VADIPRO: 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.
VADIPRO
Largest movements
- Receivables within one year -€1.2m
down €1.2m (-97.2%), from €1.3m to €36,342
of which Trade receivables: -€1.2m
- Intangible fixed assets -€715,576
down €715,576 (-62.9%), from €1.1m to €422,935
- Tangible fixed assets +€399,596
up €399,596 (+40.9%), from €977,154 to €1.4m
of which Land and buildings: +€602,618
- Cash +€381,606
up €381,606 (+2074.6%), from €18,394 to €400,000
- Stocks and contracts +€52,558
up €52,558 (+6.5%), from €807,843 to €860,401
- Advances received -€1.9m
no longer reported in 2025 (was €1.9m)
- Debts after one year +€1.8m
new in 2025: €1.8m
- Trade debts -€1.1m
down €1.1m (-57.1%), from €2.0m to €838,831
- Contributions +€400,000
up €400,000 (+4000.0%), from €10,000 to €410,000
- Profit (loss) carried forward -€296,943
down €296,943, from €5,792 to -€291,151
- Gross operating margin +€488,634
up €488,634 (+69.5%), from €702,663 to €1.2m
- Staff costs +€443,336
up €443,336 (+90.0%), from €492,601 to €935,937
- Depreciation +€157,899
up €157,899 (+67.3%), from €234,469 to €392,368
- Financial charges +€151,334
up €151,334 (+1992.0%), from €7,597 to €158,931
- Financial income -€39,050
down €39,050 (-98.8%), from €39,509 to €459
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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,222,993 | €3,098,013 | -€1.1m | -26.6% |
| Fixed assets | 21/28 | €2,115,665 | €1,799,686 | -€315,980 | -14.9% |
| Intangible fixed assets | 21 | €1,138,511 | €422,935 | -€715,576 | -62.9% |
| Tangible fixed assets | 22/27 | €977,154 | €1,376,751 | +€399,596 | +40.9% |
| Land and buildings | 22 | - | €602,618 | +€602,618 | |
| Plant, machinery and equipment | 23 | €977,154 | €774,133 | -€203,022 | -20.8% |
| Current assets | 29/58 | €2,107,327 | €1,298,328 | -€808,999 | -38.4% |
| Stocks and contracts in progress | 3 | €807,843 | €860,401 | +€52,558 | +6.5% |
| Stocks | 30/36 | €807,843 | €860,401 | +€52,558 | +6.5% |
| Amounts receivable within one year | 40/41 | €1,281,090 | €36,342 | -€1.2m | -97.2% |
| Trade receivables | 40 | €1,185,276 | €15,902 | -€1.2m | -98.7% |
| Other amounts receivable | 41 | €95,814 | €20,441 | -€75,374 | -78.7% |
| Cash at bank and in hand | 54/58 | €18,394 | €400,000 | +€381,606 | +2074.6% |
| Deferred charges and accrued income | 490/1 | - | €1,584 | +€1,584 | |
| Total equity and liabilities | 10/49 | €4,222,993 | €3,098,013 | -€1.1m | -26.6% |
| Equity | 10/15 | €15,792 | €118,849 | +€103,057 | +652.6% |
| Contributions | 10/11 | €10,000 | €410,000 | +€400,000 | +4000.0% |
| Profit (loss) carried forward | 14 | €5,792 | -€291,151 | -€296,943 | |
| Amounts payable | 17/49 | €4,207,201 | €2,979,164 | -€1.2m | -29.2% |
| Amounts payable after more than one year | 17 | - | €1,825,000 | +€1.8m | |
| Financial debts | 170/4 | - | €1,825,000 | +€1.8m | |
| Amounts payable within one year | 42/48 | €4,207,201 | €1,112,914 | -€3.1m | -73.5% |
| Financial debts | 43 | - | €67 | +€67 | |
| Credit institutions | 430/8 | - | €67 | +€67 | |
| Trade debts | 44 | €1,955,107 | €838,831 | -€1.1m | -57.1% |
| Suppliers | 440/4 | €1,955,107 | €838,831 | -€1.1m | -57.1% |
| Advances received on contracts in progress | 46 | €1,851,611 | - | -€1.9m | |
| Taxes, remuneration and social security | 45 | €72,830 | €83,324 | +€10,493 | +14.4% |
| Taxes | 450/3 | €154 | €37,913 | +€37,759 | +24515.9% |
| Remuneration and social security | 454/9 | €72,676 | €45,410 | -€27,266 | -37.5% |
| Other amounts payable | 47/48 | €327,652 | €190,692 | -€136,960 | -41.8% |
| Accrued charges and deferred income | 492/3 | - | €41,250 | +€41,250 | |
| Remuneration, social security and pensions | 62 | €492,601 | €935,937 | +€443,336 | +90.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €234,469 | €392,368 | +€157,899 | +67.3% |
| Other operating charges | 640/8 | €1,558 | €1,170 | -€388 | -24.9% |
| Gross operating margin | 9900 | €702,663 | €1,191,297 | +€488,634 | +69.5% |
| Operating profit (loss) | 9901 | -€25,966 | -€138,179 | -€112,213 | -432.2% |
| Financial income | 75/76B | €39,509 | €459 | -€39,050 | -98.8% |
| Recurring financial income | 75 | €39,509 | €459 | -€39,050 | -98.8% |
| Financial charges | 65/66B | €7,597 | €158,931 | +€151,334 | +1992.0% |
| Recurring financial charges | 65 | €7,597 | €158,931 | +€151,334 | +1992.0% |
| Profit (loss) for the period before taxes | 9903 | €5,946 | -€296,652 | -€302,598 | |
| Income taxes | 67/77 | €154 | €291 | +€137 | +89.0% |
| Profit (loss) for the period | 9904 | €5,792 | -€296,943 | -€302,735 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,792 | -€296,943 | -€302,735 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.