VEDHO: 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.
VEDHO
Largest movements
- Cash +€821,362
up €821,362 (+55.4%), from €1.5m to €2.3m
mainly Net result for the year (+€600,962) and Depreciation (+€120,131)
- Tangible fixed assets -€115,131
down €115,131 (-7.5%), from €1.5m to €1.4m
of which Land and buildings: -€66,617
- Receivables within one year -€74,078
down €74,078 (-22.7%), from €327,011 to €252,933
of which Trade receivables: -€49,717
- Stocks and contracts -€47,963
down €47,963 (-21.9%), from €219,345 to €171,382
- Reserves +€600,962
up €600,962 (+30.2%), from €2.0m to €2.6m
of which Distributable reserves: +€600,962
- Debts after one year -€85,861
down €85,861 (-11.5%), from €749,099 to €663,238
- Gross operating margin +€242,987
up €242,987 (+20.4%), from €1.2m to €1.4m
- Staff costs +€76,692
up €76,692 (+18.3%), from €419,717 to €496,409
- Taxes +€40,448
up €40,448 (+25.4%), from €159,492 to €199,940
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,740,437 | €4,322,969 | +€582,532 | +15.6% |
| Fixed assets | 21/28 | €1,704,630 | €1,584,499 | -€120,131 | -7.0% |
| Intangible fixed assets | 21 | €39,384 | €34,384 | -€5,000 | -12.7% |
| Tangible fixed assets | 22/27 | €1,529,831 | €1,414,700 | -€115,131 | -7.5% |
| Land and buildings | 22 | €1,355,337 | €1,288,720 | -€66,617 | -4.9% |
| Plant, machinery and equipment | 23 | €4,430 | €2,891 | -€1,539 | -34.7% |
| Furniture and vehicles | 24 | €170,064 | €123,090 | -€46,974 | -27.6% |
| Financial fixed assets | 28 | €135,415 | €135,415 | = | 0.0% |
| Current assets | 29/58 | €2,035,807 | €2,738,470 | +€702,663 | +34.5% |
| Stocks and contracts in progress | 3 | €219,345 | €171,382 | -€47,963 | -21.9% |
| Stocks | 30/36 | €219,345 | €171,382 | -€47,963 | -21.9% |
| Amounts receivable within one year | 40/41 | €327,011 | €252,933 | -€74,078 | -22.7% |
| Trade receivables | 40 | €193,286 | €143,569 | -€49,717 | -25.7% |
| Other amounts receivable | 41 | €133,725 | €109,364 | -€24,362 | -18.2% |
| Current investments | 50/53 | €250 | €173 | -€77 | -30.8% |
| Cash at bank and in hand | 54/58 | €1,481,615 | €2,302,977 | +€821,362 | +55.4% |
| Deferred charges and accrued income | 490/1 | €7,586 | €11,005 | +€3,419 | +45.1% |
| Total equity and liabilities | 10/49 | €3,740,437 | €4,322,969 | +€582,532 | +15.6% |
| Equity | 10/15 | €2,067,988 | €2,668,950 | +€600,962 | +29.1% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €1,992,988 | €2,593,950 | +€600,962 | +30.2% |
| Non-distributable reserves | 130/1 | €12,792 | €12,792 | = | 0.0% |
| Legal reserve | 130 | €12,792 | €12,792 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €1,942,696 | €2,543,658 | +€600,962 | +30.9% |
| Amounts payable | 17/49 | €1,672,449 | €1,654,018 | -€18,430 | -1.1% |
| Amounts payable after more than one year | 17 | €749,099 | €663,238 | -€85,861 | -11.5% |
| Financial debts | 170/4 | €749,099 | €663,238 | -€85,861 | -11.5% |
| Amounts payable within one year | 42/48 | €918,498 | €986,145 | +€67,647 | +7.4% |
| Current portion of amounts payable after more than one year | 42 | €84,949 | €85,861 | +€912 | +1.1% |
| Trade debts | 44 | €108,287 | €133,754 | +€25,467 | +23.5% |
| Suppliers | 440/4 | €108,287 | €133,754 | +€25,467 | +23.5% |
| Advances received on contracts in progress | 46 | €211,830 | €242,430 | +€30,600 | +14.4% |
| Taxes, remuneration and social security | 45 | €28,108 | €47,837 | +€19,729 | +70.2% |
| Taxes | 450/3 | €771 | €15,252 | +€14,481 | +1878.0% |
| Remuneration and social security | 454/9 | €27,337 | €32,585 | +€5,248 | +19.2% |
| Other amounts payable | 47/48 | €485,324 | €476,263 | -€9,061 | -1.9% |
| Accrued charges and deferred income | 492/3 | €4,851 | €4,635 | -€216 | -4.5% |
| Remuneration, social security and pensions | 62 | €419,717 | €496,409 | +€76,692 | +18.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €114,638 | €120,131 | +€5,493 | +4.8% |
| Other operating charges | 640/8 | €37,016 | €42,942 | +€5,926 | +16.0% |
| Non-recurring operating charges | 66A | €413 | €77 | -€336 | -81.4% |
| Gross operating margin | 9900 | €1,191,315 | €1,434,302 | +€242,987 | +20.4% |
| Operating profit (loss) | 9901 | €619,532 | €774,743 | +€155,211 | +25.1% |
| Financial income | 75/76B | €40,345 | €34,610 | -€5,735 | -14.2% |
| Recurring financial income | 75 | €40,345 | €34,610 | -€5,735 | -14.2% |
| Financial charges | 65/66B | €10,075 | €8,450 | -€1,624 | -16.1% |
| Recurring financial charges | 65 | €10,075 | €8,450 | -€1,624 | -16.1% |
| Profit (loss) for the period before taxes | 9903 | €649,802 | €800,902 | +€151,101 | +23.3% |
| Income taxes | 67/77 | €159,492 | €199,940 | +€40,448 | +25.4% |
| Profit (loss) for the period | 9904 | €490,309 | €600,962 | +€110,653 | +22.6% |
| Profit (loss) for the period to be appropriated | 9905 | €490,309 | €600,962 | +€110,653 | +22.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.