I. VOSCH: 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.
I. VOSCH
Largest movements
- Cash -€54,723
down €54,723 (-69.9%), from €78,239 to €23,516
mainly Contributions, distributions and other (-€70,000) and Receivables within one year (-€22,076)
- Receivables within one year +€22,076
up €22,076 (+98.1%), from €22,509 to €44,585
- Tangible fixed assets -€10,682
down €10,682 (-16.5%), from €64,913 to €54,231
of which Furniture and vehicles: -€10,257
- Reserves -€58,587
down €58,587 (-63.0%), from €93,038 to €34,451
- Trade debts +€14,316
up €14,316 (+323%), from €4,434 to €18,750
- Other debts +€10,000
up €10,000 (+50.0%), from €20,000 to €30,000
- Debts after one year -€6,297
down €6,297 (-42.2%), from €14,922 to €8,625
- Gross operating margin -€51,375
down €51,375 (-65.1%), from €78,943 to €27,568
- Taxes -€10,381
down €10,381 (-77.6%), from €13,381 to €3,000
- Depreciation -€10,089
down €10,089 (-48.6%), from €20,771 to €10,682
- Financial income -€9,160
no longer reported in 2025 (was €9,160)
- Financial charges -€1,374
down €1,374 (-62.9%), from €2,185 to €811
From the 30-06-2025 result to the 31-12-2025 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 30-06-2025 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 30-06-2025 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €166,211 | €124,279 | -€41,932 | -25.2% |
| Fixed assets | 21/28 | €65,463 | €54,781 | -€10,682 | -16.3% |
| Tangible fixed assets | 22/27 | €64,913 | €54,231 | -€10,682 | -16.5% |
| Plant, machinery and equipment | 23 | €3,509 | €3,084 | -€425 | -12.1% |
| Furniture and vehicles | 24 | €61,404 | €51,147 | -€10,257 | -16.7% |
| Financial fixed assets | 28 | €550 | €550 | = | 0.0% |
| Current assets | 29/58 | €100,748 | €69,498 | -€31,250 | -31.0% |
| Amounts receivable within one year | 40/41 | €22,509 | €44,585 | +€22,076 | +98.1% |
| Trade receivables | 40 | €22,509 | €44,585 | +€22,076 | +98.1% |
| Cash at bank and in hand | 54/58 | €78,239 | €23,516 | -€54,723 | -69.9% |
| Deferred charges and accrued income | 490/1 | - | €1,397 | +€1,397 | |
| Total equity and liabilities | 10/49 | €166,211 | €124,279 | -€41,932 | -25.2% |
| Equity | 10/15 | €113,038 | €54,451 | -€58,587 | -51.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €93,038 | €34,451 | -€58,587 | -63.0% |
| Distributable reserves | 133 | €93,038 | €34,451 | -€58,587 | -63.0% |
| Amounts payable | 17/49 | €53,173 | €69,828 | +€16,655 | +31.3% |
| Amounts payable after more than one year | 17 | €14,922 | €8,625 | -€6,297 | -42.2% |
| Financial debts | 170/4 | €14,922 | €8,625 | -€6,297 | -42.2% |
| Amounts payable within one year | 42/48 | €36,604 | €61,203 | +€24,599 | +67.2% |
| Current portion of amounts payable after more than one year | 42 | €12,170 | €12,453 | +€283 | +2.3% |
| Trade debts | 44 | €4,434 | €18,750 | +€14,316 | +323% |
| Suppliers | 440/4 | €4,434 | €18,750 | +€14,316 | +323% |
| Other amounts payable | 47/48 | €20,000 | €30,000 | +€10,000 | +50.0% |
| Accrued charges and deferred income | 492/3 | €1,647 | - | -€1,647 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,771 | €10,682 | -€10,089 | -48.6% |
| Other operating charges | 640/8 | €1,365 | €1,662 | +€297 | +21.8% |
| Gross operating margin | 9900 | €78,943 | €27,568 | -€51,375 | -65.1% |
| Operating profit (loss) | 9901 | €56,807 | €15,224 | -€41,583 | -73.2% |
| Financial income | 75/76B | €9,160 | - | -€9,160 | |
| Recurring financial income | 75 | €9,160 | - | -€9,160 | |
| Financial charges | 65/66B | €2,185 | €811 | -€1,374 | -62.9% |
| Recurring financial charges | 65 | €2,185 | €811 | -€1,374 | -62.9% |
| Profit (loss) for the period before taxes | 9903 | €63,782 | €14,413 | -€49,369 | -77.4% |
| Income taxes | 67/77 | €13,381 | €3,000 | -€10,381 | -77.6% |
| Profit (loss) for the period | 9904 | €50,401 | €11,413 | -€38,988 | -77.4% |
| Profit (loss) for the period to be appropriated | 9905 | €50,401 | €11,413 | -€38,988 | -77.4% |
Source: filed annual accounts (NBB), financial years ended 30 June 2025 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.