VUDEGRA: 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.
VUDEGRA
Largest movements
- Current investments -€748,750
down €748,750 (-74.9%), from €1.0m to €251,250
- Receivables after one year +€697,710
up €697,710 (+698%), from €100,000 to €797,710
- Tangible fixed assets +€573,054
up €573,054 (+180%), from €318,236 to €891,290
of which Land and buildings: +€579,054
- Cash -€336,470
down €336,470 (-97.8%), from €344,042 to €7,573
mainly Receivables after one year (-€697,710) and Investment in fixed assets (net) (-€593,025)
- Receivables within one year +€126,515
up €126,515 (+8,096%), from €1,563 to €128,078
- Short-term financial debts +€275,000
new in 2025: €275,000
- Trade debts +€48,259
up €48,259 (+123%), from €39,259 to €87,519
- Financial income +€23,551
up €23,551 (+200%), from €11,784 to €35,335
- Gross operating margin -€13,272
down €13,272, from €848 to -€12,424
- Depreciation +€4,140
up €4,140 (+26.2%), from €15,831 to €19,971
- Other operating charges +€3,137
up €3,137 (+57.0%), from €5,505 to €8,641
- Financial charges +€350
up €350 (+468%), from €75 to €425
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 | €1,822,509 | €2,140,357 | +€317,848 | +17.4% |
| Fixed assets | 21/28 | €318,236 | €891,290 | +€573,054 | +180% |
| Tangible fixed assets | 22/27 | €318,236 | €891,290 | +€573,054 | +180% |
| Land and buildings | 22 | €297,162 | €876,216 | +€579,054 | +195% |
| Plant, machinery and equipment | 23 | €21,074 | €15,074 | -€6,000 | -28.5% |
| Current assets | 29/58 | €1,504,273 | €1,249,066 | -€255,207 | -17.0% |
| Amounts receivable after more than one year | 29 | €100,000 | €797,710 | +€697,710 | +698% |
| Other amounts receivable | 291 | €100,000 | €797,710 | +€697,710 | +698% |
| Stocks and contracts in progress | 3 | €57,891 | €57,891 | = | 0.0% |
| Stocks | 30/36 | €57,891 | €57,891 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,563 | €128,078 | +€126,515 | +8,096% |
| Other amounts receivable | 41 | €1,563 | €128,078 | +€126,515 | +8,096% |
| Current investments | 50/53 | €1,000,000 | €251,250 | -€748,750 | -74.9% |
| Cash at bank and in hand | 54/58 | €344,042 | €7,573 | -€336,470 | -97.8% |
| Deferred charges and accrued income | 490/1 | €777 | €6,565 | +€5,788 | +745% |
| Total equity and liabilities | 10/49 | €1,822,509 | €2,140,357 | +€317,848 | +17.4% |
| Equity | 10/15 | €1,518,845 | €1,516,531 | -€2,315 | -0.2% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €1,466,698 | €1,452,294 | -€14,404 | -1.0% |
| Non-distributable reserves | 130/1 | €6,250 | - | -€6,250 | |
| Reserves not available under the articles | 1311 | €6,250 | - | -€6,250 | |
| Tax-exempt reserves | 132 | €717,548 | €703,143 | -€14,404 | -2.0% |
| Distributable reserves | 133 | €742,900 | €749,150 | +€6,250 | +0.8% |
| Profit (loss) carried forward | 14 | -€10,353 | €1,737 | +€12,090 | |
| Provisions and deferred taxes | 16 | €239,863 | €236,052 | -€3,811 | -1.6% |
| Provisions for liabilities and charges | 160/5 | €53,850 | €53,850 | = | 0.0% |
| Major repairs and maintenance | 162 | €53,850 | €53,850 | = | 0.0% |
| Deferred taxes | 168 | €186,013 | €182,202 | -€3,811 | -2.0% |
| Amounts payable | 17/49 | €63,801 | €387,774 | +€323,973 | +508% |
| Amounts payable within one year | 42/48 | €63,801 | €387,774 | +€323,973 | +508% |
| Financial debts | 43 | - | €275,000 | +€275,000 | |
| Credit institutions | 430/8 | - | €275,000 | +€275,000 | |
| Trade debts | 44 | €39,259 | €87,519 | +€48,259 | +123% |
| Suppliers | 440/4 | €39,259 | €87,519 | +€48,259 | +123% |
| Other amounts payable | 47/48 | €24,542 | €25,256 | +€714 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,831 | €19,971 | +€4,140 | +26.2% |
| Other operating charges | 640/8 | €5,505 | €8,641 | +€3,137 | +57.0% |
| Gross operating margin | 9900 | €848 | -€12,424 | -€13,272 | |
| Operating profit (loss) | 9901 | -€20,488 | -€41,036 | -€20,549 | -100% |
| Financial income | 75/76B | €11,784 | €35,335 | +€23,551 | +200% |
| Recurring financial income | 75 | €11,784 | €35,335 | +€23,551 | +200% |
| Financial charges | 65/66B | €75 | €425 | +€350 | +468% |
| Recurring financial charges | 65 | €75 | €425 | +€350 | +468% |
| Profit (loss) for the period before taxes | 9903 | -€8,778 | -€6,126 | +€2,652 | +30.2% |
| Transfer from deferred taxes | 780 | €3,255 | €3,811 | +€556 | +17.1% |
| Profit (loss) for the period | 9904 | -€5,523 | -€2,315 | +€3,209 | +58.1% |
| Transfer from tax-exempt reserves | 789 | €12,735 | €14,404 | +€1,669 | +13.1% |
| Profit (loss) for the period to be appropriated | 9905 | €7,212 | €12,090 | +€4,878 | +67.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.