VEVADA: 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.
VEVADA
Largest movements
- Financial fixed assets +€249,115
new in 2025: €249,115
- Cash -€175,170
down €175,170 (-87.7%), from €199,739 to €24,569
mainly Investment in fixed assets (net) (-€280,610) and Current investments (-€49,700)
- Current investments +€49,700
new in 2025: €49,700
- Reserves +€118,618
up €118,618 (+40.0%), from €296,612 to €415,230
of which Distributable reserves: +€118,618
- Tax, wage and social debts +€14,017
up €14,017 (+54.1%), from €25,927 to €39,944
of which Taxes: +€11,382
- Gross operating margin +€55,390
up €55,390 (+34.8%), from €159,033 to €214,423
- Taxes +€4,838
up €4,838 (+12.1%), from €39,880 to €44,718
- Depreciation +€3,647
up €3,647 (+10.4%), from €34,967 to €38,614
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 | €629,066 | €749,886 | +€120,820 | +19.2% |
| Fixed assets | 21/28 | €394,247 | €636,243 | +€241,996 | +61.4% |
| Tangible fixed assets | 22/27 | €394,247 | €387,128 | -€7,119 | -1.8% |
| Land and buildings | 22 | €313,296 | €298,402 | -€14,894 | -4.8% |
| Plant, machinery and equipment | 23 | €1,350 | €262 | -€1,088 | -80.6% |
| Furniture and vehicles | 24 | €59,567 | €36,935 | -€22,632 | -38.0% |
| Other tangible fixed assets | 26 | €20,034 | €51,529 | +€31,495 | +157.2% |
| Financial fixed assets | 28 | - | €249,115 | +€249,115 | |
| Current assets | 29/58 | €234,819 | €113,643 | -€121,176 | -51.6% |
| Amounts receivable within one year | 40/41 | €35,080 | €39,374 | +€4,294 | +12.2% |
| Trade receivables | 40 | €35,080 | €39,374 | +€4,294 | +12.2% |
| Current investments | 50/53 | - | €49,700 | +€49,700 | |
| Cash at bank and in hand | 54/58 | €199,739 | €24,569 | -€175,170 | -87.7% |
| Total equity and liabilities | 10/49 | €629,066 | €749,886 | +€120,820 | +19.2% |
| Equity | 10/15 | €333,796 | €452,414 | +€118,618 | +35.5% |
| Contributions | 10/11 | €37,184 | €37,184 | = | 0.0% |
| Reserves | 13 | €296,612 | €415,230 | +€118,618 | +40.0% |
| Non-distributable reserves | 130/1 | €3,718 | €3,718 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,718 | €3,718 | = | 0.0% |
| Distributable reserves | 133 | €292,894 | €411,512 | +€118,618 | +40.5% |
| Amounts payable | 17/49 | €295,270 | €297,472 | +€2,202 | +0.7% |
| Amounts payable after more than one year | 17 | €137,727 | €130,708 | -€7,019 | -5.1% |
| Financial debts | 170/4 | €137,727 | €130,708 | -€7,019 | -5.1% |
| Amounts payable within one year | 42/48 | €148,755 | €159,837 | +€11,082 | +7.4% |
| Current portion of amounts payable after more than one year | 42 | €13,284 | €6,487 | -€6,797 | -51.2% |
| Trade debts | 44 | €6,132 | €9,670 | +€3,538 | +57.7% |
| Suppliers | 440/4 | €6,132 | €9,670 | +€3,538 | +57.7% |
| Taxes, remuneration and social security | 45 | €25,927 | €39,944 | +€14,017 | +54.1% |
| Taxes | 450/3 | €25,927 | €37,309 | +€11,382 | +43.9% |
| Remuneration and social security | 454/9 | - | €2,635 | +€2,635 | |
| Other amounts payable | 47/48 | €103,412 | €103,737 | +€324 | +0.3% |
| Accrued charges and deferred income | 492/3 | €8,789 | €6,927 | -€1,861 | -21.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,967 | €38,614 | +€3,647 | +10.4% |
| Other operating charges | 640/8 | €2,226 | €2,190 | -€36 | -1.6% |
| Gross operating margin | 9900 | €159,033 | €214,423 | +€55,390 | +34.8% |
| Operating profit (loss) | 9901 | €121,840 | €173,619 | +€51,779 | +42.5% |
| Financial income | 75/76B | €286 | €1,859 | +€1,573 | +550.9% |
| Recurring financial income | 75 | €286 | €1,859 | +€1,573 | +550.9% |
| Financial charges | 65/66B | €13,383 | €12,142 | -€1,242 | -9.3% |
| Recurring financial charges | 65 | €13,383 | €12,142 | -€1,242 | -9.3% |
| Profit (loss) for the period before taxes | 9903 | €108,742 | €163,336 | +€54,594 | +50.2% |
| Income taxes | 67/77 | €39,880 | €44,718 | +€4,838 | +12.1% |
| Profit (loss) for the period | 9904 | €68,862 | €118,618 | +€49,756 | +72.3% |
| Profit (loss) for the period to be appropriated | 9905 | €68,862 | €118,618 | +€49,756 | +72.3% |
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 5 October 2026 via checked.be.