VADEZA: 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.
VADEZA
Largest movements
- Financial fixed assets +€485,703
up €485,703 (+332.5%), from €146,059 to €631,762
- Cash +€17,558
up €17,558 (+9.6%), from €182,308 to €199,867
mainly Net result for the year (+€618,244) and Other debts (+€71,097)
- Reserves +€468,244
up €468,244 (+123.9%), from €377,885 to €846,128
- Other debts +€71,097
up €71,097 (+151.1%), from €47,059 to €118,156
- Debts after one year -€36,447
no longer reported in 2025 (was €36,447)
- Current portion of long-term debt -€13,837
down €13,837 (-95.8%), from €14,447 to €610
- Financial income +€446,878
up €446,878 (+502.6%), from €88,912 to €535,791
- Gross operating margin -€19,521
down €19,521 (-12.7%), from €153,317 to €133,796
- Depreciation +€6,853
up €6,853 (+55.6%), from €12,321 to €19,173
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 | €504,518 | €990,773 | +€486,255 | +96.4% |
| Fixed assets | 21/28 | €229,202 | €705,380 | +€476,178 | +207.8% |
| Tangible fixed assets | 22/27 | €83,143 | €73,617 | -€9,525 | -11.5% |
| Plant, machinery and equipment | 23 | €29,277 | €32,078 | +€2,800 | +9.6% |
| Furniture and vehicles | 24 | €53,865 | €41,539 | -€12,326 | -22.9% |
| Financial fixed assets | 28 | €146,059 | €631,762 | +€485,703 | +332.5% |
| Current assets | 29/58 | €275,316 | €285,394 | +€10,078 | +3.7% |
| Amounts receivable within one year | 40/41 | €88,874 | €83,415 | -€5,459 | -6.1% |
| Trade receivables | 40 | €74,415 | €83,415 | +€9,000 | +12.1% |
| Other amounts receivable | 41 | €14,459 | - | -€14,459 | |
| Cash at bank and in hand | 54/58 | €182,308 | €199,867 | +€17,558 | +9.6% |
| Deferred charges and accrued income | 490/1 | €4,134 | €2,112 | -€2,022 | -48.9% |
| Total equity and liabilities | 10/49 | €504,518 | €990,773 | +€486,255 | +96.4% |
| Equity | 10/15 | €379,885 | €848,128 | +€468,244 | +123.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €377,885 | €846,128 | +€468,244 | +123.9% |
| Distributable reserves | 133 | €377,885 | €846,128 | +€468,244 | +123.9% |
| Amounts payable | 17/49 | €124,633 | €142,645 | +€18,012 | +14.5% |
| Amounts payable after more than one year | 17 | €36,447 | - | -€36,447 | |
| Financial debts | 170/4 | €36,447 | - | -€36,447 | |
| Amounts payable within one year | 42/48 | €88,186 | €142,645 | +€54,459 | +61.8% |
| Current portion of amounts payable after more than one year | 42 | €14,447 | €610 | -€13,837 | -95.8% |
| Trade debts | 44 | €2,899 | €491 | -€2,409 | -83.1% |
| Suppliers | 440/4 | €2,899 | €491 | -€2,409 | -83.1% |
| Taxes, remuneration and social security | 45 | €23,781 | €23,388 | -€393 | -1.7% |
| Taxes | 450/3 | €23,781 | €23,388 | -€393 | -1.7% |
| Other amounts payable | 47/48 | €47,059 | €118,156 | +€71,097 | +151.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,321 | €19,173 | +€6,853 | +55.6% |
| Other operating charges | 640/8 | €474 | €267 | -€207 | -43.7% |
| Non-recurring operating charges | 66A | €15,774 | - | -€15,774 | |
| Gross operating margin | 9900 | €153,317 | €133,796 | -€19,521 | -12.7% |
| Operating profit (loss) | 9901 | €124,748 | €114,355 | -€10,393 | -8.3% |
| Financial income | 75/76B | €88,912 | €535,791 | +€446,878 | +502.6% |
| Recurring financial income | 75 | €88,912 | €535,791 | +€446,878 | +502.6% |
| Financial charges | 65/66B | €350 | €829 | +€479 | +137.0% |
| Recurring financial charges | 65 | €350 | €829 | +€479 | +137.0% |
| Profit (loss) for the period before taxes | 9903 | €213,311 | €649,317 | +€436,006 | +204.4% |
| Income taxes | 67/77 | €32,010 | €31,074 | -€936 | -2.9% |
| Profit (loss) for the period | 9904 | €181,301 | €618,244 | +€436,942 | +241.0% |
| Profit (loss) for the period to be appropriated | 9905 | €181,301 | €618,244 | +€436,942 | +241.0% |
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 8 October 2026 via checked.be.