V. VOET: what changed
Two fiscal 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.
V. VOET
Largest movements
- Receivables within one year -€245,839
down €245,839 (-27.9%), from €880,254 to €634,416
of which Other amounts receivable: -€245,839
- Tangible fixed assets -€66,574
down €66,574 (-37.1%), from €179,213 to €112,639
of which Land and buildings: -€40,909
- Reserves -€248,622
down €248,622 (-37.8%), from €657,099 to €408,477
of which Distributable reserves: -€248,622
- Debts after one year -€33,493
down €33,493 (-4.3%), from €777,193 to €743,700
of which Financial debts: -€33,493
- Other debts -€21,185
down €21,185 (-6.7%), from €314,749 to €293,563
- Financial charges -€12,873
down €12,873 (-19.8%), from €65,111 to €52,238
- Depreciation -€9,278
down €9,278 (-18.5%), from €50,187 to €40,909
- Taxes +€6,687
up €6,687 (+42.7%), from €15,676 to €22,364
- Gross operating margin -€3,388
down €3,388 (-1.4%), from €246,982 to €243,593
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.
Cash bridge derived
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 | €1,850,527 | €1,536,736 | -€313,791 | -17.0% |
| Fixed assets | 21/28 | €959,335 | €892,760 | -€66,574 | -6.9% |
| Tangible fixed assets | 22/27 | €179,213 | €112,639 | -€66,574 | -37.1% |
| Land and buildings | 22 | €151,722 | €110,814 | -€40,909 | -27.0% |
| Furniture and vehicles | 24 | €25,666 | €0 | -€25,666 | -100.0% |
| Other tangible fixed assets | 26 | €1,825 | €1,825 | = | 0.0% |
| Financial fixed assets | 28 | €780,122 | €780,122 | = | 0.0% |
| Current assets | 29/58 | €891,192 | €643,975 | -€247,217 | -27.7% |
| Amounts receivable within one year | 40/41 | €880,254 | €634,416 | -€245,839 | -27.9% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €880,254 | €634,416 | -€245,839 | -27.9% |
| Cash at bank and in hand | 54/58 | €6,632 | €3,561 | -€3,071 | -46.3% |
| Deferred charges and accrued income | 490/1 | €4,306 | €5,998 | +€1,692 | +39.3% |
| Total equity and liabilities | 10/49 | €1,850,527 | €1,536,736 | -€313,791 | -17.0% |
| Equity | 10/15 | €675,649 | €427,027 | -€248,622 | -36.8% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €657,099 | €408,477 | -€248,622 | -37.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €657,099 | €408,477 | -€248,622 | -37.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,174,878 | €1,109,709 | -€65,170 | -5.5% |
| Amounts payable after more than one year | 17 | €777,193 | €743,700 | -€33,493 | -4.3% |
| Financial debts | 170/4 | €33,493 | €0 | -€33,493 | -100.0% |
| Other amounts payable | 178/9 | €743,700 | €743,700 | = | 0.0% |
| Amounts payable within one year | 42/48 | €381,007 | €361,128 | -€19,879 | -5.2% |
| Current portion of amounts payable after more than one year | 42 | €42,112 | €33,493 | -€8,620 | -20.5% |
| Trade debts | 44 | €3,541 | €7,333 | +€3,792 | +107.1% |
| Suppliers | 440/4 | €3,541 | €7,333 | +€3,792 | +107.1% |
| Taxes, remuneration and social security | 45 | €20,606 | €26,739 | +€6,134 | +29.8% |
| Taxes | 450/3 | €4,237 | €10,996 | +€6,759 | +159.5% |
| Remuneration and social security | 454/9 | €16,368 | €15,744 | -€625 | -3.8% |
| Other amounts payable | 47/48 | €314,749 | €293,563 | -€21,185 | -6.7% |
| Accrued charges and deferred income | 492/3 | €16,679 | €4,881 | -€11,798 | -70.7% |
| Remuneration, social security and pensions | 62 | €72,967 | €73,288 | +€321 | +0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,187 | €40,909 | -€9,278 | -18.5% |
| Other operating charges | 640/8 | €12,034 | €12,610 | +€576 | +4.8% |
| Non-recurring operating charges | 66A | - | €14,707 | +€14,707 | |
| Gross operating margin | 9900 | €246,982 | €243,593 | -€3,388 | -1.4% |
| Operating profit (loss) | 9901 | €111,794 | €102,079 | -€9,714 | -8.7% |
| Financial income | 75/76B | €7,678 | €9,655 | +€1,976 | +25.7% |
| Recurring financial income | 75 | €7,678 | €9,655 | +€1,976 | +25.7% |
| Financial charges | 65/66B | €65,111 | €52,238 | -€12,873 | -19.8% |
| Recurring financial charges | 65 | €65,111 | €52,238 | -€12,873 | -19.8% |
| Profit (loss) for the period before taxes | 9903 | €54,362 | €59,496 | +€5,135 | +9.4% |
| Income taxes | 67/77 | €15,676 | €22,364 | +€6,687 | +42.7% |
| Profit (loss) for the period | 9904 | €38,685 | €37,133 | -€1,553 | -4.0% |
| Profit (loss) for the period to be appropriated | 9905 | €38,685 | €37,133 | -€1,553 | -4.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.