VOGELAERS: 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.
VOGELAERS
Largest movements
- Tangible fixed assets -€116,168
down €116,168 (-7.6%), from €1.5m to €1.4m
of which Land and buildings: -€67,993
- Current investments -€39,992
down €39,992 (-95.9%), from €41,701 to €1,709
- Debts after one year -€133,980
down €133,980 (-13.3%), from €1.0m to €877,175
- Tax, wage and social debts -€30,599
down €30,599 (-56.0%), from €54,597 to €23,998
of which Remuneration and social security: -€25,051
- Reserves -€27,821
down €27,821 (-11.3%), from €245,735 to €217,914
- Other debts +€27,032
up €27,032 (+2,227%), from €1,214 to €28,246
- Staff costs -€73,420
down €73,420 (-48.3%), from €151,971 to €78,551
- Gross operating margin -€50,307
down €50,307 (-16.9%), from €298,493 to €248,186
- Taxes +€5,701
up €5,701 (+1,489%), from €383 to €6,084
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 | €1,579,635 | €1,424,804 | -€154,831 | -9.8% |
| Fixed assets | 21/28 | €1,518,553 | €1,402,385 | -€116,168 | -7.6% |
| Tangible fixed assets | 22/27 | €1,518,553 | €1,402,385 | -€116,168 | -7.6% |
| Land and buildings | 22 | €1,357,524 | €1,289,531 | -€67,993 | -5.0% |
| Plant, machinery and equipment | 23 | €37,591 | €25,838 | -€11,753 | -31.3% |
| Furniture and vehicles | 24 | €123,438 | €87,016 | -€36,422 | -29.5% |
| Current assets | 29/58 | €61,082 | €22,419 | -€38,663 | -63.3% |
| Stocks and contracts in progress | 3 | €2,682 | €2,682 | = | 0.0% |
| Stocks | 30/36 | €2,682 | €2,682 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €11,851 | €13,984 | +€2,133 | +18.0% |
| Trade receivables | 40 | €1,971 | €1,060 | -€911 | -46.2% |
| Other amounts receivable | 41 | €9,880 | €12,924 | +€3,044 | +30.8% |
| Current investments | 50/53 | €41,701 | €1,709 | -€39,992 | -95.9% |
| Cash at bank and in hand | 54/58 | €3,967 | €4,044 | +€77 | +1.9% |
| Deferred charges and accrued income | 490/1 | €881 | - | -€881 | |
| Total equity and liabilities | 10/49 | €1,579,635 | €1,424,804 | -€154,831 | -9.8% |
| Equity | 10/15 | €329,810 | €301,989 | -€27,821 | -8.4% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €245,735 | €217,914 | -€27,821 | -11.3% |
| Distributable reserves | 133 | €245,735 | €217,914 | -€27,821 | -11.3% |
| Profit (loss) carried forward | 14 | €62,075 | €62,075 | = | 0.0% |
| Amounts payable | 17/49 | €1,249,825 | €1,122,815 | -€127,010 | -10.2% |
| Amounts payable after more than one year | 17 | €1,011,155 | €877,175 | -€133,980 | -13.3% |
| Financial debts | 170/4 | €1,011,155 | €877,175 | -€133,980 | -13.3% |
| Amounts payable within one year | 42/48 | €238,670 | €245,640 | +€6,970 | +2.9% |
| Current portion of amounts payable after more than one year | 42 | €130,896 | €133,979 | +€3,083 | +2.4% |
| Financial debts | 43 | €7,591 | €14,548 | +€6,957 | +91.6% |
| Credit institutions | 430/8 | €7,591 | €14,548 | +€6,957 | +91.6% |
| Trade debts | 44 | €44,372 | €44,869 | +€497 | +1.1% |
| Suppliers | 440/4 | €44,372 | €44,869 | +€497 | +1.1% |
| Taxes, remuneration and social security | 45 | €54,597 | €23,998 | -€30,599 | -56.0% |
| Taxes | 450/3 | €13,354 | €7,806 | -€5,548 | -41.5% |
| Remuneration and social security | 454/9 | €41,243 | €16,192 | -€25,051 | -60.7% |
| Other amounts payable | 47/48 | €1,214 | €28,246 | +€27,032 | +2,227% |
| Remuneration, social security and pensions | 62 | €151,971 | €78,551 | -€73,420 | -48.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €117,349 | €116,167 | -€1,182 | -1.0% |
| Other operating charges | 640/8 | €9,492 | €6,931 | -€2,561 | -27.0% |
| Gross operating margin | 9900 | €298,493 | €248,186 | -€50,307 | -16.9% |
| Operating profit (loss) | 9901 | €19,681 | €46,537 | +€26,856 | +136% |
| Financial income | 75/76B | €163 | €128 | -€35 | -21.5% |
| Recurring financial income | 75 | €163 | €128 | -€35 | -21.5% |
| Financial charges | 65/66B | €32,667 | €34,628 | +€1,961 | +6.0% |
| Recurring financial charges | 65 | €32,667 | €34,628 | +€1,961 | +6.0% |
| Profit (loss) for the period before taxes | 9903 | -€12,823 | €12,037 | +€24,860 | |
| Income taxes | 67/77 | €383 | €6,084 | +€5,701 | +1,489% |
| Profit (loss) for the period | 9904 | -€13,206 | €5,953 | +€19,159 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,206 | €5,953 | +€19,159 |
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 28 October 2026 via checked.be.