VADOS: 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.
VADOS
Largest movements
- Cash +€115,850
up €115,850 (+32.8%), from €352,953 to €468,802
mainly Net result for the year (+€48,198) and Depreciation (+€48,096)
- Tangible fixed assets -€46,696
down €46,696 (-6.9%), from €681,371 to €634,674
of which Land and buildings: -€47,902
- Reserves +€46,698
up €46,698 (+7.4%), from €629,888 to €676,585
of which Distributable reserves: +€46,698
- Tax, wage and social debts +€26,623
up €26,623 (+257.7%), from €10,333 to €36,955
- Taxes +€9,518
up €9,518 (+87.8%), from €10,838 to €20,356
- Gross operating margin +€8,431
up €8,431 (+6.3%), from €134,225 to €142,656
- Financial income +€4,867
up €4,867 (+57.9%), from €8,407 to €13,274
- Financial charges +€4,557
up €4,557 (+14.9%), from €30,598 to €35,156
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 | €1,248,671 | €1,330,986 | +€82,315 | +6.6% |
| Fixed assets | 21/28 | €830,081 | €783,385 | -€46,696 | -5.6% |
| Tangible fixed assets | 22/27 | €681,371 | €634,674 | -€46,696 | -6.9% |
| Land and buildings | 22 | €681,371 | €633,469 | -€47,902 | -7.0% |
| Plant, machinery and equipment | 23 | - | €1,206 | +€1,206 | |
| Financial fixed assets | 28 | €148,710 | €148,710 | = | 0.0% |
| Current assets | 29/58 | €418,590 | €547,601 | +€129,011 | +30.8% |
| Amounts receivable within one year | 40/41 | €65,637 | €78,799 | +€13,162 | +20.1% |
| Trade receivables | 40 | €60,500 | €78,650 | +€18,150 | +30.0% |
| Other amounts receivable | 41 | €5,137 | €149 | -€4,988 | -97.1% |
| Cash at bank and in hand | 54/58 | €352,953 | €468,802 | +€115,850 | +32.8% |
| Total equity and liabilities | 10/49 | €1,248,671 | €1,330,986 | +€82,315 | +6.6% |
| Equity | 10/15 | €648,488 | €695,185 | +€46,698 | +7.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €629,888 | €676,585 | +€46,698 | +7.4% |
| Tax-exempt reserves | 132 | €8,500 | €8,500 | = | 0.0% |
| Distributable reserves | 133 | €621,388 | €668,085 | +€46,698 | +7.5% |
| Amounts payable | 17/49 | €600,183 | €635,801 | +€35,618 | +5.9% |
| Amounts payable within one year | 42/48 | €600,183 | €635,801 | +€35,618 | +5.9% |
| Trade debts | 44 | €1,428 | - | -€1,428 | |
| Suppliers | 440/4 | €1,428 | - | -€1,428 | |
| Taxes, remuneration and social security | 45 | €10,333 | €36,955 | +€26,623 | +257.7% |
| Taxes | 450/3 | €10,333 | €36,955 | +€26,623 | +257.7% |
| Other amounts payable | 47/48 | €588,422 | €598,846 | +€10,423 | +1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,902 | €48,096 | +€194 | +0.4% |
| Other operating charges | 640/8 | €3,791 | €4,125 | +€334 | +8.8% |
| Gross operating margin | 9900 | €134,225 | €142,656 | +€8,431 | +6.3% |
| Operating profit (loss) | 9901 | €82,532 | €90,435 | +€7,902 | +9.6% |
| Financial income | 75/76B | €8,407 | €13,274 | +€4,867 | +57.9% |
| Recurring financial income | 75 | €8,407 | €13,274 | +€4,867 | +57.9% |
| Financial charges | 65/66B | €30,598 | €35,156 | +€4,557 | +14.9% |
| Recurring financial charges | 65 | €30,598 | €35,156 | +€4,557 | +14.9% |
| Profit (loss) for the period before taxes | 9903 | €60,341 | €68,554 | +€8,213 | +13.6% |
| Income taxes | 67/77 | €10,838 | €20,356 | +€9,518 | +87.8% |
| Profit (loss) for the period | 9904 | €49,503 | €48,198 | -€1,305 | -2.6% |
| Profit (loss) for the period to be appropriated | 9905 | €49,503 | €48,198 | -€1,305 | -2.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.