VDACO: what changed
VDACO
Largest movements
- Tangible fixed assets -€85,292
down €85,292 (-15.0%), from €570,222 to €484,931
of which Land and buildings: -€83,687
- Stocks and contracts -€31,168
down €31,168 (-24.0%), from €129,757 to €98,588
- Receivables within one year +€17,958
up €17,958 (+26.2%), from €68,446 to €86,405
of which Trade receivables: +€13,770
- Profit (loss) carried forward -€83,680
down €83,680 (-17.3%), from -€484,898 to -€568,577
- Other debts -€46,051
no longer reported in 2025 (was €46,051)
- Trade debts +€37,329
up €37,329 (+87.2%), from €42,788 to €80,118
- Debts after one year -€28,034
down €28,034 (-3.2%), from €886,429 to €858,395
of which Financial debts: -€63,605
- Short-term financial debts +€20,179
up €20,179 (+67.3%), from €30,000 to €50,179
- Staff costs -€63,273
down €63,273 (-90.0%), from €70,266 to €6,993
- Gross operating margin +€15,568
up €15,568 (+72.9%), from €21,363 to €36,931
- Financial charges +€12,025
up €12,025 (+78.2%), from €15,377 to €27,402
- Other operating charges -€5,832
down €5,832 (-86.3%), from €6,756 to €924
- Depreciation -€5,182
down €5,182 (-5.7%), from €90,473 to €85,292
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €791,369 | €695,641 | -€95,728 | -12.1% |
| Fixed assets | 21/28 | €570,472 | €485,181 | -€85,292 | -15.0% |
| Tangible fixed assets | 22/27 | €570,222 | €484,931 | -€85,292 | -15.0% |
| Land and buildings | 22 | €566,234 | €482,547 | -€83,687 | -14.8% |
| Plant, machinery and equipment | 23 | €3,989 | €2,384 | -€1,605 | -40.2% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €220,897 | €210,461 | -€10,436 | -4.7% |
| Stocks and contracts in progress | 3 | €129,757 | €98,588 | -€31,168 | -24.0% |
| Stocks | 30/36 | €129,757 | €98,588 | -€31,168 | -24.0% |
| Amounts receivable within one year | 40/41 | €68,446 | €86,405 | +€17,958 | +26.2% |
| Trade receivables | 40 | €43,350 | €57,121 | +€13,770 | +31.8% |
| Other amounts receivable | 41 | €25,096 | €29,284 | +€4,188 | +16.7% |
| Current investments | 50/53 | - | €4,596 | +€4,596 | |
| Cash at bank and in hand | 54/58 | €22,693 | €20,872 | -€1,822 | -8.0% |
| Total equity and liabilities | 10/49 | €791,369 | €695,641 | -€95,728 | -12.1% |
| Equity | 10/15 | -€332,719 | -€416,399 | -€83,680 | -25.2% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €127,178 | €127,178 | = | 0.0% |
| Distributable reserves | 133 | €127,178 | €127,178 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€484,898 | -€568,577 | -€83,680 | -17.3% |
| Amounts payable | 17/49 | €1,124,088 | €1,112,040 | -€12,048 | -1.1% |
| Amounts payable after more than one year | 17 | €886,429 | €858,395 | -€28,034 | -3.2% |
| Financial debts | 170/4 | €549,110 | €485,505 | -€63,605 | -11.6% |
| Other amounts payable | 178/9 | €337,319 | €372,890 | +€35,571 | +10.5% |
| Amounts payable within one year | 42/48 | €237,660 | €253,645 | +€15,986 | +6.7% |
| Current portion of amounts payable after more than one year | 42 | €61,428 | €63,605 | +€2,177 | +3.5% |
| Financial debts | 43 | €30,000 | €50,179 | +€20,179 | +67.3% |
| Credit institutions | 430/8 | €30,000 | €50,179 | +€20,179 | +67.3% |
| Trade debts | 44 | €42,788 | €80,118 | +€37,329 | +87.2% |
| Suppliers | 440/4 | €42,788 | €80,118 | +€37,329 | +87.2% |
| Advances received on contracts in progress | 46 | €14,127 | €14,127 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €43,266 | €45,617 | +€2,352 | +5.4% |
| Taxes | 450/3 | €18,833 | €6,602 | -€12,231 | -64.9% |
| Remuneration and social security | 454/9 | €24,433 | €39,015 | +€14,583 | +59.7% |
| Other amounts payable | 47/48 | €46,051 | - | -€46,051 | |
| Remuneration, social security and pensions | 62 | €70,266 | €6,993 | -€63,273 | -90.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,473 | €85,292 | -€5,182 | -5.7% |
| Other operating charges | 640/8 | €6,756 | €924 | -€5,832 | -86.3% |
| Gross operating margin | 9900 | €21,363 | €36,931 | +€15,568 | +72.9% |
| Operating profit (loss) | 9901 | -€146,133 | -€56,278 | +€89,855 | +61.5% |
| Financial charges | 65/66B | €15,377 | €27,402 | +€12,025 | +78.2% |
| Recurring financial charges | 65 | €15,377 | €27,402 | +€12,025 | +78.2% |
| Profit (loss) for the period before taxes | 9903 | -€161,510 | -€83,680 | +€77,831 | +48.2% |
| Profit (loss) for the period | 9904 | -€161,510 | -€83,680 | +€77,831 | +48.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€161,510 | -€83,680 | +€77,831 | +48.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.