VANADAE: 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.
VANADAE
Largest movements
- Receivables within one year +€171,205
up €171,205 (+27.3%), from €627,392 to €798,597
of which Other amounts receivable: +€183,424
- Cash -€15,891
down €15,891 (-54.1%), from €29,385 to €13,494
mainly Contributions, distributions and other (-€375,000) and Receivables within one year (-€171,205)
- Reserves +€69,651
up €69,651 (+33.1%), from €210,482 to €280,133
- Trade debts +€55,323
up €55,323 (+278%), from €19,896 to €75,218
- Tax, wage and social debts +€29,338
up €29,338 (+33.5%), from €87,470 to €116,808
of which Taxes: +€26,876
- Financial charges +€10,790
up €10,790 (+131%), from €8,253 to €19,043
- Gross operating margin -€9,257
down €9,257 (-1.7%), from €556,917 to €547,659
- Staff costs -€8,222
down €8,222 (-13.9%), from €59,195 to €50,973
- Taxes -€7,549
down €7,549 (-21.5%), from €35,162 to €27,613
- Financial income -€7,190
down €7,190 (-36.8%), from €19,539 to €12,349
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 | €699,048 | €853,360 | +€154,312 | +22.1% |
| Fixed assets | 21/28 | €40,922 | €38,887 | -€2,035 | -5.0% |
| Intangible fixed assets | 21 | €2,232 | €1,240 | -€992 | -44.4% |
| Tangible fixed assets | 22/27 | €37,230 | €35,187 | -€2,043 | -5.5% |
| Plant, machinery and equipment | 23 | €37,230 | €35,187 | -€2,043 | -5.5% |
| Financial fixed assets | 28 | €1,460 | €2,460 | +€1,000 | +68.5% |
| Current assets | 29/58 | €658,126 | €814,473 | +€156,347 | +23.8% |
| Stocks and contracts in progress | 3 | €1,250 | €1,250 | = | 0.0% |
| Stocks | 30/36 | €1,250 | €1,250 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €627,392 | €798,597 | +€171,205 | +27.3% |
| Trade receivables | 40 | €16,259 | €4,040 | -€12,219 | -75.2% |
| Other amounts receivable | 41 | €611,132 | €794,557 | +€183,424 | +30.0% |
| Cash at bank and in hand | 54/58 | €29,385 | €13,494 | -€15,891 | -54.1% |
| Deferred charges and accrued income | 490/1 | €99 | €1,132 | +€1,033 | +1,042% |
| Total equity and liabilities | 10/49 | €699,048 | €853,360 | +€154,312 | +22.1% |
| Equity | 10/15 | €216,682 | €286,333 | +€69,651 | +32.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €210,482 | €280,133 | +€69,651 | +33.1% |
| Distributable reserves | 133 | €210,482 | €280,133 | +€69,651 | +33.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €482,366 | €567,027 | +€84,661 | +17.6% |
| Amounts payable within one year | 42/48 | €482,366 | €567,027 | +€84,661 | +17.6% |
| Trade debts | 44 | €19,896 | €75,218 | +€55,323 | +278% |
| Suppliers | 440/4 | €19,896 | €75,218 | +€55,323 | +278% |
| Taxes, remuneration and social security | 45 | €87,470 | €116,808 | +€29,338 | +33.5% |
| Taxes | 450/3 | €81,171 | €108,047 | +€26,876 | +33.1% |
| Remuneration and social security | 454/9 | €6,299 | €8,761 | +€2,463 | +39.1% |
| Other amounts payable | 47/48 | €375,000 | €375,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €59,195 | €50,973 | -€8,222 | -13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,035 | €3,035 | = | 0.0% |
| Other operating charges | 640/8 | €8,806 | €8,330 | -€476 | -5.4% |
| Non-recurring operating charges | 66A | - | €6,363 | +€6,363 | |
| Gross operating margin | 9900 | €556,917 | €547,659 | -€9,257 | -1.7% |
| Operating profit (loss) | 9901 | €485,881 | €478,958 | -€6,922 | -1.4% |
| Financial income | 75/76B | €19,539 | €12,349 | -€7,190 | -36.8% |
| Recurring financial income | 75 | €19,539 | €12,349 | -€7,190 | -36.8% |
| Financial charges | 65/66B | €8,253 | €19,043 | +€10,790 | +131% |
| Recurring financial charges | 65 | €8,253 | €19,043 | +€10,790 | +131% |
| Profit (loss) for the period before taxes | 9903 | €497,166 | €472,264 | -€24,902 | -5.0% |
| Income taxes | 67/77 | €35,162 | €27,613 | -€7,549 | -21.5% |
| Profit (loss) for the period | 9904 | €462,005 | €444,651 | -€17,354 | -3.8% |
| Profit (loss) for the period to be appropriated | 9905 | €462,005 | €444,651 | -€17,354 | -3.8% |
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 14 October 2026 via checked.be.