VADIS: 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.
VADIS
Largest movements
- Receivables within one year +€839,697
up €839,697 (+100.8%), from €833,287 to €1.7m
of which Trade receivables: +€900,639
- Stocks and contracts -€196,571
down €196,571 (-59.2%), from €332,251 to €135,680
- Cash -€132,902
down €132,902 (-68.2%), from €194,924 to €62,023
mainly Receivables within one year (-€839,697) and Investment in fixed assets (net) (-€103,111)
- Tangible fixed assets +€40,331
up €40,331 (+14.7%), from €274,550 to €314,881
of which Plant, machinery and equipment: +€53,146
- Trade debts +€475,121
up €475,121 (+49.9%), from €952,350 to €1.4m
- Reserves +€65,000
up €65,000 (+31.6%), from €205,572 to €270,572
of which Distributable reserves: +€65,000
- Debts after one year -€50,044
down €50,044 (-23.7%), from €211,479 to €161,436
- Current portion of long-term debt +€32,782
up €32,782 (+115.4%), from €28,400 to €61,182
- Tax, wage and social debts +€30,601
up €30,601 (+76.9%), from €39,809 to €70,411
of which Taxes: +€23,529
- Gross operating margin +€82,824
up €82,824 (+27.4%), from €301,927 to €384,751
- Taxes +€16,834
up €16,834 (+2072.4%), from €812 to €17,646
- Financial charges -€14,663
down €14,663 (-16.3%), from €90,132 to €75,469
- Staff costs +€12,513
up €12,513 (+7.3%), from €170,795 to €183,308
- Depreciation +€7,230
up €7,230 (+12.4%), from €58,533 to €65,764
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 | €1,665,987 | €2,201,264 | +€535,277 | +32.1% |
| Fixed assets | 21/28 | €283,903 | €321,251 | +€37,348 | +13.2% |
| Tangible fixed assets | 22/27 | €274,550 | €314,881 | +€40,331 | +14.7% |
| Land and buildings | 22 | €71,831 | €63,297 | -€8,534 | -11.9% |
| Plant, machinery and equipment | 23 | €72,844 | €125,990 | +€53,146 | +73.0% |
| Furniture and vehicles | 24 | €129,876 | €125,594 | -€4,281 | -3.3% |
| Financial fixed assets | 28 | €9,353 | €6,370 | -€2,983 | -31.9% |
| Current assets | 29/58 | €1,382,084 | €1,880,013 | +€497,929 | +36.0% |
| Stocks and contracts in progress | 3 | €332,251 | €135,680 | -€196,571 | -59.2% |
| Stocks | 30/36 | €332,251 | €135,680 | -€196,571 | -59.2% |
| Amounts receivable within one year | 40/41 | €833,287 | €1,672,985 | +€839,697 | +100.8% |
| Trade receivables | 40 | €724,398 | €1,625,036 | +€900,639 | +124.3% |
| Other amounts receivable | 41 | €108,890 | €47,948 | -€60,941 | -56.0% |
| Current investments | 50/53 | €12,107 | €1,363 | -€10,744 | -88.7% |
| Cash at bank and in hand | 54/58 | €194,924 | €62,023 | -€132,902 | -68.2% |
| Deferred charges and accrued income | 490/1 | €9,515 | €7,963 | -€1,552 | -16.3% |
| Total equity and liabilities | 10/49 | €1,665,987 | €2,201,264 | +€535,277 | +32.1% |
| Equity | 10/15 | €228,949 | €290,765 | +€61,816 | +27.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €205,572 | €270,572 | +€65,000 | +31.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €203,712 | €268,712 | +€65,000 | +31.9% |
| Profit (loss) carried forward | 14 | €4,777 | €1,593 | -€3,184 | -66.6% |
| Amounts payable | 17/49 | €1,437,039 | €1,910,499 | +€473,461 | +32.9% |
| Amounts payable after more than one year | 17 | €211,479 | €161,436 | -€50,044 | -23.7% |
| Financial debts | 170/4 | €211,479 | €161,436 | -€50,044 | -23.7% |
| Amounts payable within one year | 42/48 | €1,225,559 | €1,749,064 | +€523,504 | +42.7% |
| Current portion of amounts payable after more than one year | 42 | €28,400 | €61,182 | +€32,782 | +115.4% |
| Financial debts | 43 | €205,000 | €190,000 | -€15,000 | -7.3% |
| Credit institutions | 430/8 | €205,000 | €190,000 | -€15,000 | -7.3% |
| Trade debts | 44 | €952,350 | €1,427,471 | +€475,121 | +49.9% |
| Suppliers | 440/4 | €952,350 | €1,427,471 | +€475,121 | +49.9% |
| Taxes, remuneration and social security | 45 | €39,809 | €70,411 | +€30,601 | +76.9% |
| Taxes | 450/3 | €6,626 | €30,155 | +€23,529 | +355.1% |
| Remuneration and social security | 454/9 | €33,183 | €40,256 | +€7,072 | +21.3% |
| Remuneration, social security and pensions | 62 | €170,795 | €183,308 | +€12,513 | +7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,533 | €65,764 | +€7,230 | +12.4% |
| Other operating charges | 640/8 | €4,921 | €7,890 | +€2,969 | +60.3% |
| Non-recurring operating charges | 66A | €38 | €0 | -€38 | -100.0% |
| Gross operating margin | 9900 | €301,927 | €384,751 | +€82,824 | +27.4% |
| Operating profit (loss) | 9901 | €67,640 | €127,790 | +€60,150 | +88.9% |
| Financial income | 75/76B | €25,526 | €27,142 | +€1,616 | +6.3% |
| Recurring financial income | 75 | €25,526 | €27,142 | +€1,616 | +6.3% |
| Financial charges | 65/66B | €90,132 | €75,469 | -€14,663 | -16.3% |
| Recurring financial charges | 65 | €90,132 | €75,469 | -€14,663 | -16.3% |
| Profit (loss) for the period before taxes | 9903 | €3,033 | €79,463 | +€76,429 | +2519.5% |
| Income taxes | 67/77 | €812 | €17,646 | +€16,834 | +2072.4% |
| Profit (loss) for the period | 9904 | €2,221 | €61,816 | +€59,595 | +2683.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,221 | €61,816 | +€59,595 | +2683.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.