VADICOM: 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.
VADICOM
Largest movements
- Receivables after one year +€119,111
up €119,111 (+33.7%), from €353,780 to €472,891
- Receivables within one year +€36,702
up €36,702 (+72.6%), from €50,541 to €87,242
of which Other amounts receivable: +€36,200
- Current investments -€10,159
down €10,159 (-17.2%), from €59,222 to €49,063
- Cash -€10,081
down €10,081 (-100.0%), from €10,081 to €0
mainly Receivables after one year (-€119,111) and Receivables within one year (-€36,702)
- Tangible fixed assets -€8,227
down €8,227 (-20.6%), from €39,853 to €31,625
of which Land and buildings: -€7,329
- Reserves +€114,183
up €114,183 (+25.3%), from €451,777 to €565,960
- Tax, wage and social debts +€11,930
up €11,930 (+25.2%), from €47,293 to €59,224
- Short-term financial debts +€9,456
up €9,456 (+4663.2%), from €203 to €9,658
- Gross operating margin +€17,293
up €17,293 (+11.9%), from €145,737 to €163,030
- Taxes +€7,237
up €7,237 (+17.5%), from €41,357 to €48,594
- Financial income +€3,322
up €3,322 (+35.2%), from €9,436 to €12,758
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 | €526,222 | €657,196 | +€130,974 | +24.9% |
| Fixed assets | 21/28 | €39,853 | €31,625 | -€8,227 | -20.6% |
| Tangible fixed assets | 22/27 | €39,853 | €31,625 | -€8,227 | -20.6% |
| Land and buildings | 22 | €36,645 | €29,316 | -€7,329 | -20.0% |
| Plant, machinery and equipment | 23 | €3,208 | €2,309 | -€898 | -28.0% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €486,369 | €625,570 | +€139,201 | +28.6% |
| Amounts receivable after more than one year | 29 | €353,780 | €472,891 | +€119,111 | +33.7% |
| Other amounts receivable | 291 | €353,780 | €472,891 | +€119,111 | +33.7% |
| Amounts receivable within one year | 40/41 | €50,541 | €87,242 | +€36,702 | +72.6% |
| Trade receivables | 40 | €25,250 | €25,751 | +€501 | +2.0% |
| Other amounts receivable | 41 | €25,291 | €61,491 | +€36,200 | +143.1% |
| Current investments | 50/53 | €59,222 | €49,063 | -€10,159 | -17.2% |
| Cash at bank and in hand | 54/58 | €10,081 | €0 | -€10,081 | -100.0% |
| Deferred charges and accrued income | 490/1 | €12,746 | €16,374 | +€3,629 | +28.5% |
| Total equity and liabilities | 10/49 | €526,222 | €657,196 | +€130,974 | +24.9% |
| Equity | 10/15 | €470,377 | €584,560 | +€114,183 | +24.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €451,777 | €565,960 | +€114,183 | +25.3% |
| Distributable reserves | 133 | €451,777 | €565,960 | +€114,183 | +25.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €55,845 | €72,636 | +€16,791 | +30.1% |
| Amounts payable within one year | 42/48 | €55,845 | €72,636 | +€16,791 | +30.1% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €203 | €9,658 | +€9,456 | +4663.2% |
| Credit institutions | 430/8 | €203 | €9,658 | +€9,456 | +4663.2% |
| Trade debts | 44 | €8,349 | €3,754 | -€4,595 | -55.0% |
| Suppliers | 440/4 | €8,349 | €3,754 | -€4,595 | -55.0% |
| Taxes, remuneration and social security | 45 | €47,293 | €59,224 | +€11,930 | +25.2% |
| Taxes | 450/3 | €47,293 | €59,224 | +€11,930 | +25.2% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,795 | €8,227 | -€568 | -6.5% |
| Other operating charges | 640/8 | €773 | €1,363 | +€591 | +76.4% |
| Gross operating margin | 9900 | €145,737 | €163,030 | +€17,293 | +11.9% |
| Operating profit (loss) | 9901 | €136,169 | €153,439 | +€17,270 | +12.7% |
| Financial income | 75/76B | €9,436 | €12,758 | +€3,322 | +35.2% |
| Recurring financial income | 75 | €9,436 | €12,758 | +€3,322 | +35.2% |
| Financial charges | 65/66B | €2,712 | €3,420 | +€708 | +26.1% |
| Recurring financial charges | 65 | €2,712 | €3,420 | +€708 | +26.1% |
| Profit (loss) for the period before taxes | 9903 | €142,893 | €162,777 | +€19,884 | +13.9% |
| Income taxes | 67/77 | €41,357 | €48,594 | +€7,237 | +17.5% |
| Profit (loss) for the period | 9904 | €101,536 | €114,183 | +€12,647 | +12.5% |
| Profit (loss) for the period to be appropriated | 9905 | €101,536 | €114,183 | +€12,647 | +12.5% |
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 6 October 2026 via checked.be.