VADL: 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.
VADL
Largest movements
- Receivables after one year -€8,264
down €8,264 (-44.2%), from €18,713 to €10,448
- Receivables within one year +€6,752
up €6,752 (+52.6%), from €12,845 to €19,597
of which Trade receivables: +€5,921
- Cash -€5,594
down €5,594 (-98.9%), from €5,656 to €63
mainly Trade debts (-€12,163) and Receivables within one year (-€6,752)
- Trade debts -€12,163
down €12,163 (-80.7%), from €15,077 to €2,914
of which Bills of exchange payable: -€13,203
- Profit (loss) carried forward +€6,960
up €6,960 (+46.2%), from €15,078 to €22,038
- Tax, wage and social debts -€1,903
down €1,903 (-46.9%), from €4,060 to €2,157
- Turnover -€108,242
down €108,242 (-33.0%), from €327,566 to €219,324
- Purchases and services -€96,181
down €96,181 (-31.5%), from €305,520 to €209,338
- Gross operating margin -€12,061
down €12,061 (-54.7%), from €22,046 to €9,986
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 | €37,214 | €30,109 | -€7,106 | -19.1% |
| Current assets | 29/58 | €37,214 | €30,109 | -€7,106 | -19.1% |
| Amounts receivable after more than one year | 29 | €18,713 | €10,448 | -€8,264 | -44.2% |
| Other amounts receivable | 291 | €18,713 | €10,448 | -€8,264 | -44.2% |
| Amounts receivable within one year | 40/41 | €12,845 | €19,597 | +€6,752 | +52.6% |
| Trade receivables | 40 | €12,097 | €18,019 | +€5,921 | +48.9% |
| Other amounts receivable | 41 | €748 | €1,579 | +€831 | +111.1% |
| Cash at bank and in hand | 54/58 | €5,656 | €63 | -€5,594 | -98.9% |
| Total equity and liabilities | 10/49 | €37,214 | €30,109 | -€7,106 | -19.1% |
| Equity | 10/15 | €18,078 | €25,038 | +€6,960 | +38.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,078 | €22,038 | +€6,960 | +46.2% |
| Amounts payable | 17/49 | €19,137 | €5,071 | -€14,066 | -73.5% |
| Amounts payable within one year | 42/48 | €19,137 | €5,071 | -€14,066 | -73.5% |
| Trade debts | 44 | €15,077 | €2,914 | -€12,163 | -80.7% |
| Suppliers | 440/4 | €1,638 | €2,677 | +€1,040 | +63.5% |
| Bills of exchange payable | 441 | €13,439 | €237 | -€13,203 | -98.2% |
| Taxes, remuneration and social security | 45 | €4,060 | €2,157 | -€1,903 | -46.9% |
| Taxes | 450/3 | €4,060 | €2,157 | -€1,903 | -46.9% |
| Turnover | 70 | €327,566 | €219,324 | -€108,242 | -33.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €305,520 | €209,338 | -€96,181 | -31.5% |
| Other operating charges | 640/8 | €614 | €376 | -€238 | -38.8% |
| Gross operating margin | 9900 | €22,046 | €9,986 | -€12,061 | -54.7% |
| Operating profit (loss) | 9901 | €21,432 | €9,610 | -€11,822 | -55.2% |
| Financial income | 75/76B | - | €33 | +€33 | |
| Recurring financial income | 75 | - | €33 | +€33 | |
| Financial charges | 65/66B | €2,295 | €800 | -€1,496 | -65.2% |
| Recurring financial charges | 65 | €2,295 | €800 | -€1,496 | -65.2% |
| Profit (loss) for the period before taxes | 9903 | €19,137 | €8,843 | -€10,294 | -53.8% |
| Income taxes | 67/77 | €4,060 | €1,883 | -€2,177 | -53.6% |
| Profit (loss) for the period | 9904 | €15,078 | €6,960 | -€8,117 | -53.8% |
| Profit (loss) for the period to be appropriated | 9905 | €15,078 | €6,960 | -€8,117 | -53.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.