VADECO: 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.
VADECO
Largest movements
- Receivables within one year +€20,019
up €20,019 (+82.5%), from €24,259 to €44,278
of which Other amounts receivable: +€14,410
- Cash +€11,637
up €11,637 (+35.5%), from €32,799 to €44,436
mainly Trade debts (+€15,975) and Other debts (+€8,154)
- Trade debts +€15,975
up €15,975 (+411.9%), from €3,878 to €19,853
- Other debts +€8,154
up €8,154 (+36.1%), from €22,589 to €30,743
- Reserves +€5,281
up €5,281 (+37.3%), from €14,176 to €19,458
of which Distributable reserves: +€5,281
- Tax, wage and social debts +€2,266
up €2,266 (+34.3%), from €6,608 to €8,875
- Purchases and services +€24,939
up €24,939 (+80.1%), from €31,129 to €56,068
- Gross operating margin -€11,134
down €11,134 (-51.3%), from €21,720 to €10,586
- Depreciation +€417
up €417 (+44.4%), from €939 to €1,357
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 | €67,251 | €98,928 | +€31,677 | +47.1% |
| Fixed assets | 21/28 | €10,192 | €9,621 | -€571 | -5.6% |
| Tangible fixed assets | 22/27 | €10,192 | €9,621 | -€571 | -5.6% |
| Land and buildings | 22 | €7,066 | €6,595 | -€471 | -6.7% |
| Furniture and vehicles | 24 | €3,127 | €3,026 | -€100 | -3.2% |
| Current assets | 29/58 | €57,058 | €89,307 | +€32,248 | +56.5% |
| Amounts receivable within one year | 40/41 | €24,259 | €44,278 | +€20,019 | +82.5% |
| Trade receivables | 40 | €1,642 | €7,251 | +€5,609 | +341.6% |
| Other amounts receivable | 41 | €22,617 | €37,027 | +€14,410 | +63.7% |
| Cash at bank and in hand | 54/58 | €32,799 | €44,436 | +€11,637 | +35.5% |
| Deferred charges and accrued income | 490/1 | - | €592 | +€592 | |
| Total equity and liabilities | 10/49 | €67,251 | €98,928 | +€31,677 | +47.1% |
| Equity | 10/15 | €34,176 | €39,458 | +€5,281 | +15.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Outside capital | 11 | €20,000 | €20,000 | = | 0.0% |
| Other | 1109/19 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €14,176 | €19,458 | +€5,281 | +37.3% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €12,176 | €17,458 | +€5,281 | +43.4% |
| Amounts payable | 17/49 | €33,075 | €59,470 | +€26,396 | +79.8% |
| Amounts payable within one year | 42/48 | €33,075 | €59,470 | +€26,396 | +79.8% |
| Trade debts | 44 | €3,878 | €19,853 | +€15,975 | +411.9% |
| Suppliers | 440/4 | €3,878 | €19,853 | +€15,975 | +411.9% |
| Taxes, remuneration and social security | 45 | €6,608 | €8,875 | +€2,266 | +34.3% |
| Taxes | 450/3 | €6,608 | €8,875 | +€2,266 | +34.3% |
| Other amounts payable | 47/48 | €22,589 | €30,743 | +€8,154 | +36.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €31,129 | €56,068 | +€24,939 | +80.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €939 | €1,357 | +€417 | +44.4% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | €21,720 | €10,586 | -€11,134 | -51.3% |
| Operating profit (loss) | 9901 | €20,275 | €8,710 | -€11,565 | -57.0% |
| Financial income | 75/76B | - | €12 | +€12 | |
| Recurring financial income | 75 | - | €12 | +€12 | |
| Financial charges | 65/66B | €254 | €223 | -€31 | -12.4% |
| Recurring financial charges | 65 | €254 | €223 | -€31 | -12.4% |
| Profit (loss) for the period before taxes | 9903 | €20,021 | €8,499 | -€11,521 | -57.5% |
| Income taxes | 67/77 | €3,339 | €3,218 | -€121 | -3.6% |
| Profit (loss) for the period | 9904 | €16,682 | €5,281 | -€11,400 | -68.3% |
| Profit (loss) for the period to be appropriated | 9905 | €16,682 | €5,281 | -€11,400 | -68.3% |
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 3 October 2026 via checked.be.