VENDETIUM: 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.
VENDETIUM
Largest movements
- Cash +€17,743
up €17,743 (+14.9%), from €118,819 to €136,562
mainly Other debts (+€13,623) and Net result for the year (+€12,906)
- Tangible fixed assets +€11,409
up €11,409 (+177.4%), from €6,433 to €17,841
of which Furniture and vehicles: +€8,971
- Receivables within one year -€6,178
down €6,178 (-17.2%), from €36,005 to €29,827
of which Trade receivables: -€12,100
- Other debts +€13,623
up €13,623 (+97.9%), from €13,920 to €27,543
- Reserves +€12,905
up €12,905 (+15.2%), from €84,840 to €97,745
- Tax, wage and social debts -€3,613
down €3,613 (-73.7%), from €4,903 to €1,291
of which Remuneration and social security: -€2,789
- Gross operating margin +€27,227
up €27,227 (+112.8%), from €24,137 to €51,365
- Staff costs +€21,708
up €21,708 (+361.9%), from €5,998 to €27,706
- Depreciation +€1,246
up €1,246 (+52.0%), from €2,397 to €3,642
- Taxes +€1,104
up €1,104 (+17.4%), from €6,349 to €7,453
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 | €191,228 | €216,004 | +€24,775 | +13.0% |
| Fixed assets | 21/28 | €6,433 | €18,841 | +€12,409 | +192.9% |
| Tangible fixed assets | 22/27 | €6,433 | €17,841 | +€11,409 | +177.4% |
| Plant, machinery and equipment | 23 | - | €2,437 | +€2,437 | |
| Furniture and vehicles | 24 | €6,433 | €15,404 | +€8,971 | +139.5% |
| Financial fixed assets | 28 | - | €1,000 | +€1,000 | |
| Current assets | 29/58 | €184,795 | €197,162 | +€12,367 | +6.7% |
| Amounts receivable after more than one year | 29 | €25,293 | €25,545 | +€253 | +1.0% |
| Other amounts receivable | 291 | €25,293 | €25,545 | +€253 | +1.0% |
| Amounts receivable within one year | 40/41 | €36,005 | €29,827 | -€6,178 | -17.2% |
| Trade receivables | 40 | €12,100 | - | -€12,100 | |
| Other amounts receivable | 41 | €23,905 | €29,827 | +€5,922 | +24.8% |
| Cash at bank and in hand | 54/58 | €118,819 | €136,562 | +€17,743 | +14.9% |
| Deferred charges and accrued income | 490/1 | €4,679 | €5,228 | +€549 | +11.7% |
| Total equity and liabilities | 10/49 | €191,228 | €216,004 | +€24,775 | +13.0% |
| Equity | 10/15 | €130,765 | €143,670 | +€12,906 | +9.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €84,840 | €97,745 | +€12,905 | +15.2% |
| Distributable reserves | 133 | €84,840 | €97,745 | +€12,905 | +15.2% |
| Profit (loss) carried forward | 14 | €27,325 | €27,325 | +€1 | 0.0% |
| Amounts payable | 17/49 | €60,463 | €72,333 | +€11,870 | +19.6% |
| Amounts payable within one year | 42/48 | €60,463 | €72,333 | +€11,870 | +19.6% |
| Trade debts | 44 | €41,640 | €43,500 | +€1,860 | +4.5% |
| Suppliers | 440/4 | €41,640 | €43,500 | +€1,860 | +4.5% |
| Taxes, remuneration and social security | 45 | €4,903 | €1,291 | -€3,613 | -73.7% |
| Taxes | 450/3 | €2,115 | €1,291 | -€824 | -39.0% |
| Remuneration and social security | 454/9 | €2,789 | - | -€2,789 | |
| Other amounts payable | 47/48 | €13,920 | €27,543 | +€13,623 | +97.9% |
| Remuneration, social security and pensions | 62 | €5,998 | €27,706 | +€21,708 | +361.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,397 | €3,642 | +€1,246 | +52.0% |
| Other operating charges | 640/8 | €445 | €466 | +€21 | +4.7% |
| Gross operating margin | 9900 | €24,137 | €51,365 | +€27,227 | +112.8% |
| Operating profit (loss) | 9901 | €15,297 | €19,550 | +€4,253 | +27.8% |
| Financial income | 75/76B | €1,364 | €1,336 | -€28 | -2.0% |
| Recurring financial income | 75 | €1,364 | €1,336 | -€28 | -2.0% |
| Financial charges | 65/66B | €815 | €528 | -€287 | -35.2% |
| Recurring financial charges | 65 | €815 | €528 | -€287 | -35.2% |
| Profit (loss) for the period before taxes | 9903 | €15,847 | €20,358 | +€4,512 | +28.5% |
| Income taxes | 67/77 | €6,349 | €7,453 | +€1,104 | +17.4% |
| Profit (loss) for the period | 9904 | €9,498 | €12,906 | +€3,408 | +35.9% |
| Profit (loss) for the period to be appropriated | 9905 | €9,498 | €12,906 | +€3,408 | +35.9% |
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 1 October 2026 via checked.be.