VADEST: 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.
VADEST
Largest movements
- Financial fixed assets -€200,000
down €200,000 (-91.5%), from €218,581 to €18,581
- Cash -€29,180
down €29,180 (-74.8%), from €39,001 to €9,821
mainly Net result for the year (-€93,109) and Other debts (-€81,895)
- Receivables within one year +€18,262
up €18,262 (+51.7%), from €35,311 to €53,573
of which Other amounts receivable: +€10,072
- Tangible fixed assets -€15,250
down €15,250 (-4.6%), from €335,014 to €319,764
of which Land and buildings: -€9,086
- Profit (loss) carried forward -€91,250
new in 2025: -€91,250
- Other debts -€81,895
down €81,895 (-86.3%), from €94,913 to €13,017
- Debts after one year -€48,715
down €48,715 (-18.8%), from €259,143 to €210,428
of which Financial debts: -€48,715
- Tax, wage and social debts -€11,935
down €11,935 (-63.5%), from €18,785 to €6,850
of which Taxes: -€14,905
- Financial charges +€84,113
up €84,113 (+1,020%), from €8,246 to €92,358
of which Non-recurring financial charges: +€84,293
- Gross operating margin -€74,978
down €74,978 (-79.5%), from €94,261 to €19,282
- Write-downs -€38,882
down €38,882, from €33,812 to -€5,070
- Taxes -€9,643
down €9,643 (-88.4%), from €10,908 to €1,265
- Other operating charges +€7,460
up €7,460 (+221%), from €3,381 to €10,841
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €639,812 | €410,184 | -€229,628 | -35.9% |
| Fixed assets | 21/28 | €553,595 | €338,345 | -€215,250 | -38.9% |
| Tangible fixed assets | 22/27 | €335,014 | €319,764 | -€15,250 | -4.6% |
| Land and buildings | 22 | €319,570 | €310,483 | -€9,086 | -2.8% |
| Furniture and vehicles | 24 | €6,684 | €2,130 | -€4,554 | -68.1% |
| Other tangible fixed assets | 26 | €8,760 | €7,151 | -€1,610 | -18.4% |
| Financial fixed assets | 28 | €218,581 | €18,581 | -€200,000 | -91.5% |
| Current assets | 29/58 | €86,217 | €71,839 | -€14,378 | -16.7% |
| Amounts receivable within one year | 40/41 | €35,311 | €53,573 | +€18,262 | +51.7% |
| Trade receivables | 40 | €34,370 | €42,561 | +€8,191 | +23.8% |
| Other amounts receivable | 41 | €941 | €11,012 | +€10,072 | +1,071% |
| Cash at bank and in hand | 54/58 | €39,001 | €9,821 | -€29,180 | -74.8% |
| Deferred charges and accrued income | 490/1 | €11,905 | €8,445 | -€3,461 | -29.1% |
| Total equity and liabilities | 10/49 | €639,812 | €410,184 | -€229,628 | -35.9% |
| Equity | 10/15 | €214,998 | €121,889 | -€93,109 | -43.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €208,798 | €206,939 | -€1,859 | -0.9% |
| Distributable reserves | 133 | €208,798 | €206,939 | -€1,859 | -0.9% |
| Profit (loss) carried forward | 14 | - | -€91,250 | -€91,250 | |
| Amounts payable | 17/49 | €424,813 | €288,295 | -€136,519 | -32.1% |
| Amounts payable after more than one year | 17 | €259,143 | €210,428 | -€48,715 | -18.8% |
| Financial debts | 170/4 | €257,193 | €208,478 | -€48,715 | -18.9% |
| Other amounts payable | 178/9 | €1,950 | €1,950 | = | 0.0% |
| Amounts payable within one year | 42/48 | €165,670 | €77,866 | -€87,804 | -53.0% |
| Current portion of amounts payable after more than one year | 42 | €47,584 | €48,715 | +€1,130 | +2.4% |
| Trade debts | 44 | €4,388 | €9,284 | +€4,895 | +112% |
| Suppliers | 440/4 | €4,388 | €9,284 | +€4,895 | +112% |
| Taxes, remuneration and social security | 45 | €18,785 | €6,850 | -€11,935 | -63.5% |
| Taxes | 450/3 | €18,785 | €3,880 | -€14,905 | -79.3% |
| Remuneration and social security | 454/9 | - | €2,971 | +€2,971 | |
| Other amounts payable | 47/48 | €94,913 | €13,017 | -€81,895 | -86.3% |
| Non-recurring operating income | 76A | €18,743 | €0 | -€18,743 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,054 | €15,250 | -€804 | -5.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €33,812 | -€5,070 | -€38,882 | |
| Other operating charges | 640/8 | €3,381 | €10,841 | +€7,460 | +221% |
| Gross operating margin | 9900 | €94,261 | €19,282 | -€74,978 | -79.5% |
| Operating profit (loss) | 9901 | €41,013 | -€1,739 | -€42,752 | |
| Financial income | 75/76B | €33 | €2,253 | +€2,220 | +6,659% |
| Recurring financial income | 75 | €33 | €2,253 | +€2,220 | +6,659% |
| Financial charges | 65/66B | €8,246 | €92,358 | +€84,113 | +1,020% |
| Recurring financial charges | 65 | €8,246 | €8,065 | -€180 | -2.2% |
| Non-recurring financial charges | 66B | - | €84,293 | +€84,293 | |
| Profit (loss) for the period before taxes | 9903 | €32,801 | -€91,844 | -€124,645 | |
| Income taxes | 67/77 | €10,908 | €1,265 | -€9,643 | -88.4% |
| Profit (loss) for the period | 9904 | €21,893 | -€93,109 | -€115,002 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,893 | -€93,109 | -€115,002 |
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 16 October 2026 via checked.be.