VADECO: 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.
VADECO
Largest movements
- Tangible fixed assets -€88,521
down €88,521 (-7.3%), from €1.2m to €1.1m
of which Land and buildings: -€77,202
- Profit (loss) carried forward -€88,101
down €88,101 (-13.3%), from -€662,548 to -€750,649
- Revaluation surpluses -€45,000
down €45,000 (-4.5%), from €1.0m to €955,000
- Reserves +€45,000
up €45,000 (+464.4%), from €9,690 to €54,690
of which Distributable reserves: +€45,000
- Trade debts +€17,664
up €17,664 (+100.3%), from €17,619 to €35,283
- Debts after one year -€14,179
down €14,179 (-8.2%), from €173,576 to €159,398
- Financial charges -€669,482
down €669,482 (-99.4%), from €673,209 to €3,727
of which Non-recurring financial charges: -€635,311
- Depreciation +€43,706
up €43,706 (+90.2%), from €48,432 to €92,138
- Gross operating margin -€36,021
down €36,021 (-77.1%), from €46,713 to €10,693
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 | €1,223,425 | €1,146,214 | -€77,210 | -6.3% |
| Fixed assets | 21/28 | €1,207,272 | €1,118,751 | -€88,521 | -7.3% |
| Tangible fixed assets | 22/27 | €1,207,254 | €1,118,733 | -€88,521 | -7.3% |
| Land and buildings | 22 | €1,166,753 | €1,089,551 | -€77,202 | -6.6% |
| Plant, machinery and equipment | 23 | €898 | €888 | -€11 | -1.2% |
| Furniture and vehicles | 24 | €39,603 | €28,295 | -€11,308 | -28.6% |
| Financial fixed assets | 28 | €19 | €19 | = | 0.0% |
| Current assets | 29/58 | €16,153 | €27,463 | +€11,310 | +70.0% |
| Amounts receivable within one year | 40/41 | €12,869 | €17,600 | +€4,731 | +36.8% |
| Trade receivables | 40 | €8,337 | €14,758 | +€6,421 | +77.0% |
| Other amounts receivable | 41 | €4,532 | €2,842 | -€1,691 | -37.3% |
| Cash at bank and in hand | 54/58 | €1,616 | €7,598 | +€5,982 | +370.2% |
| Deferred charges and accrued income | 490/1 | €1,667 | €2,265 | +€598 | +35.9% |
| Total equity and liabilities | 10/49 | €1,223,425 | €1,146,214 | -€77,210 | -6.3% |
| Equity | 10/15 | €392,142 | €304,041 | -€88,101 | -22.5% |
| Contributions | 10/11 | €45,000 | €45,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,000,000 | €955,000 | -€45,000 | -4.5% |
| Reserves | 13 | €9,690 | €54,690 | +€45,000 | +464.4% |
| Non-distributable reserves | 130/1 | €99 | €99 | = | 0.0% |
| Reserves not available under the articles | 1311 | €99 | €99 | = | 0.0% |
| Distributable reserves | 133 | €9,590 | €54,590 | +€45,000 | +469.2% |
| Profit (loss) carried forward | 14 | -€662,548 | -€750,649 | -€88,101 | -13.3% |
| Amounts payable | 17/49 | €831,283 | €842,174 | +€10,891 | +1.3% |
| Amounts payable after more than one year | 17 | €173,576 | €159,398 | -€14,179 | -8.2% |
| Financial debts | 170/4 | €173,576 | €159,398 | -€14,179 | -8.2% |
| Amounts payable within one year | 42/48 | €578,151 | €601,410 | +€23,259 | +4.0% |
| Current portion of amounts payable after more than one year | 42 | €20,364 | €18,870 | -€1,495 | -7.3% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €17,619 | €35,283 | +€17,664 | +100.3% |
| Suppliers | 440/4 | €17,619 | €35,283 | +€17,664 | +100.3% |
| Advances received on contracts in progress | 46 | - | €3,000 | +€3,000 | |
| Taxes, remuneration and social security | 45 | €1,507 | €4,626 | +€3,119 | +207.0% |
| Taxes | 450/3 | €1,507 | €4,626 | +€3,119 | +207.0% |
| Other amounts payable | 47/48 | €538,661 | €539,631 | +€970 | +0.2% |
| Accrued charges and deferred income | 492/3 | €79,556 | €81,366 | +€1,810 | +2.3% |
| Non-recurring operating income | 76A | €11,446 | €13,325 | +€1,879 | +16.4% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,432 | €92,138 | +€43,706 | +90.2% |
| Other operating charges | 640/8 | €2,985 | €2,664 | -€321 | -10.8% |
| Gross operating margin | 9900 | €46,713 | €10,693 | -€36,021 | -77.1% |
| Operating profit (loss) | 9901 | -€4,704 | -€84,109 | -€79,406 | -1688.1% |
| Financial income | 75/76B | €14 | €24 | +€10 | +71.2% |
| Recurring financial income | 75 | €14 | €24 | +€10 | +71.2% |
| Financial charges | 65/66B | €673,209 | €3,727 | -€669,482 | -99.4% |
| Recurring financial charges | 65 | €37,898 | €3,727 | -€34,171 | -90.2% |
| Non-recurring financial charges | 66B | €635,311 | €0 | -€635,311 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | -€677,899 | -€87,812 | +€590,086 | +87.0% |
| Income taxes | 67/77 | €161 | €289 | +€128 | +79.8% |
| Profit (loss) for the period | 9904 | -€678,059 | -€88,101 | +€589,958 | +87.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€678,059 | -€88,101 | +€589,958 | +87.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.