VADECO: what changed
What changed
VADECO
NACE 73.200, Market research and public opinion polling
filed annual accounts (NBB)
Net result for the year
€190,885
2024 · €105,654+€85,231
Equity
€673,709
2024 · €482,824+€190,885
Cash
€282,316
2024 · €145,440+€136,876
Balance sheet total
€701,215
2024 · €515,805+€185,411
Largest movements
Assets
- Cash +€136,876
up €136,876 (+94.1%), from €145,440 to €282,316
mainly Net result for the year (+€190,885) and Depreciation (+€2,369)
- Receivables within one year +€49,639
up €49,639 (+247%), from €20,096 to €69,735
of which Trade receivables: +€41,632
Equity and liabilities
- Reserves +€190,885
up €190,885 (+45.4%), from €420,185 to €611,070
of which Distributable reserves: +€190,885
Income statement
- Gross operating margin +€123,410
up €123,410 (+75.3%), from €163,792 to €287,202
- Taxes +€38,105
up €38,105 (+70.7%), from €53,888 to €91,993
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€105,654
Gross operating margin
+€123,410
Depreciation
+€245
Other operating charges
-€163
Financial charges
-€158
Taxes
-€38,105
Result 2025
€190,885
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€138,305
Investment
-€1,430
Financing
€0
Cash 2024
€145,440
From operations (derived)
+€138,305
Net result for the year
+€190,885
Depreciation
+€2,369
Receivables within one year
-€49,639
Deferred charges and accrued income
+€165
Trade debts
-€2,846
Tax, wage and social debts
-€1,365
Accrued charges and deferred income
-€1,264
Investment (derived)
-€1,430
Investment in fixed assets (net)
-€1,430
Cash 2025
€282,316
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €515,805 | €701,215 | +€185,411 | +35.9% |
| Fixed assets | 21/28 | €349,501 | €348,562 | -€939 | -0.3% |
| Tangible fixed assets | 22/27 | €3,158 | €2,219 | -€939 | -29.7% |
| Furniture and vehicles | 24 | €3,158 | €2,219 | -€939 | -29.7% |
| Financial fixed assets | 28 | €346,343 | €346,343 | = | 0.0% |
| Current assets | 29/58 | €166,304 | €352,654 | +€186,350 | +112% |
| Amounts receivable within one year | 40/41 | €20,096 | €69,735 | +€49,639 | +247% |
| Trade receivables | 40 | €20,096 | €61,728 | +€41,632 | +207% |
| Other amounts receivable | 41 | - | €8,007 | +€8,007 | |
| Cash at bank and in hand | 54/58 | €145,440 | €282,316 | +€136,876 | +94.1% |
| Deferred charges and accrued income | 490/1 | €767 | €603 | -€165 | -21.5% |
| Total equity and liabilities | 10/49 | €515,805 | €701,215 | +€185,411 | +35.9% |
| Equity | 10/15 | €482,824 | €673,709 | +€190,885 | +39.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €420,185 | €611,070 | +€190,885 | +45.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €413,985 | €604,870 | +€190,885 | +46.1% |
| Profit (loss) carried forward | 14 | €639 | €639 | = | 0.0% |
| Amounts payable | 17/49 | €32,980 | €27,506 | -€5,475 | -16.6% |
| Amounts payable within one year | 42/48 | €24,381 | €20,170 | -€4,211 | -17.3% |
| Trade debts | 44 | €6,532 | €3,686 | -€2,846 | -43.6% |
| Suppliers | 440/4 | €6,532 | €3,686 | -€2,846 | -43.6% |
| Taxes, remuneration and social security | 45 | €17,849 | €16,484 | -€1,365 | -7.6% |
| Taxes | 450/3 | €17,849 | €16,484 | -€1,365 | -7.6% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €8,599 | €7,336 | -€1,264 | -14.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,614 | €2,369 | -€245 | -9.4% |
| Other operating charges | 640/8 | €1,379 | €1,542 | +€163 | +11.8% |
| Gross operating margin | 9900 | €163,792 | €287,202 | +€123,410 | +75.3% |
| Operating profit (loss) | 9901 | €159,798 | €283,291 | +€123,493 | +77.3% |
| Financial charges | 65/66B | €255 | €413 | +€158 | +61.7% |
| Recurring financial charges | 65 | €255 | €413 | +€158 | +61.7% |
| Profit (loss) for the period before taxes | 9903 | €159,543 | €282,878 | +€123,335 | +77.3% |
| Income taxes | 67/77 | €53,888 | €91,993 | +€38,105 | +70.7% |
| Profit (loss) for the period | 9904 | €105,654 | €190,885 | +€85,231 | +80.7% |
| Profit (loss) for the period to be appropriated | 9905 | €105,654 | €190,885 | +€85,231 | +80.7% |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.