DES VOILES D'OR: 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.
DES VOILES D'OR
Largest movements
- Deferred charges and accrued income +€5,701
new in 2025: €5,701
- Cash -€1,150
no longer reported in 2025 (was €1,150)
mainly Net result for the year (-€10,521) and Deferred charges and accrued income (-€5,701)
- Receivables within one year -€560
down €560 (-2.3%), from €24,605 to €24,045
of which Trade receivables: -€2,388
- Tangible fixed assets +€324
up €324 (+346%), from €94 to €418
of which Furniture and vehicles: +€408
- Short-term financial debts +€18,699
new in 2025: €18,699
- Profit (loss) carried forward -€10,521
down €10,521 (-89.6%), from -€11,742 to -€22,263
- Other debts -€2,750
down €2,750 (-14.7%), from €18,750 to €16,000
- Tax, wage and social debts -€855
down €855 (-15.1%), from €5,660 to €4,805
- Gross operating margin -€18,806
down €18,806, from €10,413 to -€8,393
- Financial charges +€974
up €974 (+180%), from €541 to €1,516
- Financial income +€144
up €144 (+192%), from €75 to €219
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 | €26,524 | €31,046 | +€4,523 | +17.1% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €94 | €418 | +€324 | +346% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €94 | €418 | +€324 | +346% |
| Land and buildings | 22 | €0 | €0 | = | |
| Plant, machinery and equipment | 23 | €94 | €10 | -€84 | -89.7% |
| Furniture and vehicles | 24 | €0 | €408 | +€408 | |
| Current assets | 29/58 | €26,430 | €30,629 | +€4,199 | +15.9% |
| Stocks and contracts in progress | 3 | €675 | €883 | +€208 | +30.8% |
| Stocks | 30/36 | €675 | €883 | +€208 | +30.8% |
| Amounts receivable within one year | 40/41 | €24,605 | €24,045 | -€560 | -2.3% |
| Trade receivables | 40 | €2,667 | €279 | -€2,388 | -89.5% |
| Other amounts receivable | 41 | €21,938 | €23,766 | +€1,828 | +8.3% |
| Cash at bank and in hand | 54/58 | €1,150 | - | -€1,150 | |
| Deferred charges and accrued income | 490/1 | - | €5,701 | +€5,701 | |
| Total equity and liabilities | 10/49 | €26,524 | €31,046 | +€4,523 | +17.1% |
| Equity | 10/15 | €658 | -€9,863 | -€10,521 | |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,742 | -€22,263 | -€10,521 | -89.6% |
| Amounts payable | 17/49 | €25,866 | €40,910 | +€15,044 | +58.2% |
| Amounts payable within one year | 42/48 | €25,866 | €40,910 | +€15,044 | +58.2% |
| Financial debts | 43 | - | €18,699 | +€18,699 | |
| Credit institutions | 430/8 | - | €18,699 | +€18,699 | |
| Trade debts | 44 | €1,455 | €1,405 | -€50 | -3.4% |
| Suppliers | 440/4 | €1,455 | €1,405 | -€50 | -3.4% |
| Taxes, remuneration and social security | 45 | €5,660 | €4,805 | -€855 | -15.1% |
| Taxes | 450/3 | €5,660 | €4,805 | -€855 | -15.1% |
| Other amounts payable | 47/48 | €18,750 | €16,000 | -€2,750 | -14.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84 | €126 | +€42 | +50.6% |
| Other operating charges | 640/8 | €629 | €705 | +€76 | +12.1% |
| Gross operating margin | 9900 | €10,413 | -€8,393 | -€18,806 | |
| Operating profit (loss) | 9901 | €9,700 | -€9,225 | -€18,924 | |
| Financial income | 75/76B | €75 | €219 | +€144 | +192% |
| Recurring financial income | 75 | €75 | €219 | +€144 | +192% |
| Financial charges | 65/66B | €541 | €1,516 | +€974 | +180% |
| Recurring financial charges | 65 | €541 | €1,516 | +€974 | +180% |
| Profit (loss) for the period before taxes | 9903 | €9,233 | -€10,521 | -€19,754 | |
| Profit (loss) for the period | 9904 | €9,233 | -€10,521 | -€19,754 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,233 | -€10,521 | -€19,754 |
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 30 October 2026 via checked.be.