VEDOFIN: 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.
VEDOFIN
Largest movements
- Receivables within one year +€163,554
up €163,554 (+248.1%), from €65,914 to €229,468
of which Trade receivables: +€164,404
- Tangible fixed assets -€84,142
down €84,142 (-6.8%), from €1.2m to €1.1m
of which Land and buildings: -€84,743
- Other debts +€87,335
up €87,335 (+22.8%), from €382,288 to €469,623
- Reserves -€47,903
down €47,903 (-11.6%), from €413,545 to €365,642
of which Distributable reserves: -€40,200
- Trade debts +€47,548
up €47,548 (+463.3%), from €10,263 to €57,811
- Gross operating margin -€242,858
down €242,858 (-45.9%), from €529,363 to €286,504
- Taxes +€19,826
up €19,826 (+1560.2%), from €1,271 to €21,096
- Staff costs +€7,570
up €7,570 (+7.6%), from €99,891 to €107,461
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 | €1,488,567 | €1,575,256 | +€86,689 | +5.8% |
| Fixed assets | 21/28 | €1,232,678 | €1,148,536 | -€84,142 | -6.8% |
| Tangible fixed assets | 22/27 | €1,232,678 | €1,148,536 | -€84,142 | -6.8% |
| Land and buildings | 22 | €1,230,072 | €1,145,330 | -€84,743 | -6.9% |
| Plant, machinery and equipment | 23 | - | €2,636 | +€2,636 | |
| Furniture and vehicles | 24 | €2,606 | €571 | -€2,035 | -78.1% |
| Current assets | 29/58 | €255,888 | €426,719 | +€170,831 | +66.8% |
| Amounts receivable within one year | 40/41 | €65,914 | €229,468 | +€163,554 | +248.1% |
| Trade receivables | 40 | €60,914 | €225,318 | +€164,404 | +269.9% |
| Other amounts receivable | 41 | €5,000 | €4,150 | -€850 | -17.0% |
| Current investments | 50/53 | €150,681 | €150,681 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €39,293 | €46,570 | +€7,277 | +18.5% |
| Total equity and liabilities | 10/49 | €1,488,567 | €1,575,256 | +€86,689 | +5.8% |
| Equity | 10/15 | €971,031 | €923,206 | -€47,825 | -4.9% |
| Contributions | 10/11 | €77,000 | €77,000 | = | 0.0% |
| Capital | 10 | €77,000 | €77,000 | = | 0.0% |
| Issued capital | 100 | €77,000 | €77,000 | = | 0.0% |
| Reserves | 13 | €413,545 | €365,642 | -€47,903 | -11.6% |
| Non-distributable reserves | 130/1 | €8,735 | €8,735 | = | 0.0% |
| Legal reserve | 130 | €8,735 | €8,735 | = | 0.0% |
| Tax-exempt reserves | 132 | €252,277 | €244,574 | -€7,703 | -3.1% |
| Distributable reserves | 133 | €152,532 | €112,332 | -€40,200 | -26.4% |
| Profit (loss) carried forward | 14 | €480,486 | €480,564 | +€78 | 0.0% |
| Provisions and deferred taxes | 16 | €84,092 | €81,525 | -€2,568 | -3.1% |
| Deferred taxes | 168 | €84,092 | €81,525 | -€2,568 | -3.1% |
| Amounts payable | 17/49 | €433,443 | €570,525 | +€137,082 | +31.6% |
| Amounts payable within one year | 42/48 | €433,443 | €570,525 | +€137,082 | +31.6% |
| Trade debts | 44 | €10,263 | €57,811 | +€47,548 | +463.3% |
| Suppliers | 440/4 | €10,263 | €57,811 | +€47,548 | +463.3% |
| Taxes, remuneration and social security | 45 | €40,892 | €43,090 | +€2,198 | +5.4% |
| Taxes | 450/3 | €17,986 | €16,340 | -€1,647 | -9.2% |
| Remuneration and social security | 454/9 | €22,906 | €26,751 | +€3,845 | +16.8% |
| Other amounts payable | 47/48 | €382,288 | €469,623 | +€87,335 | +22.8% |
| Remuneration, social security and pensions | 62 | €99,891 | €107,461 | +€7,570 | +7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,024 | €86,942 | -€2,082 | -2.3% |
| Other operating charges | 640/8 | €21,748 | €23,162 | +€1,414 | +6.5% |
| Gross operating margin | 9900 | €529,363 | €286,504 | -€242,858 | -45.9% |
| Operating profit (loss) | 9901 | €318,700 | €68,940 | -€249,761 | -78.4% |
| Financial income | 75/76B | €4,434 | €1,832 | -€2,603 | -58.7% |
| Recurring financial income | 75 | €4,434 | €1,832 | -€2,603 | -58.7% |
| Financial charges | 65/66B | €54 | €68 | +€14 | +26.5% |
| Recurring financial charges | 65 | €54 | €68 | +€14 | +26.5% |
| Profit (loss) for the period before taxes | 9903 | €323,081 | €70,703 | -€252,378 | -78.1% |
| Transfer from deferred taxes | 780 | €642 | €2,568 | +€1,926 | +300.0% |
| Transfer to deferred taxes | 680 | €84,734 | - | -€84,734 | |
| Income taxes | 67/77 | €1,271 | €21,096 | +€19,826 | +1560.2% |
| Profit (loss) for the period | 9904 | €237,718 | €52,175 | -€185,543 | -78.1% |
| Transfer from tax-exempt reserves | 789 | €1,926 | €7,703 | +€5,777 | +300.0% |
| Transfer to tax-exempt reserves | 689 | €254,203 | - | -€254,203 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,560 | €59,878 | +€74,438 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.