VO2 Belgium: what changed
VO2 Belgium
Largest movements
- Receivables within one year +€445,751
up €445,751 (+151%), from €294,724 to €740,475
of which Other amounts receivable: +€506,990
- Cash -€282,255
down €282,255 (-93.0%), from €303,434 to €21,179
mainly Receivables within one year (-€445,751) and Contributions, distributions and other (-€400,000)
- Other debts +€400,000
new in 2025: €400,000
- Profit (loss) carried forward -€290,062
down €290,062 (-69.8%), from €415,319 to €125,257
- Tax, wage and social debts +€66,415
up €66,415 (+66.5%), from €99,833 to €166,248
of which Taxes: +€44,295
- Trade debts -€10,425
down €10,425 (-16.7%), from €62,545 to €52,120
- Staff costs +€48,316
up €48,316 (+9.2%), from €524,829 to €573,145
- Gross operating margin +€21,061
up €21,061 (+3.0%), from €709,910 to €730,971
- Financial income -€10,645
no longer reported in 2025 (was €10,645)
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €598,157 | €764,085 | +€165,927 | +27.7% |
| Current assets | 29/58 | €598,157 | €764,085 | +€165,927 | +27.7% |
| Amounts receivable within one year | 40/41 | €294,724 | €740,475 | +€445,751 | +151% |
| Trade receivables | 40 | €165,092 | €103,853 | -€61,239 | -37.1% |
| Other amounts receivable | 41 | €129,632 | €636,622 | +€506,990 | +391% |
| Cash at bank and in hand | 54/58 | €303,434 | €21,179 | -€282,255 | -93.0% |
| Deferred charges and accrued income | 490/1 | - | €2,431 | +€2,431 | |
| Total equity and liabilities | 10/49 | €598,157 | €764,085 | +€165,927 | +27.7% |
| Equity | 10/15 | €435,779 | €145,717 | -€290,062 | -66.6% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | €415,319 | €125,257 | -€290,062 | -69.8% |
| Amounts payable | 17/49 | €162,378 | €618,368 | +€455,990 | +281% |
| Amounts payable within one year | 42/48 | €162,378 | €618,368 | +€455,990 | +281% |
| Trade debts | 44 | €62,545 | €52,120 | -€10,425 | -16.7% |
| Suppliers | 440/4 | €62,545 | €52,120 | -€10,425 | -16.7% |
| Taxes, remuneration and social security | 45 | €99,833 | €166,248 | +€66,415 | +66.5% |
| Taxes | 450/3 | €24,191 | €68,486 | +€44,295 | +183% |
| Remuneration and social security | 454/9 | €75,643 | €97,762 | +€22,119 | +29.2% |
| Other amounts payable | 47/48 | - | €400,000 | +€400,000 | |
| Non-recurring operating income | 76A | €44 | - | -€44 | |
| Remuneration, social security and pensions | 62 | €524,829 | €573,145 | +€48,316 | +9.2% |
| Other operating charges | 640/8 | €387 | €486 | +€98 | +25.4% |
| Non-recurring operating charges | 66A | €42 | - | -€42 | |
| Gross operating margin | 9900 | €709,910 | €730,971 | +€21,061 | +3.0% |
| Operating profit (loss) | 9901 | €184,651 | €157,340 | -€27,311 | -14.8% |
| Financial income | 75/76B | €10,645 | - | -€10,645 | |
| Recurring financial income | 75 | €10,645 | - | -€10,645 | |
| Financial charges | 65/66B | €219 | €347 | +€127 | +58.0% |
| Recurring financial charges | 65 | €219 | €347 | +€127 | +58.0% |
| Profit (loss) for the period before taxes | 9903 | €195,077 | €156,993 | -€38,084 | -19.5% |
| Income taxes | 67/77 | €51,756 | €47,056 | -€4,701 | -9.1% |
| Profit (loss) for the period | 9904 | €143,321 | €109,938 | -€33,383 | -23.3% |
| Profit (loss) for the period to be appropriated | 9905 | €143,321 | €109,938 | -€33,383 | -23.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.