VADE: 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.
VADE
Largest movements
- Tangible fixed assets -€54,994
down €54,994 (-5.4%), from €1.0m to €955,216
of which Land and buildings: -€51,636
- Receivables within one year +€12,161
up €12,161 (+1,349%), from €902 to €13,063
- Cash +€11,364
up €11,364 (+18.1%), from €62,793 to €74,157
mainly Depreciation (+€54,994) and Net result for the year (+€10,025)
- Debts after one year -€33,333
down €33,333 (-13.0%), from €255,555 to €222,222
- Other debts -€16,281
down €16,281 (-3.1%), from €530,800 to €514,519
- Gross operating margin +€5,552
up €5,552 (+7.8%), from €71,031 to €76,583
- Depreciation -€1,716
down €1,716 (-3.0%), from €56,710 to €54,994
- Other operating charges -€1,154
down €1,154 (-14.9%), from €7,756 to €6,602
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 | €1,082,469 | €1,043,846 | -€38,623 | -3.6% |
| Fixed assets | 21/28 | €1,010,211 | €955,216 | -€54,994 | -5.4% |
| Tangible fixed assets | 22/27 | €1,010,211 | €955,216 | -€54,994 | -5.4% |
| Land and buildings | 22 | €1,001,273 | €949,638 | -€51,636 | -5.2% |
| Plant, machinery and equipment | 23 | €5,111 | €3,578 | -€1,533 | -30.0% |
| Furniture and vehicles | 24 | €3,826 | €2,001 | -€1,826 | -47.7% |
| Current assets | 29/58 | €72,258 | €88,630 | +€16,372 | +22.7% |
| Amounts receivable within one year | 40/41 | €902 | €13,063 | +€12,161 | +1,349% |
| Other amounts receivable | 41 | €902 | €13,063 | +€12,161 | +1,349% |
| Cash at bank and in hand | 54/58 | €62,793 | €74,157 | +€11,364 | +18.1% |
| Deferred charges and accrued income | 490/1 | €8,563 | €1,409 | -€7,154 | -83.5% |
| Total equity and liabilities | 10/49 | €1,082,469 | €1,043,846 | -€38,623 | -3.6% |
| Equity | 10/15 | €236,195 | €246,221 | +€10,025 | +4.2% |
| Contributions | 10/11 | €68,500 | €68,500 | = | 0.0% |
| Reserves | 13 | €290,637 | €290,637 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,653 | €15,653 | = | 0.0% |
| Distributable reserves | 133 | €274,984 | €274,984 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€122,942 | -€112,916 | +€10,025 | +8.2% |
| Amounts payable | 17/49 | €846,274 | €797,625 | -€48,648 | -5.7% |
| Amounts payable after more than one year | 17 | €255,555 | €222,222 | -€33,333 | -13.0% |
| Financial debts | 170/4 | €255,555 | €222,222 | -€33,333 | -13.0% |
| Amounts payable within one year | 42/48 | €584,352 | €567,852 | -€16,499 | -2.8% |
| Current portion of amounts payable after more than one year | 42 | €33,333 | €33,333 | = | 0.0% |
| Trade debts | 44 | €20,219 | €20,000 | -€219 | -1.1% |
| Suppliers | 440/4 | €20,219 | €20,000 | -€219 | -1.1% |
| Other amounts payable | 47/48 | €530,800 | €514,519 | -€16,281 | -3.1% |
| Accrued charges and deferred income | 492/3 | €6,366 | €7,551 | +€1,185 | +18.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,710 | €54,994 | -€1,716 | -3.0% |
| Other operating charges | 640/8 | €7,756 | €6,602 | -€1,154 | -14.9% |
| Gross operating margin | 9900 | €71,031 | €76,583 | +€5,552 | +7.8% |
| Operating profit (loss) | 9901 | €6,565 | €14,986 | +€8,422 | +128% |
| Financial charges | 65/66B | €5,514 | €4,961 | -€553 | -10.0% |
| Recurring financial charges | 65 | €5,514 | €4,961 | -€553 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | €1,050 | €10,025 | +€8,975 | +854% |
| Profit (loss) for the period | 9904 | €1,050 | €10,025 | +€8,975 | +854% |
| Profit (loss) for the period to be appropriated | 9905 | €1,050 | €10,025 | +€8,975 | +854% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.