VOCAR: 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.
VOCAR
Largest movements
- Tangible fixed assets -€15,803
down €15,803 (-7.7%), from €206,474 to €190,671
of which Furniture and vehicles: -€9,916
- Receivables within one year +€8,284
up €8,284 (+117.8%), from €7,030 to €15,315
of which Trade receivables: +€8,339
- Cash +€5,691
up €5,691 (+3.9%), from €146,067 to €151,758
mainly Net result for the year (+€83,080) and Depreciation (+€31,414)
- Reserves +€47,467
up €47,467 (+28.5%), from €166,540 to €214,007
of which Distributable reserves: +€47,467
- Other debts -€43,547
no longer reported in 2025 (was €43,547)
- Tax, wage and social debts -€8,597
down €8,597 (-22.7%), from €37,896 to €29,298
of which Taxes: -€7,961
- Trade debts +€6,542
up €6,542 (+89.1%), from €7,346 to €13,888
- Gross operating margin +€82,640
up €82,640 (+41.5%), from €199,040 to €281,680
- Taxes +€21,712
up €21,712 (+195.8%), from €11,090 to €32,802
- Staff costs +€13,138
up €13,138 (+11.3%), from €116,705 to €129,843
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 | €381,460 | €383,325 | +€1,865 | +0.5% |
| Fixed assets | 21/28 | €206,524 | €190,721 | -€15,803 | -7.7% |
| Tangible fixed assets | 22/27 | €206,474 | €190,671 | -€15,803 | -7.7% |
| Land and buildings | 22 | €147,785 | €138,072 | -€9,713 | -6.6% |
| Plant, machinery and equipment | 23 | €4,198 | €6,926 | +€2,729 | +65.0% |
| Furniture and vehicles | 24 | €46,692 | €36,776 | -€9,916 | -21.2% |
| Other tangible fixed assets | 26 | €7,799 | €8,897 | +€1,097 | +14.1% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €174,936 | €192,604 | +€17,668 | +10.1% |
| Stocks and contracts in progress | 3 | €20,459 | €23,730 | +€3,271 | +16.0% |
| Stocks | 30/36 | €20,459 | €23,730 | +€3,271 | +16.0% |
| Amounts receivable within one year | 40/41 | €7,030 | €15,315 | +€8,284 | +117.8% |
| Trade receivables | 40 | €6,231 | €14,571 | +€8,339 | +133.8% |
| Other amounts receivable | 41 | €799 | €744 | -€55 | -6.9% |
| Cash at bank and in hand | 54/58 | €146,067 | €151,758 | +€5,691 | +3.9% |
| Deferred charges and accrued income | 490/1 | €1,381 | €1,802 | +€421 | +30.5% |
| Total equity and liabilities | 10/49 | €381,460 | €383,325 | +€1,865 | +0.5% |
| Equity | 10/15 | €292,672 | €340,139 | +€47,467 | +16.2% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Capital | 10 | €125,000 | €125,000 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €166,540 | €214,007 | +€47,467 | +28.5% |
| Non-distributable reserves | 130/1 | €12,500 | €12,500 | = | 0.0% |
| Legal reserve | 130 | €12,500 | €12,500 | = | 0.0% |
| Distributable reserves | 133 | €154,040 | €201,507 | +€47,467 | +30.8% |
| Profit (loss) carried forward | 14 | €1,132 | €1,132 | = | 0.0% |
| Amounts payable | 17/49 | €88,789 | €43,186 | -€45,602 | -51.4% |
| Amounts payable within one year | 42/48 | €88,789 | €43,186 | -€45,602 | -51.4% |
| Trade debts | 44 | €7,346 | €13,888 | +€6,542 | +89.1% |
| Suppliers | 440/4 | €7,346 | €13,888 | +€6,542 | +89.1% |
| Taxes, remuneration and social security | 45 | €37,896 | €29,298 | -€8,597 | -22.7% |
| Taxes | 450/3 | €25,254 | €17,293 | -€7,961 | -31.5% |
| Remuneration and social security | 454/9 | €12,641 | €12,005 | -€636 | -5.0% |
| Other amounts payable | 47/48 | €43,547 | - | -€43,547 | |
| Non-recurring operating income | 76A | - | €13,618 | +€13,618 | |
| Remuneration, social security and pensions | 62 | €116,705 | €129,843 | +€13,138 | +11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,514 | €31,414 | -€99 | -0.3% |
| Other operating charges | 640/8 | €5,550 | €6,020 | +€470 | +8.5% |
| Gross operating margin | 9900 | €199,040 | €281,680 | +€82,640 | +41.5% |
| Operating profit (loss) | 9901 | €45,271 | €114,403 | +€69,131 | +152.7% |
| Financial income | 75/76B | €1,917 | €1,626 | -€291 | -15.2% |
| Recurring financial income | 75 | €1,917 | €1,626 | -€291 | -15.2% |
| Financial charges | 65/66B | €205 | €147 | -€57 | -28.0% |
| Recurring financial charges | 65 | €205 | €147 | -€57 | -28.0% |
| Profit (loss) for the period before taxes | 9903 | €46,984 | €115,881 | +€68,897 | +146.6% |
| Income taxes | 67/77 | €11,090 | €32,802 | +€21,712 | +195.8% |
| Profit (loss) for the period | 9904 | €35,894 | €83,080 | +€47,186 | +131.5% |
| Profit (loss) for the period to be appropriated | 9905 | €35,894 | €83,080 | +€47,186 | +131.5% |
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 12 October 2026 via checked.be.