VADECAS & PARTNERS: 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 & PARTNERS
Largest movements
- Cash +€669,114
up €669,114 (+246%), from €272,268 to €941,382
- Current investments -€549,784
no longer reported in 2025 (was €549,784)
- Receivables within one year +€215,667
up €215,667 (+63.0%), from €342,142 to €557,809
of which Other amounts receivable: +€168,490
- Tangible fixed assets +€176,896
up €176,896 (+324%), from €54,586 to €231,482
of which Other tangible fixed assets: +€184,836
- Other debts +€249,774
up €249,774 (+28.0%), from €890,754 to €1.1m
- Debts after one year +€122,975
up €122,975 (+196%), from €62,693 to €185,668
- Reserves -€101,962
no longer reported in 2025 (was €101,962)
- Accrued charges and deferred income +€91,057
new in 2025: €91,057
- Tax, wage and social debts +€74,443
up €74,443 (+95.3%), from €78,098 to €152,541
of which Taxes: +€68,787
- Gross operating margin +€395,803
up €395,803 (+34.1%), from €1.2m to €1.6m
- Staff costs +€147,143
up €147,143 (+54.3%), from €271,002 to €418,145
- Financial charges -€64,435
down €64,435 (-74.5%), from €86,477 to €22,042
- Taxes +€58,735
up €58,735 (+26.7%), from €219,720 to €278,455
- Financial income +€24,630
up €24,630 (+1,116%), from €2,207 to €26,837
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,237,443 | €1,758,486 | +€521,042 | +42.1% |
| Fixed assets | 21/28 | €54,586 | €231,528 | +€176,942 | +324% |
| Tangible fixed assets | 22/27 | €54,586 | €231,482 | +€176,896 | +324% |
| Plant, machinery and equipment | 23 | €29,320 | €25,538 | -€3,783 | -12.9% |
| Furniture and vehicles | 24 | €25,266 | €21,108 | -€4,158 | -16.5% |
| Other tangible fixed assets | 26 | €0 | €184,836 | +€184,836 | +80,363,517% |
| Financial fixed assets | 28 | - | €46 | +€46 | |
| Current assets | 29/58 | €1,182,857 | €1,526,958 | +€344,101 | +29.1% |
| Amounts receivable within one year | 40/41 | €342,142 | €557,809 | +€215,667 | +63.0% |
| Trade receivables | 40 | €340,650 | €387,827 | +€47,177 | +13.8% |
| Other amounts receivable | 41 | €1,492 | €169,982 | +€168,490 | +11,293% |
| Current investments | 50/53 | €549,784 | - | -€549,784 | |
| Cash at bank and in hand | 54/58 | €272,268 | €941,382 | +€669,114 | +246% |
| Deferred charges and accrued income | 490/1 | €18,662 | €27,766 | +€9,104 | +48.8% |
| Total equity and liabilities | 10/49 | €1,237,443 | €1,758,486 | +€521,042 | +42.1% |
| Equity | 10/15 | €108,656 | €6,694 | -€101,962 | -93.8% |
| Contributions | 10/11 | €6,694 | €6,694 | = | 0.0% |
| Reserves | 13 | €101,962 | - | -€101,962 | |
| Distributable reserves | 133 | €101,962 | - | -€101,962 | |
| Amounts payable | 17/49 | €1,128,787 | €1,751,791 | +€623,004 | +55.2% |
| Amounts payable after more than one year | 17 | €62,693 | €185,668 | +€122,975 | +196% |
| Financial debts | 170/4 | €62,693 | €185,668 | +€122,975 | +196% |
| Amounts payable within one year | 42/48 | €1,066,094 | €1,475,067 | +€408,973 | +38.4% |
| Current portion of amounts payable after more than one year | 42 | €24,260 | €41,504 | +€17,244 | +71.1% |
| Financial debts | 43 | - | €45,125 | +€45,125 | |
| Credit institutions | 430/8 | - | €45,125 | +€45,125 | |
| Trade debts | 44 | €72,981 | €95,368 | +€22,387 | +30.7% |
| Suppliers | 440/4 | €72,981 | €95,368 | +€22,387 | +30.7% |
| Taxes, remuneration and social security | 45 | €78,098 | €152,541 | +€74,443 | +95.3% |
| Taxes | 450/3 | €43,999 | €112,785 | +€68,787 | +156% |
| Remuneration and social security | 454/9 | €34,100 | €39,755 | +€5,656 | +16.6% |
| Other amounts payable | 47/48 | €890,754 | €1,140,528 | +€249,774 | +28.0% |
| Accrued charges and deferred income | 492/3 | - | €91,057 | +€91,057 | |
| Non-recurring operating income | 76A | €14,324 | €2,148 | -€12,177 | -85.0% |
| Remuneration, social security and pensions | 62 | €271,002 | €418,145 | +€147,143 | +54.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,090 | €42,249 | +€22,159 | +110% |
| Other operating charges | 640/8 | €2,056 | €898 | -€1,158 | -56.3% |
| Non-recurring operating charges | 66A | €3 | €842 | +€839 | +26,390% |
| Gross operating margin | 9900 | €1,161,713 | €1,557,515 | +€395,803 | +34.1% |
| Operating profit (loss) | 9901 | €868,561 | €1,095,381 | +€226,820 | +26.1% |
| Financial income | 75/76B | €2,207 | €26,837 | +€24,630 | +1,116% |
| Recurring financial income | 75 | €2,207 | €26,837 | +€24,630 | +1,116% |
| Financial charges | 65/66B | €86,477 | €22,042 | -€64,435 | -74.5% |
| Recurring financial charges | 65 | €86,477 | €22,042 | -€64,435 | -74.5% |
| Profit (loss) for the period before taxes | 9903 | €784,291 | €1,100,176 | +€315,885 | +40.3% |
| Income taxes | 67/77 | €219,720 | €278,455 | +€58,735 | +26.7% |
| Profit (loss) for the period | 9904 | €564,571 | €821,721 | +€257,150 | +45.5% |
| Transfer from tax-exempt reserves | 789 | €231,400 | - | -€231,400 | |
| Profit (loss) for the period to be appropriated | 9905 | €795,971 | €821,721 | +€25,750 | +3.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.