VEDOVIC: 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.
VEDOVIC
Largest movements
- Receivables within one year -€61,341
down €61,341 (-97.2%), from €63,107 to €1,766
of which Trade receivables: -€61,008
- Intangible fixed assets -€9,850
down €9,850 (-27.3%), from €36,108 to €26,258
- Cash -€7,931
down €7,931 (-25.9%), from €30,675 to €22,744
mainly Trade debts (-€57,693) and Debts after one year (-€18,898)
- Tangible fixed assets +€4,587
up €4,587 (+169.3%), from €2,709 to €7,296
- Stocks and contracts -€4,490
down €4,490 (-37.3%), from €12,037 to €7,546
- Trade debts -€57,693
down €57,693 (-69.1%), from €83,489 to €25,796
- Debts after one year -€18,898
down €18,898 (-31.0%), from €60,959 to €42,061
- Tax, wage and social debts -€11,993
down €11,993 (-53.4%), from €22,441 to €10,448
of which Remuneration and social security: -€9,292
- Profit (loss) carried forward +€8,641
up €8,641 (+20.0%), from -€43,152 to -€34,511
- Other debts -€4,549
down €4,549 (-91.0%), from €5,000 to €451
- Staff costs -€123,428
down €123,428 (-66.7%), from €184,936 to €61,508
- Gross operating margin -€78,071
down €78,071 (-47.5%), from €164,190 to €86,118
- Depreciation -€3,333
down €3,333 (-23.9%), from €13,957 to €10,624
- Financial charges -€2,328
down €2,328 (-33.4%), from €6,972 to €4,644
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 | €152,017 | €70,668 | -€81,349 | -53.5% |
| Fixed assets | 21/28 | €38,817 | €33,554 | -€5,263 | -13.6% |
| Intangible fixed assets | 21 | €36,108 | €26,258 | -€9,850 | -27.3% |
| Tangible fixed assets | 22/27 | €2,709 | €7,296 | +€4,587 | +169.3% |
| Plant, machinery and equipment | 23 | €2,709 | €7,296 | +€4,587 | +169.3% |
| Current assets | 29/58 | €113,200 | €37,114 | -€76,086 | -67.2% |
| Stocks and contracts in progress | 3 | €12,037 | €7,546 | -€4,490 | -37.3% |
| Stocks | 30/36 | €12,037 | €7,546 | -€4,490 | -37.3% |
| Amounts receivable within one year | 40/41 | €63,107 | €1,766 | -€61,341 | -97.2% |
| Trade receivables | 40 | €62,564 | €1,556 | -€61,008 | -97.5% |
| Other amounts receivable | 41 | €543 | €210 | -€333 | -61.3% |
| Cash at bank and in hand | 54/58 | €30,675 | €22,744 | -€7,931 | -25.9% |
| Deferred charges and accrued income | 490/1 | €7,382 | €5,058 | -€2,324 | -31.5% |
| Total equity and liabilities | 10/49 | €152,017 | €70,668 | -€81,349 | -53.5% |
| Equity | 10/15 | -€38,152 | -€29,511 | +€8,641 | +22.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€43,152 | -€34,511 | +€8,641 | +20.0% |
| Amounts payable | 17/49 | €190,169 | €100,179 | -€89,990 | -47.3% |
| Amounts payable after more than one year | 17 | €60,959 | €42,061 | -€18,898 | -31.0% |
| Financial debts | 170/4 | €60,959 | €42,061 | -€18,898 | -31.0% |
| Amounts payable within one year | 42/48 | €129,039 | €55,593 | -€73,445 | -56.9% |
| Current portion of amounts payable after more than one year | 42 | €18,108 | €18,898 | +€790 | +4.4% |
| Trade debts | 44 | €83,489 | €25,796 | -€57,693 | -69.1% |
| Suppliers | 440/4 | €83,489 | €25,796 | -€57,693 | -69.1% |
| Taxes, remuneration and social security | 45 | €22,441 | €10,448 | -€11,993 | -53.4% |
| Taxes | 450/3 | €10,175 | €7,473 | -€2,701 | -26.5% |
| Remuneration and social security | 454/9 | €12,267 | €2,975 | -€9,292 | -75.8% |
| Other amounts payable | 47/48 | €5,000 | €451 | -€4,549 | -91.0% |
| Accrued charges and deferred income | 492/3 | €171 | €2,524 | +€2,353 | +1376.2% |
| Remuneration, social security and pensions | 62 | €184,936 | €61,508 | -€123,428 | -66.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,957 | €10,624 | -€3,333 | -23.9% |
| Other operating charges | 640/8 | €2,060 | €1,680 | -€380 | -18.4% |
| Gross operating margin | 9900 | €164,190 | €86,118 | -€78,071 | -47.5% |
| Operating profit (loss) | 9901 | -€36,763 | €12,307 | +€49,070 | |
| Financial income | 75/76B | €583 | €978 | +€394 | +67.5% |
| Recurring financial income | 75 | €583 | €978 | +€394 | +67.5% |
| Financial charges | 65/66B | €6,972 | €4,644 | -€2,328 | -33.4% |
| Recurring financial charges | 65 | €6,972 | €4,644 | -€2,328 | -33.4% |
| Profit (loss) for the period before taxes | 9903 | -€43,152 | €8,641 | +€51,792 | |
| Profit (loss) for the period | 9904 | -€43,152 | €8,641 | +€51,792 | |
| Profit (loss) for the period to be appropriated | 9905 | -€43,152 | €8,641 | +€51,792 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.