VADESMAK: 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.
VADESMAK
Largest movements
- Cash +€33,626
up €33,626 (+19.0%), from €177,320 to €210,947
mainly Net result for the year (+€99,187) and Tax, wage and social debts (+€27,463)
- Receivables within one year +€6,135
up €6,135 (+38.5%), from €15,924 to €22,059
- Other debts -€31,748
down €31,748 (-25.9%), from €122,565 to €90,817
- Tax, wage and social debts +€27,463
up €27,463 (+158.3%), from €17,346 to €44,810
- Profit (loss) carried forward +€18,749
no longer reported in 2025 (was -€18,749)
- Reserves +€13,938
up €13,938 (+7.9%), from €177,005 to €190,943
of which Distributable reserves: +€13,938
- Accrued charges and deferred income +€8,887
up €8,887 (+163.9%), from €5,423 to €14,311
- Gross operating margin +€37,039
up €37,039 (+32.9%), from €112,546 to €149,585
- Taxes +€13,542
up €13,542 (+75.2%), from €18,016 to €31,558
- Financial charges +€7,284
up €7,284 (+3275.7%), from €222 to €7,506
- Depreciation +€1,740
up €1,740 (+109.5%), from €1,590 to €3,331
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 | €317,512 | €351,870 | +€34,358 | +10.8% |
| Fixed assets | 21/28 | €121,610 | €118,279 | -€3,331 | -2.7% |
| Tangible fixed assets | 22/27 | €121,610 | €118,279 | -€3,331 | -2.7% |
| Land and buildings | 22 | €111,193 | €111,193 | = | 0.0% |
| Furniture and vehicles | 24 | €10,417 | €7,086 | -€3,331 | -32.0% |
| Current assets | 29/58 | €195,902 | €233,591 | +€37,689 | +19.2% |
| Amounts receivable within one year | 40/41 | €15,924 | €22,059 | +€6,135 | +38.5% |
| Trade receivables | 40 | €15,924 | €22,059 | +€6,135 | +38.5% |
| Cash at bank and in hand | 54/58 | €177,320 | €210,947 | +€33,626 | +19.0% |
| Deferred charges and accrued income | 490/1 | €2,658 | €585 | -€2,073 | -78.0% |
| Total equity and liabilities | 10/49 | €317,512 | €351,870 | +€34,358 | +10.8% |
| Equity | 10/15 | €168,308 | €200,995 | +€32,687 | +19.4% |
| Contributions | 10/11 | €10,052 | €10,052 | = | 0.0% |
| Capital | 10 | €10,052 | €10,052 | = | 0.0% |
| Issued capital | 100 | €10,052 | €10,052 | = | 0.0% |
| Reserves | 13 | €177,005 | €190,943 | +€13,938 | +7.9% |
| Non-distributable reserves | 130/1 | €1,005 | €1,005 | = | 0.0% |
| Legal reserve | 130 | €1,005 | €1,005 | = | 0.0% |
| Distributable reserves | 133 | €176,000 | €189,938 | +€13,938 | +7.9% |
| Profit (loss) carried forward | 14 | -€18,749 | - | +€18,749 | |
| Amounts payable | 17/49 | €149,204 | €150,876 | +€1,671 | +1.1% |
| Amounts payable within one year | 42/48 | €143,781 | €136,565 | -€7,216 | -5.0% |
| Trade debts | 44 | €3,870 | €938 | -€2,932 | -75.8% |
| Suppliers | 440/4 | €3,870 | €938 | -€2,932 | -75.8% |
| Taxes, remuneration and social security | 45 | €17,346 | €44,810 | +€27,463 | +158.3% |
| Taxes | 450/3 | €17,346 | €44,810 | +€27,463 | +158.3% |
| Other amounts payable | 47/48 | €122,565 | €90,817 | -€31,748 | -25.9% |
| Accrued charges and deferred income | 492/3 | €5,423 | €14,311 | +€8,887 | +163.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,590 | €3,331 | +€1,740 | +109.5% |
| Other operating charges | 640/8 | €9,359 | €8,003 | -€1,356 | -14.5% |
| Gross operating margin | 9900 | €112,546 | €149,585 | +€37,039 | +32.9% |
| Operating profit (loss) | 9901 | €101,597 | €138,251 | +€36,655 | +36.1% |
| Financial income | 75/76B | €118 | €0 | -€118 | -99.9% |
| Recurring financial income | 75 | €118 | €0 | -€118 | -99.9% |
| Financial charges | 65/66B | €222 | €7,506 | +€7,284 | +3275.7% |
| Recurring financial charges | 65 | €222 | €7,506 | +€7,284 | +3275.7% |
| Profit (loss) for the period before taxes | 9903 | €101,492 | €130,745 | +€29,253 | +28.8% |
| Income taxes | 67/77 | €18,016 | €31,558 | +€13,542 | +75.2% |
| Profit (loss) for the period | 9904 | €83,476 | €99,187 | +€15,711 | +18.8% |
| Profit (loss) for the period to be appropriated | 9905 | €83,476 | €99,187 | +€15,711 | +18.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.