VADJERU: 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.
VADJERU
Largest movements
- Cash +€44,424
up €44,424 (+201.1%), from €22,091 to €66,515
mainly Net result for the year (+€98,065) and Depreciation (+€3,976)
- Receivables after one year +€42,500
up €42,500 (+141.7%), from €30,000 to €72,500
- Tangible fixed assets +€7,194
up €7,194 (+82.4%), from €8,732 to €15,926
of which Plant, machinery and equipment: +€8,308
- Deferred charges and accrued income +€1,867
up €1,867 (+9.0%), from €20,853 to €22,720
- Profit (loss) carried forward +€98,065
up €98,065 (+126.9%), from €77,305 to €175,371
- Other debts -€3,572
down €3,572 (-43.3%), from €8,244 to €4,671
- Gross operating margin +€29,626
up €29,626 (+30.1%), from €98,561 to €128,186
- Taxes +€7,187
up €7,187 (+35.9%), from €20,013 to €27,200
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 | €89,101 | €185,433 | +€96,332 | +108.1% |
| Fixed assets | 21/28 | €8,732 | €15,926 | +€7,194 | +82.4% |
| Tangible fixed assets | 22/27 | €8,732 | €15,926 | +€7,194 | +82.4% |
| Plant, machinery and equipment | 23 | €5,848 | €14,156 | +€8,308 | +142.1% |
| Furniture and vehicles | 24 | €2,884 | €1,769 | -€1,114 | -38.6% |
| Current assets | 29/58 | €80,369 | €169,507 | +€89,138 | +110.9% |
| Amounts receivable after more than one year | 29 | €30,000 | €72,500 | +€42,500 | +141.7% |
| Other amounts receivable | 291 | €30,000 | €72,500 | +€42,500 | +141.7% |
| Amounts receivable within one year | 40/41 | €7,425 | €7,772 | +€347 | +4.7% |
| Trade receivables | 40 | €7,425 | €7,772 | +€347 | +4.7% |
| Cash at bank and in hand | 54/58 | €22,091 | €66,515 | +€44,424 | +201.1% |
| Deferred charges and accrued income | 490/1 | €20,853 | €22,720 | +€1,867 | +9.0% |
| Total equity and liabilities | 10/49 | €89,101 | €185,433 | +€96,332 | +108.1% |
| Equity | 10/15 | €77,306 | €175,372 | +€98,065 | +126.9% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Profit (loss) carried forward | 14 | €77,305 | €175,371 | +€98,065 | +126.9% |
| Amounts payable | 17/49 | €11,795 | €10,061 | -€1,733 | -14.7% |
| Amounts payable within one year | 42/48 | €11,795 | €10,061 | -€1,733 | -14.7% |
| Trade debts | 44 | €3,551 | €4,190 | +€639 | +18.0% |
| Suppliers | 440/4 | €3,551 | €4,190 | +€639 | +18.0% |
| Taxes, remuneration and social security | 45 | - | €1,200 | +€1,200 | |
| Taxes | 450/3 | - | €1,200 | +€1,200 | |
| Other amounts payable | 47/48 | €8,244 | €4,671 | -€3,572 | -43.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,333 | €3,976 | +€642 | +19.3% |
| Other operating charges | 640/8 | €423 | €252 | -€171 | -40.4% |
| Gross operating margin | 9900 | €98,561 | €128,186 | +€29,626 | +30.1% |
| Operating profit (loss) | 9901 | €94,805 | €123,959 | +€29,154 | +30.8% |
| Financial income | 75/76B | €128 | €1,382 | +€1,254 | +979.0% |
| Recurring financial income | 75 | €128 | €1,382 | +€1,254 | +979.0% |
| Financial charges | 65/66B | €144 | €75 | -€69 | -47.8% |
| Recurring financial charges | 65 | €144 | €75 | -€69 | -47.8% |
| Profit (loss) for the period before taxes | 9903 | €94,789 | €125,265 | +€30,476 | +32.2% |
| Income taxes | 67/77 | €20,013 | €27,200 | +€7,187 | +35.9% |
| Profit (loss) for the period | 9904 | €74,776 | €98,065 | +€23,289 | +31.1% |
| Profit (loss) for the period to be appropriated | 9905 | €74,776 | €98,065 | +€23,289 | +31.1% |
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 3 October 2026 via checked.be.