VEDETTEN: 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.
VEDETTEN
Largest movements
- Cash -€702,205
down €702,205 (-93.4%), from €751,554 to €49,349
mainly Investment in fixed assets (net) (-€700,366) and Other debts (-€18,753)
- Tangible fixed assets +€688,746
up €688,746 (+37,466%), from €1,838 to €690,584
of which Land and buildings: +€655,542
- Receivables within one year -€18,618
down €18,618 (-52.6%), from €35,401 to €16,783
of which Trade receivables: -€13,752
- Other debts -€18,753
down €18,753 (-4.0%), from €463,888 to €445,136
- Debts after one year -€16,330
down €16,330 (-7.0%), from €232,250 to €215,919
- Gross operating margin -€27,249
down €27,249 (-53.4%), from €50,987 to €23,739
- Financial income -€13,712
down €13,712 (-99.9%), from €13,726 to €15
- Depreciation +€10,733
up €10,733 (+486%), from €2,209 to €12,942
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 | €796,507 | €764,268 | -€32,239 | -4.0% |
| Fixed assets | 21/28 | €4,819 | €692,243 | +€687,424 | +14,266% |
| Intangible fixed assets | 21 | €2,980 | €1,658 | -€1,322 | -44.4% |
| Tangible fixed assets | 22/27 | €1,838 | €690,584 | +€688,746 | +37,466% |
| Land and buildings | 22 | - | €655,542 | +€655,542 | |
| Furniture and vehicles | 24 | €1,838 | €35,042 | +€33,204 | +1,806% |
| Current assets | 29/58 | €791,689 | €72,026 | -€719,663 | -90.9% |
| Stocks and contracts in progress | 3 | €4,024 | €5,729 | +€1,705 | +42.4% |
| Stocks | 30/36 | €4,024 | €5,729 | +€1,705 | +42.4% |
| Amounts receivable within one year | 40/41 | €35,401 | €16,783 | -€18,618 | -52.6% |
| Trade receivables | 40 | €25,177 | €11,426 | -€13,752 | -54.6% |
| Other amounts receivable | 41 | €10,223 | €5,357 | -€4,866 | -47.6% |
| Cash at bank and in hand | 54/58 | €751,554 | €49,349 | -€702,205 | -93.4% |
| Deferred charges and accrued income | 490/1 | €710 | €165 | -€545 | -76.7% |
| Total equity and liabilities | 10/49 | €796,507 | €764,268 | -€32,239 | -4.0% |
| Equity | 10/15 | €79,182 | €79,498 | +€315 | +0.4% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €954 | €954 | = | 0.0% |
| Non-distributable reserves | 130/1 | €954 | €954 | = | 0.0% |
| Legal reserve | 130 | €954 | €954 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€21,772 | -€21,457 | +€315 | +1.4% |
| Amounts payable | 17/49 | €717,325 | €684,771 | -€32,554 | -4.5% |
| Amounts payable after more than one year | 17 | €232,250 | €215,919 | -€16,330 | -7.0% |
| Financial debts | 170/4 | €232,250 | €215,919 | -€16,330 | -7.0% |
| Amounts payable within one year | 42/48 | €485,075 | €468,851 | -€16,224 | -3.3% |
| Current portion of amounts payable after more than one year | 42 | €15,914 | €16,330 | +€416 | +2.6% |
| Trade debts | 44 | €4,973 | €5,696 | +€723 | +14.5% |
| Suppliers | 440/4 | €4,973 | €5,696 | +€723 | +14.5% |
| Taxes, remuneration and social security | 45 | €300 | €1,689 | +€1,389 | +463% |
| Taxes | 450/3 | €300 | €589 | +€289 | +96.5% |
| Remuneration and social security | 454/9 | - | €1,100 | +€1,100 | |
| Other amounts payable | 47/48 | €463,888 | €445,136 | -€18,753 | -4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,209 | €12,942 | +€10,733 | +486% |
| Other operating charges | 640/8 | €2,040 | €2,449 | +€409 | +20.1% |
| Non-recurring operating charges | 66A | €17,595 | - | -€17,595 | |
| Gross operating margin | 9900 | €50,987 | €23,739 | -€27,249 | -53.4% |
| Operating profit (loss) | 9901 | €29,144 | €8,347 | -€20,797 | -71.4% |
| Financial income | 75/76B | €13,726 | €15 | -€13,712 | -99.9% |
| Recurring financial income | 75 | €13,726 | €15 | -€13,712 | -99.9% |
| Financial charges | 65/66B | €8,205 | €7,906 | -€300 | -3.7% |
| Recurring financial charges | 65 | €8,205 | €7,906 | -€300 | -3.7% |
| Profit (loss) for the period before taxes | 9903 | €34,665 | €456 | -€34,209 | -98.7% |
| Income taxes | 67/77 | €95 | €141 | +€46 | +48.2% |
| Profit (loss) for the period | 9904 | €34,570 | €315 | -€34,254 | -99.1% |
| Profit (loss) for the period to be appropriated | 9905 | €34,570 | €315 | -€34,254 | -99.1% |
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.