VAHE BEDROSSIAN: 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.
VAHE BEDROSSIAN
Largest movements
- Receivables within one year +€4,423
up €4,423 (+132%), from €3,345 to €7,768
of which Other amounts receivable: +€3,356
- Tangible fixed assets -€4,081
down €4,081 (-25.7%), from €15,864 to €11,784
- Cash -€1,887
down €1,887 (-40.6%), from €4,650 to €2,763
mainly Debts after one year (-€6,110) and Net result for the year (-€5,884)
- Other debts +€6,366
up €6,366 (+1,744%), from €365 to €6,731
- Debts after one year -€6,110
down €6,110 (-50.3%), from €12,137 to €6,027
- Profit (loss) carried forward -€5,884
down €5,884 (-217%), from -€2,706 to -€8,591
- Tax, wage and social debts +€3,276
up €3,276 (+48.0%), from €6,822 to €10,099
of which Remuneration and social security: +€2,000
- Trade debts +€1,030
new in 2025: €1,030
- Gross operating margin +€26,360
up €26,360, from -€1,594 to €24,767
- Write-downs +€17,518
new in 2025: €17,518
- Financial charges +€6,972
up €6,972 (+2,761%), from €252 to €7,224
- Depreciation +€3,622
up €3,622 (+790%), from €458 to €4,081
- Other operating charges +€1,457
up €1,457 (+376%), from €387 to €1,844
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 | €23,859 | €22,407 | -€1,452 | -6.1% |
| Fixed assets | 21/28 | €15,864 | €11,784 | -€4,081 | -25.7% |
| Tangible fixed assets | 22/27 | €15,864 | €11,784 | -€4,081 | -25.7% |
| Furniture and vehicles | 24 | €15,864 | €11,784 | -€4,081 | -25.7% |
| Current assets | 29/58 | €7,995 | €10,623 | +€2,629 | +32.9% |
| Amounts receivable within one year | 40/41 | €3,345 | €7,768 | +€4,423 | +132% |
| Trade receivables | 40 | €2,753 | €3,820 | +€1,067 | +38.8% |
| Other amounts receivable | 41 | €592 | €3,948 | +€3,356 | +567% |
| Cash at bank and in hand | 54/58 | €4,650 | €2,763 | -€1,887 | -40.6% |
| Deferred charges and accrued income | 490/1 | - | €92 | +€92 | |
| Total equity and liabilities | 10/49 | €23,859 | €22,407 | -€1,452 | -6.1% |
| Equity | 10/15 | -€1,706 | -€7,591 | -€5,884 | -345% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,706 | -€8,591 | -€5,884 | -217% |
| Amounts payable | 17/49 | €25,565 | €29,997 | +€4,432 | +17.3% |
| Amounts payable after more than one year | 17 | €12,137 | €6,027 | -€6,110 | -50.3% |
| Financial debts | 170/4 | €12,137 | €6,027 | -€6,110 | -50.3% |
| Amounts payable within one year | 42/48 | €13,428 | €23,971 | +€10,543 | +78.5% |
| Current portion of amounts payable after more than one year | 42 | €6,241 | €6,110 | -€130 | -2.1% |
| Trade debts | 44 | - | €1,030 | +€1,030 | |
| Suppliers | 440/4 | - | €1,030 | +€1,030 | |
| Taxes, remuneration and social security | 45 | €6,822 | €10,099 | +€3,276 | +48.0% |
| Taxes | 450/3 | €6,822 | €8,099 | +€1,276 | +18.7% |
| Remuneration and social security | 454/9 | - | €2,000 | +€2,000 | |
| Other amounts payable | 47/48 | €365 | €6,731 | +€6,366 | +1,744% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €458 | €4,081 | +€3,622 | +790% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €17,518 | +€17,518 | |
| Other operating charges | 640/8 | €387 | €1,844 | +€1,457 | +376% |
| Gross operating margin | 9900 | -€1,594 | €24,767 | +€26,360 | |
| Operating profit (loss) | 9901 | -€2,440 | €1,324 | +€3,764 | |
| Financial income | 75/76B | - | €148 | +€148 | |
| Recurring financial income | 75 | - | €148 | +€148 | |
| Financial charges | 65/66B | €252 | €7,224 | +€6,972 | +2,761% |
| Recurring financial charges | 65 | €252 | €7,224 | +€6,972 | +2,761% |
| Profit (loss) for the period before taxes | 9903 | -€2,692 | -€5,752 | -€3,060 | -114% |
| Income taxes | 67/77 | €14 | €132 | +€118 | +821% |
| Profit (loss) for the period | 9904 | -€2,706 | -€5,884 | -€3,178 | -117% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,706 | -€5,884 | -€3,178 | -117% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.