Vatodak: 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.
Vatodak
Largest movements
- Cash -€13,481
down €13,481 (-88.1%), from €15,303 to €1,822
mainly Trade debts (-€33,830) and Debts after one year (-€19,864)
- Receivables after one year -€10,966
down €10,966 (-32.7%), from €33,580 to €22,614
- Deferred charges and accrued income -€10,242
down €10,242 (-83.7%), from €12,236 to €1,994
- Receivables within one year -€6,943
down €6,943 (-9.4%), from €73,645 to €66,702
of which Other amounts receivable: -€6,103
- Tangible fixed assets +€4,100
up €4,100 (+5.1%), from €80,878 to €84,978
of which Other tangible fixed assets: +€12,158
- Trade debts -€33,830
down €33,830 (-57.6%), from €58,722 to €24,892
- Short-term financial debts +€20,936
new in 2025: €20,936
- Debts after one year -€19,864
down €19,864 (-42.4%), from €46,833 to €26,969
- Tax, wage and social debts -€6,528
down €6,528 (-69.6%), from €9,375 to €2,847
of which Remuneration and social security: -€7,055
- Gross operating margin -€19,434
down €19,434 (-42.2%), from €46,028 to €26,594
- Depreciation -€19,096
down €19,096 (-63.5%), from €30,082 to €10,986
- Financial charges +€6,291
up €6,291 (+148%), from €4,243 to €10,534
- Taxes -€626
down €626 (-18.0%), from €3,473 to €2,847
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 | €228,917 | €190,791 | -€38,126 | -16.7% |
| Fixed assets | 21/28 | €80,878 | €84,978 | +€4,100 | +5.1% |
| Tangible fixed assets | 22/27 | €80,878 | €84,978 | +€4,100 | +5.1% |
| Plant, machinery and equipment | 23 | €80 | €0 | -€80 | -100% |
| Furniture and vehicles | 24 | €53,454 | €53,725 | +€271 | +0.5% |
| Leasing and similar rights | 25 | €24,321 | €16,071 | -€8,250 | -33.9% |
| Other tangible fixed assets | 26 | €3,024 | €15,182 | +€12,158 | +402% |
| Current assets | 29/58 | €148,039 | €105,813 | -€42,226 | -28.5% |
| Amounts receivable after more than one year | 29 | €33,580 | €22,614 | -€10,966 | -32.7% |
| Other amounts receivable | 291 | €33,580 | €22,614 | -€10,966 | -32.7% |
| Stocks and contracts in progress | 3 | €13,275 | €12,681 | -€594 | -4.5% |
| Stocks | 30/36 | €7,535 | €12,681 | +€5,146 | +68.3% |
| Contracts in progress | 37 | €5,740 | - | -€5,740 | |
| Amounts receivable within one year | 40/41 | €73,645 | €66,702 | -€6,943 | -9.4% |
| Trade receivables | 40 | €59,214 | €58,374 | -€840 | -1.4% |
| Other amounts receivable | 41 | €14,431 | €8,328 | -€6,103 | -42.3% |
| Cash at bank and in hand | 54/58 | €15,303 | €1,822 | -€13,481 | -88.1% |
| Deferred charges and accrued income | 490/1 | €12,236 | €1,994 | -€10,242 | -83.7% |
| Total equity and liabilities | 10/49 | €228,917 | €190,791 | -€38,126 | -16.7% |
| Equity | 10/15 | €94,571 | €95,283 | +€712 | +0.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €88,371 | €89,083 | +€712 | +0.8% |
| Distributable reserves | 133 | €88,371 | €89,083 | +€712 | +0.8% |
| Amounts payable | 17/49 | €134,346 | €95,508 | -€38,838 | -28.9% |
| Amounts payable after more than one year | 17 | €46,833 | €26,969 | -€19,864 | -42.4% |
| Financial debts | 170/4 | €46,833 | €26,969 | -€19,864 | -42.4% |
| Amounts payable within one year | 42/48 | €87,513 | €68,539 | -€18,974 | -21.7% |
| Current portion of amounts payable after more than one year | 42 | €19,415 | €19,864 | +€449 | +2.3% |
| Financial debts | 43 | - | €20,936 | +€20,936 | |
| Credit institutions | 430/8 | - | €20,936 | +€20,936 | |
| Trade debts | 44 | €58,722 | €24,892 | -€33,830 | -57.6% |
| Suppliers | 440/4 | €58,722 | €24,892 | -€33,830 | -57.6% |
| Taxes, remuneration and social security | 45 | €9,375 | €2,847 | -€6,528 | -69.6% |
| Taxes | 450/3 | €2,320 | €2,847 | +€527 | +22.7% |
| Remuneration and social security | 454/9 | €7,055 | - | -€7,055 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,082 | €10,986 | -€19,096 | -63.5% |
| Other operating charges | 640/8 | €1,558 | €1,560 | +€2 | +0.1% |
| Gross operating margin | 9900 | €46,028 | €26,594 | -€19,434 | -42.2% |
| Operating profit (loss) | 9901 | €14,387 | €14,048 | -€340 | -2.4% |
| Financial income | 75/76B | €3 | €44 | +€41 | +1,477% |
| Recurring financial income | 75 | €3 | €44 | +€41 | +1,477% |
| Financial charges | 65/66B | €4,243 | €10,534 | +€6,291 | +148% |
| Recurring financial charges | 65 | €4,243 | €10,534 | +€6,291 | +148% |
| Profit (loss) for the period before taxes | 9903 | €10,147 | €3,558 | -€6,589 | -64.9% |
| Income taxes | 67/77 | €3,473 | €2,847 | -€626 | -18.0% |
| Profit (loss) for the period | 9904 | €6,674 | €712 | -€5,963 | -89.3% |
| Profit (loss) for the period to be appropriated | 9905 | €6,674 | €712 | -€5,963 | -89.3% |
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 18 October 2026 via checked.be.