VEDANKO: 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.
VEDANKO
Largest movements
- Stocks and contracts +€69,375
up €69,375 (+16.6%), from €417,070 to €486,444
- Intangible fixed assets +€45,435
new in 2025: €45,435
- Receivables within one year +€26,965
up €26,965 (+37.9%), from €71,074 to €98,039
of which Trade receivables: +€27,216
- Cash +€8,044
up €8,044 (+30.7%), from €26,202 to €34,246
mainly Trade debts (+€145,554) and Depreciation (+€52,759)
- Trade debts +€145,554
up €145,554 (+40.0%), from €364,059 to €509,614
- Tax, wage and social debts +€15,484
up €15,484 (+12.2%), from €126,713 to €142,197
of which Taxes: +€21,336
- Other debts -€10,100
down €10,100 (-9.0%), from €112,100 to €102,000
- Staff costs -€26,892
down €26,892 (-4.3%), from €620,950 to €594,058
- Gross operating margin -€24,039
down €24,039 (-3.5%), from €687,033 to €662,993
- Depreciation +€10,802
up €10,802 (+25.7%), from €41,957 to €52,759
- Other operating charges -€10,600
down €10,600 (-70.4%), from €15,052 to €4,452
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 | €650,763 | €802,830 | +€152,067 | +23.4% |
| Fixed assets | 21/28 | €136,417 | €184,100 | +€47,683 | +35.0% |
| Intangible fixed assets | 21 | - | €45,435 | +€45,435 | |
| Tangible fixed assets | 22/27 | €136,417 | €138,666 | +€2,248 | +1.6% |
| Plant, machinery and equipment | 23 | €2,774 | €2,765 | -€9 | -0.3% |
| Furniture and vehicles | 24 | €133,643 | €135,900 | +€2,257 | +1.7% |
| Current assets | 29/58 | €514,346 | €618,730 | +€104,384 | +20.3% |
| Stocks and contracts in progress | 3 | €417,070 | €486,444 | +€69,375 | +16.6% |
| Stocks | 30/36 | €417,070 | €486,444 | +€69,375 | +16.6% |
| Amounts receivable within one year | 40/41 | €71,074 | €98,039 | +€26,965 | +37.9% |
| Trade receivables | 40 | €21,263 | €48,479 | +€27,216 | +128.0% |
| Other amounts receivable | 41 | €49,811 | €49,560 | -€251 | -0.5% |
| Cash at bank and in hand | 54/58 | €26,202 | €34,246 | +€8,044 | +30.7% |
| Total equity and liabilities | 10/49 | €650,763 | €802,830 | +€152,067 | +23.4% |
| Equity | 10/15 | €47,891 | €49,020 | +€1,129 | +2.4% |
| Contributions | 10/11 | €3,105 | €3,105 | = | 0.0% |
| Reserves | 13 | €1,863 | €1,863 | = | 0.0% |
| Distributable reserves | 133 | €1,863 | €1,863 | = | 0.0% |
| Profit (loss) carried forward | 14 | €42,923 | €44,052 | +€1,129 | +2.6% |
| Amounts payable | 17/49 | €602,873 | €753,811 | +€150,938 | +25.0% |
| Amounts payable within one year | 42/48 | €602,873 | €753,811 | +€150,938 | +25.0% |
| Trade debts | 44 | €364,059 | €509,614 | +€145,554 | +40.0% |
| Suppliers | 440/4 | €364,059 | €509,614 | +€145,554 | +40.0% |
| Taxes, remuneration and social security | 45 | €126,713 | €142,197 | +€15,484 | +12.2% |
| Taxes | 450/3 | €5,385 | €26,721 | +€21,336 | +396.2% |
| Remuneration and social security | 454/9 | €121,328 | €115,476 | -€5,852 | -4.8% |
| Other amounts payable | 47/48 | €112,100 | €102,000 | -€10,100 | -9.0% |
| Non-recurring operating income | 76A | €15,531 | €6,520 | -€9,011 | -58.0% |
| Remuneration, social security and pensions | 62 | €620,950 | €594,058 | -€26,892 | -4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,957 | €52,759 | +€10,802 | +25.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,489 | €677 | +€2,165 | |
| Other operating charges | 640/8 | €15,052 | €4,452 | -€10,600 | -70.4% |
| Gross operating margin | 9900 | €687,033 | €662,993 | -€24,039 | -3.5% |
| Operating profit (loss) | 9901 | €10,563 | €11,049 | +€485 | +4.6% |
| Financial income | 75/76B | €73 | €0 | -€73 | -99.5% |
| Recurring financial income | 75 | €73 | €0 | -€73 | -99.5% |
| Financial charges | 65/66B | €69 | €33 | -€36 | -52.6% |
| Recurring financial charges | 65 | €69 | €33 | -€36 | -52.6% |
| Profit (loss) for the period before taxes | 9903 | €10,567 | €11,016 | +€449 | +4.3% |
| Income taxes | 67/77 | €9,586 | €9,888 | +€302 | +3.2% |
| Profit (loss) for the period | 9904 | €981 | €1,129 | +€147 | +15.0% |
| Profit (loss) for the period to be appropriated | 9905 | €981 | €1,129 | +€147 | +15.0% |
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 2 October 2026 via checked.be.