Vades: 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.
Vades
Largest movements
- Tangible fixed assets -€30,105
down €30,105 (-45.6%), from €66,029 to €35,924
of which Land and buildings: -€32,926
- Cash -€6,956
down €6,956 (-40.7%), from €17,108 to €10,152
mainly Net result for the year (-€31,031) and Trade debts (-€4,298)
- Profit (loss) carried forward -€31,031
down €31,031 (-22.2%), from -€139,937 to -€170,968
- Trade debts -€4,298
down €4,298 (-95.4%), from €4,507 to €209
- Other debts -€3,252
down €3,252 (-1.6%), from €208,761 to €205,509
- Other operating charges +€2,293
new in 2025: €2,293
- Financial charges +€872
new in 2025: €872
- Taxes +€169
new in 2025: €169
- Gross operating margin -€107
down €107 (-4.4%), from €2,459 to €2,352
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 | €93,782 | €55,370 | -€38,412 | -41.0% |
| Fixed assets | 21/28 | €66,029 | €35,924 | -€30,105 | -45.6% |
| Tangible fixed assets | 22/27 | €66,029 | €35,924 | -€30,105 | -45.6% |
| Land and buildings | 22 | €34,026 | €1,100 | -€32,926 | -96.8% |
| Plant, machinery and equipment | 23 | €8,681 | €5,091 | -€3,590 | -41.4% |
| Furniture and vehicles | 24 | €23,322 | €15,862 | -€7,460 | -32.0% |
| Other tangible fixed assets | 26 | - | €13,871 | +€13,871 | |
| Current assets | 29/58 | €27,753 | €19,446 | -€8,307 | -29.9% |
| Stocks and contracts in progress | 3 | €8,598 | €7,994 | -€604 | -7.0% |
| Stocks | 30/36 | €8,598 | €7,994 | -€604 | -7.0% |
| Amounts receivable within one year | 40/41 | €2,047 | €1,299 | -€748 | -36.5% |
| Trade receivables | 40 | €675 | €585 | -€90 | -13.3% |
| Other amounts receivable | 41 | €1,372 | €714 | -€658 | -47.9% |
| Cash at bank and in hand | 54/58 | €17,108 | €10,152 | -€6,956 | -40.7% |
| Total equity and liabilities | 10/49 | €93,782 | €55,370 | -€38,412 | -41.0% |
| Equity | 10/15 | -€119,486 | -€150,517 | -€31,031 | -26.0% |
| Contributions | 10/11 | €18,592 | €18,592 | +€0 | 0.0% |
| Capital | 10 | €18,592 | - | -€18,592 | |
| Issued capital | 100 | €18,592 | - | -€18,592 | |
| Reserves | 13 | €1,859 | €1,859 | +€0 | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | - | -€1,859 | |
| Legal reserve | 130 | €1,859 | - | -€1,859 | |
| Distributable reserves | 133 | - | €1,859 | +€1,859 | |
| Profit (loss) carried forward | 14 | -€139,937 | -€170,968 | -€31,031 | -22.2% |
| Amounts payable | 17/49 | €213,268 | €205,887 | -€7,381 | -3.5% |
| Amounts payable within one year | 42/48 | €213,268 | €205,887 | -€7,381 | -3.5% |
| Trade debts | 44 | €4,507 | €209 | -€4,298 | -95.4% |
| Suppliers | 440/4 | €4,507 | €209 | -€4,298 | -95.4% |
| Taxes, remuneration and social security | 45 | - | €169 | +€169 | |
| Taxes | 450/3 | - | €169 | +€169 | |
| Other amounts payable | 47/48 | €208,761 | €205,509 | -€3,252 | -1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,049 | €30,049 | +€0 | 0.0% |
| Other operating charges | 640/8 | - | €2,293 | +€2,293 | |
| Gross operating margin | 9900 | €2,459 | €2,352 | -€107 | -4.4% |
| Operating profit (loss) | 9901 | -€27,590 | -€29,991 | -€2,401 | -8.7% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | - | €872 | +€872 | |
| Recurring financial charges | 65 | - | €872 | +€872 | |
| Profit (loss) for the period before taxes | 9903 | -€27,590 | -€30,862 | -€3,272 | -11.9% |
| Income taxes | 67/77 | - | €169 | +€169 | |
| Profit (loss) for the period | 9904 | -€27,590 | -€31,031 | -€3,441 | -12.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,590 | -€31,031 | -€3,441 | -12.5% |
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 9 October 2026 via checked.be.