VEDEFAR: 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.
VEDEFAR
Largest movements
- Receivables within one year -€195,611
down €195,611 (-29.9%), from €654,731 to €459,121
of which Trade receivables: -€155,188
- Cash +€138,042
up €138,042 (+46.7%), from €295,751 to €433,793
mainly Net result for the year (+€239,964) and Receivables within one year (+€195,611)
- Stocks and contracts +€40,401
up €40,401 (+27.8%), from €145,419 to €185,820
- Intangible fixed assets -€29,765
down €29,765 (-25.6%), from €116,227 to €86,462
- Tangible fixed assets -€16,227
down €16,227 (-32.5%), from €49,994 to €33,768
- Profit (loss) carried forward +€239,964
up €239,964 (+39.2%), from €612,551 to €852,515
- Other debts -€190,022
no longer reported in 2025 (was €190,022)
- Trade debts -€159,271
down €159,271 (-46.0%), from €345,899 to €186,628
- Tax, wage and social debts +€62,678
up €62,678 (+128.7%), from €48,685 to €111,363
of which Taxes: +€60,741
- Gross operating margin +€213,190
up €213,190 (+71.6%), from €297,732 to €510,921
- Taxes +€55,454
up €55,454 (+165.1%), from €33,596 to €89,051
- Staff costs +€17,226
up €17,226 (+16.9%), from €101,925 to €119,151
- Financial income +€8,869
up €8,869 (+2558.3%), from €347 to €9,216
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 | €1,284,792 | €1,232,311 | -€52,481 | -4.1% |
| Fixed assets | 21/28 | €166,222 | €120,229 | -€45,992 | -27.7% |
| Intangible fixed assets | 21 | €116,227 | €86,462 | -€29,765 | -25.6% |
| Tangible fixed assets | 22/27 | €49,994 | €33,768 | -€16,227 | -32.5% |
| Plant, machinery and equipment | 23 | €38,383 | €31,298 | -€7,085 | -18.5% |
| Furniture and vehicles | 24 | €5,734 | €2,470 | -€3,265 | -56.9% |
| Other tangible fixed assets | 26 | €5,877 | - | -€5,877 | |
| Current assets | 29/58 | €1,118,571 | €1,112,082 | -€6,489 | -0.6% |
| Stocks and contracts in progress | 3 | €145,419 | €185,820 | +€40,401 | +27.8% |
| Stocks | 30/36 | €145,419 | €185,820 | +€40,401 | +27.8% |
| Amounts receivable within one year | 40/41 | €654,731 | €459,121 | -€195,611 | -29.9% |
| Trade receivables | 40 | €595,887 | €440,700 | -€155,188 | -26.0% |
| Other amounts receivable | 41 | €58,844 | €18,421 | -€40,423 | -68.7% |
| Cash at bank and in hand | 54/58 | €295,751 | €433,793 | +€138,042 | +46.7% |
| Deferred charges and accrued income | 490/1 | €22,669 | €33,348 | +€10,679 | +47.1% |
| Total equity and liabilities | 10/49 | €1,284,792 | €1,232,311 | -€52,481 | -4.1% |
| Equity | 10/15 | €694,356 | €934,320 | +€239,964 | +34.6% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | €74,368 | = | 0.0% |
| Issued capital | 100 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €7,437 | €7,437 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,437 | €7,437 | = | 0.0% |
| Legal reserve | 130 | €7,437 | €7,437 | = | 0.0% |
| Profit (loss) carried forward | 14 | €612,551 | €852,515 | +€239,964 | +39.2% |
| Amounts payable | 17/49 | €590,436 | €297,991 | -€292,445 | -49.5% |
| Amounts payable within one year | 42/48 | €587,036 | €297,991 | -€289,045 | -49.2% |
| Current portion of amounts payable after more than one year | 42 | €2,430 | - | -€2,430 | |
| Trade debts | 44 | €345,899 | €186,628 | -€159,271 | -46.0% |
| Suppliers | 440/4 | €345,899 | €186,628 | -€159,271 | -46.0% |
| Taxes, remuneration and social security | 45 | €48,685 | €111,363 | +€62,678 | +128.7% |
| Taxes | 450/3 | €36,175 | €96,916 | +€60,741 | +167.9% |
| Remuneration and social security | 454/9 | €12,510 | €14,448 | +€1,937 | +15.5% |
| Other amounts payable | 47/48 | €190,022 | - | -€190,022 | |
| Accrued charges and deferred income | 492/3 | €3,401 | - | -€3,401 | |
| Non-recurring operating income | 76A | €1,042 | €452 | -€589 | -56.6% |
| Remuneration, social security and pensions | 62 | €101,925 | €119,151 | +€17,226 | +16.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,378 | €64,512 | -€1,866 | -2.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,246 | - | +€3,246 | |
| Other operating charges | 640/8 | €3,502 | €2,091 | -€1,411 | -40.3% |
| Non-recurring operating charges | 66A | €267 | - | -€267 | |
| Gross operating margin | 9900 | €297,732 | €510,921 | +€213,190 | +71.6% |
| Operating profit (loss) | 9901 | €128,905 | €325,167 | +€196,262 | +152.3% |
| Financial income | 75/76B | €347 | €9,216 | +€8,869 | +2558.3% |
| Recurring financial income | 75 | €347 | €9,216 | +€8,869 | +2558.3% |
| Financial charges | 65/66B | €6,505 | €5,368 | -€1,137 | -17.5% |
| Recurring financial charges | 65 | €6,505 | €5,368 | -€1,137 | -17.5% |
| Profit (loss) for the period before taxes | 9903 | €122,746 | €329,015 | +€206,268 | +168.0% |
| Income taxes | 67/77 | €33,596 | €89,051 | +€55,454 | +165.1% |
| Profit (loss) for the period | 9904 | €89,150 | €239,964 | +€150,814 | +169.2% |
| Profit (loss) for the period to be appropriated | 9905 | €89,150 | €239,964 | +€150,814 | +169.2% |
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 8 October 2026 via checked.be.