VADRO: 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.
VADRO
Largest movements
- Receivables within one year +€5,646
up €5,646 (+11.1%), from €51,058 to €56,704
of which Other amounts receivable: +€5,106
- Stocks and contracts +€4,334
up €4,334 (+3.1%), from €141,029 to €145,363
- Reserves +€14,600
up €14,600 (+9.3%), from €157,716 to €172,316
- Trade debts -€7,855
down €7,855 (-59.1%), from €13,298 to €5,443
- Depreciation -€1,157
down €1,157 (-53.3%), from €2,171 to €1,014
- Taxes +€404
up €404 (+7.8%), from €5,211 to €5,615
- Write-downs +€394
new in 2025: €394
- Other operating charges -€372
down €372 (-34.1%), from €1,088 to €716
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 | €213,409 | €221,027 | +€7,618 | +3.6% |
| Fixed assets | 21/28 | €2,871 | €1,856 | -€1,014 | -35.3% |
| Tangible fixed assets | 22/27 | €2,796 | €1,782 | -€1,014 | -36.3% |
| Plant, machinery and equipment | 23 | €2,796 | €1,782 | -€1,014 | -36.3% |
| Financial fixed assets | 28 | €74 | €74 | = | 0.0% |
| Current assets | 29/58 | €210,539 | €219,171 | +€8,632 | +4.1% |
| Stocks and contracts in progress | 3 | €141,029 | €145,363 | +€4,334 | +3.1% |
| Stocks | 30/36 | €141,029 | €145,363 | +€4,334 | +3.1% |
| Amounts receivable within one year | 40/41 | €51,058 | €56,704 | +€5,646 | +11.1% |
| Trade receivables | 40 | €606 | €1,146 | +€540 | +89.1% |
| Other amounts receivable | 41 | €50,452 | €55,558 | +€5,106 | +10.1% |
| Cash at bank and in hand | 54/58 | €15,552 | €14,094 | -€1,457 | -9.4% |
| Deferred charges and accrued income | 490/1 | €2,900 | €3,010 | +€110 | +3.8% |
| Total equity and liabilities | 10/49 | €213,409 | €221,027 | +€7,618 | +3.6% |
| Equity | 10/15 | €194,900 | €209,500 | +€14,600 | +7.5% |
| Contributions | 10/11 | €37,184 | €37,184 | = | 0.0% |
| Outside capital | 11 | €37,184 | €37,184 | = | 0.0% |
| Other | 1109/19 | €37,184 | €37,184 | = | 0.0% |
| Reserves | 13 | €157,716 | €172,316 | +€14,600 | +9.3% |
| Distributable reserves | 133 | €157,716 | €172,316 | +€14,600 | +9.3% |
| Amounts payable | 17/49 | €18,509 | €11,527 | -€6,982 | -37.7% |
| Amounts payable within one year | 42/48 | €18,509 | €11,527 | -€6,982 | -37.7% |
| Trade debts | 44 | €13,298 | €5,443 | -€7,855 | -59.1% |
| Suppliers | 440/4 | €13,298 | €5,443 | -€7,855 | -59.1% |
| Taxes, remuneration and social security | 45 | €5,211 | €6,084 | +€873 | +16.8% |
| Taxes | 450/3 | €5,211 | €5,615 | +€404 | +7.8% |
| Remuneration and social security | 454/9 | - | €469 | +€469 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,171 | €1,014 | -€1,157 | -53.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €394 | +€394 | |
| Other operating charges | 640/8 | €1,088 | €716 | -€372 | -34.1% |
| Gross operating margin | 9900 | €20,991 | €21,083 | +€92 | +0.4% |
| Operating profit (loss) | 9901 | €17,732 | €18,958 | +€1,227 | +6.9% |
| Financial income | 75/76B | €1,672 | €1,464 | -€208 | -12.4% |
| Recurring financial income | 75 | €1,672 | €1,464 | -€208 | -12.4% |
| Financial charges | 65/66B | €247 | €207 | -€40 | -16.2% |
| Recurring financial charges | 65 | €247 | €207 | -€40 | -16.2% |
| Profit (loss) for the period before taxes | 9903 | €19,156 | €20,215 | +€1,059 | +5.5% |
| Income taxes | 67/77 | €5,211 | €5,615 | +€404 | +7.8% |
| Profit (loss) for the period | 9904 | €13,945 | €14,600 | +€655 | +4.7% |
| Profit (loss) for the period to be appropriated | 9905 | €13,945 | €14,600 | +€655 | +4.7% |
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 29 September 2026 via checked.be.