VADO: 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.
What changed
VADO
NACE 31.004, Manufacture of dining room, living room, bedroom and bathroom furniture
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€21,570
2024 · €106,173-€84,603
Equity
€1.5m
2024 · €1.5m+€21,570
Cash
€425,642
2024 · €130,224+€295,418
Balance sheet total
€1.6m
2024 · €1.6m-€14,371
Largest movements
Assets
- Current investments -€300,000
down €300,000 (-100.0%), from €300,000 to €0
- Cash +€295,418
up €295,418 (+226.9%), from €130,224 to €425,642
mainly Current investments (+€300,000) and Depreciation (+€82,989)
Equity and liabilities
- Other debts -€30,666
down €30,666 (-76.9%), from €39,901 to €9,234
- Reserves +€21,566
up €21,566 (+1.7%), from €1.3m to €1.3m
of which Distributable reserves: +€23,090
Income statement
- Financial income -€96,609
down €96,609 (-93.3%), from €103,525 to €6,916
- Financial charges -€14,747
down €14,747 (-98.6%), from €14,961 to €214
- Other operating charges +€8,724
up €8,724 (+88.1%), from €9,907 to €18,631
- Gross operating margin +€4,972
up €4,972 (+4.1%), from €120,122 to €125,094
- Taxes -€4,259
down €4,259 (-31.2%), from €13,649 to €9,390
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
€106,173
Gross operating margin
+€4,972
Depreciation
-€288
Other operating charges
-€8,724
Financial income
-€96,609
Financial charges
+€14,747
Taxes
+€4,259
Deferred taxes and other
-€2,960
Result 2025
€21,570
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.
From operations
+€64,225
Investment
+€231,193
Financing
€0
Cash 2024
€130,224
From operations (derived)
+€64,225
Net result for the year
+€21,570
Depreciation
+€82,989
Stocks and contracts
+€4,040
Receivables within one year
-€11,133
Deferred charges and accrued income
+€2,699
Provisions
-€785
Trade debts
-€4,951
Tax, wage and social debts
-€5,140
Other debts
-€30,666
Accrued charges and deferred income
+€5,600
Investment (derived)
+€231,193
Investment in fixed assets (net)
-€68,807
Current investments
+€300,000
Cash 2025
€425,642
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,575,809 | €1,561,438 | -€14,371 | -0.9% |
| Fixed assets | 21/28 | €824,656 | €810,474 | -€14,183 | -1.7% |
| Tangible fixed assets | 22/27 | €824,656 | €810,474 | -€14,183 | -1.7% |
| Land and buildings | 22 | €663,894 | €635,462 | -€28,432 | -4.3% |
| Plant, machinery and equipment | 23 | €7,827 | €4,680 | -€3,147 | -40.2% |
| Furniture and vehicles | 24 | €2,828 | €58,549 | +€55,721 | +1970.1% |
| Other tangible fixed assets | 26 | €150,108 | €111,784 | -€38,324 | -25.5% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €751,153 | €750,964 | -€189 | 0.0% |
| Stocks and contracts in progress | 3 | €4,040 | €0 | -€4,040 | -100.0% |
| Stocks | 30/36 | €4,040 | €0 | -€4,040 | -100.0% |
| Amounts receivable within one year | 40/41 | €312,023 | €323,155 | +€11,133 | +3.6% |
| Trade receivables | 40 | €311,546 | €320,539 | +€8,992 | +2.9% |
| Other amounts receivable | 41 | €476 | €2,617 | +€2,140 | +449.3% |
| Current investments | 50/53 | €300,000 | €0 | -€300,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €130,224 | €425,642 | +€295,418 | +226.9% |
| Deferred charges and accrued income | 490/1 | €4,866 | €2,167 | -€2,699 | -55.5% |
| Total equity and liabilities | 10/49 | €1,575,809 | €1,561,438 | -€14,371 | -0.9% |
| Equity | 10/15 | €1,507,852 | €1,529,422 | +€21,570 | +1.4% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €1,305,081 | €1,326,648 | +€21,566 | +1.7% |
| Non-distributable reserves | 130/1 | €2,479 | €2,479 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,479 | €2,479 | = | 0.0% |
| Tax-exempt reserves | 132 | €42,152 | €40,629 | -€1,524 | -3.6% |
| Distributable reserves | 133 | €1,260,450 | €1,283,540 | +€23,090 | +1.8% |
| Profit (loss) carried forward | 14 | €177,981 | €177,985 | +€4 | 0.0% |
| Provisions and deferred taxes | 16 | €2,396 | €1,611 | -€785 | -32.7% |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Pensions and similar obligations | 160 | €0 | - | = | |
| Deferred taxes | 168 | €2,396 | €1,611 | -€785 | -32.7% |
| Amounts payable | 17/49 | €65,562 | €30,405 | -€35,157 | -53.6% |
| Amounts payable within one year | 42/48 | €64,377 | €23,620 | -€40,757 | -63.3% |
| Trade debts | 44 | €15,388 | €10,437 | -€4,951 | -32.2% |
| Suppliers | 440/4 | €15,388 | €10,437 | -€4,951 | -32.2% |
| Taxes, remuneration and social security | 45 | €9,089 | €3,949 | -€5,140 | -56.6% |
| Taxes | 450/3 | €9,089 | €3,949 | -€5,140 | -56.6% |
| Other amounts payable | 47/48 | €39,901 | €9,234 | -€30,666 | -76.9% |
| Accrued charges and deferred income | 492/3 | €1,185 | €6,785 | +€5,600 | +472.6% |
| Non-recurring operating income | 76A | €8,626 | €500 | -€8,126 | -94.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,702 | €82,989 | +€288 | +0.3% |
| Other operating charges | 640/8 | €9,907 | €18,631 | +€8,724 | +88.1% |
| Gross operating margin | 9900 | €120,122 | €125,094 | +€4,972 | +4.1% |
| Operating profit (loss) | 9901 | €27,514 | €23,474 | -€4,040 | -14.7% |
| Financial income | 75/76B | €103,525 | €6,916 | -€96,609 | -93.3% |
| Recurring financial income | 75 | €103,525 | €6,916 | -€96,609 | -93.3% |
| Financial charges | 65/66B | €14,961 | €214 | -€14,747 | -98.6% |
| Recurring financial charges | 65 | €14,961 | €214 | -€14,747 | -98.6% |
| Profit (loss) for the period before taxes | 9903 | €116,077 | €30,176 | -€85,902 | -74.0% |
| Transfer from deferred taxes | 780 | €3,745 | €784 | -€2,960 | -79.1% |
| Income taxes | 67/77 | €13,649 | €9,390 | -€4,259 | -31.2% |
| Profit (loss) for the period | 9904 | €106,173 | €21,570 | -€84,603 | -79.7% |
| Transfer from tax-exempt reserves | 789 | €7,272 | €1,524 | -€5,749 | -79.1% |
| Profit (loss) for the period to be appropriated | 9905 | €113,445 | €23,094 | -€90,351 | -79.6% |
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 29 September 2026 via checked.be.