IT's Vulsteke: 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.
IT's Vulsteke
Largest movements
- Receivables within one year +€116,664
up €116,664 (+58.4%), from €199,779 to €316,443
of which Trade receivables: +€107,205
- Cash +€12,884
up €12,884 (+30.1%), from €42,774 to €55,658
mainly Trade debts (+€183,386) and Tax, wage and social debts (+€27,783)
- Tangible fixed assets -€5,480
down €5,480 (-78.2%), from €7,005 to €1,526
- Trade debts +€183,386
up €183,386 (+160%), from €114,901 to €298,287
- Reserves -€93,000
down €93,000 (-67.6%), from €137,500 to €44,500
- Tax, wage and social debts +€27,783
up €27,783 (+71.3%), from €38,941 to €66,724
of which Remuneration and social security: +€28,288
- Profit (loss) carried forward +€5,976
up €5,976 (+7,221%), from €83 to €6,059
- Staff costs +€189,481
up €189,481 (+235%), from €80,535 to €270,016
- Gross operating margin +€62,727
up €62,727 (+49.1%), from €127,721 to €190,448
- Taxes -€13,221
down €13,221 (-96.8%), from €13,658 to €437
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 | €308,231 | €432,281 | +€124,050 | +40.2% |
| Fixed assets | 21/28 | €7,005 | €1,526 | -€5,480 | -78.2% |
| Tangible fixed assets | 22/27 | €7,005 | €1,526 | -€5,480 | -78.2% |
| Furniture and vehicles | 24 | €7,005 | €1,526 | -€5,480 | -78.2% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €301,226 | €430,756 | +€129,530 | +43.0% |
| Amounts receivable within one year | 40/41 | €199,779 | €316,443 | +€116,664 | +58.4% |
| Trade receivables | 40 | €199,504 | €306,709 | +€107,205 | +53.7% |
| Other amounts receivable | 41 | €275 | €9,734 | +€9,458 | +3,439% |
| Current investments | 50/53 | €57,802 | €57,802 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €42,774 | €55,658 | +€12,884 | +30.1% |
| Deferred charges and accrued income | 490/1 | €871 | €853 | -€18 | -2.1% |
| Total equity and liabilities | 10/49 | €308,231 | €432,281 | +€124,050 | +40.2% |
| Equity | 10/15 | €147,583 | €60,559 | -€87,024 | -59.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €137,500 | €44,500 | -€93,000 | -67.6% |
| Distributable reserves | 133 | €137,500 | €44,500 | -€93,000 | -67.6% |
| Profit (loss) carried forward | 14 | €83 | €6,059 | +€5,976 | +7,221% |
| Amounts payable | 17/49 | €160,649 | €371,722 | +€211,074 | +131% |
| Amounts payable within one year | 42/48 | €160,649 | €371,722 | +€211,074 | +131% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €114,901 | €298,287 | +€183,386 | +160% |
| Suppliers | 440/4 | €114,901 | €298,287 | +€183,386 | +160% |
| Taxes, remuneration and social security | 45 | €38,941 | €66,724 | +€27,783 | +71.3% |
| Taxes | 450/3 | €20,631 | €20,126 | -€505 | -2.4% |
| Remuneration and social security | 454/9 | €18,310 | €46,598 | +€28,288 | +154% |
| Other amounts payable | 47/48 | €6,807 | €6,712 | -€95 | -1.4% |
| Remuneration, social security and pensions | 62 | €80,535 | €270,016 | +€189,481 | +235% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,817 | €5,480 | -€338 | -5.8% |
| Other operating charges | 640/8 | €827 | €665 | -€162 | -19.6% |
| Gross operating margin | 9900 | €127,721 | €190,448 | +€62,727 | +49.1% |
| Operating profit (loss) | 9901 | €40,542 | -€85,712 | -€126,254 | |
| Financial income | 75/76B | €1,625 | €1 | -€1,624 | -99.9% |
| Recurring financial income | 75 | €1,625 | €1 | -€1,624 | -99.9% |
| Financial charges | 65/66B | €131 | €876 | +€745 | +569% |
| Recurring financial charges | 65 | €131 | €876 | +€745 | +569% |
| Profit (loss) for the period before taxes | 9903 | €42,036 | -€86,587 | -€128,622 | |
| Income taxes | 67/77 | €13,658 | €437 | -€13,221 | -96.8% |
| Profit (loss) for the period | 9904 | €28,377 | -€87,024 | -€115,401 | |
| Profit (loss) for the period to be appropriated | 9905 | €28,377 | -€87,024 | -€115,401 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.