VADEK BEHEER: 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.
VADEK BEHEER
Largest movements
- Receivables within one year -€289,001
down €289,001 (-80.7%), from €358,017 to €69,016
- Tangible fixed assets -€14,081
down €14,081 (-3.0%), from €464,767 to €450,686
- Other debts -€292,039
down €292,039 (-52.0%), from €561,805 to €269,766
- Reserves -€10,578
down €10,578 (-7.1%), from €148,689 to €138,111
of which Distributable reserves: -€10,578
- Financial income -€23,259
down €23,259 (-74.5%), from €31,202 to €7,943
- Taxes -€3,950
down €3,950 (-96.0%), from €4,113 to €163
- Gross operating margin +€1,192
up €1,192 (+8.3%), from €14,297 to €15,489
- Financial charges -€592
down €592 (-5.2%), from €11,487 to €10,895
- Other operating charges +€164
up €164 (+3.1%), from €5,295 to €5,459
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 | €865,412 | €561,513 | -€303,899 | -35.1% |
| Fixed assets | 21/28 | €465,230 | €451,149 | -€14,081 | -3.0% |
| Tangible fixed assets | 22/27 | €464,767 | €450,686 | -€14,081 | -3.0% |
| Land and buildings | 22 | €464,767 | €450,686 | -€14,081 | -3.0% |
| Financial fixed assets | 28 | €463 | €463 | = | 0.0% |
| Current assets | 29/58 | €400,182 | €110,364 | -€289,818 | -72.4% |
| Amounts receivable within one year | 40/41 | €358,017 | €69,016 | -€289,001 | -80.7% |
| Other amounts receivable | 41 | €358,017 | €69,016 | -€289,001 | -80.7% |
| Cash at bank and in hand | 54/58 | €41,721 | €40,892 | -€829 | -2.0% |
| Deferred charges and accrued income | 490/1 | €444 | €456 | +€12 | +2.7% |
| Total equity and liabilities | 10/49 | €865,412 | €561,513 | -€303,899 | -35.1% |
| Equity | 10/15 | €291,534 | €280,956 | -€10,578 | -3.6% |
| Contributions | 10/11 | €142,845 | €142,845 | = | 0.0% |
| Capital | 10 | €142,845 | €142,845 | = | 0.0% |
| Issued capital | 100 | €142,845 | €142,845 | = | 0.0% |
| Reserves | 13 | €148,689 | €138,111 | -€10,578 | -7.1% |
| Non-distributable reserves | 130/1 | €32,671 | €32,671 | = | 0.0% |
| Legal reserve | 130 | €32,671 | €32,671 | = | 0.0% |
| Distributable reserves | 133 | €116,018 | €105,440 | -€10,578 | -9.1% |
| Amounts payable | 17/49 | €573,878 | €280,557 | -€293,321 | -51.1% |
| Amounts payable within one year | 42/48 | €562,505 | €269,766 | -€292,739 | -52.0% |
| Taxes, remuneration and social security | 45 | €700 | - | -€700 | |
| Taxes | 450/3 | €700 | - | -€700 | |
| Other amounts payable | 47/48 | €561,805 | €269,766 | -€292,039 | -52.0% |
| Accrued charges and deferred income | 492/3 | €11,373 | €10,791 | -€582 | -5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,405 | €17,493 | +€88 | +0.5% |
| Other operating charges | 640/8 | €5,295 | €5,459 | +€164 | +3.1% |
| Gross operating margin | 9900 | €14,297 | €15,489 | +€1,192 | +8.3% |
| Operating profit (loss) | 9901 | -€8,403 | -€7,463 | +€940 | +11.2% |
| Financial income | 75/76B | €31,202 | €7,943 | -€23,259 | -74.5% |
| Recurring financial income | 75 | €31,202 | €7,943 | -€23,259 | -74.5% |
| Financial charges | 65/66B | €11,487 | €10,895 | -€592 | -5.2% |
| Recurring financial charges | 65 | €11,487 | €10,895 | -€592 | -5.2% |
| Profit (loss) for the period before taxes | 9903 | €11,312 | -€10,415 | -€21,727 | |
| Income taxes | 67/77 | €4,113 | €163 | -€3,950 | -96.0% |
| Profit (loss) for the period | 9904 | €7,199 | -€10,578 | -€17,777 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,199 | -€10,578 | -€17,777 |
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 21 October 2026 via checked.be.