VADEMAR: 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.
VADEMAR
Largest movements
- Receivables within one year +€4,808
up €4,808 (+13.0%), from €36,885 to €41,693
- Tangible fixed assets -€2,475
down €2,475 (-5.1%), from €48,825 to €46,350
of which Plant, machinery and equipment: -€2,089
- Deferred charges and accrued income -€1,239
down €1,239 (-67.4%), from €1,839 to €600
- Cash +€1,048
up €1,048 (+93.7%), from €1,119 to €2,167
- Profit (loss) carried forward +€2,473
up €2,473 (+13.5%), from €18,300 to €20,773
- Tax, wage and social debts -€991
down €991 (-46.8%), from €2,115 to €1,124
- Gross operating margin -€6,137
down €6,137 (-80.1%), from €7,666 to €1,529
- Depreciation -€3,000
down €3,000 (-70.8%), from €4,238 to €1,238
- Taxes -€1,953
down €1,953 (-92.3%), from €2,115 to €162
- Other operating charges -€1,046
down €1,046 (-35.9%), from €2,912 to €1,866
- Financial income +€372
up €372 (+20.2%), from €1,839 to €2,211
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €88,668 | €90,810 | +€2,142 | +2.4% |
| Fixed assets | 21/28 | €48,825 | €46,350 | -€2,475 | -5.1% |
| Tangible fixed assets | 22/27 | €48,825 | €46,350 | -€2,475 | -5.1% |
| Land and buildings | 22 | €42,218 | €41,832 | -€386 | -0.9% |
| Plant, machinery and equipment | 23 | €6,607 | €4,518 | -€2,089 | -31.6% |
| Current assets | 29/58 | €39,843 | €44,460 | +€4,617 | +11.6% |
| Amounts receivable within one year | 40/41 | €36,885 | €41,693 | +€4,808 | +13.0% |
| Other amounts receivable | 41 | €36,885 | €41,693 | +€4,808 | +13.0% |
| Cash at bank and in hand | 54/58 | €1,119 | €2,167 | +€1,048 | +93.7% |
| Deferred charges and accrued income | 490/1 | €1,839 | €600 | -€1,239 | -67.4% |
| Total equity and liabilities | 10/49 | €88,668 | €90,810 | +€2,142 | +2.4% |
| Equity | 10/15 | €86,500 | €88,973 | +€2,473 | +2.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,300 | €20,773 | +€2,473 | +13.5% |
| Amounts payable | 17/49 | €2,168 | €1,837 | -€331 | -15.3% |
| Amounts payable within one year | 42/48 | €2,168 | €1,837 | -€331 | -15.3% |
| Trade debts | 44 | €54 | €713 | +€659 | +1231.5% |
| Suppliers | 440/4 | €54 | €713 | +€659 | +1231.5% |
| Taxes, remuneration and social security | 45 | €2,115 | €1,124 | -€991 | -46.8% |
| Taxes | 450/3 | €2,115 | €1,124 | -€991 | -46.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,238 | €1,238 | -€3,000 | -70.8% |
| Other operating charges | 640/8 | €2,912 | €1,866 | -€1,046 | -35.9% |
| Gross operating margin | 9900 | €7,666 | €1,529 | -€6,137 | -80.1% |
| Operating profit (loss) | 9901 | €517 | -€1,575 | -€2,092 | |
| Financial income | 75/76B | €1,839 | €2,211 | +€372 | +20.2% |
| Recurring financial income | 75 | €1,839 | €2,211 | +€372 | +20.2% |
| Financial charges | 65/66B | €33 | €38 | +€5 | +15.2% |
| Recurring financial charges | 65 | €33 | €38 | +€5 | +15.2% |
| Profit (loss) for the period before taxes | 9903 | €2,323 | €598 | -€1,725 | -74.3% |
| Income taxes | 67/77 | €2,115 | €162 | -€1,953 | -92.3% |
| Profit (loss) for the period | 9904 | €208 | €436 | +€228 | +109.5% |
| Profit (loss) for the period to be appropriated | 9905 | €208 | €436 | +€228 | +109.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2023 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.