VEDUTA: 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.
VEDUTA
Largest movements
- Deferred charges and accrued income -€12,740
down €12,740 (-81.2%), from €15,696 to €2,956
- Receivables within one year -€2,533
down €2,533 (-53.4%), from €4,741 to €2,208
of which Trade receivables: -€1,766
- Other debts -€13,833
down €13,833 (-16.4%), from €84,538 to €70,704
- Trade debts -€2,486
down €2,486 (-14.5%), from €17,171 to €14,685
- Tax, wage and social debts -€1,488
down €1,488 (-6.4%), from €23,331 to €21,843
of which Remuneration and social security: -€4,406
- Gross operating margin -€35,021
down €35,021 (-16.9%), from €206,731 to €171,710
- Staff costs -€29,527
down €29,527 (-37.8%), from €78,188 to €48,661
- Depreciation +€12,210
up €12,210 (+94.5%), from €12,921 to €25,131
- Taxes -€4,363
down €4,363 (-15.7%), from €27,841 to €23,478
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 | €146,896 | €131,096 | -€15,800 | -10.8% |
| Fixed assets | 21/28 | €39,490 | €39,301 | -€188 | -0.5% |
| Intangible fixed assets | 21 | €39,490 | €39,301 | -€188 | -0.5% |
| Current assets | 29/58 | €107,406 | €91,795 | -€15,611 | -14.5% |
| Amounts receivable within one year | 40/41 | €4,741 | €2,208 | -€2,533 | -53.4% |
| Trade receivables | 40 | €3,665 | €1,899 | -€1,766 | -48.2% |
| Other amounts receivable | 41 | €1,076 | €309 | -€767 | -71.3% |
| Cash at bank and in hand | 54/58 | €86,968 | €86,631 | -€337 | -0.4% |
| Deferred charges and accrued income | 490/1 | €15,696 | €2,956 | -€12,740 | -81.2% |
| Total equity and liabilities | 10/49 | €146,896 | €131,096 | -€15,800 | -10.8% |
| Equity | 10/15 | €18,550 | €18,550 | = | 0.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €128,346 | €112,546 | -€15,800 | -12.3% |
| Amounts payable within one year | 42/48 | €128,280 | €112,222 | -€16,058 | -12.5% |
| Financial debts | 43 | €3,240 | €4,118 | +€877 | +27.1% |
| Credit institutions | 430/8 | €3,240 | €4,118 | +€877 | +27.1% |
| Trade debts | 44 | €17,171 | €14,685 | -€2,486 | -14.5% |
| Suppliers | 440/4 | €17,171 | €14,685 | -€2,486 | -14.5% |
| Advances received on contracts in progress | 46 | - | €871 | +€871 | |
| Taxes, remuneration and social security | 45 | €23,331 | €21,843 | -€1,488 | -6.4% |
| Taxes | 450/3 | €12,850 | €15,768 | +€2,919 | +22.7% |
| Remuneration and social security | 454/9 | €10,481 | €6,075 | -€4,406 | -42.0% |
| Other amounts payable | 47/48 | €84,538 | €70,704 | -€13,833 | -16.4% |
| Accrued charges and deferred income | 492/3 | €66 | €324 | +€258 | +393% |
| Remuneration, social security and pensions | 62 | €78,188 | €48,661 | -€29,527 | -37.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,921 | €25,131 | +€12,210 | +94.5% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €206,731 | €171,710 | -€35,021 | -16.9% |
| Operating profit (loss) | 9901 | €115,235 | €97,518 | -€17,717 | -15.4% |
| Financial income | 75/76B | €62 | €325 | +€263 | +424% |
| Recurring financial income | 75 | €62 | €325 | +€263 | +424% |
| Financial charges | 65/66B | €2,919 | €3,662 | +€743 | +25.4% |
| Recurring financial charges | 65 | €2,919 | €3,662 | +€743 | +25.4% |
| Profit (loss) for the period before taxes | 9903 | €112,379 | €94,182 | -€18,197 | -16.2% |
| Income taxes | 67/77 | €27,841 | €23,478 | -€4,363 | -15.7% |
| Profit (loss) for the period | 9904 | €84,538 | €70,704 | -€13,833 | -16.4% |
| Profit (loss) for the period to be appropriated | 9905 | €84,538 | €70,704 | -€13,833 | -16.4% |
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 15 October 2026 via checked.be.