Vreda Finance: 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 Finance
Largest movements
- Cash -€170,565
down €170,565 (-56.4%), from €302,544 to €131,979
mainly Receivables within one year (-€134,167) and Current investments (-€115,506)
- Receivables within one year +€134,167
up €134,167 (+66.5%), from €201,630 to €335,797
of which Trade receivables: +€133,351
- Current investments +€115,506
new in 2025: €115,506
- Tangible fixed assets -€47,594
down €47,594 (-8.0%), from €597,487 to €549,893
of which Furniture and vehicles: -€25,844
- Reserves +€203,257
up €203,257 (+23.3%), from €872,742 to €1.1m
- Debts after one year -€87,159
down €87,159 (-27.9%), from €312,171 to €225,012
- Other debts -€84,741
down €84,741 (-54.9%), from €154,484 to €69,743
- Gross operating margin +€9,784
up €9,784 (+2.9%), from €337,622 to €347,406
- Taxes +€4,339
up €4,339 (+5.1%), from €84,451 to €88,790
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 | €1,624,859 | €1,657,185 | +€32,326 | +2.0% |
| Fixed assets | 21/28 | €1,120,558 | €1,072,965 | -€47,594 | -4.2% |
| Tangible fixed assets | 22/27 | €597,487 | €549,893 | -€47,594 | -8.0% |
| Land and buildings | 22 | €511,176 | €489,426 | -€21,750 | -4.3% |
| Furniture and vehicles | 24 | €86,311 | €60,467 | -€25,844 | -29.9% |
| Financial fixed assets | 28 | €523,072 | €523,072 | = | 0.0% |
| Current assets | 29/58 | €504,300 | €584,220 | +€79,920 | +15.8% |
| Amounts receivable within one year | 40/41 | €201,630 | €335,797 | +€134,167 | +66.5% |
| Trade receivables | 40 | €174,400 | €307,750 | +€133,351 | +76.5% |
| Other amounts receivable | 41 | €27,231 | €28,047 | +€817 | +3.0% |
| Current investments | 50/53 | - | €115,506 | +€115,506 | |
| Cash at bank and in hand | 54/58 | €302,544 | €131,979 | -€170,565 | -56.4% |
| Deferred charges and accrued income | 490/1 | €126 | €938 | +€812 | +644% |
| Total equity and liabilities | 10/49 | €1,624,859 | €1,657,185 | +€32,326 | +2.0% |
| Equity | 10/15 | €1,044,670 | €1,247,928 | +€203,257 | +19.5% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €872,742 | €1,076,000 | +€203,257 | +23.3% |
| Distributable reserves | 133 | €872,742 | €1,076,000 | +€203,257 | +23.3% |
| Profit (loss) carried forward | 14 | €146,928 | €146,928 | = | 0.0% |
| Amounts payable | 17/49 | €580,188 | €409,257 | -€170,931 | -29.5% |
| Amounts payable after more than one year | 17 | €312,171 | €225,012 | -€87,159 | -27.9% |
| Financial debts | 170/4 | €312,171 | €225,012 | -€87,159 | -27.9% |
| Amounts payable within one year | 42/48 | €268,017 | €184,245 | -€83,772 | -31.3% |
| Current portion of amounts payable after more than one year | 42 | €86,077 | €87,159 | +€1,082 | +1.3% |
| Trade debts | 44 | €15,739 | €2,229 | -€13,510 | -85.8% |
| Suppliers | 440/4 | €15,739 | €2,229 | -€13,510 | -85.8% |
| Taxes, remuneration and social security | 45 | €11,717 | €25,114 | +€13,397 | +114% |
| Taxes | 450/3 | €6,696 | €20,051 | +€13,355 | +199% |
| Remuneration and social security | 454/9 | €5,021 | €5,064 | +€43 | +0.9% |
| Other amounts payable | 47/48 | €154,484 | €69,743 | -€84,741 | -54.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,594 | €47,594 | = | 0.0% |
| Other operating charges | 640/8 | €3,509 | €3,669 | +€160 | +4.6% |
| Gross operating margin | 9900 | €337,622 | €347,406 | +€9,784 | +2.9% |
| Operating profit (loss) | 9901 | €286,519 | €296,143 | +€9,624 | +3.4% |
| Financial income | 75/76B | €1,711 | €2,515 | +€804 | +47.0% |
| Recurring financial income | 75 | €1,711 | €2,515 | +€804 | +47.0% |
| Financial charges | 65/66B | €9,820 | €6,611 | -€3,209 | -32.7% |
| Recurring financial charges | 65 | €9,820 | €6,611 | -€3,209 | -32.7% |
| Profit (loss) for the period before taxes | 9903 | €278,410 | €292,047 | +€13,637 | +4.9% |
| Income taxes | 67/77 | €84,451 | €88,790 | +€4,339 | +5.1% |
| Profit (loss) for the period | 9904 | €193,959 | €203,257 | +€9,298 | +4.8% |
| Profit (loss) for the period to be appropriated | 9905 | €193,959 | €203,257 | +€9,298 | +4.8% |
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 1 November 2026 via checked.be.