VADELS: what changed
Two fiscal 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.
VADELS
Largest movements
- Tangible fixed assets +€28,334
up €28,334 (+2.9%), from €983,019 to €1.0m
of which Land and buildings: +€28,794
- Cash -€10,952
down €10,952 (-16.1%), from €67,881 to €56,930
mainly Investment in fixed assets (net) (-€34,018) and Provisions (-€1,267)
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€6,644
up €6,644 (+17.0%), from €39,152 to €45,796
- Other operating charges -€628
down €628 (-6.8%), from €9,206 to €8,577
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.
Cash bridge derived
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 | €1,053,968 | €1,068,283 | +€14,315 | +1.4% |
| Fixed assets | 21/28 | €983,019 | €1,011,353 | +€28,334 | +2.9% |
| Tangible fixed assets | 22/27 | €983,019 | €1,011,353 | +€28,334 | +2.9% |
| Land and buildings | 22 | €981,371 | €1,010,166 | +€28,794 | +2.9% |
| Furniture and vehicles | 24 | €1,648 | €1,188 | -€460 | -27.9% |
| Current assets | 29/58 | €70,949 | €56,930 | -€14,020 | -19.8% |
| Amounts receivable within one year | 40/41 | €3,068 | - | -€3,068 | |
| Trade receivables | 40 | €3,068 | - | -€3,068 | |
| Cash at bank and in hand | 54/58 | €67,881 | €56,930 | -€10,952 | -16.1% |
| Total equity and liabilities | 10/49 | €1,053,968 | €1,068,283 | +€14,315 | +1.4% |
| Equity | 10/15 | €654,519 | €659,721 | +€5,202 | +0.8% |
| Contributions | 10/11 | €483,938 | €483,938 | = | 0.0% |
| Reserves | 13 | €173,627 | €170,670 | -€2,957 | -1.7% |
| Non-distributable reserves | 130/1 | €19,416 | €19,416 | = | 0.0% |
| Reserves not available under the articles | 1311 | €19,416 | €19,416 | = | 0.0% |
| Tax-exempt reserves | 132 | €92,405 | €89,448 | -€2,957 | -3.2% |
| Distributable reserves | 133 | €61,806 | €61,806 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,047 | €5,112 | +€8,159 | |
| Provisions and deferred taxes | 16 | €39,602 | €38,335 | -€1,267 | -3.2% |
| Deferred taxes | 168 | €39,602 | €38,335 | -€1,267 | -3.2% |
| Amounts payable | 17/49 | €359,847 | €370,228 | +€10,380 | +2.9% |
| Amounts payable after more than one year | 17 | €342,093 | €342,093 | = | 0.0% |
| Other amounts payable | 178/9 | €342,093 | €342,093 | = | 0.0% |
| Amounts payable within one year | 42/48 | €10,912 | €21,293 | +€10,380 | +95.1% |
| Trade debts | 44 | €10,912 | €21,293 | +€10,380 | +95.1% |
| Suppliers | 440/4 | €10,912 | €21,293 | +€10,380 | +95.1% |
| Accrued charges and deferred income | 492/3 | €6,842 | €6,842 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,683 | €5,683 | = | 0.0% |
| Other operating charges | 640/8 | €9,206 | €8,577 | -€628 | -6.8% |
| Gross operating margin | 9900 | €39,152 | €45,796 | +€6,644 | +17.0% |
| Operating profit (loss) | 9901 | €24,263 | €31,536 | +€7,273 | +30.0% |
| Financial income | 75/76B | €115 | €216 | +€101 | +88.3% |
| Recurring financial income | 75 | €115 | €216 | +€101 | +88.3% |
| Financial charges | 65/66B | €27,613 | €27,753 | +€139 | +0.5% |
| Recurring financial charges | 65 | €27,613 | €27,753 | +€139 | +0.5% |
| Profit (loss) for the period before taxes | 9903 | -€3,235 | €3,999 | +€7,235 | |
| Transfer from deferred taxes | 780 | €1,267 | €1,267 | = | 0.0% |
| Income taxes | 67/77 | - | €65 | +€65 | |
| Profit (loss) for the period | 9904 | -€1,968 | €5,202 | +€7,170 | |
| Transfer from tax-exempt reserves | 789 | €2,957 | €2,957 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €989 | €8,159 | +€7,170 | +725.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.