VADIS 4: what changed
Two financial 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 4
Largest movements
- Current investments -€121,810
down €121,810 (-96.3%), from €126,460 to €4,650
- Cash +€89,527
up €89,527 (+56.2%), from €159,234 to €248,761
mainly Current investments (+€121,810) and Net result for the year (+€28,002)
- Other debts -€60,274
down €60,274 (-34.6%), from €174,387 to €114,113
- Reserves +€28,002
up €28,002 (+5.8%), from €481,873 to €509,875
of which Distributable reserves: +€23,352
- Financial income +€35,622
up €35,622 (+846%), from €4,209 to €39,831
- Gross operating margin -€3,610
down €3,610 (-48.5%), from -€7,449 to -€11,059
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.
Derived cash bridge
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 | €667,110 | €634,838 | -€32,272 | -4.8% |
| Fixed assets | 21/28 | €251,416 | €251,416 | = | 0.0% |
| Tangible fixed assets | 22/27 | €251,416 | €251,416 | = | 0.0% |
| Other tangible fixed assets | 26 | €251,416 | €251,416 | = | 0.0% |
| Current assets | 29/58 | €415,694 | €383,422 | -€32,272 | -7.8% |
| Amounts receivable after more than one year | 29 | €130,000 | €130,000 | = | 0.0% |
| Trade receivables | 290 | €0 | - | = | |
| Other amounts receivable | 291 | €130,000 | €130,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | - | €11 | +€11 | |
| Trade receivables | 40 | - | €11 | +€11 | |
| Current investments | 50/53 | €126,460 | €4,650 | -€121,810 | -96.3% |
| Cash at bank and in hand | 54/58 | €159,234 | €248,761 | +€89,527 | +56.2% |
| Total equity and liabilities | 10/49 | €667,110 | €634,838 | -€32,272 | -4.8% |
| Equity | 10/15 | €492,723 | €520,725 | +€28,002 | +5.7% |
| Contributions | 10/11 | €10,850 | €10,850 | = | 0.0% |
| Reserves | 13 | €481,873 | €509,875 | +€28,002 | +5.8% |
| Non-distributable reserves | 130/1 | - | €4,650 | +€4,650 | |
| Own shares acquired | 1312 | - | €4,650 | +€4,650 | |
| Distributable reserves | 133 | €481,873 | €505,225 | +€23,352 | +4.8% |
| Amounts payable | 17/49 | €174,387 | €114,113 | -€60,274 | -34.6% |
| Amounts payable within one year | 42/48 | €174,387 | €114,113 | -€60,274 | -34.6% |
| Other amounts payable | 47/48 | €174,387 | €114,113 | -€60,274 | -34.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111 | €0 | -€111 | -100% |
| Other operating charges | 640/8 | €574 | €587 | +€12 | +2.2% |
| Gross operating margin | 9900 | -€7,449 | -€11,059 | -€3,610 | -48.5% |
| Operating profit (loss) | 9901 | -€8,134 | -€11,646 | -€3,512 | -43.2% |
| Financial income | 75/76B | €4,209 | €39,831 | +€35,622 | +846% |
| Recurring financial income | 75 | €4,209 | €39,831 | +€35,622 | +846% |
| Financial charges | 65/66B | €182 | €183 | +€2 | +0.8% |
| Recurring financial charges | 65 | €182 | €183 | +€2 | +0.8% |
| Profit (loss) for the period before taxes | 9903 | -€4,106 | €28,002 | +€32,108 | |
| Profit (loss) for the period | 9904 | -€4,106 | €28,002 | +€32,108 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,106 | €28,002 | +€32,108 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.