VADO Construct: 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.
VADO Construct
Largest movements
- Cash +€30,161
up €30,161 (+16.8%), from €179,672 to €209,832
mainly Other debts (+€226,870) and Net result for the year (+€115,868)
- Receivables within one year -€15,376
down €15,376 (-41.4%), from €37,165 to €21,788
of which Trade receivables: -€11,200
- Reserves -€266,545
down €266,545 (-50.7%), from €525,678 to €259,133
- Other debts +€226,870
up €226,870 (+6333.1%), from €3,582 to €230,453
- Tax, wage and social debts +€57,459
up €57,459 (+1496.5%), from €3,839 to €61,298
of which Taxes: +€57,307
- Taxes +€9,154
up €9,154 (+29.1%), from €31,476 to €40,630
- Gross operating margin +€8,268
up €8,268 (+5.8%), from €143,145 to €151,412
- Financial income +€7,305
up €7,305 (+925.5%), from €789 to €8,094
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 | €552,605 | €570,149 | +€17,543 | +3.2% |
| Fixed assets | 21/28 | €5,565 | €9,345 | +€3,781 | +67.9% |
| Tangible fixed assets | 22/27 | €5,565 | €9,345 | +€3,781 | +67.9% |
| Plant, machinery and equipment | 23 | €2,219 | €1,723 | -€496 | -22.3% |
| Furniture and vehicles | 24 | €2,589 | €3,071 | +€482 | +18.6% |
| Other tangible fixed assets | 26 | €757 | €4,551 | +€3,794 | +501.6% |
| Current assets | 29/58 | €547,041 | €560,803 | +€13,762 | +2.5% |
| Amounts receivable within one year | 40/41 | €37,165 | €21,788 | -€15,376 | -41.4% |
| Trade receivables | 40 | €25,900 | €14,700 | -€11,200 | -43.2% |
| Other amounts receivable | 41 | €11,265 | €7,088 | -€4,176 | -37.1% |
| Current investments | 50/53 | €330,204 | €329,086 | -€1,119 | -0.3% |
| Cash at bank and in hand | 54/58 | €179,672 | €209,832 | +€30,161 | +16.8% |
| Deferred charges and accrued income | 490/1 | - | €97 | +€97 | |
| Total equity and liabilities | 10/49 | €552,605 | €570,149 | +€17,543 | +3.2% |
| Equity | 10/15 | €544,228 | €277,683 | -€266,545 | -49.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €525,678 | €259,133 | -€266,545 | -50.7% |
| Distributable reserves | 133 | €525,678 | €259,133 | -€266,545 | -50.7% |
| Amounts payable | 17/49 | €8,377 | €292,466 | +€284,088 | +3391.1% |
| Amounts payable within one year | 42/48 | €8,377 | €292,466 | +€284,088 | +3391.1% |
| Trade debts | 44 | €956 | €715 | -€241 | -25.2% |
| Suppliers | 440/4 | €956 | €715 | -€241 | -25.2% |
| Taxes, remuneration and social security | 45 | €3,839 | €61,298 | +€57,459 | +1496.5% |
| Taxes | 450/3 | €55 | €57,362 | +€57,307 | +104498.6% |
| Remuneration and social security | 454/9 | €3,785 | €3,936 | +€152 | +4.0% |
| Other amounts payable | 47/48 | €3,582 | €230,453 | +€226,870 | +6333.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,369 | €1,828 | +€459 | +33.5% |
| Other operating charges | 640/8 | €502 | €507 | +€5 | +1.0% |
| Gross operating margin | 9900 | €143,145 | €151,412 | +€8,268 | +5.8% |
| Operating profit (loss) | 9901 | €141,273 | €149,077 | +€7,804 | +5.5% |
| Financial income | 75/76B | €789 | €8,094 | +€7,305 | +925.5% |
| Recurring financial income | 75 | €789 | €8,094 | +€7,305 | +925.5% |
| Financial charges | 65/66B | €1,459 | €673 | -€787 | -53.9% |
| Recurring financial charges | 65 | €1,459 | €673 | -€787 | -53.9% |
| Profit (loss) for the period before taxes | 9903 | €140,603 | €156,498 | +€15,895 | +11.3% |
| Income taxes | 67/77 | €31,476 | €40,630 | +€9,154 | +29.1% |
| Profit (loss) for the period | 9904 | €109,127 | €115,868 | +€6,741 | +6.2% |
| Profit (loss) for the period to be appropriated | 9905 | €109,127 | €115,868 | +€6,741 | +6.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.