payable after more than one year | 42 | €74,649 | €78,338 | +€3,689 | +4.9% |
| Trade debts | 44 | €17,426 | €3,575 | -€13,851 | -79.5% |
| Suppliers | 440/4 | €17,426 | €3,575 | -€13,851 | -79.5% |
| Taxes, remuneration and social security | 45 | €56,666 | €68,775 | +€12,109 | +21.4% |
| Taxes | 450/3 | €53,966 | €68,775 | +€14,809 | +27.4% |
| Remuneration and social security | 454/9 | €2,700 | - | -€2,700 | |
| Other amounts payable | 47/48 | €368,513 | €901,274 | +€532,760 | +145% |
| Non-recurring operating income | 76A | €12,047 | - | -€12,047 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,979 | €65,074 | +€3,096 | +5.0% |
| Other operating charges | 640/8 | €6,340 | €7,561 | +€1,221 | +19.3% |
| Gross operating margin | 9900 | €51,400 | €80,087 | +€28,687 | +55.8% |
| Operating profit (loss) | 9901 | -€16,919 | €7,452 | +€24,371 | |
| Financial income | 75/76B | €542,651 | €730,137 | +€187,485 | +34.5% |
| Recurring financial income | 75 | €542,651 | €730,137 | +€187,485 | +34.5% |
| Financial charges | 65/66B | €31,585 | €32,058 | +€473 | +1.5% |
| Recurring financial charges | 65 | €31,585 | €32,058 | +€473 | +1.5% |
| Profit (loss) for the period before taxes | 9903 | €494,148 | €705,531 | +€211,383 | +42.8% |
| Income taxes | 67/77 | €50,557 | €64,139 | +€13,582 | +26.9% |
| Profit (loss) for the period | 9904 | €443,591 | €641,392 | +€197,801 | +44.6% |
| Transfer from tax-exempt reserves | 789 | €44,500 | - | -€44,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €488,091 | €641,392 | +€153,301 | +31.4% |
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.