de SAN - VULHOPP: 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.
de SAN - VULHOPP
Largest movements
- Receivables within one year -€64,753
down €64,753 (-20.3%), from €319,100 to €254,347
of which Trade receivables: -€88,098
- Cash +€18,199
up €18,199 (+39.4%), from €46,153 to €64,352
mainly Receivables within one year (+€64,753) and Net result for the year (+€37,729)
- Tangible fixed assets -€8,012
down €8,012 (-10.3%), from €78,013 to €70,001
of which Land and buildings: -€11,814
- Profit (loss) carried forward -€14,271
down €14,271 (-6.1%), from €235,871 to €221,600
- Debts after one year -€13,767
down €13,767 (-17.6%), from €78,192 to €64,425
- Tax, wage and social debts -€11,671
down €11,671 (-25.8%), from €45,247 to €33,576
of which Remuneration and social security: -€8,072
- Trade debts -€8,463
down €8,463 (-60.2%), from €14,052 to €5,590
- Write-downs +€110,374
new in 2025: €110,374
- Gross operating margin +€64,216
up €64,216 (+53.9%), from €119,145 to €183,361
- Taxes -€9,362
down €9,362 (-43.9%), from €21,334 to €11,971
- Other operating charges -€4,543
down €4,543 (-75.0%), from €6,057 to €1,514
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 | €468,523 | €415,373 | -€53,151 | -11.3% |
| Fixed assets | 21/28 | €102,715 | €94,703 | -€8,012 | -7.8% |
| Tangible fixed assets | 22/27 | €78,013 | €70,001 | -€8,012 | -10.3% |
| Land and buildings | 22 | €72,917 | €61,104 | -€11,814 | -16.2% |
| Furniture and vehicles | 24 | €5,096 | €8,897 | +€3,801 | +74.6% |
| Financial fixed assets | 28 | €24,702 | €24,702 | = | 0.0% |
| Current assets | 29/58 | €365,808 | €320,670 | -€45,138 | -12.3% |
| Amounts receivable within one year | 40/41 | €319,100 | €254,347 | -€64,753 | -20.3% |
| Trade receivables | 40 | €285,481 | €197,383 | -€88,098 | -30.9% |
| Other amounts receivable | 41 | €33,619 | €56,964 | +€23,345 | +69.4% |
| Cash at bank and in hand | 54/58 | €46,153 | €64,352 | +€18,199 | +39.4% |
| Deferred charges and accrued income | 490/1 | €555 | €1,971 | +€1,415 | +255% |
| Total equity and liabilities | 10/49 | €468,523 | €415,373 | -€53,151 | -11.3% |
| Equity | 10/15 | €256,815 | €242,544 | -€14,271 | -5.6% |
| Contributions | 10/11 | €19,040 | €19,040 | = | 0.0% |
| Reserves | 13 | €1,904 | €1,904 | = | 0.0% |
| Distributable reserves | 133 | €1,904 | €1,904 | = | 0.0% |
| Profit (loss) carried forward | 14 | €235,871 | €221,600 | -€14,271 | -6.1% |
| Amounts payable | 17/49 | €211,708 | €172,828 | -€38,880 | -18.4% |
| Amounts payable after more than one year | 17 | €78,192 | €64,425 | -€13,767 | -17.6% |
| Financial debts | 170/4 | €78,192 | €64,425 | -€13,767 | -17.6% |
| Amounts payable within one year | 42/48 | €131,004 | €108,403 | -€22,602 | -17.3% |
| Current portion of amounts payable after more than one year | 42 | €13,275 | €13,767 | +€491 | +3.7% |
| Financial debts | 43 | €3,429 | €3,470 | +€41 | +1.2% |
| Credit institutions | 430/8 | €3,429 | €3,470 | +€41 | +1.2% |
| Trade debts | 44 | €14,052 | €5,590 | -€8,463 | -60.2% |
| Suppliers | 440/4 | €14,052 | €5,590 | -€8,463 | -60.2% |
| Taxes, remuneration and social security | 45 | €45,247 | €33,576 | -€11,671 | -25.8% |
| Taxes | 450/3 | €37,176 | €33,576 | -€3,599 | -9.7% |
| Remuneration and social security | 454/9 | €8,072 | - | -€8,072 | |
| Other amounts payable | 47/48 | €55,000 | €52,000 | -€3,000 | -5.5% |
| Accrued charges and deferred income | 492/3 | €2,512 | - | -€2,512 | |
| Non-recurring operating income | 76A | - | €15,213 | +€15,213 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,606 | €15,773 | +€167 | +1.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €110,374 | +€110,374 | |
| Other operating charges | 640/8 | €6,057 | €1,514 | -€4,543 | -75.0% |
| Gross operating margin | 9900 | €119,145 | €183,361 | +€64,216 | +53.9% |
| Operating profit (loss) | 9901 | €97,482 | €55,700 | -€41,781 | -42.9% |
| Financial income | 75/76B | €0 | €92 | +€92 | +92,290% |
| Recurring financial income | 75 | €0 | €92 | +€92 | +92,290% |
| Financial charges | 65/66B | €6,983 | €6,092 | -€891 | -12.8% |
| Recurring financial charges | 65 | €6,983 | €6,092 | -€891 | -12.8% |
| Profit (loss) for the period before taxes | 9903 | €90,499 | €49,701 | -€40,798 | -45.1% |
| Income taxes | 67/77 | €21,334 | €11,971 | -€9,362 | -43.9% |
| Profit (loss) for the period | 9904 | €69,166 | €37,729 | -€31,436 | -45.5% |
| Profit (loss) for the period to be appropriated | 9905 | €69,166 | €37,729 | -€31,436 | -45.5% |
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 31 October 2026 via checked.be.