VEDAV: 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.
VEDAV
Largest movements
- Cash -€9,636
down €9,636 (-94.3%), from €10,219 to €582
mainly Other debts (-€15,243) and Current investments (-€6,868)
- Tangible fixed assets -€8,551
down €8,551 (-35.5%), from €24,076 to €15,526
- Current investments +€6,868
new in 2025: €6,868
- Receivables within one year -€4,272
down €4,272 (-2.7%), from €157,361 to €153,090
of which Trade receivables: -€4,296
- Other debts -€15,243
down €15,243 (-11.4%), from €133,853 to €118,610
- Profit (loss) carried forward -€2,675
down €2,675 (-22.4%), from -€11,921 to -€14,596
- Gross operating margin -€26,640
down €26,640 (-77.5%), from €34,365 to €7,724
- Taxes -€2,475
down €2,475 (-88.6%), from €2,795 to €320
- Other operating charges +€596
up €596 (+80.1%), from €744 to €1,340
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 | €191,657 | €176,196 | -€15,461 | -8.1% |
| Fixed assets | 21/28 | €24,076 | €15,526 | -€8,551 | -35.5% |
| Tangible fixed assets | 22/27 | €24,076 | €15,526 | -€8,551 | -35.5% |
| Furniture and vehicles | 24 | €24,076 | €15,526 | -€8,551 | -35.5% |
| Current assets | 29/58 | €167,580 | €160,670 | -€6,910 | -4.1% |
| Amounts receivable within one year | 40/41 | €157,361 | €153,090 | -€4,272 | -2.7% |
| Trade receivables | 40 | €9,533 | €5,237 | -€4,296 | -45.1% |
| Other amounts receivable | 41 | €147,828 | €147,853 | +€25 | 0.0% |
| Current investments | 50/53 | - | €6,868 | +€6,868 | |
| Cash at bank and in hand | 54/58 | €10,219 | €582 | -€9,636 | -94.3% |
| Deferred charges and accrued income | 490/1 | - | €130 | +€130 | |
| Total equity and liabilities | 10/49 | €191,657 | €176,196 | -€15,461 | -8.1% |
| Equity | 10/15 | €53,033 | €50,358 | -€2,675 | -5.0% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €2,454 | €2,454 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,368 | €2,368 | = | 0.0% |
| Legal reserve | 130 | €2,368 | €2,368 | = | 0.0% |
| Distributable reserves | 133 | €86 | €86 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,921 | -€14,596 | -€2,675 | -22.4% |
| Amounts payable | 17/49 | €138,624 | €125,838 | -€12,786 | -9.2% |
| Amounts payable within one year | 42/48 | €138,624 | €125,838 | -€12,786 | -9.2% |
| Financial debts | 43 | - | €1,271 | +€1,271 | |
| Credit institutions | 430/8 | - | €1,271 | +€1,271 | |
| Trade debts | 44 | €842 | €1,567 | +€725 | +86.1% |
| Suppliers | 440/4 | €842 | €1,567 | +€725 | +86.1% |
| Taxes, remuneration and social security | 45 | €3,929 | €4,389 | +€461 | +11.7% |
| Taxes | 450/3 | €3,929 | €1,595 | -€2,333 | -59.4% |
| Remuneration and social security | 454/9 | - | €2,794 | +€2,794 | |
| Other amounts payable | 47/48 | €133,853 | €118,610 | -€15,243 | -11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,551 | €8,551 | = | 0.0% |
| Other operating charges | 640/8 | €744 | €1,340 | +€596 | +80.1% |
| Non-recurring operating charges | 66A | - | €66 | +€66 | |
| Gross operating margin | 9900 | €34,365 | €7,724 | -€26,640 | -77.5% |
| Operating profit (loss) | 9901 | €25,069 | -€2,232 | -€27,302 | |
| Financial income | 75/76B | €149 | €42 | -€107 | -71.8% |
| Recurring financial income | 75 | €149 | €42 | -€107 | -71.8% |
| Financial charges | 65/66B | €98 | €164 | +€66 | +67.8% |
| Recurring financial charges | 65 | €98 | €164 | +€66 | +67.8% |
| Profit (loss) for the period before taxes | 9903 | €25,121 | -€2,355 | -€27,475 | |
| Income taxes | 67/77 | €2,795 | €320 | -€2,475 | -88.6% |
| Profit (loss) for the period | 9904 | €22,325 | -€2,675 | -€25,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €22,325 | -€2,675 | -€25,000 |
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 6 October 2026 via checked.be.