VADES: 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.
VADES
Largest movements
- Tangible fixed assets +€2.4m
up €2.4m (+408.4%), from €584,371 to €3.0m
of which Land and buildings: +€2.4m
- Contributions +€2.1m
up €2.1m (+2133.0%), from €99,157 to €2.2m
- Debts after one year +€226,061
up €226,061 (+83.9%), from €269,548 to €495,609
- Other debts +€158,725
up €158,725 (+29.0%), from €546,826 to €705,551
- Profit (loss) carried forward -€77,742
down €77,742 (-23.9%), from -€324,877 to -€402,619
- Other operating charges +€36,533
up €36,533 (+437.7%), from €8,347 to €44,880
- Depreciation +€31,873
up €31,873 (+148.9%), from €21,410 to €53,283
- Gross operating margin -€30,263
down €30,263 (-50.5%), from €59,937 to €29,674
- Financial charges +€3,858
up €3,858 (+78.1%), from €4,939 to €8,798
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 | €624,095 | €3,052,992 | +€2.4m | +389.2% |
| Fixed assets | 21/28 | €584,371 | €2,970,888 | +€2.4m | +408.4% |
| Tangible fixed assets | 22/27 | €584,371 | €2,970,888 | +€2.4m | +408.4% |
| Land and buildings | 22 | €575,109 | €2,964,153 | +€2.4m | +415.4% |
| Plant, machinery and equipment | 23 | €6,682 | €5,302 | -€1,380 | -20.7% |
| Furniture and vehicles | 24 | €2,580 | €1,434 | -€1,146 | -44.4% |
| Current assets | 29/58 | €39,724 | €82,104 | +€42,380 | +106.7% |
| Stocks and contracts in progress | 3 | €36,313 | €54,970 | +€18,657 | +51.4% |
| Stocks | 30/36 | - | €1,098 | +€1,098 | |
| Contracts in progress | 37 | €36,313 | €53,872 | +€17,559 | +48.4% |
| Amounts receivable within one year | 40/41 | - | €11,996 | +€11,996 | |
| Trade receivables | 40 | - | €9,192 | +€9,192 | |
| Other amounts receivable | 41 | - | €2,803 | +€2,803 | |
| Cash at bank and in hand | 54/58 | €3,411 | €13,669 | +€10,258 | +300.7% |
| Deferred charges and accrued income | 490/1 | - | €1,469 | +€1,469 | |
| Total equity and liabilities | 10/49 | €624,095 | €3,052,992 | +€2.4m | +389.2% |
| Equity | 10/15 | -€209,897 | €1,827,362 | +€2.0m | |
| Contributions | 10/11 | €99,157 | €2,214,157 | +€2.1m | +2133.0% |
| Capital | 10 | €99,157 | €2,214,157 | +€2.1m | +2133.0% |
| Issued capital | 100 | €99,157 | €2,214,157 | +€2.1m | +2133.0% |
| Reserves | 13 | €15,823 | €15,823 | = | 0.0% |
| Non-distributable reserves | 130/1 | €9,916 | €9,916 | = | 0.0% |
| Legal reserve | 130 | €9,916 | €9,916 | = | 0.0% |
| Distributable reserves | 133 | €5,908 | €5,908 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€324,877 | -€402,619 | -€77,742 | -23.9% |
| Amounts payable | 17/49 | €833,992 | €1,225,631 | +€391,639 | +47.0% |
| Amounts payable after more than one year | 17 | €269,548 | €495,609 | +€226,061 | +83.9% |
| Financial debts | 170/4 | €269,548 | €495,609 | +€226,061 | +83.9% |
| Amounts payable within one year | 42/48 | €564,444 | €730,021 | +€165,577 | +29.3% |
| Current portion of amounts payable after more than one year | 42 | €14,524 | €23,246 | +€8,722 | +60.1% |
| Trade debts | 44 | €20 | €0 | -€20 | -100.0% |
| Suppliers | 440/4 | €20 | €0 | -€20 | -100.0% |
| Taxes, remuneration and social security | 45 | €3,074 | €1,225 | -€1,849 | -60.1% |
| Taxes | 450/3 | €3,074 | €1,225 | -€1,849 | -60.1% |
| Other amounts payable | 47/48 | €546,826 | €705,551 | +€158,725 | +29.0% |
| Non-recurring operating income | 76A | €18,057 | - | -€18,057 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,410 | €53,283 | +€31,873 | +148.9% |
| Other operating charges | 640/8 | €8,347 | €44,880 | +€36,533 | +437.7% |
| Gross operating margin | 9900 | €59,937 | €29,674 | -€30,263 | -50.5% |
| Operating profit (loss) | 9901 | €30,180 | -€68,489 | -€98,669 | |
| Financial income | 75/76B | €18 | - | -€18 | |
| Recurring financial income | 75 | €18 | - | -€18 | |
| Financial charges | 65/66B | €4,939 | €8,798 | +€3,858 | +78.1% |
| Recurring financial charges | 65 | €4,939 | €8,798 | +€3,858 | +78.1% |
| Profit (loss) for the period before taxes | 9903 | €25,259 | -€77,286 | -€102,545 | |
| Income taxes | 67/77 | €477 | €455 | -€22 | -4.6% |
| Profit (loss) for the period | 9904 | €24,782 | -€77,742 | -€102,523 | |
| Profit (loss) for the period to be appropriated | 9905 | €24,782 | -€77,742 | -€102,523 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.