Vaerdael: 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.
Vaerdael
Largest movements
- Current investments -€148,722
down €148,722 (-25.0%), from €595,904 to €447,182
- Cash +€33,565
up €33,565 (+29.9%), from €112,171 to €145,736
mainly Current investments (+€148,722) and Net result for the year (+€142,002)
- Deferred charges and accrued income +€10,603
up €10,603 (+9.8%), from €108,033 to €118,636
- Other debts -€275,934
down €275,934 (-97.0%), from €284,600 to €8,666
- Reserves +€142,002
up €142,002 (+28.6%), from €496,954 to €638,956
- Tax, wage and social debts +€24,168
up €24,168 (+93.4%), from €25,884 to €50,052
of which Taxes: +€24,471
- Gross operating margin +€66,660
up €66,660 (+51.9%), from €128,445 to €195,106
- Taxes +€22,313
up €22,313 (+72.1%), from €30,949 to €53,261
- Financial charges +€11,753
up €11,753, from -€8,052 to €3,701
of which Financial charges: +€11,753
- Financial income +€6,056
up €6,056 (+67.0%), from €9,038 to €15,095
of which Financial income: +€5,398
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 | €829,747 | €716,713 | -€113,034 | -13.6% |
| Fixed assets | 21/28 | €13,207 | €5,158 | -€8,049 | -60.9% |
| Tangible fixed assets | 22/27 | €13,207 | €5,158 | -€8,049 | -60.9% |
| Plant, machinery and equipment | 23 | €1,069 | €1,329 | +€259 | +24.3% |
| Furniture and vehicles | 24 | €12,138 | €3,830 | -€8,308 | -68.4% |
| Current assets | 29/58 | €816,539 | €711,555 | -€104,985 | -12.9% |
| Amounts receivable within one year | 40/41 | €431 | €0 | -€431 | -100.0% |
| Other amounts receivable | 41 | €431 | €0 | -€431 | -100.0% |
| Current investments | 50/53 | €595,904 | €447,182 | -€148,722 | -25.0% |
| Cash at bank and in hand | 54/58 | €112,171 | €145,736 | +€33,565 | +29.9% |
| Deferred charges and accrued income | 490/1 | €108,033 | €118,636 | +€10,603 | +9.8% |
| Total equity and liabilities | 10/49 | €829,747 | €716,713 | -€113,034 | -13.6% |
| Equity | 10/15 | €509,354 | €651,356 | +€142,002 | +27.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €496,954 | €638,956 | +€142,002 | +28.6% |
| Distributable reserves | 133 | €496,954 | €638,956 | +€142,002 | +28.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €320,393 | €65,357 | -€255,036 | -79.6% |
| Amounts payable within one year | 42/48 | €312,141 | €63,616 | -€248,524 | -79.6% |
| Trade debts | 44 | €1,656 | €4,898 | +€3,241 | +195.7% |
| Suppliers | 440/4 | €1,656 | €4,898 | +€3,241 | +195.7% |
| Taxes, remuneration and social security | 45 | €25,884 | €50,052 | +€24,168 | +93.4% |
| Taxes | 450/3 | €25,581 | €50,052 | +€24,471 | +95.7% |
| Remuneration and social security | 454/9 | €303 | €0 | -€303 | -100.0% |
| Other amounts payable | 47/48 | €284,600 | €8,666 | -€275,934 | -97.0% |
| Accrued charges and deferred income | 492/3 | €8,252 | €1,741 | -€6,511 | -78.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,969 | €9,962 | -€7 | -0.1% |
| Other operating charges | 640/8 | €1,233 | €1,274 | +€40 | +3.3% |
| Gross operating margin | 9900 | €128,445 | €195,106 | +€66,660 | +51.9% |
| Operating profit (loss) | 9901 | €117,243 | €183,870 | +€66,627 | +56.8% |
| Financial income | 75/76B | €9,038 | €15,095 | +€6,056 | +67.0% |
| Recurring financial income | 75 | €9,038 | €14,436 | +€5,398 | +59.7% |
| Non-recurring financial income | 76B | - | €658 | +€658 | |
| Financial charges | 65/66B | -€8,052 | €3,701 | +€11,753 | |
| Recurring financial charges | 65 | -€8,052 | €3,701 | +€11,753 | |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €134,333 | €195,264 | +€60,931 | +45.4% |
| Income taxes | 67/77 | €30,949 | €53,261 | +€22,313 | +72.1% |
| Profit (loss) for the period | 9904 | €103,384 | €142,002 | +€38,618 | +37.4% |
| Profit (loss) for the period to be appropriated | 9905 | €103,384 | €142,002 | +€38,618 | +37.4% |
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 7 October 2026 via checked.be.