VREDA: 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.
VREDA
Largest movements
- Cash +€92,897
up €92,897 (+103.5%), from €89,726 to €182,623
mainly Net result for the year (+€230,765) and Trade debts (+€155,989)
- Stocks and contracts +€92,460
up €92,460 (+64.6%), from €143,091 to €235,551
- Receivables within one year -€61,651
down €61,651 (-17.7%), from €348,309 to €286,658
of which Other amounts receivable: -€83,199
- Tangible fixed assets -€24,521
down €24,521 (-14.3%), from €171,955 to €147,433
of which Land and buildings: -€12,496
- Trade debts +€155,989
up €155,989 (+72.1%), from €216,210 to €372,198
- Other debts -€50,000
down €50,000 (-18.2%), from €275,000 to €225,000
- Debts after one year -€16,786
down €16,786 (-51.2%), from €32,781 to €15,995
- Gross operating margin -€40,908
down €40,908 (-9.9%), from €412,225 to €371,317
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 | €761,200 | €853,091 | +€91,891 | +12.1% |
| Fixed assets | 21/28 | €179,232 | €147,433 | -€31,798 | -17.7% |
| Intangible fixed assets | 21 | €7,277 | - | -€7,277 | |
| Tangible fixed assets | 22/27 | €171,955 | €147,433 | -€24,521 | -14.3% |
| Land and buildings | 22 | €125,804 | €113,308 | -€12,496 | -9.9% |
| Plant, machinery and equipment | 23 | €15,076 | €10,215 | -€4,861 | -32.2% |
| Furniture and vehicles | 24 | €31,075 | €23,910 | -€7,164 | -23.1% |
| Current assets | 29/58 | €581,968 | €705,658 | +€123,689 | +21.3% |
| Stocks and contracts in progress | 3 | €143,091 | €235,551 | +€92,460 | +64.6% |
| Stocks | 30/36 | €143,091 | €235,551 | +€92,460 | +64.6% |
| Amounts receivable within one year | 40/41 | €348,309 | €286,658 | -€61,651 | -17.7% |
| Trade receivables | 40 | €115,097 | €136,645 | +€21,548 | +18.7% |
| Other amounts receivable | 41 | €233,212 | €150,013 | -€83,199 | -35.7% |
| Cash at bank and in hand | 54/58 | €89,726 | €182,623 | +€92,897 | +103.5% |
| Deferred charges and accrued income | 490/1 | €843 | €826 | -€16 | -1.9% |
| Total equity and liabilities | 10/49 | €761,200 | €853,091 | +€91,891 | +12.1% |
| Equity | 10/15 | €199,587 | €205,352 | +€5,765 | +2.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €107,305 | €107,305 | = | 0.0% |
| Distributable reserves | 133 | €107,305 | €107,305 | = | 0.0% |
| Profit (loss) carried forward | 14 | €73,731 | €79,497 | +€5,765 | +7.8% |
| Amounts payable | 17/49 | €561,613 | €647,739 | +€86,126 | +15.3% |
| Amounts payable after more than one year | 17 | €32,781 | €15,995 | -€16,786 | -51.2% |
| Financial debts | 170/4 | €32,781 | €15,995 | -€16,786 | -51.2% |
| Amounts payable within one year | 42/48 | €528,832 | €631,744 | +€102,912 | +19.5% |
| Current portion of amounts payable after more than one year | 42 | €16,122 | €16,786 | +€664 | +4.1% |
| Trade debts | 44 | €216,210 | €372,198 | +€155,989 | +72.1% |
| Suppliers | 440/4 | €216,210 | €372,198 | +€155,989 | +72.1% |
| Taxes, remuneration and social security | 45 | €21,500 | €17,760 | -€3,741 | -17.4% |
| Taxes | 450/3 | €2,386 | €2,460 | +€73 | +3.1% |
| Remuneration and social security | 454/9 | €19,114 | €15,300 | -€3,814 | -20.0% |
| Other amounts payable | 47/48 | €275,000 | €225,000 | -€50,000 | -18.2% |
| Non-recurring operating income | 76A | €7,500 | - | -€7,500 | |
| Remuneration, social security and pensions | 62 | €102,300 | €101,753 | -€547 | -0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,371 | €31,798 | +€2,427 | +8.3% |
| Other operating charges | 640/8 | €4,875 | €5,015 | +€141 | +2.9% |
| Gross operating margin | 9900 | €412,225 | €371,317 | -€40,908 | -9.9% |
| Operating profit (loss) | 9901 | €275,680 | €232,750 | -€42,930 | -15.6% |
| Financial income | 75/76B | €5,562 | €4,991 | -€571 | -10.3% |
| Recurring financial income | 75 | €5,562 | €4,991 | -€571 | -10.3% |
| Financial charges | 65/66B | €4,251 | €3,242 | -€1,009 | -23.7% |
| Recurring financial charges | 65 | €4,251 | €3,242 | -€1,009 | -23.7% |
| Profit (loss) for the period before taxes | 9903 | €276,991 | €234,499 | -€42,492 | -15.3% |
| Income taxes | 67/77 | €1,416 | €3,733 | +€2,317 | +163.6% |
| Profit (loss) for the period | 9904 | €275,575 | €230,765 | -€44,809 | -16.3% |
| Profit (loss) for the period to be appropriated | 9905 | €275,575 | €230,765 | -€44,809 | -16.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.