VADEMO: 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.
What changed
VADEMO
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€6,767
2024 · -€14,311+€7,543
Equity
€1.7m
2024 · €1.7m-€6,767
Cash
€22,439
2024 · €17,113+€5,326
Balance sheet total
€4.1m
2024 · €4.2m-€138,374
Largest movements
Assets
- Tangible fixed assets -€145,180
down €145,180 (-3.6%), from €4.1m to €3.9m
Equity and liabilities
- Debts after one year -€143,607
down €143,607 (-11.9%), from €1.2m to €1.1m
Income statement
- Gross operating margin +€5,754
up €5,754 (+2.7%), from €211,493 to €217,247
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.
Result 2024
-€14,311
Gross operating margin
+€5,754
Depreciation
-€402
Other operating charges
+€469
Financial income
+€181
Financial charges
+€1,542
Result 2025
-€6,767
raises the resultlowers the result
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.
From operations
+€176,624
Investment
-€29,632
Financing
-€141,665
Cash 2024
€17,113
From operations (derived)
+€176,624
Net result for the year
-€6,767
Depreciation
+€174,812
Receivables within one year
-€2,579
Deferred charges and accrued income
+€1,099
Provisions
-€17,774
Trade debts
+€5,885
Tax, wage and social debts
-€18
Other debts
+€23,076
Accrued charges and deferred income
-€1,110
Investment (derived)
-€29,632
Investment in fixed assets (net)
-€29,632
Financing
-€141,665
Debts after one year
-€143,607
Current portion of long-term debt
+€1,954
Short-term financial debts
-€12
Cash 2025
€22,439
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,206,031 | €4,067,657 | -€138,374 | -3.3% |
| Fixed assets | 21/28 | €4,065,198 | €3,920,018 | -€145,180 | -3.6% |
| Tangible fixed assets | 22/27 | €4,064,453 | €3,919,273 | -€145,180 | -3.6% |
| Land and buildings | 22 | €4,064,453 | €3,919,273 | -€145,180 | -3.6% |
| Financial fixed assets | 28 | €745 | €745 | = | 0.0% |
| Current assets | 29/58 | €140,833 | €147,639 | +€6,806 | +4.8% |
| Amounts receivable within one year | 40/41 | €116,987 | €119,565 | +€2,579 | +2.2% |
| Trade receivables | 40 | €116,987 | €119,565 | +€2,579 | +2.2% |
| Cash at bank and in hand | 54/58 | €17,113 | €22,439 | +€5,326 | +31.1% |
| Deferred charges and accrued income | 490/1 | €6,734 | €5,635 | -€1,099 | -16.3% |
| Total equity and liabilities | 10/49 | €4,206,031 | €4,067,657 | -€138,374 | -3.3% |
| Equity | 10/15 | €1,686,838 | €1,680,071 | -€6,767 | -0.4% |
| 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% |
| Revaluation surpluses | 12 | €1,184,371 | €1,184,371 | = | 0.0% |
| Reserves | 13 | €579,390 | €538,719 | -€40,671 | -7.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €533,378 | €492,707 | -€40,671 | -7.6% |
| Distributable reserves | 133 | €39,812 | €39,812 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€138,923 | -€105,019 | +€33,904 | +24.4% |
| Provisions and deferred taxes | 16 | €233,453 | €215,680 | -€17,774 | -7.6% |
| Deferred taxes | 168 | €233,453 | €215,680 | -€17,774 | -7.6% |
| Amounts payable | 17/49 | €2,285,739 | €2,171,907 | -€113,833 | -5.0% |
| Amounts payable after more than one year | 17 | €1,208,303 | €1,064,696 | -€143,607 | -11.9% |
| Financial debts | 170/4 | €1,208,303 | €1,064,696 | -€143,607 | -11.9% |
| Amounts payable within one year | 42/48 | €1,073,261 | €1,104,145 | +€30,884 | +2.9% |
| Current portion of amounts payable after more than one year | 42 | €141,653 | €143,607 | +€1,954 | +1.4% |
| Financial debts | 43 | €12 | - | -€12 | |
| Credit institutions | 430/8 | €12 | - | -€12 | |
| Trade debts | 44 | €39,676 | €45,561 | +€5,885 | +14.8% |
| Suppliers | 440/4 | €39,676 | €45,561 | +€5,885 | +14.8% |
| Taxes, remuneration and social security | 45 | €61 | €42 | -€18 | -30.2% |
| Taxes | 450/3 | €61 | €42 | -€18 | -30.2% |
| Other amounts payable | 47/48 | €891,859 | €914,935 | +€23,076 | +2.6% |
| Accrued charges and deferred income | 492/3 | €4,176 | €3,066 | -€1,110 | -26.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €174,410 | €174,812 | +€402 | +0.2% |
| Other operating charges | 640/8 | €37,912 | €37,444 | -€469 | -1.2% |
| Gross operating margin | 9900 | €211,493 | €217,247 | +€5,754 | +2.7% |
| Operating profit (loss) | 9901 | -€830 | €4,991 | +€5,821 | |
| Financial income | 75/76B | €4,422 | €4,602 | +€181 | +4.1% |
| Recurring financial income | 75 | €4,422 | €4,602 | +€181 | +4.1% |
| Financial charges | 65/66B | €35,676 | €34,134 | -€1,542 | -4.3% |
| Recurring financial charges | 65 | €35,676 | €34,134 | -€1,542 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | -€32,084 | -€24,541 | +€7,543 | +23.5% |
| Transfer from deferred taxes | 780 | €17,774 | €17,774 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€14,311 | -€6,767 | +€7,543 | +52.7% |
| Transfer from tax-exempt reserves | 789 | €40,671 | €40,671 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €26,361 | €33,904 | +€7,543 | +28.6% |
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 17 October 2026 via checked.be.