VEDELS: 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.
What changed
VEDELS
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€90,361
2024 · €144,412-€54,052
Equity
€4.5m
2024 · €4.5m+€47,361
Cash
€907,410
2024 · €447,707+€459,703
Balance sheet total
€4.7m
2024 · €4.7m+€18,641
Largest movements
Assets
- Current investments -€466,629
down €466,629 (-17.6%), from €2.7m to €2.2m
- Cash +€459,703
up €459,703 (+102.7%), from €447,707 to €907,410
mainly Current investments (+€466,629) and Net result for the year (+€90,361)
Equity and liabilities
- Reserves +€47,361
up €47,361 (+3.4%), from €1.4m to €1.4m
of which Distributable reserves: +€42,741
Income statement
- Financial charges +€38,420
up €38,420, from -€28,119 to €10,301
- Financial income +€34,629
up €34,629 (+87.7%), from €39,477 to €74,105
- Gross operating margin +€6,647
up €6,647 (+4.1%), from €162,096 to €168,743
- Depreciation +€4,435
up €4,435 (+8.1%), from €54,682 to €59,118
- Taxes +€2,510
up €2,510 (+17.0%), from €14,804 to €17,314
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.
Result 2024
€144,412
Gross operating margin
+€6,647
Depreciation
-€4,435
Other operating charges
-€732
Other operating items
-€49,230
Financial income
+€34,629
Financial charges
-€38,420
Taxes
-€2,510
Result 2025
€90,361
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.
From operations
+€142,649
Investment
+€382,054
Financing
-€65,000
Cash 2024
€447,707
From operations (derived)
+€142,649
Net result for the year
+€90,361
Depreciation
+€59,118
Receivables within one year
-€8,326
Deferred charges and accrued income
+€8,216
Trade debts
+€2,944
Tax, wage and social debts
-€11,762
Other debts
+€1,497
Accrued charges and deferred income
+€601
Investment (derived)
+€382,054
Investment in fixed assets (net)
-€84,575
Current investments
+€466,629
Financing
-€65,000
Debts after one year
-€22,000
Contributions, distributions and other
-€43,000
Cash 2025
€907,410
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,715,946 | €4,734,587 | +€18,641 | +0.4% |
| Fixed assets | 21/28 | €1,180,863 | €1,206,320 | +€25,457 | +2.2% |
| Tangible fixed assets | 22/27 | €1,180,863 | €1,206,320 | +€25,457 | +2.2% |
| Land and buildings | 22 | €1,157,155 | €1,130,093 | -€27,062 | -2.3% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €23,320 | €76,227 | +€52,907 | +226.9% |
| Other tangible fixed assets | 26 | €388 | €0 | -€388 | -100.0% |
| Current assets | 29/58 | €3,535,083 | €3,528,267 | -€6,817 | -0.2% |
| Amounts receivable after more than one year | 29 | €400,000 | €400,000 | = | 0.0% |
| Other amounts receivable | 291 | €400,000 | €400,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €22,399 | €30,725 | +€8,326 | +37.2% |
| Trade receivables | 40 | €22,399 | €23,398 | +€1,000 | +4.5% |
| Other amounts receivable | 41 | - | €7,326 | +€7,326 | |
| Current investments | 50/53 | €2,654,327 | €2,187,697 | -€466,629 | -17.6% |
| Cash at bank and in hand | 54/58 | €447,707 | €907,410 | +€459,703 | +102.7% |
| Deferred charges and accrued income | 490/1 | €10,651 | €2,435 | -€8,216 | -77.1% |
| Total equity and liabilities | 10/49 | €4,715,946 | €4,734,587 | +€18,641 | +0.4% |
| Equity | 10/15 | €4,471,206 | €4,518,566 | +€47,361 | +1.1% |
| Contributions | 10/11 | €3,097,120 | €3,097,120 | = | 0.0% |
| Capital | 10 | €3,016,864 | €3,016,864 | = | 0.0% |
| Issued capital | 100 | €3,016,864 | €3,016,864 | = | 0.0% |
| Outside capital | 11 | €80,256 | €80,256 | = | 0.0% |
| Share premium | 1100/10 | €80,256 | €80,256 | = | 0.0% |
| Reserves | 13 | €1,374,086 | €1,421,447 | +€47,361 | +3.4% |
| Non-distributable reserves | 130/1 | €262,800 | €267,420 | +€4,620 | +1.8% |
| Legal reserve | 130 | €262,800 | €267,420 | +€4,620 | +1.8% |
| Distributable reserves | 133 | €1,111,286 | €1,154,027 | +€42,741 | +3.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €244,741 | €216,021 | -€28,720 | -11.7% |
| Amounts payable after more than one year | 17 | €124,710 | €102,710 | -€22,000 | -17.6% |
| Other amounts payable | 178/9 | €124,710 | €102,710 | -€22,000 | -17.6% |
| Amounts payable within one year | 42/48 | €106,444 | €99,124 | -€7,321 | -6.9% |
| Trade debts | 44 | €9,786 | €12,731 | +€2,944 | +30.1% |
| Suppliers | 440/4 | €9,786 | €12,731 | +€2,944 | +30.1% |
| Taxes, remuneration and social security | 45 | €16,659 | €4,897 | -€11,762 | -70.6% |
| Taxes | 450/3 | €16,659 | €4,897 | -€11,762 | -70.6% |
| Other amounts payable | 47/48 | €79,999 | €81,496 | +€1,497 | +1.9% |
| Accrued charges and deferred income | 492/3 | €13,586 | €14,187 | +€601 | +4.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,682 | €59,118 | +€4,435 | +8.1% |
| Other operating charges | 640/8 | €15,792 | €16,525 | +€732 | +4.6% |
| Non-recurring operating charges | 66A | - | €49,230 | +€49,230 | |
| Gross operating margin | 9900 | €162,096 | €168,743 | +€6,647 | +4.1% |
| Operating profit (loss) | 9901 | €91,621 | €43,871 | -€47,751 | -52.1% |
| Financial income | 75/76B | €39,477 | €74,105 | +€34,629 | +87.7% |
| Recurring financial income | 75 | €39,477 | €74,105 | +€34,629 | +87.7% |
| Financial charges | 65/66B | -€28,119 | €10,301 | +€38,420 | |
| Recurring financial charges | 65 | -€28,119 | €10,301 | +€38,420 | |
| Profit (loss) for the period before taxes | 9903 | €159,217 | €107,675 | -€51,541 | -32.4% |
| Income taxes | 67/77 | €14,804 | €17,314 | +€2,510 | +17.0% |
| Profit (loss) for the period | 9904 | €144,412 | €90,361 | -€54,052 | -37.4% |
| Profit (loss) for the period to be appropriated | 9905 | €144,412 | €90,361 | -€54,052 | -37.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.