VADICO: 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.
VADICO
Largest movements
- Tangible fixed assets -€57,001
down €57,001 (-4.5%), from €1.3m to €1.2m
of which Land and buildings: -€56,398
- Cash +€32,286
up €32,286 (+28.6%), from €113,045 to €145,331
mainly Depreciation (+€57,001) and Receivables within one year (+€5,770)
- Profit (loss) carried forward -€24,449
down €24,449 (-23.4%), from -€104,363 to -€128,812
- Gross operating margin -€299,602
down €299,602 (-85.5%), from €350,453 to €50,851
- Taxes -€74,378
down €74,378 (-89.3%), from €83,307 to €8,929
- Depreciation +€4,559
up €4,559 (+8.7%), from €52,441 to €57,001
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 | €1,386,900 | €1,357,355 | -€29,544 | -2.1% |
| Fixed assets | 21/28 | €1,267,325 | €1,210,324 | -€57,001 | -4.5% |
| Tangible fixed assets | 22/27 | €1,267,325 | €1,210,324 | -€57,001 | -4.5% |
| Land and buildings | 22 | €1,264,176 | €1,207,779 | -€56,398 | -4.5% |
| Plant, machinery and equipment | 23 | €3,148 | €2,545 | -€603 | -19.1% |
| Current assets | 29/58 | €119,575 | €147,031 | +€27,456 | +23.0% |
| Amounts receivable within one year | 40/41 | €5,840 | €71 | -€5,770 | -98.8% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €5,840 | €71 | -€5,770 | -98.8% |
| Cash at bank and in hand | 54/58 | €113,045 | €145,331 | +€32,286 | +28.6% |
| Deferred charges and accrued income | 490/1 | €690 | €1,630 | +€940 | +136.2% |
| Total equity and liabilities | 10/49 | €1,386,900 | €1,357,355 | -€29,544 | -2.1% |
| Equity | 10/15 | €178,610 | €154,161 | -€24,449 | -13.7% |
| Contributions | 10/11 | €146,257 | €146,257 | = | 0.0% |
| Capital | 10 | €146,257 | €146,257 | = | 0.0% |
| Issued capital | 100 | €146,257 | €146,257 | = | 0.0% |
| Reserves | 13 | €136,716 | €136,716 | = | 0.0% |
| Non-distributable reserves | 130/1 | €14,626 | €14,626 | = | 0.0% |
| Legal reserve | 130 | €14,626 | €14,626 | = | 0.0% |
| Tax-exempt reserves | 132 | €122,090 | €122,090 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€104,363 | -€128,812 | -€24,449 | -23.4% |
| Amounts payable | 17/49 | €1,208,290 | €1,203,194 | -€5,095 | -0.4% |
| Amounts payable after more than one year | 17 | €1,138,215 | €1,138,215 | = | 0.0% |
| Other amounts payable | 178/9 | €1,138,215 | €1,138,215 | = | 0.0% |
| Amounts payable within one year | 42/48 | €70,075 | €64,980 | -€5,095 | -7.3% |
| Trade debts | 44 | €2,715 | €3,557 | +€842 | +31.0% |
| Suppliers | 440/4 | €2,715 | €3,557 | +€842 | +31.0% |
| Taxes, remuneration and social security | 45 | €2,345 | €807 | -€1,538 | -65.6% |
| Taxes | 450/3 | €2,345 | €807 | -€1,538 | -65.6% |
| Other amounts payable | 47/48 | €65,014 | €60,615 | -€4,399 | -6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,441 | €57,001 | +€4,559 | +8.7% |
| Other operating charges | 640/8 | €9,531 | €9,183 | -€348 | -3.6% |
| Gross operating margin | 9900 | €350,453 | €50,851 | -€299,602 | -85.5% |
| Operating profit (loss) | 9901 | €288,481 | -€15,333 | -€303,814 | |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €153 | €187 | +€34 | +22.2% |
| Recurring financial charges | 65 | €153 | €187 | +€34 | +22.2% |
| Profit (loss) for the period before taxes | 9903 | €288,328 | -€15,520 | -€303,848 | |
| Income taxes | 67/77 | €83,307 | €8,929 | -€74,378 | -89.3% |
| Profit (loss) for the period | 9904 | €205,021 | -€24,449 | -€229,470 | |
| Transfer to tax-exempt reserves | 689 | €122,090 | €0 | -€122,090 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €82,931 | -€24,449 | -€107,380 |
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 7 October 2026 via checked.be.