VEDECON: 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.
VEDECON
Largest movements
- Cash +€77,973
up €77,973 (+126%), from €61,675 to €139,647
mainly Net result for the year (+€87,676) and Depreciation (+€24,220)
- Tangible fixed assets -€21,994
down €21,994 (-4.3%), from €505,978 to €483,984
of which Land and buildings: -€19,517
- Current investments -€18,560
down €18,560 (-2.4%), from €759,185 to €740,624
- Reserves +€117,108
up €117,108 (+11.5%), from €1.0m to €1.1m
of which Distributable reserves: +€211,609
- Profit (loss) carried forward -€29,432
down €29,432 (-100%), from €29,432 to €0
- Other debts -€20,240
down €20,240 (-10.8%), from €188,180 to €167,940
- Debts after one year -€19,333
down €19,333 (-100%), from €19,333 to €0
- Gross operating margin -€53,506
down €53,506 (-30.7%), from €174,510 to €121,004
- Financial charges -€21,291
down €21,291 (-94.0%), from €22,653 to €1,362
- Financial income +€15,333
up €15,333 (+110%), from €13,933 to €29,265
of which Financial income: +€15,913
- Taxes -€11,829
down €11,829 (-27.6%), from €42,805 to €30,976
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,348,250 | €1,387,090 | +€38,840 | +2.9% |
| Fixed assets | 21/28 | €505,978 | €483,984 | -€21,994 | -4.3% |
| Tangible fixed assets | 22/27 | €505,978 | €483,984 | -€21,994 | -4.3% |
| Land and buildings | 22 | €499,499 | €479,983 | -€19,517 | -3.9% |
| Furniture and vehicles | 24 | €5,733 | €3,800 | -€1,933 | -33.7% |
| Other tangible fixed assets | 26 | €746 | €201 | -€544 | -73.0% |
| Current assets | 29/58 | €842,272 | €903,106 | +€60,834 | +7.2% |
| Stocks and contracts in progress | 3 | €303 | €0 | -€303 | -100% |
| Stocks | 30/36 | €303 | €0 | -€303 | -100% |
| Amounts receivable within one year | 40/41 | €20,321 | €21,898 | +€1,577 | +7.8% |
| Trade receivables | 40 | €20,321 | €11,979 | -€8,342 | -41.1% |
| Other amounts receivable | 41 | €0 | €9,919 | +€9,919 | |
| Current investments | 50/53 | €759,185 | €740,624 | -€18,560 | -2.4% |
| Cash at bank and in hand | 54/58 | €61,675 | €139,647 | +€77,973 | +126% |
| Deferred charges and accrued income | 490/1 | €789 | €937 | +€148 | +18.8% |
| Total equity and liabilities | 10/49 | €1,348,250 | €1,387,090 | +€38,840 | +2.9% |
| Equity | 10/15 | €1,078,702 | €1,166,378 | +€87,676 | +8.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Revaluation surpluses | 12 | €8,844 | €8,844 | = | 0.0% |
| Reserves | 13 | €1,021,834 | €1,138,942 | +€117,108 | +11.5% |
| Non-distributable reserves | 130/1 | €94,501 | €0 | -€94,501 | -100% |
| Reserves not available under the articles | 1311 | €94,501 | €0 | -€94,501 | -100% |
| Distributable reserves | 133 | €927,333 | €1,138,942 | +€211,609 | +22.8% |
| Profit (loss) carried forward | 14 | €29,432 | €0 | -€29,432 | -100% |
| Amounts payable | 17/49 | €269,548 | €220,712 | -€48,836 | -18.1% |
| Amounts payable after more than one year | 17 | €19,333 | €0 | -€19,333 | -100% |
| Financial debts | 170/4 | €19,333 | €0 | -€19,333 | -100% |
| Amounts payable within one year | 42/48 | €235,356 | €208,854 | -€26,502 | -11.3% |
| Current portion of amounts payable after more than one year | 42 | €29,000 | €19,333 | -€9,667 | -33.3% |
| Financial debts | 43 | €340 | €101 | -€238 | -70.2% |
| Credit institutions | 430/8 | €340 | €101 | -€238 | -70.2% |
| Trade debts | 44 | €2,372 | €2,222 | -€150 | -6.3% |
| Suppliers | 440/4 | €2,372 | €2,222 | -€150 | -6.3% |
| Taxes, remuneration and social security | 45 | €15,465 | €19,258 | +€3,793 | +24.5% |
| Taxes | 450/3 | €13,032 | €16,908 | +€3,876 | +29.7% |
| Remuneration and social security | 454/9 | €2,432 | €2,350 | -€82 | -3.4% |
| Other amounts payable | 47/48 | €188,180 | €167,940 | -€20,240 | -10.8% |
| Accrued charges and deferred income | 492/3 | €14,858 | €11,858 | -€3,000 | -20.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,829 | €24,220 | +€390 | +1.6% |
| Other operating charges | 640/8 | €5,895 | €6,036 | +€141 | +2.4% |
| Gross operating margin | 9900 | €174,510 | €121,004 | -€53,506 | -30.7% |
| Operating profit (loss) | 9901 | €144,785 | €90,749 | -€54,037 | -37.3% |
| Financial income | 75/76B | €13,933 | €29,265 | +€15,333 | +110% |
| Recurring financial income | 75 | €13,352 | €29,265 | +€15,913 | +119% |
| Non-recurring financial income | 76B | €581 | €0 | -€581 | -100% |
| Financial charges | 65/66B | €22,653 | €1,362 | -€21,291 | -94.0% |
| Recurring financial charges | 65 | €22,653 | €1,362 | -€21,291 | -94.0% |
| Profit (loss) for the period before taxes | 9903 | €136,065 | €118,652 | -€17,413 | -12.8% |
| Income taxes | 67/77 | €42,805 | €30,976 | -€11,829 | -27.6% |
| Profit (loss) for the period | 9904 | €93,260 | €87,676 | -€5,584 | -6.0% |
| Profit (loss) for the period to be appropriated | 9905 | €93,260 | €87,676 | -€5,584 | -6.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.