VADIVAL: 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.
What changed
VADIVAL
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€356,666
2024 · €211,846+€144,821
Equity
€2.0m
2024 · €1.6m+€380,567
Cash
€13,063
2024 · €2,108+€10,955
Balance sheet total
€7.2m
2024 · €7.1m+€129,470
Largest movements
Assets
- Stocks and contracts -€542,108
no longer reported in 2025 (was €542,108)
- Receivables within one year +€424,234
up €424,234 (+28.2%), from €1.5m to €1.9m
of which Trade receivables: +€1.1m
- Tangible fixed assets +€248,353
up €248,353 (+7.3%), from €3.4m to €3.7m
of which Plant, machinery and equipment: +€141,276
Equity and liabilities
- Debts after one year -€478,462
down €478,462 (-20.1%), from €2.4m to €1.9m
of which Other amounts payable: -€325,239
- Profit (loss) carried forward +€383,378
up €383,378 (+30.1%), from €1.3m to €1.7m
- Trade debts +€196,417
up €196,417 (+219%), from €89,614 to €286,031
- Tax, wage and social debts +€89,604
new in 2025: €89,604
Income statement
- Gross operating margin +€478,197
up €478,197 (+71.5%), from €668,791 to €1.1m
- Other operating charges +€106,874
up €106,874 (+120%), from €88,993 to €195,866
- Financial income -€44,973
down €44,973 (-56.2%), from €80,064 to €35,091
- Depreciation +€32,728
up €32,728 (+11.0%), from €297,268 to €329,997
- Taxes +€31,638
new in 2025: €31,638
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.
Result 2024
€211,846
Gross operating margin
+€478,197
Depreciation
-€32,728
Other operating charges
-€106,874
Other operating items
-€130,000
Financial income
-€44,973
Financial charges
+€15,962
Taxes
-€31,638
Deferred taxes and other
-€3,126
Result 2025
€356,666
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.0m
Investment
-€564,350
Financing
-€455,872
Cash 2024
€2,108
From operations (derived)
+€1.0m
Net result for the year
+€356,666
Depreciation
+€329,997
Stocks and contracts
+€542,108
Receivables within one year
-€424,234
Deferred charges and accrued income
-€2,035
Provisions
-€32,805
Trade debts
+€196,417
Tax, wage and social debts
+€89,604
Other debts
-€22,470
Accrued charges and deferred income
-€2,070
Investment (derived)
-€564,350
Investment in fixed assets (net)
-€564,350
Financing
-€455,872
Debts after one year
-€478,462
Current portion of long-term debt
+€16,971
Short-term financial debts
-€18,282
Contributions, distributions and other
+€23,901
Cash 2025
€13,063
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,109,652 | €7,239,122 | +€129,470 | +1.8% |
| Fixed assets | 21/28 | €5,058,910 | €5,293,263 | +€234,353 | +4.6% |
| Tangible fixed assets | 22/27 | €3,421,834 | €3,670,187 | +€248,353 | +7.3% |
| Land and buildings | 22 | €2,157,948 | €2,275,243 | +€117,295 | +5.4% |
| Plant, machinery and equipment | 23 | €1,230,493 | €1,371,769 | +€141,276 | +11.5% |
| Furniture and vehicles | 24 | €33,392 | €23,175 | -€10,218 | -30.6% |
| Financial fixed assets | 28 | €1,637,076 | €1,623,076 | -€14,000 | -0.9% |
| Current assets | 29/58 | €2,050,742 | €1,945,859 | -€104,883 | -5.1% |
| Stocks and contracts in progress | 3 | €542,108 | - | -€542,108 | |
| Stocks | 30/36 | €542,108 | - | -€542,108 | |
| Amounts receivable within one year | 40/41 | €1,505,055 | €1,929,289 | +€424,234 | +28.2% |
| Trade receivables | 40 | €625,427 | €1,714,994 | +€1.1m | +174% |
