VOERCO: 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.
VOERCO
Largest movements
- Tangible fixed assets +€676,696
up €676,696 (+127.2%), from €531,882 to €1.2m
of which Land and buildings: +€724,331
- Receivables within one year +€108,031
up €108,031 (+325.9%), from €33,148 to €141,179
of which Trade receivables: +€102,220
- Debts after one year +€634,017
up €634,017, from €0 to €634,017
- Other debts +€119,814
up €119,814 (+36.3%), from €330,056 to €449,870
- Trade debts -€32,200
down €32,200 (-100.0%), from €32,200 to €0
- Current portion of long-term debt +€23,948
up €23,948 (+218.7%), from €10,952 to €34,900
- Accrued charges and deferred income +€16,482
up €16,482 (+410.1%), from €4,018 to €20,500
- Other operating charges +€77,551
up €77,551 (+5964.0%), from €1,300 to €78,851
- Financial charges +€35,755
up €35,755 (+668.6%), from €5,348 to €41,103
- Taxes -€30,148
down €30,148 (-84.8%), from €35,533 to €5,384
- Depreciation -€30,046
down €30,046 (-38.7%), from €77,681 to €47,635
- Gross operating margin -€13,460
down €13,460 (-6.6%), from €202,587 to €189,127
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 | €573,899 | €1,349,874 | +€775,976 | +135.2% |
| Fixed assets | 21/28 | €531,882 | €1,208,578 | +€676,696 | +127.2% |
| Tangible fixed assets | 22/27 | €531,882 | €1,208,578 | +€676,696 | +127.2% |
| Land and buildings | 22 | €352,251 | €1,076,581 | +€724,331 | +205.6% |
| Plant, machinery and equipment | 23 | €139,591 | €108,147 | -€31,445 | -22.5% |
| Furniture and vehicles | 24 | €40,040 | €23,849 | -€16,190 | -40.4% |
| Current assets | 29/58 | €42,017 | €141,297 | +€99,280 | +236.3% |
| Amounts receivable within one year | 40/41 | €33,148 | €141,179 | +€108,031 | +325.9% |
| Trade receivables | 40 | €33,148 | €135,368 | +€102,220 | +308.4% |
| Other amounts receivable | 41 | €0 | €5,812 | +€5,812 | |
| Cash at bank and in hand | 54/58 | €8,755 | €0 | -€8,755 | -100.0% |
| Deferred charges and accrued income | 490/1 | €114 | €118 | +€4 | +3.1% |
| Total equity and liabilities | 10/49 | €573,899 | €1,349,874 | +€775,976 | +135.2% |
| Equity | 10/15 | €158,447 | €174,600 | +€16,153 | +10.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €146,047 | €162,200 | +€16,153 | +11.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €146,047 | €162,200 | +€16,153 | +11.1% |
| Amounts payable | 17/49 | €415,452 | €1,175,274 | +€759,822 | +182.9% |
| Amounts payable after more than one year | 17 | €0 | €634,017 | +€634,017 | |
| Financial debts | 170/4 | €0 | €634,017 | +€634,017 | |
| Amounts payable within one year | 42/48 | €411,433 | €520,758 | +€109,324 | +26.6% |
| Current portion of amounts payable after more than one year | 42 | €10,952 | €34,900 | +€23,948 | +218.7% |
| Trade debts | 44 | €32,200 | €0 | -€32,200 | -100.0% |
| Suppliers | 440/4 | €32,200 | €0 | -€32,200 | -100.0% |
| Taxes, remuneration and social security | 45 | €38,226 | €35,988 | -€2,238 | -5.9% |
| Taxes | 450/3 | €38,226 | €35,988 | -€2,238 | -5.9% |
| Other amounts payable | 47/48 | €330,056 | €449,870 | +€119,814 | +36.3% |
| Accrued charges and deferred income | 492/3 | €4,018 | €20,500 | +€16,482 | +410.1% |
| Non-recurring operating income | 76A | €45,062 | €0 | -€45,062 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,681 | €47,635 | -€30,046 | -38.7% |
| Other operating charges | 640/8 | €1,300 | €78,851 | +€77,551 | +5964.0% |
| Non-recurring operating charges | 66A | €4,482 | €0 | -€4,482 | -100.0% |
| Gross operating margin | 9900 | €202,587 | €189,127 | -€13,460 | -6.6% |
| Operating profit (loss) | 9901 | €119,124 | €62,641 | -€56,483 | -47.4% |
| Financial charges | 65/66B | €5,348 | €41,103 | +€35,755 | +668.6% |
| Recurring financial charges | 65 | €5,348 | €41,103 | +€35,755 | +668.6% |
| Profit (loss) for the period before taxes | 9903 | €113,775 | €21,538 | -€92,238 | -81.1% |
| Income taxes | 67/77 | €35,533 | €5,384 | -€30,148 | -84.8% |
| Profit (loss) for the period | 9904 | €78,243 | €16,153 | -€62,090 | -79.4% |
| Profit (loss) for the period to be appropriated | 9905 | €78,243 | €16,153 | -€62,090 | -79.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.