Vadem: 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.
Vadem
Largest movements
- Receivables within one year +€19,422
up €19,422 (+139%), from €14,017 to €33,439
of which Other amounts receivable: +€18,863
- Tangible fixed assets -€8,154
down €8,154 (-42.8%), from €19,057 to €10,902
of which Furniture and vehicles: -€7,795
- Cash +€6,471
up €6,471 (+46.3%), from €13,968 to €20,439
mainly Other debts (+€44,321) and Net result for the year (+€30,808)
- Stocks and contracts +€1,300
new in 2025: €1,300
- Deferred charges and accrued income -€1,097
down €1,097 (-16.8%), from €6,525 to €5,428
- Other debts +€44,321
up €44,321 (+324%), from €13,679 to €58,000
- Reserves -€27,192
down €27,192 (-98.0%), from €27,740 to €548
- Tax, wage and social debts +€2,604
up €2,604 (+61.9%), from €4,204 to €6,808
of which Remuneration and social security: +€1,500
- Short-term financial debts -€2,138
down €2,138 (-99.2%), from €2,156 to €18
- Gross operating margin +€33,702
up €33,702 (+215%), from €15,688 to €49,390
- Taxes +€5,957
up €5,957 (+241%), from €2,468 to €8,425
- Depreciation +€3,870
up €3,870 (+67.1%), from €5,766 to €9,636
- Financial charges -€766
down €766 (-93.1%), from €823 to €57
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 | €55,953 | €72,913 | +€16,961 | +30.3% |
| Fixed assets | 21/28 | €21,442 | €12,307 | -€9,135 | -42.6% |
| Intangible fixed assets | 21 | €2,386 | €1,405 | -€981 | -41.1% |
| Tangible fixed assets | 22/27 | €19,057 | €10,902 | -€8,154 | -42.8% |
| Plant, machinery and equipment | 23 | €360 | - | -€360 | |
| Furniture and vehicles | 24 | €18,697 | €10,902 | -€7,795 | -41.7% |
| Current assets | 29/58 | €34,510 | €60,606 | +€26,096 | +75.6% |
| Stocks and contracts in progress | 3 | - | €1,300 | +€1,300 | |
| Stocks | 30/36 | - | €1,300 | +€1,300 | |
| Amounts receivable within one year | 40/41 | €14,017 | €33,439 | +€19,422 | +139% |
| Trade receivables | 40 | €10,455 | €11,015 | +€559 | +5.3% |
| Other amounts receivable | 41 | €3,562 | €22,425 | +€18,863 | +530% |
| Cash at bank and in hand | 54/58 | €13,968 | €20,439 | +€6,471 | +46.3% |
| Deferred charges and accrued income | 490/1 | €6,525 | €5,428 | -€1,097 | -16.8% |
| Total equity and liabilities | 10/49 | €55,953 | €72,913 | +€16,961 | +30.3% |
| Equity | 10/15 | €34,240 | €7,048 | -€27,192 | -79.4% |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Reserves | 13 | €27,740 | €548 | -€27,192 | -98.0% |
| Distributable reserves | 133 | €27,740 | €548 | -€27,192 | -98.0% |
| Amounts payable | 17/49 | €21,713 | €65,865 | +€44,153 | +203% |
| Amounts payable within one year | 42/48 | €21,713 | €65,865 | +€44,153 | +203% |
| Financial debts | 43 | €2,156 | €18 | -€2,138 | -99.2% |
| Credit institutions | 430/8 | €2,156 | €18 | -€2,138 | -99.2% |
| Trade debts | 44 | €1,674 | €1,039 | -€634 | -37.9% |
| Suppliers | 440/4 | €1,674 | €1,039 | -€634 | -37.9% |
| Taxes, remuneration and social security | 45 | €4,204 | €6,808 | +€2,604 | +61.9% |
| Taxes | 450/3 | €4,204 | €5,308 | +€1,104 | +26.3% |
| Remuneration and social security | 454/9 | - | €1,500 | +€1,500 | |
| Other amounts payable | 47/48 | €13,679 | €58,000 | +€44,321 | +324% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,766 | €9,636 | +€3,870 | +67.1% |
| Other operating charges | 640/8 | €569 | €972 | +€403 | +70.8% |
| Gross operating margin | 9900 | €15,688 | €49,390 | +€33,702 | +215% |
| Operating profit (loss) | 9901 | €9,353 | €38,782 | +€29,428 | +315% |
| Financial income | 75/76B | €57 | €508 | +€451 | +785% |
| Recurring financial income | 75 | €57 | €508 | +€451 | +785% |
| Financial charges | 65/66B | €823 | €57 | -€766 | -93.1% |
| Recurring financial charges | 65 | €823 | €57 | -€766 | -93.1% |
| Profit (loss) for the period before taxes | 9903 | €8,588 | €39,233 | +€30,646 | +357% |
| Income taxes | 67/77 | €2,468 | €8,425 | +€5,957 | +241% |
| Profit (loss) for the period | 9904 | €6,120 | €30,808 | +€24,689 | +403% |
| Profit (loss) for the period to be appropriated | 9905 | €6,120 | €30,808 | +€24,689 | +403% |
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 25 October 2026 via checked.be.