VOEDERS CEUSTERS: 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.
VOEDERS CEUSTERS
Largest movements
- Receivables within one year -€670,947
down €670,947 (-16.7%), from €4.0m to €3.4m
of which Trade receivables: -€504,789
- Tangible fixed assets +€358,757
up €358,757 (+69.2%), from €518,527 to €877,285
of which Plant, machinery and equipment: +€325,588
- Cash +€221,111
up €221,111 (+455%), from €48,584 to €269,695
mainly Receivables within one year (+€670,947) and Depreciation (+€144,758)
- Reserves +€101,086
up €101,086 (+6.0%), from €1.7m to €1.8m
of which Distributable reserves: +€101,086
- Debts after one year -€65,005
down €65,005 (-42.0%), from €154,715 to €89,710
- Write-downs -€266,704
no longer reported in 2025 (was €266,704)
- Gross operating margin -€243,837
down €243,837 (-25.5%), from €957,599 to €713,762
- Financial charges -€67,477
down €67,477 (-47.2%), from €142,958 to €75,481
- Other operating charges -€40,508
down €40,508 (-70.2%), from €57,691 to €17,183
- Depreciation +€9,593
up €9,593 (+7.1%), from €135,165 to €144,758
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 | €4,976,007 | €4,919,458 | -€56,549 | -1.1% |
| Fixed assets | 21/28 | €518,527 | €877,285 | +€358,757 | +69.2% |
| Tangible fixed assets | 22/27 | €518,527 | €877,285 | +€358,757 | +69.2% |
| Land and buildings | 22 | €181,274 | €159,991 | -€21,283 | -11.7% |
| Plant, machinery and equipment | 23 | €97,898 | €423,485 | +€325,588 | +333% |
| Furniture and vehicles | 24 | €151,717 | €225,551 | +€73,834 | +48.7% |
| Leasing and similar rights | 25 | €87,638 | €68,257 | -€19,381 | -22.1% |
| Current assets | 29/58 | €4,457,480 | €4,042,174 | -€415,307 | -9.3% |
| Stocks and contracts in progress | 3 | €383,801 | €414,520 | +€30,720 | +8.0% |
| Stocks | 30/36 | €383,801 | €414,520 | +€30,720 | +8.0% |
| Amounts receivable within one year | 40/41 | €4,024,322 | €3,353,375 | -€670,947 | -16.7% |
| Trade receivables | 40 | €3,479,958 | €2,975,168 | -€504,789 | -14.5% |
| Other amounts receivable | 41 | €544,364 | €378,206 | -€166,158 | -30.5% |
| Cash at bank and in hand | 54/58 | €48,584 | €269,695 | +€221,111 | +455% |
| Deferred charges and accrued income | 490/1 | €773 | €4,583 | +€3,810 | +493% |
| Total equity and liabilities | 10/49 | €4,976,007 | €4,919,458 | -€56,549 | -1.1% |
| Equity | 10/15 | €1,795,474 | €1,896,560 | +€101,086 | +5.6% |
| Contributions | 10/11 | €124,000 | €124,000 | = | 0.0% |
| Capital | 10 | €124,000 | €124,000 | = | 0.0% |
| Issued capital | 100 | €124,000 | €124,000 | = | 0.0% |
| Reserves | 13 | €1,671,474 | €1,772,560 | +€101,086 | +6.0% |
| Non-distributable reserves | 130/1 | €12,400 | €12,400 | = | 0.0% |
| Legal reserve | 130 | €12,400 | €12,400 | = | 0.0% |
| Tax-exempt reserves | 132 | €21,832 | €21,832 | = | 0.0% |
| Distributable reserves | 133 | €1,637,242 | €1,738,328 | +€101,086 | +6.2% |
| Amounts payable | 17/49 | €3,180,534 | €3,022,898 | -€157,636 | -5.0% |
| Amounts payable after more than one year | 17 | €154,715 | €89,710 | -€65,005 | -42.0% |
| Financial debts | 170/4 | €154,715 | €89,710 | -€65,005 | -42.0% |
| Amounts payable within one year | 42/48 | €3,025,482 | €2,933,188 | -€92,294 | -3.1% |
| Current portion of amounts payable after more than one year | 42 | €113,466 | €65,005 | -€48,462 | -42.7% |
| Financial debts | 43 | €447,000 | €450,000 | +€3,000 | +0.7% |
| Credit institutions | 430/8 | €447,000 | €450,000 | +€3,000 | +0.7% |
| Trade debts | 44 | €2,111,469 | €2,111,671 | +€202 | 0.0% |
| Suppliers | 440/4 | €2,111,469 | €2,111,671 | +€202 | 0.0% |
| Taxes, remuneration and social security | 45 | €144,641 | €97,442 | -€47,199 | -32.6% |
| Taxes | 450/3 | €75,877 | €49,838 | -€26,039 | -34.3% |
| Remuneration and social security | 454/9 | €68,764 | €47,604 | -€21,160 | -30.8% |
| Other amounts payable | 47/48 | €208,906 | €209,070 | +€164 | +0.1% |
| Accrued charges and deferred income | 492/3 | €337 | - | -€337 | |
| Non-recurring operating income | 76A | €500 | €53,342 | +€52,842 | +10,568% |
| Remuneration, social security and pensions | 62 | €389,187 | €395,311 | +€6,123 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €135,165 | €144,758 | +€9,593 | +7.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €266,704 | - | -€266,704 | |
| Other operating charges | 640/8 | €57,691 | €17,183 | -€40,508 | -70.2% |
| Non-recurring operating charges | 66A | €3,023 | €1,176 | -€1,847 | -61.1% |
| Gross operating margin | 9900 | €957,599 | €713,762 | -€243,837 | -25.5% |
| Operating profit (loss) | 9901 | €105,828 | €155,333 | +€49,506 | +46.8% |
| Financial income | 75/76B | €20,356 | €21,234 | +€878 | +4.3% |
| Recurring financial income | 75 | €20,356 | €21,234 | +€878 | +4.3% |
| Financial charges | 65/66B | €142,958 | €75,481 | -€67,477 | -47.2% |
| Recurring financial charges | 65 | €142,958 | €75,481 | -€67,477 | -47.2% |
| Profit (loss) for the period before taxes | 9903 | -€16,774 | €101,086 | +€117,861 | |
| Profit (loss) for the period | 9904 | -€16,774 | €101,086 | +€117,861 | |
| Profit (loss) for the period to be appropriated | 9905 | -€16,774 | €101,086 | +€117,861 |
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 19 October 2026 via checked.be.