| Other amounts receivable | 41 | €879,627 | €214,295 | -€665,332 | -75.6% |
| Cash at bank and in hand | 54/58 | €2,108 | €13,063 | +€10,955 | +520% |
| Deferred charges and accrued income | 490/1 | €1,472 | €3,507 | +€2,035 | +138% |
| Total equity and liabilities | 10/49 | €7,109,652 | €7,239,122 | +€129,470 | +1.8% |
| Equity | 10/15 | €1,589,767 | €1,970,334 | +€380,567 | +23.9% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Revaluation surpluses | 12 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €181,775 | €178,963 | -€2,811 | -1.5% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €175,577 | €172,766 | -€2,811 | -1.6% |
| Profit (loss) carried forward | 14 | €1,271,651 | €1,655,029 | +€383,378 | +30.1% |
| Provisions and deferred taxes | 16 | €90,393 | €57,589 | -€32,805 | -36.3% |
| Deferred taxes | 168 | €90,393 | €57,589 | -€32,805 | -36.3% |
| Amounts payable | 17/49 | €5,429,492 | €5,211,200 | -€218,292 | -4.0% |
| Amounts payable after more than one year | 17 | €2,379,896 | €1,901,434 | -€478,462 | -20.1% |
| Financial debts | 170/4 | €1,615,164 | €1,461,942 | -€153,223 | -9.5% |
| Other amounts payable | 178/9 | €764,732 | €439,492 | -€325,239 | -42.5% |
| Amounts payable within one year | 42/48 | €3,047,190 | €3,309,430 | +€262,240 | +8.6% |
| Current portion of amounts payable after more than one year | 42 | €215,753 | €232,724 | +€16,971 | +7.9% |
| Financial debts | 43 | €1,638,734 | €1,620,453 | -€18,282 | -1.1% |
| Credit institutions | 430/8 | €1,638,734 | €1,620,453 | -€18,282 | -1.1% |
| Trade debts | 44 | €89,614 | €286,031 | +€196,417 | +219% |
| Suppliers | 440/4 | €89,614 | €286,031 | +€196,417 | +219% |
| Taxes, remuneration and social security | 45 | - | €89,604 | +€89,604 | |
| Taxes | 450/3 | - | €89,604 | +€89,604 | |
| Other amounts payable | 47/48 | €1,103,088 | €1,080,618 | -€22,470 | -2.0% |
| Accrued charges and deferred income | 492/3 | €2,406 | €335 | -€2,070 | -86.1% |
| Non-recurring operating income | 76A | - | €149,884 | +€149,884 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €297,268 | €329,997 | +€32,728 | +11.0% |
| Other operating charges | 640/8 | €88,993 | €195,866 | +€106,874 | +120% |
| Non-recurring operating charges | 66A | - | €130,000 | +€130,000 | |
| Gross operating margin | 9900 | €668,791 | €1,146,989 | +€478,197 | +71.5% |
| Operating profit (loss) | 9901 | €282,530 | €491,126 | +€208,595 | +73.8% |
| Financial income | 75/76B | €80,064 | €35,091 | -€44,973 | -56.2% |
| Recurring financial income | 75 | €80,064 | €35,091 | -€44,973 | -56.2% |
| Financial charges | 65/66B | €162,779 | €146,817 | -€15,962 | -9.8% |
| Recurring financial charges | 65 | €162,779 | €132,817 | -€29,962 | -18.4% |
| Non-recurring financial charges | 66B | - | €14,000 | +€14,000 | |
| Profit (loss) for the period before taxes | 9903 | €199,816 | €379,400 | +€179,585 | +89.9% |
| Transfer from deferred taxes | 780 | €12,030 | €8,904 | -€3,126 | -26.0% |
| Income taxes | 67/77 | - | €31,638 | +€31,638 | |
| Profit (loss) for the period | 9904 | €211,846 | €356,666 | +€144,821 | +68.4% |
| Transfer from tax-exempt reserves | 789 | €23,360 | €26,712 | +€3,351 | +14.3% |
| Profit (loss) for the period to be appropriated | 9905 | €235,206 | €383,378 | +€148,172 | +63.0% |
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 27 October 2026 via checked.be.