VADEGRO: 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.
VADEGRO
Largest movements
- Receivables within one year -€62,426
down €62,426 (-17.4%), from €359,548 to €297,122
of which Other amounts receivable: -€71,855
- Tangible fixed assets +€52,002
up €52,002 (+5.5%), from €945,846 to €997,848
of which Land and buildings: +€154,531
- Cash +€38,015
up €38,015 (+99.6%), from €38,182 to €76,197
mainly Depreciation (+€155,806) and Trade debts (+€146,837)
- Trade debts +€146,837
up €146,837 (+185%), from €79,176 to €226,013
- Debts after one year -€86,690
down €86,690 (-22.0%), from €394,317 to €307,626
of which Other amounts payable: -€50,000
- Current portion of long-term debt -€45,686
down €45,686 (-35.4%), from €129,157 to €83,472
- Other debts +€21,617
up €21,617 (+13.4%), from €161,873 to €183,490
- Reserves -€15,521
down €15,521 (-3.7%), from €423,745 to €408,224
of which Tax-exempt reserves: -€15,521
- Gross operating margin -€228,036
down €228,036 (-31.5%), from €723,943 to €495,908
- Staff costs +€25,692
up €25,692 (+10.9%), from €236,357 to €262,049
- Depreciation +€10,968
up €10,968 (+7.6%), from €144,837 to €155,806
- Financial charges +€7,659
up €7,659 (+21.1%), from €36,366 to €44,025
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
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 | €1,385,050 | €1,411,313 | +€26,263 | +1.9% |
| Fixed assets | 21/28 | €946,266 | €998,268 | +€52,002 | +5.5% |
| Tangible fixed assets | 22/27 | €945,846 | €997,848 | +€52,002 | +5.5% |
| Land and buildings | 22 | €544,110 | €698,641 | +€154,531 | +28.4% |
| Plant, machinery and equipment | 23 | €63,393 | €45,934 | -€17,459 | -27.5% |
| Furniture and vehicles | 24 | €164,195 | €104,176 | -€60,019 | -36.6% |
| Leasing and similar rights | 25 | €173,981 | €149,097 | -€24,884 | -14.3% |
| Other tangible fixed assets | 26 | €167 | - | -€167 | |
| Financial fixed assets | 28 | €420 | €420 | = | 0.0% |
| Current assets | 29/58 | €438,783 | €413,044 | -€25,739 | -5.9% |
| Stocks and contracts in progress | 3 | €25,000 | €25,000 | = | 0.0% |
| Stocks | 30/36 | €25,000 | €25,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €359,548 | €297,122 | -€62,426 | -17.4% |
| Trade receivables | 40 | €176,375 | €185,804 | +€9,429 | +5.3% |
| Other amounts receivable | 41 | €183,172 | €111,318 | -€71,855 | -39.2% |
| Cash at bank and in hand | 54/58 | €38,182 | €76,197 | +€38,015 | +99.6% |
| Deferred charges and accrued income | 490/1 | €16,054 | €14,726 | -€1,328 | -8.3% |
| Total equity and liabilities | 10/49 | €1,385,050 | €1,411,313 | +€26,263 | +1.9% |
| Equity | 10/15 | €556,191 | €543,109 | -€13,082 | -2.4% |
| Contributions | 10/11 | €110,670 | €110,670 | = | 0.0% |
| Reserves | 13 | €423,745 | €408,224 | -€15,521 | -3.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €167,733 | €152,212 | -€15,521 | -9.3% |
| Distributable reserves | 133 | €256,012 | €256,012 | = | 0.0% |
| Profit (loss) carried forward | 14 | €21,776 | €24,215 | +€2,439 | +11.2% |
| Provisions and deferred taxes | 16 | €53,811 | €48,637 | -€5,174 | -9.6% |
| Deferred taxes | 168 | €53,811 | €48,637 | -€5,174 | -9.6% |
| Amounts payable | 17/49 | €775,048 | €819,567 | +€44,519 | +5.7% |
| Amounts payable after more than one year | 17 | €394,317 | €307,626 | -€86,690 | -22.0% |
| Financial debts | 170/4 | €344,317 | €307,626 | -€36,690 | -10.7% |
| Other amounts payable | 178/9 | €50,000 | - | -€50,000 | |
| Amounts payable within one year | 42/48 | €373,364 | €501,683 | +€128,319 | +34.4% |
| Current portion of amounts payable after more than one year | 42 | €129,157 | €83,472 | -€45,686 | -35.4% |
| Trade debts | 44 | €79,176 | €226,013 | +€146,837 | +185% |
| Suppliers | 440/4 | €79,176 | €226,013 | +€146,837 | +185% |
| Taxes, remuneration and social security | 45 | €3,158 | €8,709 | +€5,551 | +176% |
| Taxes | 450/3 | €3,158 | €8,709 | +€5,551 | +176% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €161,873 | €183,490 | +€21,617 | +13.4% |
| Accrued charges and deferred income | 492/3 | €7,368 | €10,258 | +€2,890 | +39.2% |
| Non-recurring operating income | 76A | €283,840 | - | -€283,840 | |
| Remuneration, social security and pensions | 62 | €236,357 | €262,049 | +€25,692 | +10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €144,837 | €155,806 | +€10,968 | +7.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €16,213 | €17,385 | +€1,172 | +7.2% |
| Non-recurring operating charges | 66A | €94,581 | - | -€94,581 | |
| Gross operating margin | 9900 | €723,943 | €495,908 | -€228,036 | -31.5% |
| Operating profit (loss) | 9901 | €231,955 | €60,668 | -€171,287 | -73.8% |
| Financial income | 75/76B | €5,101 | €9,949 | +€4,847 | +95.0% |
| Recurring financial income | 75 | €5,101 | €9,949 | +€4,847 | +95.0% |
| Financial charges | 65/66B | €36,366 | €44,025 | +€7,659 | +21.1% |
| Recurring financial charges | 65 | €36,366 | €44,025 | +€7,659 | +21.1% |
| Profit (loss) for the period before taxes | 9903 | €200,690 | €26,592 | -€174,098 | -86.7% |
| Transfer from deferred taxes | 780 | €2,800 | €5,174 | +€2,374 | +84.8% |
| Transfer to deferred taxes | 680 | €47,377 | - | -€47,377 | |
| Income taxes | 67/77 | €605 | €4,848 | +€4,243 | +702% |
| Profit (loss) for the period | 9904 | €155,508 | €26,918 | -€128,590 | -82.7% |
| Transfer from tax-exempt reserves | 789 | €8,400 | €15,521 | +€7,121 | +84.8% |
| Transfer to tax-exempt reserves | 689 | €142,132 | - | -€142,132 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,776 | €42,439 | +€20,663 | +94.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.