Dr. W. Volant: 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.
What changed
Dr. W. Volant
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€492,620
2024 · €503,844-€11,224
Equity
€3.7m
2024 · €3.6m+€170,515
Cash
€408,681
2024 · €409,985-€1,304
Balance sheet total
€4.0m
2024 · €4.1m-€155,733
Largest movements
Assets
- Current investments -€133,087
down €133,087 (-3.8%), from €3.5m to €3.4m
Equity and liabilities
- Other debts -€305,193
down €305,193 (-79.3%), from €384,811 to €79,618
- Reserves +€170,515
up €170,515 (+4.8%), from €3.6m to €3.7m
of which Distributable reserves: +€170,515
Income statement
- Taxes -€29,854
down €29,854 (-12.7%), from €235,371 to €205,517
- Gross operating margin -€29,460
down €29,460 (-4.4%), from €666,016 to €636,556
- Financial charges +€14,147
up €14,147 (+47.2%), from €29,997 to €44,145
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.
Result 2024
€503,844
Gross operating margin
-€29,460
Depreciation
+€614
Other operating charges
-€407
Financial income
+€2,323
Financial charges
-€14,147
Taxes
+€29,854
Result 2025
€492,620
raises the resultlowers the result
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.
From operations
+€207,686
Investment
+€133,087
Financing
-€342,077
Cash 2024
€409,985
From operations (derived)
+€207,686
Net result for the year
+€492,620
Depreciation
+€32,007
Deferred charges and accrued income
-€10,664
Trade debts
+€173
Tax, wage and social debts
-€1,257
Other debts
-€305,193
Investment (derived)
+€133,087
Current investments
+€133,087
Financing
-€342,077
Debts after one year
-€20,837
Current portion of long-term debt
+€865
Contributions, distributions and other
-€322,105
Cash 2025
€408,681
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,111,804 | €3,956,071 | -€155,733 | -3.8% |
| Fixed assets | 21/28 | €115,831 | €83,824 | -€32,007 | -27.6% |
| Tangible fixed assets | 22/27 | €115,831 | €83,824 | -€32,007 | -27.6% |
| Plant, machinery and equipment | 23 | €9,661 | €6,986 | -€2,675 | -27.7% |
| Furniture and vehicles | 24 | €106,170 | €76,838 | -€29,331 | -27.6% |
| Current assets | 29/58 | €3,995,973 | €3,872,247 | -€123,726 | -3.1% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €3,522,543 | €3,389,456 | -€133,087 | -3.8% |
| Cash at bank and in hand | 54/58 | €409,985 | €408,681 | -€1,304 | -0.3% |
| Deferred charges and accrued income | 490/1 | €63,446 | €74,110 | +€10,664 | +16.8% |
| Total equity and liabilities | 10/49 | €4,111,804 | €3,956,071 | -€155,733 | -3.8% |
| Equity | 10/15 | €3,571,112 | €3,741,627 | +€170,515 | +4.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €3,552,152 | €3,722,667 | +€170,515 | +4.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €3,552,152 | €3,722,667 | +€170,515 | +4.8% |
| Profit (loss) carried forward | 14 | €360 | €360 | = | 0.0% |
| Amounts payable | 17/49 | €540,692 | €214,444 | -€326,248 | -60.3% |
| Amounts payable after more than one year | 17 | €62,483 | €41,646 | -€20,837 | -33.3% |
| Financial debts | 170/4 | €62,483 | €41,646 | -€20,837 | -33.3% |
| Amounts payable within one year | 42/48 | €478,210 | €172,799 | -€305,411 | -63.9% |
| Current portion of amounts payable after more than one year | 42 | €19,972 | €20,837 | +€865 | +4.3% |
| Trade debts | 44 | €0 | €173 | +€173 | |
| Suppliers | 440/4 | €0 | €173 | +€173 | |
| Taxes, remuneration and social security | 45 | €73,428 | €72,171 | -€1,257 | -1.7% |
| Taxes | 450/3 | €73,428 | €72,171 | -€1,257 | -1.7% |
| Other amounts payable | 47/48 | €384,811 | €79,618 | -€305,193 | -79.3% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,621 | €32,007 | -€614 | -1.9% |
| Other operating charges | 640/8 | €1,126 | €1,533 | +€407 | +36.2% |
| Gross operating margin | 9900 | €666,016 | €636,556 | -€29,460 | -4.4% |
| Operating profit (loss) | 9901 | €632,269 | €603,016 | -€29,253 | -4.6% |
| Financial income | 75/76B | €136,943 | €139,266 | +€2,323 | +1.7% |
| Recurring financial income | 75 | €136,943 | €139,266 | +€2,323 | +1.7% |
| Financial charges | 65/66B | €29,997 | €44,145 | +€14,147 | +47.2% |
| Recurring financial charges | 65 | €29,997 | €44,145 | +€14,147 | +47.2% |
| Profit (loss) for the period before taxes | 9903 | €739,215 | €698,137 | -€41,078 | -5.6% |
| Income taxes | 67/77 | €235,371 | €205,517 | -€29,854 | -12.7% |
| Profit (loss) for the period | 9904 | €503,844 | €492,620 | -€11,224 | -2.2% |
| Profit (loss) for the period to be appropriated | 9905 | €503,844 | €492,620 | -€11,224 | -2.2% |
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 26 October 2026 via checked.be.