Vadofin: 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.
Vadofin
Largest movements
- Cash +€31,712
up €31,712 (+305%), from €10,401 to €42,114
mainly Other debts (+€145,000) and Debts after one year (+€77,791)
- Receivables within one year +€20,163
up €20,163 (+4.9%), from €408,282 to €428,445
of which Other amounts receivable: +€23,952
- Tangible fixed assets -€11,655
down €11,655 (-5.2%), from €224,730 to €213,075
of which Land and buildings: -€10,842
- Other debts +€145,000
up €145,000 (+483%), from €30,000 to €175,000
- Current portion of long-term debt -€98,742
down €98,742 (-79.7%), from €123,857 to €25,115
- Reserves -€98,079
down €98,079 (-27.3%), from €359,707 to €261,628
of which Distributable reserves: -€97,000
- Debts after one year +€77,791
up €77,791 (+64.0%), from €121,622 to €199,413
- Short-term financial debts +€16,755
up €16,755 (+165%), from €10,130 to €26,885
of which Credit institutions: +€14,892
- Gross operating margin +€43,683
up €43,683 (+55.9%), from €78,152 to €121,835
- Taxes +€11,919
up €11,919 (+50.8%), from €23,470 to €35,389
- Other operating charges +€7,005
up €7,005 (+532%), from €1,316 to €8,321
- Financial charges +€2,125
up €2,125 (+20.2%), from €10,529 to €12,654
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €713,452 | €753,763 | +€40,311 | +5.7% |
| Fixed assets | 21/28 | €224,730 | €213,075 | -€11,655 | -5.2% |
| Tangible fixed assets | 22/27 | €224,730 | €213,075 | -€11,655 | -5.2% |
| Land and buildings | 22 | €222,221 | €211,379 | -€10,842 | -4.9% |
| Furniture and vehicles | 24 | €2,509 | €1,696 | -€813 | -32.4% |
| Current assets | 29/58 | €488,722 | €540,688 | +€51,966 | +10.6% |
| Amounts receivable within one year | 40/41 | €408,282 | €428,445 | +€20,163 | +4.9% |
| Trade receivables | 40 | €26,815 | €23,026 | -€3,789 | -14.1% |
| Other amounts receivable | 41 | €381,466 | €405,419 | +€23,952 | +6.3% |
| Current investments | 50/53 | €67,198 | €67,198 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €10,401 | €42,114 | +€31,712 | +305% |
| Deferred charges and accrued income | 490/1 | €2,841 | €2,932 | +€90 | +3.2% |
| Total equity and liabilities | 10/49 | €713,452 | €753,763 | +€40,311 | +5.7% |
| Equity | 10/15 | €369,395 | €271,574 | -€97,821 | -26.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €359,707 | €261,628 | -€98,079 | -27.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €40,847 | €39,768 | -€1,079 | -2.6% |
| Distributable reserves | 133 | €318,860 | €221,860 | -€97,000 | -30.4% |
| Profit (loss) carried forward | 14 | €3,488 | €3,746 | +€258 | +7.4% |
| Provisions and deferred taxes | 16 | €5,524 | €5,254 | -€270 | -4.9% |
| Deferred taxes | 168 | €5,524 | €5,254 | -€270 | -4.9% |
| Amounts payable | 17/49 | €338,533 | €476,935 | +€138,402 | +40.9% |
| Amounts payable after more than one year | 17 | €121,622 | €199,413 | +€77,791 | +64.0% |
| Financial debts | 170/4 | €121,622 | €199,413 | +€77,791 | +64.0% |
| Amounts payable within one year | 42/48 | €216,666 | €276,952 | +€60,286 | +27.8% |
| Current portion of amounts payable after more than one year | 42 | €123,857 | €25,115 | -€98,742 | -79.7% |
| Financial debts | 43 | €10,130 | €26,885 | +€16,755 | +165% |
| Credit institutions | 430/8 | €10,130 | €25,021 | +€14,892 | +147% |
| Other loans | 439 | - | €1,864 | +€1,864 | |
| Trade debts | 44 | €4,918 | €5,666 | +€748 | +15.2% |
| Suppliers | 440/4 | €4,918 | €5,666 | +€748 | +15.2% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €47,762 | €44,286 | -€3,476 | -7.3% |
| Taxes | 450/3 | €47,562 | €44,086 | -€3,476 | -7.3% |
| Remuneration and social security | 454/9 | €200 | €200 | = | 0.0% |
| Other amounts payable | 47/48 | €30,000 | €175,000 | +€145,000 | +483% |
| Accrued charges and deferred income | 492/3 | €245 | €570 | +€325 | +133% |
| Non-recurring operating income | 76A | €4,738 | €0 | -€4,738 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,589 | €11,655 | -€934 | -7.4% |
| Other operating charges | 640/8 | €1,316 | €8,321 | +€7,005 | +532% |
| Non-recurring operating charges | 66A | €115 | €0 | -€115 | -100% |
| Gross operating margin | 9900 | €78,152 | €121,835 | +€43,683 | +55.9% |
| Operating profit (loss) | 9901 | €64,132 | €101,859 | +€37,727 | +58.8% |
| Financial income | 75/76B | €23,899 | €23,093 | -€806 | -3.4% |
| Recurring financial income | 75 | €23,899 | €23,093 | -€806 | -3.4% |
| Financial charges | 65/66B | €10,529 | €12,654 | +€2,125 | +20.2% |
| Recurring financial charges | 65 | €10,529 | €12,654 | +€2,125 | +20.2% |
| Profit (loss) for the period before taxes | 9903 | €77,502 | €112,298 | +€34,796 | +44.9% |
| Transfer from deferred taxes | 780 | €270 | €270 | = | 0.0% |
| Income taxes | 67/77 | €23,470 | €35,389 | +€11,919 | +50.8% |
| Profit (loss) for the period | 9904 | €54,303 | €77,179 | +€22,876 | +42.1% |
| Transfer from tax-exempt reserves | 789 | €1,079 | €1,079 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €55,382 | €78,258 | +€22,876 | +41.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.