De Voeg: 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 Voeg
Largest movements
- Receivables within one year +€281,726
up €281,726 (+83.1%), from €339,077 to €620,803
of which Other amounts receivable: +€148,743
- Receivables after one year +€100,000
new in 2025: €100,000
- Cash -€75,499
down €75,499 (-41.0%), from €184,107 to €108,607
mainly Receivables within one year (-€281,726) and Contributions, distributions and other (-€150,000)
- Trade debts +€194,431
up €194,431 (+240%), from €80,846 to €275,277
- Other debts +€188,104
up €188,104 (+295%), from €63,702 to €251,806
- Reserves -€85,448
down €85,448 (-21.1%), from €405,665 to €320,217
- Gross operating margin -€106,321
down €106,321 (-35.2%), from €302,126 to €195,805
- Staff costs +€63,450
new in 2025: €63,450
- Taxes -€29,637
down €29,637 (-56.8%), from €52,133 to €22,496
- Depreciation +€4,966
up €4,966 (+16.6%), from €29,835 to €34,801
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 | €937,422 | €1,250,981 | +€313,559 | +33.4% |
| Fixed assets | 21/28 | €413,820 | €417,446 | +€3,626 | +0.9% |
| Tangible fixed assets | 22/27 | €413,820 | €417,446 | +€3,626 | +0.9% |
| Land and buildings | 22 | €389,828 | €375,089 | -€14,739 | -3.8% |
| Plant, machinery and equipment | 23 | €11,503 | €8,380 | -€3,123 | -27.2% |
| Furniture and vehicles | 24 | €11,375 | €33,530 | +€22,155 | +195% |
| Other tangible fixed assets | 26 | €1,114 | €447 | -€667 | -59.9% |
| Current assets | 29/58 | €523,602 | €833,535 | +€309,933 | +59.2% |
| Amounts receivable after more than one year | 29 | - | €100,000 | +€100,000 | |
| Other amounts receivable | 291 | - | €100,000 | +€100,000 | |
| Amounts receivable within one year | 40/41 | €339,077 | €620,803 | +€281,726 | +83.1% |
| Trade receivables | 40 | €279,621 | €412,605 | +€132,983 | +47.6% |
| Other amounts receivable | 41 | €59,455 | €208,198 | +€148,743 | +250% |
| Cash at bank and in hand | 54/58 | €184,107 | €108,607 | -€75,499 | -41.0% |
| Deferred charges and accrued income | 490/1 | €419 | €4,125 | +€3,706 | +884% |
| Total equity and liabilities | 10/49 | €937,422 | €1,250,981 | +€313,559 | +33.4% |
| Equity | 10/15 | €424,215 | €338,767 | -€85,448 | -20.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €405,665 | €320,217 | -€85,448 | -21.1% |
| Distributable reserves | 133 | €405,665 | €320,217 | -€85,448 | -21.1% |
| Amounts payable | 17/49 | €513,208 | €912,214 | +€399,006 | +77.7% |
| Amounts payable after more than one year | 17 | €308,279 | €313,104 | +€4,825 | +1.6% |
| Financial debts | 170/4 | €308,279 | €313,104 | +€4,825 | +1.6% |
| Amounts payable within one year | 42/48 | €202,033 | €595,968 | +€393,935 | +195% |
| Current portion of amounts payable after more than one year | 42 | €24,712 | €32,524 | +€7,812 | +31.6% |
| Financial debts | 43 | €10,132 | €11,772 | +€1,641 | +16.2% |
| Credit institutions | 430/8 | €10,132 | €11,772 | +€1,641 | +16.2% |
| Trade debts | 44 | €80,846 | €275,277 | +€194,431 | +240% |
| Suppliers | 440/4 | €80,846 | €275,277 | +€194,431 | +240% |
| Taxes, remuneration and social security | 45 | €22,642 | €24,589 | +€1,947 | +8.6% |
| Taxes | 450/3 | €22,642 | €22,513 | -€130 | -0.6% |
| Remuneration and social security | 454/9 | - | €2,076 | +€2,076 | |
| Other amounts payable | 47/48 | €63,702 | €251,806 | +€188,104 | +295% |
| Accrued charges and deferred income | 492/3 | €2,895 | €3,141 | +€246 | +8.5% |
| Remuneration, social security and pensions | 62 | - | €63,450 | +€63,450 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,835 | €34,801 | +€4,966 | +16.6% |
| Other operating charges | 640/8 | €2,693 | €3,167 | +€474 | +17.6% |
| Gross operating margin | 9900 | €302,126 | €195,805 | -€106,321 | -35.2% |
| Operating profit (loss) | 9901 | €269,599 | €94,387 | -€175,212 | -65.0% |
| Financial income | 75/76B | €3,373 | €4,701 | +€1,328 | +39.4% |
| Recurring financial income | 75 | €3,373 | €4,701 | +€1,328 | +39.4% |
| Financial charges | 65/66B | €10,972 | €12,039 | +€1,067 | +9.7% |
| Recurring financial charges | 65 | €10,972 | €12,039 | +€1,067 | +9.7% |
| Profit (loss) for the period before taxes | 9903 | €262,000 | €87,049 | -€174,951 | -66.8% |
| Income taxes | 67/77 | €52,133 | €22,496 | -€29,637 | -56.8% |
| Profit (loss) for the period | 9904 | €209,867 | €64,552 | -€145,314 | -69.2% |
| Profit (loss) for the period to be appropriated | 9905 | €209,867 | €64,552 | -€145,314 | -69.2% |
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 19 October 2026 via checked.be.