VDACO: 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.
VDACO
Largest movements
- Cash -€206,468
down €206,468 (-90.1%), from €229,162 to €22,693
mainly Net result for the year (-€161,510) and Debts after one year (-€99,665)
- Tangible fixed assets -€90,473
down €90,473 (-13.7%), from €660,696 to €570,222
of which Land and buildings: -€83,518
- Stocks and contracts -€21,830
down €21,830 (-14.4%), from €151,587 to €129,757
- Profit (loss) carried forward -€161,510
down €161,510 (-49.9%), from -€323,387 to -€484,898
- Debts after one year -€99,665
down €99,665 (-10.1%), from €986,094 to €886,429
of which Financial debts: -€85,783
- Tax, wage and social debts -€38,732
down €38,732 (-47.2%), from €81,997 to €43,266
of which Remuneration and social security: -€26,620
- Short-term financial debts -€19,500
down €19,500 (-39.4%), from €49,500 to €30,000
- Trade debts -€16,957
down €16,957 (-28.4%), from €59,745 to €42,788
- Staff costs -€43,413
down €43,413 (-38.2%), from €113,680 to €70,266
- Depreciation -€28,637
down €28,637 (-24.0%), from €119,111 to €90,473
- Gross operating margin -€27,767
down €27,767 (-56.5%), from €49,130 to €21,363
- Financial charges +€3,279
up €3,279 (+27.1%), from €12,098 to €15,377
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,120,310 | €791,369 | -€328,941 | -29.4% |
| Fixed assets | 21/28 | €660,946 | €570,472 | -€90,473 | -13.7% |
| Tangible fixed assets | 22/27 | €660,696 | €570,222 | -€90,473 | -13.7% |
| Land and buildings | 22 | €649,752 | €566,234 | -€83,518 | -12.9% |
| Plant, machinery and equipment | 23 | €10,944 | €3,989 | -€6,955 | -63.6% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €459,364 | €220,897 | -€238,467 | -51.9% |
| Stocks and contracts in progress | 3 | €151,587 | €129,757 | -€21,830 | -14.4% |
| Stocks | 30/36 | €151,587 | €129,757 | -€21,830 | -14.4% |
| Amounts receivable within one year | 40/41 | €78,615 | €68,446 | -€10,169 | -12.9% |
| Trade receivables | 40 | €54,396 | €43,350 | -€11,045 | -20.3% |
| Other amounts receivable | 41 | €24,220 | €25,096 | +€876 | +3.6% |
| Cash at bank and in hand | 54/58 | €229,162 | €22,693 | -€206,468 | -90.1% |
| Total equity and liabilities | 10/49 | €1,120,310 | €791,369 | -€328,941 | -29.4% |
| Equity | 10/15 | -€171,209 | -€332,719 | -€161,510 | -94.3% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €127,178 | €127,178 | = | 0.0% |
| Distributable reserves | 133 | €127,178 | €127,178 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€323,387 | -€484,898 | -€161,510 | -49.9% |
| Amounts payable | 17/49 | €1,291,519 | €1,124,088 | -€167,430 | -13.0% |
| Amounts payable after more than one year | 17 | €986,094 | €886,429 | -€99,665 | -10.1% |
| Financial debts | 170/4 | €634,893 | €549,110 | -€85,783 | -13.5% |
| Other amounts payable | 178/9 | €351,201 | €337,319 | -€13,882 | -4.0% |
| Amounts payable within one year | 42/48 | €305,425 | €237,660 | -€67,766 | -22.2% |
| Current portion of amounts payable after more than one year | 42 | €59,330 | €61,428 | +€2,098 | +3.5% |
| Financial debts | 43 | €49,500 | €30,000 | -€19,500 | -39.4% |
| Credit institutions | 430/8 | €49,500 | €30,000 | -€19,500 | -39.4% |
| Trade debts | 44 | €59,745 | €42,788 | -€16,957 | -28.4% |
| Suppliers | 440/4 | €59,745 | €42,788 | -€16,957 | -28.4% |
| Advances received on contracts in progress | 46 | €14,127 | €14,127 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €81,997 | €43,266 | -€38,732 | -47.2% |
| Taxes | 450/3 | €30,944 | €18,833 | -€12,112 | -39.1% |
| Remuneration and social security | 454/9 | €51,053 | €24,433 | -€26,620 | -52.1% |
| Other amounts payable | 47/48 | €40,726 | €46,051 | +€5,325 | +13.1% |
| Non-recurring operating income | 76A | €12,000 | - | -€12,000 | |
| Remuneration, social security and pensions | 62 | €113,680 | €70,266 | -€43,413 | -38.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €119,111 | €90,473 | -€28,637 | -24.0% |
| Other operating charges | 640/8 | €6,843 | €6,756 | -€87 | -1.3% |
| Gross operating margin | 9900 | €49,130 | €21,363 | -€27,767 | -56.5% |
| Operating profit (loss) | 9901 | -€190,504 | -€146,133 | +€44,370 | +23.3% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €12,098 | €15,377 | +€3,279 | +27.1% |
| Recurring financial charges | 65 | €12,098 | €15,377 | +€3,279 | +27.1% |
| Profit (loss) for the period before taxes | 9903 | -€202,601 | -€161,510 | +€41,090 | +20.3% |
| Profit (loss) for the period | 9904 | -€202,601 | -€161,510 | +€41,090 | +20.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€202,601 | -€161,510 | +€41,090 | +20.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.