VADECON: 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.
VADECON
Largest movements
- Receivables within one year -€56,888
down €56,888 (-90.3%), from €63,000 to €6,112
- Current investments +€42,742
up €42,742 (+18.9%), from €226,502 to €269,244
- Cash +€29,215
up €29,215 (+47.8%), from €61,176 to €90,391
mainly Debts after one year (+€168,806) and Net result for the year (+€68,230)
- Tangible fixed assets -€19,196
down €19,196 (-10.6%), from €180,629 to €161,433
of which Land and buildings: -€18,699
- Reserves -€211,967
down €211,967 (-26.3%), from €806,017 to €594,050
of which Distributable reserves: -€211,967
- Debts after one year +€168,806
up €168,806 (+199%), from €84,869 to €253,675
- Current portion of long-term debt +€44,528
up €44,528 (+201%), from €22,204 to €66,732
- Gross operating margin -€55,709
down €55,709 (-61.1%), from €91,135 to €35,425
- Taxes -€19,519
down €19,519 (-71.9%), from €27,136 to €7,617
- Financial income +€7,716
up €7,716 (+11.0%), from €69,935 to €77,650
- Financial charges +€1,102
up €1,102 (+12.4%), from €8,861 to €9,963
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,165,302 | €1,161,182 | -€4,120 | -0.4% |
| Fixed assets | 21/28 | €814,444 | €795,249 | -€19,196 | -2.4% |
| Tangible fixed assets | 22/27 | €180,629 | €161,433 | -€19,196 | -10.6% |
| Land and buildings | 22 | €174,924 | €156,226 | -€18,699 | -10.7% |
| Furniture and vehicles | 24 | €5,704 | €5,208 | -€497 | -8.7% |
| Financial fixed assets | 28 | €633,815 | €633,815 | = | 0.0% |
| Current assets | 29/58 | €350,858 | €365,933 | +€15,075 | +4.3% |
| Amounts receivable within one year | 40/41 | €63,000 | €6,112 | -€56,888 | -90.3% |
| Other amounts receivable | 41 | €63,000 | €6,112 | -€56,888 | -90.3% |
| Current investments | 50/53 | €226,502 | €269,244 | +€42,742 | +18.9% |
| Cash at bank and in hand | 54/58 | €61,176 | €90,391 | +€29,215 | +47.8% |
| Deferred charges and accrued income | 490/1 | €179 | €185 | +€6 | +3.3% |
| Total equity and liabilities | 10/49 | €1,165,302 | €1,161,182 | -€4,120 | -0.4% |
| Equity | 10/15 | €1,028,077 | €816,110 | -€211,967 | -20.6% |
| Contributions | 10/11 | €222,060 | €222,060 | = | 0.0% |
| Reserves | 13 | €806,017 | €594,050 | -€211,967 | -26.3% |
| Tax-exempt reserves | 132 | €16,000 | €16,000 | = | 0.0% |
| Distributable reserves | 133 | €790,017 | €578,050 | -€211,967 | -26.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €137,225 | €345,072 | +€207,847 | +151% |
| Amounts payable after more than one year | 17 | €84,869 | €253,675 | +€168,806 | +199% |
| Financial debts | 170/4 | €84,869 | €253,675 | +€168,806 | +199% |
| Amounts payable within one year | 42/48 | €52,356 | €90,750 | +€38,393 | +73.3% |
| Current portion of amounts payable after more than one year | 42 | €22,204 | €66,732 | +€44,528 | +201% |
| Trade debts | 44 | €320 | €1,598 | +€1,277 | +399% |
| Suppliers | 440/4 | €320 | €1,598 | +€1,277 | +399% |
| Taxes, remuneration and social security | 45 | €1,526 | €469 | -€1,057 | -69.3% |
| Taxes | 450/3 | €1,526 | €469 | -€1,057 | -69.3% |
| Other amounts payable | 47/48 | €28,306 | €21,951 | -€6,355 | -22.5% |
| Accrued charges and deferred income | 492/3 | €0 | €648 | +€648 | |
| Remuneration, social security and pensions | 62 | €5,465 | €5,579 | +€114 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,454 | €20,295 | +€840 | +4.3% |
| Other operating charges | 640/8 | €1,356 | €1,392 | +€36 | +2.6% |
| Gross operating margin | 9900 | €91,135 | €35,425 | -€55,709 | -61.1% |
| Operating profit (loss) | 9901 | €64,858 | €8,159 | -€56,699 | -87.4% |
| Financial income | 75/76B | €69,935 | €77,650 | +€7,716 | +11.0% |
| Recurring financial income | 75 | €69,935 | €77,650 | +€7,716 | +11.0% |
| Financial charges | 65/66B | €8,861 | €9,963 | +€1,102 | +12.4% |
| Recurring financial charges | 65 | €8,861 | €9,963 | +€1,102 | +12.4% |
| Profit (loss) for the period before taxes | 9903 | €125,932 | €75,847 | -€50,085 | -39.8% |
| Income taxes | 67/77 | €27,136 | €7,617 | -€19,519 | -71.9% |
| Profit (loss) for the period | 9904 | €98,796 | €68,230 | -€30,566 | -30.9% |
| Profit (loss) for the period to be appropriated | 9905 | €98,796 | €68,230 | -€30,566 | -30.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.