VOREDOS: 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.
VOREDOS
Largest movements
- Cash +€63,882
up €63,882 (+44.4%), from €143,856 to €207,738
mainly Net result for the year (+€87,157) and Other debts (+€70,216)
- Receivables within one year -€43,942
down €43,942 (-57.5%), from €76,475 to €32,533
of which Trade receivables: -€46,512
- Tangible fixed assets +€13,856
up €13,856 (+37.8%), from €36,649 to €50,505
- Other debts +€70,216
up €70,216 (+620.8%), from €11,310 to €81,526
- Trade debts -€31,418
down €31,418 (-89.3%), from €35,198 to €3,780
- Profit (loss) carried forward -€18,496
down €18,496 (-93.4%), from €19,807 to €1,311
- Tax, wage and social debts +€13,934
up €13,934 (+71.0%), from €19,617 to €33,552
of which Taxes: +€7,198
- Reserves -€4,347
down €4,347 (-2.7%), from €161,098 to €156,751
of which Distributable reserves: -€27,502
- Gross operating margin -€23,376
down €23,376 (-14.3%), from €163,169 to €139,792
- Financial charges +€12,592
up €12,592 (+164.5%), from €7,653 to €20,246
- Taxes -€11,243
down €11,243 (-29.7%), from €37,835 to €26,591
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 | €272,154 | €302,169 | +€30,014 | +11.0% |
| Fixed assets | 21/28 | €48,761 | €59,615 | +€10,854 | +22.3% |
| Intangible fixed assets | 21 | €12,112 | €9,110 | -€3,002 | -24.8% |
| Tangible fixed assets | 22/27 | €36,649 | €50,505 | +€13,856 | +37.8% |
| Furniture and vehicles | 24 | €36,649 | €50,505 | +€13,856 | +37.8% |
| Current assets | 29/58 | €223,394 | €242,554 | +€19,160 | +8.6% |
| Amounts receivable within one year | 40/41 | €76,475 | €32,533 | -€43,942 | -57.5% |
| Trade receivables | 40 | €70,026 | €23,515 | -€46,512 | -66.4% |
| Other amounts receivable | 41 | €6,448 | €9,019 | +€2,570 | +39.9% |
| Cash at bank and in hand | 54/58 | €143,856 | €207,738 | +€63,882 | +44.4% |
| Deferred charges and accrued income | 490/1 | €3,063 | €2,282 | -€781 | -25.5% |
| Total equity and liabilities | 10/49 | €272,154 | €302,169 | +€30,014 | +11.0% |
| Equity | 10/15 | €205,904 | €183,062 | -€22,843 | -11.1% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €161,098 | €156,751 | -€4,347 | -2.7% |
| Tax-exempt reserves | 132 | €56,835 | €79,990 | +€23,155 | +40.7% |
| Distributable reserves | 133 | €104,263 | €76,761 | -€27,502 | -26.4% |
| Profit (loss) carried forward | 14 | €19,807 | €1,311 | -€18,496 | -93.4% |
| Amounts payable | 17/49 | €66,250 | €119,107 | +€52,857 | +79.8% |
| Amounts payable within one year | 42/48 | €66,125 | €118,858 | +€52,733 | +79.7% |
| Trade debts | 44 | €35,198 | €3,780 | -€31,418 | -89.3% |
| Suppliers | 440/4 | €35,198 | €3,780 | -€31,418 | -89.3% |
| Taxes, remuneration and social security | 45 | €19,617 | €33,552 | +€13,934 | +71.0% |
| Taxes | 450/3 | €19,617 | €26,816 | +€7,198 | +36.7% |
| Remuneration and social security | 454/9 | €0 | €6,736 | +€6,736 | |
| Other amounts payable | 47/48 | €11,310 | €81,526 | +€70,216 | +620.8% |
| Accrued charges and deferred income | 492/3 | €125 | €249 | +€124 | +99.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,040 | €5,822 | +€782 | +15.5% |
| Other operating charges | 640/8 | €574 | €992 | +€417 | +72.7% |
| Gross operating margin | 9900 | €163,169 | €139,792 | -€23,376 | -14.3% |
| Operating profit (loss) | 9901 | €157,554 | €132,979 | -€24,575 | -15.6% |
| Financial income | 75/76B | €388 | €1,015 | +€627 | +161.7% |
| Recurring financial income | 75 | €388 | €1,015 | +€627 | +161.7% |
| Financial charges | 65/66B | €7,653 | €20,246 | +€12,592 | +164.5% |
| Recurring financial charges | 65 | €7,653 | €20,246 | +€12,592 | +164.5% |
| Profit (loss) for the period before taxes | 9903 | €150,289 | €113,749 | -€36,540 | -24.3% |
| Income taxes | 67/77 | €37,835 | €26,591 | -€11,243 | -29.7% |
| Profit (loss) for the period | 9904 | €112,454 | €87,157 | -€25,297 | -22.5% |
| Transfer to tax-exempt reserves | 689 | €37,890 | €42,100 | +€4,210 | +11.1% |
| Profit (loss) for the period to be appropriated | 9905 | €74,564 | €45,057 | -€29,507 | -39.6% |
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.