VARDEK: 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.
VARDEK
Largest movements
- Cash +€64,706
up €64,706 (+577%), from €11,215 to €75,921
mainly Net result for the year (+€48,250) and Trade debts (+€33,199)
- Tangible fixed assets +€16,057
up €16,057 (+12.1%), from €132,568 to €148,625
of which Plant, machinery and equipment: +€22,610
- Receivables within one year -€10,743
down €10,743 (-55.4%), from €19,407 to €8,664
of which Trade receivables: -€11,596
- Profit (loss) carried forward +€48,250
new in 2025: €48,250
- Trade debts +€33,199
up €33,199 (+369%), from €8,987 to €42,186
- Other debts -€21,503
down €21,503 (-16.5%), from €130,341 to €108,838
- Provisions +€12,355
new in 2025: €12,355
- Accrued charges and deferred income -€5,819
no longer reported in 2025 (was €5,819)
- Gross operating margin +€111,504
up €111,504 (+521%), from €21,400 to €132,904
- Other operating charges +€34,496
up €34,496 (+688%), from €5,013 to €39,509
- Provisions +€12,355
new in 2025: €12,355
- Depreciation +€4,798
up €4,798 (+21.1%), from €22,690 to €27,488
- Financial charges -€4,104
down €4,104 (-89.6%), from €4,582 to €478
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 | €163,190 | €234,496 | +€71,306 | +43.7% |
| Fixed assets | 21/28 | €132,568 | €148,625 | +€16,057 | +12.1% |
| Tangible fixed assets | 22/27 | €132,568 | €148,625 | +€16,057 | +12.1% |
| Land and buildings | 22 | €111,390 | €106,151 | -€5,239 | -4.7% |
| Plant, machinery and equipment | 23 | €4,536 | €27,146 | +€22,610 | +498% |
| Furniture and vehicles | 24 | €16,642 | €15,329 | -€1,313 | -7.9% |
| Current assets | 29/58 | €30,622 | €85,871 | +€55,249 | +180% |
| Amounts receivable within one year | 40/41 | €19,407 | €8,664 | -€10,743 | -55.4% |
| Trade receivables | 40 | €11,651 | €55 | -€11,596 | -99.5% |
| Other amounts receivable | 41 | €7,756 | €8,609 | +€853 | +11.0% |
| Cash at bank and in hand | 54/58 | €11,215 | €75,921 | +€64,706 | +577% |
| Deferred charges and accrued income | 490/1 | - | €1,286 | +€1,286 | |
| Total equity and liabilities | 10/49 | €163,190 | €234,496 | +€71,306 | +43.7% |
| Equity | 10/15 | €18,043 | €66,293 | +€48,250 | +267% |
| Reserves | 13 | €18,043 | €18,043 | -€0 | 0.0% |
| Distributable reserves | 133 | €18,043 | €18,043 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | - | €48,250 | +€48,250 | |
| Provisions and deferred taxes | 16 | - | €12,355 | +€12,355 | |
| Provisions for liabilities and charges | 160/5 | - | €12,355 | +€12,355 | |
| Major repairs and maintenance | 162 | - | €12,355 | +€12,355 | |
| Amounts payable | 17/49 | €145,147 | €155,849 | +€10,702 | +7.4% |
| Amounts payable within one year | 42/48 | €139,328 | €155,849 | +€16,521 | +11.9% |
| Trade debts | 44 | €8,987 | €42,186 | +€33,199 | +369% |
| Suppliers | 440/4 | €8,987 | €42,186 | +€33,199 | +369% |
| Taxes, remuneration and social security | 45 | - | €4,824 | +€4,824 | |
| Taxes | 450/3 | - | €4,824 | +€4,824 | |
| Other amounts payable | 47/48 | €130,341 | €108,838 | -€21,503 | -16.5% |
| Accrued charges and deferred income | 492/3 | €5,819 | - | -€5,819 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,690 | €27,488 | +€4,798 | +21.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €12,355 | +€12,355 | |
| Other operating charges | 640/8 | €5,013 | €39,509 | +€34,496 | +688% |
| Gross operating margin | 9900 | €21,400 | €132,904 | +€111,504 | +521% |
| Operating profit (loss) | 9901 | -€6,303 | €53,552 | +€59,855 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €4,582 | €478 | -€4,104 | -89.6% |
| Recurring financial charges | 65 | €4,582 | €478 | -€4,104 | -89.6% |
| Profit (loss) for the period before taxes | 9903 | -€10,885 | €53,074 | +€63,959 | |
| Income taxes | 67/77 | €1,343 | €4,824 | +€3,481 | +259% |
| Profit (loss) for the period | 9904 | -€12,228 | €48,250 | +€60,478 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,228 | €48,250 | +€60,478 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.