VADEGRU: what changed
What changed
VADEGRU
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€20,562
2024 · €26,498-€5,936
Equity
€282,724
2024 · €262,161+€20,562
Cash
€25,217
2024 · €35,156-€9,939
Balance sheet total
€653,490
2024 · €664,410-€10,920
Largest movements
Assets
- Cash -€9,939
down €9,939 (-28.3%), from €35,156 to €25,217
mainly Debts after one year (-€29,400) and Accrued charges and deferred income (-€2,304)
Equity and liabilities
- Debts after one year -€29,400
down €29,400 (-75.8%), from €38,786 to €9,386
- Reserves +€20,562
up €20,562 (+8.0%), from €255,961 to €276,524
Income statement
- Gross operating margin -€11,083
down €11,083 (-17.6%), from €63,074 to €51,991
- Financial charges -€4,337
down €4,337 (-17.5%), from €24,853 to €20,517
- Taxes -€852
down €852 (-9.9%), from €8,563 to €7,711
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
€26,498
Gross operating margin
-€11,083
Other operating charges
-€41
Financial charges
+€4,337
Taxes
+€852
Result 2025
€20,562
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
+€19,461
Investment
€0
Financing
-€29,400
Cash 2024
€35,156
From operations (derived)
+€19,461
Net result for the year
+€20,562
Depreciation
+€2,557
Receivables within one year
-€1,577
Trade debts
+€1,598
Tax, wage and social debts
-€2,032
Other debts
+€655
Accrued charges and deferred income
-€2,304
Financing
-€29,400
Debts after one year
-€29,400
Cash 2025
€25,217
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €664,410 | €653,490 | -€10,920 | -1.6% |
| Fixed assets | 21/28 | €499,495 | €496,937 | -€2,557 | -0.5% |
| Tangible fixed assets | 22/27 | €16,375 | €13,817 | -€2,557 | -15.6% |
| Other tangible fixed assets | 26 | €16,375 | €13,817 | -€2,557 | -15.6% |
| Financial fixed assets | 28 | €483,120 | €483,120 | = | 0.0% |
| Current assets | 29/58 | €164,915 | €156,553 | -€8,363 | -5.1% |
| Amounts receivable within one year | 40/41 | €129,759 | €131,336 | +€1,577 | +1.2% |
| Trade receivables | 40 | €19,336 | €110 | -€19,226 | -99.4% |
| Other amounts receivable | 41 | €110,423 | €131,225 | +€20,802 | +18.8% |
| Cash at bank and in hand | 54/58 | €35,156 | €25,217 | -€9,939 | -28.3% |
| Total equity and liabilities | 10/49 | €664,410 | €653,490 | -€10,920 | -1.6% |
| Equity | 10/15 | €262,161 | €282,724 | +€20,562 | +7.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €255,961 | €276,524 | +€20,562 | +8.0% |
| Distributable reserves | 133 | €255,961 | €276,524 | +€20,562 | +8.0% |
| Amounts payable | 17/49 | €402,249 | €370,766 | -€31,482 | -7.8% |
| Amounts payable after more than one year | 17 | €38,786 | €9,386 | -€29,400 | -75.8% |
| Financial debts | 170/4 | €38,786 | €9,386 | -€29,400 | -75.8% |
| Amounts payable within one year | 42/48 | €346,318 | €346,540 | +€221 | +0.1% |
| Current portion of amounts payable after more than one year | 42 | €29,400 | €29,400 | = | 0.0% |
| Trade debts | 44 | €2,103 | €3,701 | +€1,598 | +76.0% |
| Suppliers | 440/4 | €2,103 | €3,701 | +€1,598 | +76.0% |
| Taxes, remuneration and social security | 45 | €13,826 | €11,794 | -€2,032 | -14.7% |
| Taxes | 450/3 | €13,826 | €11,794 | -€2,032 | -14.7% |
| Other amounts payable | 47/48 | €300,989 | €301,644 | +€655 | +0.2% |
| Accrued charges and deferred income | 492/3 | €17,145 | €14,841 | -€2,304 | -13.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,557 | €2,557 | = | 0.0% |
| Other operating charges | 640/8 | €603 | €644 | +€41 | +6.8% |
| Gross operating margin | 9900 | €63,074 | €51,991 | -€11,083 | -17.6% |
| Operating profit (loss) | 9901 | €59,914 | €48,789 | -€11,124 | -18.6% |
| Financial charges | 65/66B | €24,853 | €20,517 | -€4,337 | -17.5% |
| Recurring financial charges | 65 | €24,853 | €20,517 | -€4,337 | -17.5% |
| Profit (loss) for the period before taxes | 9903 | €35,060 | €28,273 | -€6,787 | -19.4% |
| Income taxes | 67/77 | €8,563 | €7,711 | -€852 | -9.9% |
| Profit (loss) for the period | 9904 | €26,498 | €20,562 | -€5,936 | -22.4% |
| Profit (loss) for the period to be appropriated | 9905 | €26,498 | €20,562 | -€5,936 | -22.4% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.