Vadegu: 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.
Vadegu
Largest movements
- Receivables within one year -€767,600
down €767,600 (-91.9%), from €835,276 to €67,676
of which Other amounts receivable: -€586,619
- Cash +€570,063
up €570,063 (+389%), from €146,471 to €716,534
mainly Receivables within one year (+€767,600) and Net result for the year (+€285,956)
- Current investments +€83,015
up €83,015 (+9.2%), from €900,000 to €983,015
- Other debts -€286,811
down €286,811 (-26.7%), from €1.1m to €785,451
- Profit (loss) carried forward +€106,454
up €106,454, from -€105,426 to €1,028
- Accrued charges and deferred income +€91,640
new in 2025: €91,640
- Debts after one year -€58,800
down €58,800 (-10.1%), from €581,711 to €522,910
- Financial charges -€1.9m
down €1.9m, from €1.8m to -€79,742
- Gross operating margin -€83,710
down €83,710 (-19.5%), from €429,426 to €345,717
- Taxes -€33,119
down €33,119 (-25.9%), from €128,042 to €94,923
- Other operating charges +€8,345
up €8,345 (+33.4%), from €24,980 to €33,325
- Financial income +€7,081
up €7,081 (+28.4%), from €24,970 to €32,051
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 | €5,866,954 | €5,726,128 | -€140,827 | -2.4% |
| Fixed assets | 21/28 | €3,831,859 | €3,805,554 | -€26,304 | -0.7% |
| Tangible fixed assets | 22/27 | €1,475,315 | €1,449,010 | -€26,304 | -1.8% |
| Land and buildings | 22 | €1,475,315 | €1,449,010 | -€26,304 | -1.8% |
| Financial fixed assets | 28 | €2,356,544 | €2,356,544 | = | 0.0% |
| Current assets | 29/58 | €2,035,096 | €1,920,573 | -€114,522 | -5.6% |
| Stocks and contracts in progress | 3 | €153,349 | €153,349 | = | 0.0% |
| Stocks | 30/36 | €153,349 | €153,349 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €835,276 | €67,676 | -€767,600 | -91.9% |
| Trade receivables | 40 | €180,982 | - | -€180,982 | |
| Other amounts receivable | 41 | €654,294 | €67,676 | -€586,619 | -89.7% |
| Current investments | 50/53 | €900,000 | €983,015 | +€83,015 | +9.2% |
| Cash at bank and in hand | 54/58 | €146,471 | €716,534 | +€570,063 | +389% |
| Total equity and liabilities | 10/49 | €5,866,954 | €5,726,128 | -€140,827 | -2.4% |
| Equity | 10/15 | €3,958,752 | €4,071,931 | +€113,179 | +2.9% |
| Contributions | 10/11 | €2,107,313 | €2,107,313 | = | 0.0% |
| Capital | 10 | €2,107,313 | €2,107,313 | = | 0.0% |
| Issued capital | 100 | €2,107,313 | €2,107,313 | = | 0.0% |
| Reserves | 13 | €1,956,865 | €1,963,590 | +€6,725 | +0.3% |
| Non-distributable reserves | 130/1 | €216,931 | €216,931 | = | 0.0% |
| Legal reserve | 130 | €216,931 | €216,931 | = | 0.0% |
| Tax-exempt reserves | 132 | €282,687 | €159,188 | -€123,499 | -43.7% |
| Distributable reserves | 133 | €1,457,247 | €1,587,470 | +€130,223 | +8.9% |
| Profit (loss) carried forward | 14 | -€105,426 | €1,028 | +€106,454 | |
| Provisions and deferred taxes | 16 | €67,206 | €62,931 | -€4,276 | -6.4% |
| Deferred taxes | 168 | €67,206 | €62,931 | -€4,276 | -6.4% |
| Amounts payable | 17/49 | €1,840,996 | €1,591,267 | -€249,730 | -13.6% |
| Amounts payable after more than one year | 17 | €581,711 | €522,910 | -€58,800 | -10.1% |
| Financial debts | 170/4 | €581,711 | €522,910 | -€58,800 | -10.1% |
| Amounts payable within one year | 42/48 | €1,259,285 | €976,716 | -€282,569 | -22.4% |
| Current portion of amounts payable after more than one year | 42 | €57,994 | €58,800 | +€807 | +1.4% |
| Financial debts | 43 | €67,048 | €67,124 | +€76 | +0.1% |
| Credit institutions | 430/8 | €67,048 | €67,124 | +€76 | +0.1% |
| Trade debts | 44 | €56,588 | €16,591 | -€39,997 | -70.7% |
| Suppliers | 440/4 | €56,588 | €16,591 | -€39,997 | -70.7% |
| Taxes, remuneration and social security | 45 | €5,393 | €48,749 | +€43,356 | +804% |
| Taxes | 450/3 | €5,393 | €38,939 | +€33,546 | +622% |
| Remuneration and social security | 454/9 | - | €9,810 | +€9,810 | |
| Other amounts payable | 47/48 | €1,072,262 | €785,451 | -€286,811 | -26.7% |
| Accrued charges and deferred income | 492/3 | - | €91,640 | +€91,640 | |
| Non-recurring operating income | 76A | - | €29,225 | +€29,225 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,111 | €47,582 | -€529 | -1.1% |
| Other operating charges | 640/8 | €24,980 | €33,325 | +€8,345 | +33.4% |
| Gross operating margin | 9900 | €429,426 | €345,717 | -€83,710 | -19.5% |
| Operating profit (loss) | 9901 | €356,335 | €264,810 | -€91,525 | -25.7% |
| Financial income | 75/76B | €24,970 | €32,051 | +€7,081 | +28.4% |
| Recurring financial income | 75 | €24,970 | €32,051 | +€7,081 | +28.4% |
| Financial charges | 65/66B | €1,814,097 | -€79,742 | -€1.9m | |
| Recurring financial charges | 65 | €1,814,097 | -€79,742 | -€1.9m | |
| Profit (loss) for the period before taxes | 9903 | -€1,432,793 | €376,603 | +€1.8m | |
| Transfer from deferred taxes | 780 | €4,276 | €4,276 | = | 0.0% |
| Income taxes | 67/77 | €128,042 | €94,923 | -€33,119 | -25.9% |
| Profit (loss) for the period | 9904 | -€1,556,559 | €285,956 | +€1.8m | |
| Transfer from tax-exempt reserves | 789 | €166,964 | €123,499 | -€43,465 | -26.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,389,595 | €409,454 | +€1.8m |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.