De Voegt: 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 Voegt
Largest movements
- Receivables within one year -€7,313
down €7,313 (-61.1%), from €11,959 to €4,646
of which Trade receivables: -€8,851
- Tangible fixed assets +€6,637
up €6,637 (+3.0%), from €222,702 to €229,339
of which Plant, machinery and equipment: +€8,308
- Other debts +€44,586
up €44,586 (+64.0%), from €69,641 to €114,226
- Tax, wage and social debts -€43,517
no longer reported in 2025 (was €43,517)
of which Remuneration and social security: -€42,992
- Profit (loss) carried forward -€4,601
down €4,601 (-42.3%), from -€10,887 to -€15,488
- Gross operating margin -€5,336
down €5,336 (-42.6%), from €12,523 to €7,187
- Depreciation +€768
up €768 (+7.3%), from €10,595 to €11,363
- Financial income -€271
down €271 (-34.4%), from €787 to €516
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 | €325,552 | €324,815 | -€737 | -0.2% |
| Fixed assets | 21/28 | €222,702 | €229,339 | +€6,637 | +3.0% |
| Tangible fixed assets | 22/27 | €222,702 | €229,339 | +€6,637 | +3.0% |
| Land and buildings | 22 | €200,425 | €200,425 | = | 0.0% |
| Plant, machinery and equipment | 23 | €19,497 | €27,805 | +€8,308 | +42.6% |
| Furniture and vehicles | 24 | €2,779 | €1,109 | -€1,671 | -60.1% |
| Current assets | 29/58 | €102,851 | €95,477 | -€7,374 | -7.2% |
| Stocks and contracts in progress | 3 | €1,797 | €1,250 | -€548 | -30.5% |
| Stocks | 30/36 | €1,797 | €1,250 | -€548 | -30.5% |
| Amounts receivable within one year | 40/41 | €11,959 | €4,646 | -€7,313 | -61.1% |
| Trade receivables | 40 | €9,016 | €166 | -€8,851 | -98.2% |
| Other amounts receivable | 41 | €2,943 | €4,481 | +€1,538 | +52.3% |
| Current investments | 50/53 | €992 | €992 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €87,152 | €86,356 | -€796 | -0.9% |
| Deferred charges and accrued income | 490/1 | €951 | €2,233 | +€1,282 | +135% |
| Total equity and liabilities | 10/49 | €325,552 | €324,815 | -€737 | -0.2% |
| Equity | 10/15 | €210,569 | €205,968 | -€4,601 | -2.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €202,906 | €202,906 | = | 0.0% |
| Tax-exempt reserves | 132 | €407 | €407 | = | 0.0% |
| Distributable reserves | 133 | €202,499 | €202,499 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€10,887 | -€15,488 | -€4,601 | -42.3% |
| Amounts payable | 17/49 | €114,983 | €118,847 | +€3,863 | +3.4% |
| Amounts payable within one year | 42/48 | €113,342 | €117,569 | +€4,227 | +3.7% |
| Trade debts | 44 | €184 | €3,343 | +€3,158 | +1,716% |
| Suppliers | 440/4 | €184 | €3,343 | +€3,158 | +1,716% |
| Taxes, remuneration and social security | 45 | €43,517 | - | -€43,517 | |
| Taxes | 450/3 | €525 | - | -€525 | |
| Remuneration and social security | 454/9 | €42,992 | - | -€42,992 | |
| Other amounts payable | 47/48 | €69,641 | €114,226 | +€44,586 | +64.0% |
| Accrued charges and deferred income | 492/3 | €1,641 | €1,278 | -€363 | -22.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,595 | €11,363 | +€768 | +7.3% |
| Other operating charges | 640/8 | €233 | €254 | +€21 | +8.9% |
| Gross operating margin | 9900 | €12,523 | €7,187 | -€5,336 | -42.6% |
| Operating profit (loss) | 9901 | €1,695 | -€4,430 | -€6,125 | |
| Financial income | 75/76B | €787 | €516 | -€271 | -34.4% |
| Recurring financial income | 75 | €787 | €516 | -€271 | -34.4% |
| Financial charges | 65/66B | €550 | €555 | +€5 | +0.9% |
| Recurring financial charges | 65 | €550 | €555 | +€5 | +0.9% |
| Profit (loss) for the period before taxes | 9903 | €1,932 | -€4,469 | -€6,401 | |
| Income taxes | 67/77 | €128 | €132 | +€4 | +3.1% |
| Profit (loss) for the period | 9904 | €1,804 | -€4,601 | -€6,405 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,804 | -€4,601 | -€6,405 |
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 29 October 2026 via checked.be.