VEHDACO: 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.
VEHDACO
Largest movements
- Cash +€24,455
up €24,455 (+42.0%), from €58,274 to €82,730
mainly Depreciation (+€20,791) and Receivables within one year (+€10,329)
- Tangible fixed assets -€13,674
down €13,674 (-10.8%), from €127,041 to €113,367
- Receivables within one year -€10,329
down €10,329 (-28.7%), from €36,031 to €25,703
of which Trade receivables: -€12,347
- Debts after one year -€5,707
down €5,707 (-7.2%), from €78,922 to €73,214
- Reserves +€3,531
up €3,531 (+3.1%), from €112,584 to €116,115
of which Distributable reserves: +€3,531
- Gross operating margin +€4,158
up €4,158 (+12.6%), from €33,022 to €37,180
- Financial charges +€1,439
up €1,439 (+36.5%), from €3,944 to €5,383
- Other operating charges +€979
up €979 (+29.8%), from €3,284 to €4,263
- Taxes +€738
up €738 (+21.7%), from €3,394 to €4,132
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 | €224,294 | €225,222 | +€928 | +0.4% |
| Fixed assets | 21/28 | €127,041 | €113,367 | -€13,674 | -10.8% |
| Tangible fixed assets | 22/27 | €127,041 | €113,367 | -€13,674 | -10.8% |
| Land and buildings | 22 | €76,225 | €69,613 | -€6,612 | -8.7% |
| Plant, machinery and equipment | 23 | €10,518 | €7,858 | -€2,660 | -25.3% |
| Furniture and vehicles | 24 | €24,274 | €21,753 | -€2,522 | -10.4% |
| Other tangible fixed assets | 26 | €16,023 | €14,143 | -€1,880 | -11.7% |
| Current assets | 29/58 | €97,253 | €111,855 | +€14,602 | +15.0% |
| Amounts receivable within one year | 40/41 | €36,031 | €25,703 | -€10,329 | -28.7% |
| Trade receivables | 40 | €22,430 | €10,083 | -€12,347 | -55.0% |
| Other amounts receivable | 41 | €13,602 | €15,620 | +€2,018 | +14.8% |
| Cash at bank and in hand | 54/58 | €58,274 | €82,730 | +€24,455 | +42.0% |
| Deferred charges and accrued income | 490/1 | €2,947 | €3,423 | +€476 | +16.1% |
| Total equity and liabilities | 10/49 | €224,294 | €225,222 | +€928 | +0.4% |
| Equity | 10/15 | €120,518 | €124,048 | +€3,531 | +2.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €112,584 | €116,115 | +€3,531 | +3.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €112,584 | €116,115 | +€3,531 | +3.1% |
| Profit (loss) carried forward | 14 | €1,733 | €1,733 | = | 0.0% |
| Amounts payable | 17/49 | €103,776 | €101,174 | -€2,603 | -2.5% |
| Amounts payable after more than one year | 17 | €78,922 | €73,214 | -€5,707 | -7.2% |
| Financial debts | 170/4 | €78,922 | €73,214 | -€5,707 | -7.2% |
| Amounts payable within one year | 42/48 | €24,855 | €27,959 | +€3,105 | +12.5% |
| Current portion of amounts payable after more than one year | 42 | €5,550 | €5,707 | +€157 | +2.8% |
| Trade debts | 44 | €8,025 | €9,469 | +€1,444 | +18.0% |
| Suppliers | 440/4 | €8,025 | €9,469 | +€1,444 | +18.0% |
| Taxes, remuneration and social security | 45 | €11,280 | €12,783 | +€1,503 | +13.3% |
| Taxes | 450/3 | €9,130 | €10,633 | +€1,503 | +16.5% |
| Remuneration and social security | 454/9 | €2,150 | €2,150 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,746 | €20,791 | +€45 | +0.2% |
| Other operating charges | 640/8 | €3,284 | €4,263 | +€979 | +29.8% |
| Gross operating margin | 9900 | €33,022 | €37,180 | +€4,158 | +12.6% |
| Operating profit (loss) | 9901 | €8,992 | €12,126 | +€3,134 | +34.8% |
| Financial income | 75/76B | €678 | €920 | +€243 | +35.8% |
| Recurring financial income | 75 | €678 | €920 | +€243 | +35.8% |
| Financial charges | 65/66B | €3,944 | €5,383 | +€1,439 | +36.5% |
| Recurring financial charges | 65 | €3,944 | €5,383 | +€1,439 | +36.5% |
| Profit (loss) for the period before taxes | 9903 | €5,726 | €7,663 | +€1,937 | +33.8% |
| Income taxes | 67/77 | €3,394 | €4,132 | +€738 | +21.7% |
| Profit (loss) for the period | 9904 | €2,332 | €3,531 | +€1,199 | +51.4% |
| Profit (loss) for the period to be appropriated | 9905 | €2,332 | €3,531 | +€1,199 | +51.4% |
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 8 October 2026 via checked.be.