VEDEKA II: 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.
VEDEKA II
Largest movements
- Tangible fixed assets +€2.7m
up €2.7m (+55.6%), from €4.9m to €7.6m
of which Land and buildings: +€2.3m
- Receivables within one year -€771,915
down €771,915 (-75.8%), from €1.0m to €246,424
of which Other amounts receivable: -€982,017
- Financial fixed assets +€477,195
new in 2025: €477,195
- Cash +€453,586
up €453,586 (+51.9%), from €873,718 to €1.3m
mainly Contributions, distributions and other (+€2.0m) and Debts after one year (+€1.7m)
- Debts after one year +€1.7m
up €1.7m (+195%), from €872,531 to €2.6m
of which Other amounts payable: +€2.0m
- Reserves +€1.6m
up €1.6m (+219%), from €723,151 to €2.3m
of which Distributable reserves: +€1.4m
- Other debts -€1.3m
down €1.3m (-78.7%), from €1.7m to €362,439
- Profit (loss) carried forward +€567,195
up €567,195 (+29.8%), from €1.9m to €2.5m
- Current portion of long-term debt +€216,991
up €216,991 (+266%), from €81,718 to €298,708
- Gross operating margin +€602,680
up €602,680 (+145%), from €416,973 to €1.0m
- Financial charges +€147,561
up €147,561 (+27,459%), from €537 to €148,099
- Depreciation +€122,489
up €122,489 (+60.1%), from €203,754 to €326,242
- Taxes +€113,042
up €113,042 (+254%), from €44,500 to €157,542
- Other operating charges +€82,637
up €82,637 (+124%), from €66,529 to €149,166
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.
Derived cash bridge
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 | €6,848,471 | €9,836,950 | +€3.0m | +43.6% |
| Fixed assets | 21/28 | €4,911,034 | €8,120,438 | +€3.2m | +65.4% |
| Tangible fixed assets | 22/27 | €4,911,034 | €7,643,243 | +€2.7m | +55.6% |
| Land and buildings | 22 | €4,777,155 | €7,047,406 | +€2.3m | +47.5% |
| Plant, machinery and equipment | 23 | €129,775 | €324,156 | +€194,381 | +150% |
| Furniture and vehicles | 24 | €4,104 | €184,698 | +€180,594 | +4,400% |
| Leasing and similar rights | 25 | - | €21,201 | +€21,201 | |
| Other tangible fixed assets | 26 | - | €65,782 | +€65,782 | |
| Financial fixed assets | 28 | - | €477,195 | +€477,195 | |
| Current assets | 29/58 | €1,937,437 | €1,716,512 | -€220,925 | -11.4% |
| Amounts receivable within one year | 40/41 | €1,018,339 | €246,424 | -€771,915 | -75.8% |
| Trade receivables | 40 | - | €210,102 | +€210,102 | |
| Other amounts receivable | 41 | €1,018,339 | €36,322 | -€982,017 | -96.4% |
| Cash at bank and in hand | 54/58 | €873,718 | €1,327,303 | +€453,586 | +51.9% |
| Deferred charges and accrued income | 490/1 | €45,381 | €142,785 | +€97,404 | +215% |
| Total equity and liabilities | 10/49 | €6,848,471 | €9,836,950 | +€3.0m | +43.6% |
| Equity | 10/15 | €3,506,743 | €5,828,646 | +€2.3m | +66.2% |
| Contributions | 10/11 | €878,926 | €1,050,660 | +€171,734 | +19.5% |
| Capital | 10 | €878,926 | €1,050,660 | +€171,734 | +19.5% |
| Issued capital | 100 | €891,326 | €1,094,047 | +€202,721 | +22.7% |
| Uncalled capital | 101 | €12,400 | €43,387 | +€30,987 | +250% |
| Reserves | 13 | €723,151 | €2,306,124 | +€1.6m | +219% |
| Non-distributable reserves | 130/1 | €49,700 | €83,522 | +€33,822 | +68.1% |
| Legal reserve | 130 | €49,700 | €83,522 | +€33,822 | +68.1% |
| Tax-exempt reserves | 132 | €144,210 | €299,522 | +€155,312 | +108% |
| Distributable reserves | 133 | €529,241 | €1,923,080 | +€1.4m | +263% |
| Profit (loss) carried forward | 14 | €1,904,666 | €2,471,861 | +€567,195 | +29.8% |
| Provisions and deferred taxes | 16 | €65,127 | €130,981 | +€65,854 | +101% |
| Deferred taxes | 168 | €65,127 | €130,981 | +€65,854 | +101% |
| Amounts payable | 17/49 | €3,276,601 | €3,877,323 | +€600,722 | +18.3% |
| Amounts payable after more than one year | 17 | €872,531 | €2,574,011 | +€1.7m | +195% |
| Financial debts | 170/4 | €872,531 | €598,676 | -€273,855 | -31.4% |
| Other amounts payable | 178/9 | - | €1,975,335 | +€2.0m | |
| Amounts payable within one year | 42/48 | €2,282,570 | €1,236,563 | -€1.0m | -45.8% |
| Current portion of amounts payable after more than one year | 42 | €81,718 | €298,708 | +€216,991 | +266% |
| Trade debts | 44 | €388,233 | €348,681 | -€39,552 | -10.2% |
| Suppliers | 440/4 | €388,233 | €348,681 | -€39,552 | -10.2% |
| Taxes, remuneration and social security | 45 | €110,759 | €226,735 | +€115,976 | +105% |
| Taxes | 450/3 | €110,759 | €186,099 | +€75,340 | +68.0% |
| Remuneration and social security | 454/9 | - | €40,636 | +€40,636 | |
| Other amounts payable | 47/48 | €1,701,861 | €362,439 | -€1.3m | -78.7% |
| Accrued charges and deferred income | 492/3 | €121,500 | €66,750 | -€54,750 | -45.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €203,754 | €326,242 | +€122,489 | +60.1% |
| Other operating charges | 640/8 | €66,529 | €149,166 | +€82,637 | +124% |
| Gross operating margin | 9900 | €416,973 | €1,019,654 | +€602,680 | +145% |
| Operating profit (loss) | 9901 | €146,691 | €544,246 | +€397,555 | +271% |
| Financial income | 75/76B | €15,683 | €80,929 | +€65,246 | +416% |
| Recurring financial income | 75 | €15,683 | €80,929 | +€65,246 | +416% |
| Financial charges | 65/66B | €537 | €148,099 | +€147,561 | +27,459% |
| Recurring financial charges | 65 | €537 | €148,099 | +€147,561 | +27,459% |
| Profit (loss) for the period before taxes | 9903 | €161,836 | €477,076 | +€315,239 | +195% |
| Transfer from deferred taxes | 780 | €3,528 | €8,265 | +€4,737 | +134% |
| Income taxes | 67/77 | €44,500 | €157,542 | +€113,042 | +254% |
| Profit (loss) for the period | 9904 | €120,865 | €327,799 | +€206,934 | +171% |
| Transfer from tax-exempt reserves | 789 | €10,585 | €24,795 | +€14,210 | +134% |
| Profit (loss) for the period to be appropriated | 9905 | €131,450 | €352,594 | +€221,144 | +168% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.