Vedafor: what changed
Two fiscal 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.
Vedafor
Largest movements
- Cash +€158,812
up €158,812 (+877.1%), from €18,107 to €176,919
mainly Net result for the year (+€78,876) and Investment in fixed assets (net) (+€70,383)
- Tangible fixed assets -€97,203
down €97,203 (-37.3%), from €260,544 to €163,341
of which Land and buildings: -€82,227
- Current investments -€70,003
down €70,003 (-13.5%), from €518,365 to €448,362
- Receivables within one year +€22,008
up €22,008, from €0 to €22,008
of which Other amounts receivable: +€21,741
- Reserves +€78,876
up €78,876 (+19.6%), from €401,800 to €480,677
- Other debts -€25,021
down €25,021 (-100.0%), from €25,021 to €0
- Accrued charges and deferred income -€22,746
down €22,746 (-9.7%), from €235,027 to €212,281
- Tax, wage and social debts -€19,362
down €19,362 (-84.7%), from €22,854 to €3,492
- Gross operating margin +€93,963
up €93,963 (+1552.7%), from €6,051 to €100,014
- Depreciation -€36,004
down €36,004 (-57.3%), from €62,824 to €26,819
- Taxes +€22,400
up €22,400 (+403.9%), from €5,546 to €27,946
- Financial income +€8,948
up €8,948 (+27.8%), from €32,218 to €41,166
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.
Cash bridge derived
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 | €800,485 | €812,077 | +€11,592 | +1.4% |
| Fixed assets | 21/28 | €260,644 | €163,441 | -€97,203 | -37.3% |
| Tangible fixed assets | 22/27 | €260,544 | €163,341 | -€97,203 | -37.3% |
| Land and buildings | 22 | €218,242 | €136,014 | -€82,227 | -37.7% |
| Plant, machinery and equipment | 23 | €982 | €0 | -€982 | -100.0% |
| Furniture and vehicles | 24 | €36,820 | €22,826 | -€13,993 | -38.0% |
| Other tangible fixed assets | 26 | €4,500 | €4,500 | = | 0.0% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €539,842 | €648,637 | +€108,795 | +20.2% |
| Amounts receivable within one year | 40/41 | €0 | €22,008 | +€22,008 | |
| Trade receivables | 40 | - | €267 | +€267 | |
| Other amounts receivable | 41 | €0 | €21,741 | +€21,741 | |
| Current investments | 50/53 | €518,365 | €448,362 | -€70,003 | -13.5% |
| Cash at bank and in hand | 54/58 | €18,107 | €176,919 | +€158,812 | +877.1% |
| Deferred charges and accrued income | 490/1 | €3,370 | €1,348 | -€2,022 | -60.0% |
| Total equity and liabilities | 10/49 | €800,485 | €812,077 | +€11,592 | +1.4% |
| Equity | 10/15 | €420,400 | €499,277 | +€78,876 | +18.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €401,800 | €480,677 | +€78,876 | +19.6% |
| Distributable reserves | 133 | €401,800 | €480,677 | +€78,876 | +19.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €96,627 | €96,627 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €96,627 | €96,627 | = | 0.0% |
| Pensions and similar obligations | 160 | €96,627 | €96,627 | = | 0.0% |
| Amounts payable | 17/49 | €283,458 | €216,174 | -€67,284 | -23.7% |
| Amounts payable within one year | 42/48 | €48,431 | €3,893 | -€44,538 | -92.0% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €557 | €401 | -€156 | -27.9% |
| Suppliers | 440/4 | €557 | €401 | -€156 | -27.9% |
| Taxes, remuneration and social security | 45 | €22,854 | €3,492 | -€19,362 | -84.7% |
| Taxes | 450/3 | €22,854 | €3,492 | -€19,362 | -84.7% |
| Other amounts payable | 47/48 | €25,021 | €0 | -€25,021 | -100.0% |
| Accrued charges and deferred income | 492/3 | €235,027 | €212,281 | -€22,746 | -9.7% |
| Non-recurring operating income | 76A | €0 | €88,363 | +€88,363 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,824 | €26,819 | -€36,004 | -57.3% |
| Other operating charges | 640/8 | €5,693 | €6,234 | +€541 | +9.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €6,051 | €100,014 | +€93,963 | +1552.7% |
| Operating profit (loss) | 9901 | -€62,465 | €66,961 | +€129,426 | |
| Financial income | 75/76B | €32,218 | €41,166 | +€8,948 | +27.8% |
| Recurring financial income | 75 | €32,218 | €41,166 | +€8,948 | +27.8% |
| Financial charges | 65/66B | €1,359 | €1,305 | -€54 | -4.0% |
| Recurring financial charges | 65 | €1,359 | €1,305 | -€54 | -4.0% |
| Profit (loss) for the period before taxes | 9903 | -€31,606 | €106,822 | +€138,428 | |
| Income taxes | 67/77 | €5,546 | €27,946 | +€22,400 | +403.9% |
| Profit (loss) for the period | 9904 | -€37,152 | €78,876 | +€116,028 | |
| Profit (loss) for the period to be appropriated | 9905 | -€37,152 | €78,876 | +€116,028 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.