Vlado2B: 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.
Vlado2B
Largest movements
- Current investments -€400,000
down €400,000 (-100%), from €400,000 to €0
- Cash +€298,938
up €298,938 (+131%), from €228,403 to €527,340
mainly Current investments (+€400,000) and Depreciation (+€176,427)
- Tangible fixed assets +€95,850
up €95,850 (+17.7%), from €541,566 to €637,416
of which Furniture and vehicles: +€64,470
- Receivables within one year +€65,794
up €65,794 (+28.4%), from €231,376 to €297,170
of which Trade receivables: +€38,579
- Reserves +€122,579
up €122,579 (+10.0%), from €1.2m to €1.4m
of which Distributable reserves: +€122,579
- Debts after one year -€35,181
down €35,181 (-76.7%), from €45,888 to €10,707
- Trade debts -€15,753
down €15,753 (-24.8%), from €63,557 to €47,804
- Gross operating margin -€121,975
down €121,975 (-25.7%), from €475,451 to €353,476
- Taxes -€55,440
down €55,440 (-49.6%), from €111,803 to €56,363
- Depreciation +€44,126
up €44,126 (+33.4%), from €132,301 to €176,427
- Financial income -€10,131
down €10,131 (-54.7%), from €18,529 to €8,398
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 | €1,419,515 | €1,473,824 | +€54,309 | +3.8% |
| Fixed assets | 21/28 | €541,701 | €643,851 | +€102,150 | +18.9% |
| Tangible fixed assets | 22/27 | €541,566 | €637,416 | +€95,850 | +17.7% |
| Plant, machinery and equipment | 23 | €288,100 | €319,480 | +€31,380 | +10.9% |
| Furniture and vehicles | 24 | €253,466 | €317,936 | +€64,470 | +25.4% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Financial fixed assets | 28 | €135 | €6,435 | +€6,300 | +4,667% |
| Current assets | 29/58 | €877,814 | €829,973 | -€47,841 | -5.4% |
| Amounts receivable within one year | 40/41 | €231,376 | €297,170 | +€65,794 | +28.4% |
| Trade receivables | 40 | €196,536 | €235,115 | +€38,579 | +19.6% |
| Other amounts receivable | 41 | €34,840 | €62,055 | +€27,215 | +78.1% |
| Current investments | 50/53 | €400,000 | €0 | -€400,000 | -100% |
| Cash at bank and in hand | 54/58 | €228,403 | €527,340 | +€298,938 | +131% |
| Deferred charges and accrued income | 490/1 | €18,035 | €5,463 | -€12,572 | -69.7% |
| Total equity and liabilities | 10/49 | €1,419,515 | €1,473,824 | +€54,309 | +3.8% |
| Equity | 10/15 | €1,254,044 | €1,376,623 | +€122,579 | +9.8% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €1,229,044 | €1,351,623 | +€122,579 | +10.0% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €1,226,544 | €1,349,123 | +€122,579 | +10.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €165,471 | €97,201 | -€68,270 | -41.3% |
| Amounts payable after more than one year | 17 | €45,888 | €10,707 | -€35,181 | -76.7% |
| Financial debts | 170/4 | €45,888 | €10,707 | -€35,181 | -76.7% |
| Amounts payable within one year | 42/48 | €118,987 | €86,416 | -€32,570 | -27.4% |
| Current portion of amounts payable after more than one year | 42 | €35,616 | €35,181 | -€435 | -1.2% |
| Trade debts | 44 | €63,557 | €47,804 | -€15,753 | -24.8% |
| Suppliers | 440/4 | €63,557 | €47,804 | -€15,753 | -24.8% |
| Taxes, remuneration and social security | 45 | €11,803 | €0 | -€11,803 | -100% |
| Taxes | 450/3 | €11,803 | €0 | -€11,803 | -100% |
| Other amounts payable | 47/48 | €8,010 | €3,431 | -€4,579 | -57.2% |
| Accrued charges and deferred income | 492/3 | €596 | €78 | -€518 | -86.9% |
| Non-recurring operating income | 76A | €900 | €0 | -€900 | -100% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €132,301 | €176,427 | +€44,126 | +33.4% |
| Other operating charges | 640/8 | €4,553 | €4,184 | -€369 | -8.1% |
| Gross operating margin | 9900 | €475,451 | €353,476 | -€121,975 | -25.7% |
| Operating profit (loss) | 9901 | €338,598 | €172,866 | -€165,732 | -48.9% |
| Financial income | 75/76B | €18,529 | €8,398 | -€10,131 | -54.7% |
| Recurring financial income | 75 | €18,529 | €8,398 | -€10,131 | -54.7% |
| Financial charges | 65/66B | €2,671 | €1,489 | -€1,182 | -44.3% |
| Recurring financial charges | 65 | €2,671 | €1,489 | -€1,182 | -44.3% |
| Profit (loss) for the period before taxes | 9903 | €354,456 | €179,775 | -€174,681 | -49.3% |
| Income taxes | 67/77 | €111,803 | €56,363 | -€55,440 | -49.6% |
| Profit (loss) for the period | 9904 | €242,653 | €123,412 | -€119,241 | -49.1% |
| Profit (loss) for the period to be appropriated | 9905 | €242,653 | €123,412 | -€119,241 | -49.1% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.