VOENANO: 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.
VOENANO
Largest movements
- Receivables within one year +€18,095
up €18,095 (+57.5%), from €31,476 to €49,571
- Cash +€9,940
up €9,940 (+9.3%), from €107,137 to €117,076
mainly Net result for the year (+€16,456) and Depreciation (+€15,137)
- Stocks and contracts -€8,711
down €8,711 (-24.2%), from €36,067 to €27,356
- Tangible fixed assets -€8,167
down €8,167 (-22.1%), from €37,015 to €28,849
of which Other tangible fixed assets: -€6,660
- Deferred charges and accrued income +€6,576
up €6,576 (+150.1%), from €4,381 to €10,958
- Reserves +€14,790
up €14,790 (+10.9%), from €136,269 to €151,058
- Trade debts +€7,010
up €7,010 (+95.8%), from €7,317 to €14,327
- Tax, wage and social debts -€4,014
down €4,014 (-10.7%), from €37,486 to €33,472
of which Taxes: -€5,100
- Gross operating margin -€60,615
down €60,615 (-16.1%), from €376,183 to €315,569
- Taxes -€13,523
down €13,523 (-66.5%), from €20,334 to €6,812
- Staff costs -€7,070
down €7,070 (-2.6%), from €275,468 to €268,398
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 | €216,324 | €234,057 | +€17,733 | +8.2% |
| Fixed assets | 21/28 | €37,263 | €29,096 | -€8,167 | -21.9% |
| Tangible fixed assets | 22/27 | €37,015 | €28,849 | -€8,167 | -22.1% |
| Plant, machinery and equipment | 23 | €23,166 | €21,492 | -€1,674 | -7.2% |
| Furniture and vehicles | 24 | €632 | €799 | +€167 | +26.5% |
| Other tangible fixed assets | 26 | €13,217 | €6,558 | -€6,660 | -50.4% |
| Financial fixed assets | 28 | €248 | €248 | = | 0.0% |
| Current assets | 29/58 | €179,061 | €204,961 | +€25,900 | +14.5% |
| Stocks and contracts in progress | 3 | €36,067 | €27,356 | -€8,711 | -24.2% |
| Stocks | 30/36 | €36,067 | €27,356 | -€8,711 | -24.2% |
| Amounts receivable within one year | 40/41 | €31,476 | €49,571 | +€18,095 | +57.5% |
| Other amounts receivable | 41 | €31,476 | €49,571 | +€18,095 | +57.5% |
| Cash at bank and in hand | 54/58 | €107,137 | €117,076 | +€9,940 | +9.3% |
| Deferred charges and accrued income | 490/1 | €4,381 | €10,958 | +€6,576 | +150.1% |
| Total equity and liabilities | 10/49 | €216,324 | €234,057 | +€17,733 | +8.2% |
| Equity | 10/15 | €154,869 | €169,658 | +€14,790 | +9.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €136,269 | €151,058 | +€14,790 | +10.9% |
| Distributable reserves | 133 | €136,269 | €151,058 | +€14,790 | +10.9% |
| Provisions and deferred taxes | 16 | €14,934 | €14,934 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €14,934 | €14,934 | = | 0.0% |
| Environmental obligations | 163 | €14,934 | €14,934 | = | 0.0% |
| Amounts payable | 17/49 | €46,522 | €49,465 | +€2,943 | +6.3% |
| Amounts payable within one year | 42/48 | €46,522 | €49,465 | +€2,943 | +6.3% |
| Trade debts | 44 | €7,317 | €14,327 | +€7,010 | +95.8% |
| Suppliers | 440/4 | €7,317 | €14,327 | +€7,010 | +95.8% |
| Taxes, remuneration and social security | 45 | €37,486 | €33,472 | -€4,014 | -10.7% |
| Taxes | 450/3 | €15,001 | €9,901 | -€5,100 | -34.0% |
| Remuneration and social security | 454/9 | €22,485 | €23,570 | +€1,085 | +4.8% |
| Other amounts payable | 47/48 | €1,718 | €1,666 | -€52 | -3.0% |
| Remuneration, social security and pensions | 62 | €275,468 | €268,398 | -€7,070 | -2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,940 | €15,137 | -€804 | -5.0% |
| Other operating charges | 640/8 | €8,012 | €4,674 | -€3,337 | -41.7% |
| Gross operating margin | 9900 | €376,183 | €315,569 | -€60,615 | -16.1% |
| Operating profit (loss) | 9901 | €76,763 | €27,360 | -€49,403 | -64.4% |
| Financial income | 75/76B | €0 | €0 | = | 0.0% |
| Recurring financial income | 75 | €0 | €0 | = | 0.0% |
| Financial charges | 65/66B | €3,795 | €4,093 | +€298 | +7.8% |
| Recurring financial charges | 65 | €3,795 | €4,093 | +€298 | +7.8% |
| Profit (loss) for the period before taxes | 9903 | €72,968 | €23,267 | -€49,701 | -68.1% |
| Income taxes | 67/77 | €20,334 | €6,812 | -€13,523 | -66.5% |
| Profit (loss) for the period | 9904 | €52,634 | €16,456 | -€36,178 | -68.7% |
| Profit (loss) for the period to be appropriated | 9905 | €52,634 | €16,456 | -€36,178 | -68.7% |
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.