VOGELS: 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.
VOGELS
Largest movements
- Receivables within one year -€59,665
down €59,665 (-49.7%), from €119,967 to €60,302
of which Trade receivables: -€37,098
- Stocks and contracts +€23,487
up €23,487 (+293%), from €8,003 to €31,490
- Cash -€18,102
no longer reported in 2025 (was €18,102)
mainly Contributions, distributions and other (-€55,300) and Debts after one year (-€42,464)
- Receivables after one year -€12,204
down €12,204 (-15.6%), from €78,255 to €66,051
- Tangible fixed assets -€7,475
down €7,475 (-1.9%), from €384,591 to €377,116
of which Land and buildings: -€7,062
- Reserves +€50,505
up €50,505 (+29.0%), from €174,200 to €224,705
- Debts after one year -€42,464
down €42,464 (-33.0%), from €128,697 to €86,233
- Trade debts -€31,375
down €31,375 (-45.4%), from €69,056 to €37,681
- Short-term financial debts -€27,555
down €27,555 (-56.9%), from €48,448 to €20,894
- Current portion of long-term debt -€24,668
down €24,668 (-36.7%), from €67,132 to €42,464
- Gross operating margin +€44,036
up €44,036 (+35.1%), from €125,470 to €169,506
- Taxes +€16,546
up €16,546 (+49.8%), from €33,208 to €49,754
- Other operating charges -€10,666
down €10,666 (-79.7%), from €13,388 to €2,722
- Financial charges -€3,933
down €3,933 (-41.0%), from €9,585 to €5,652
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 | €608,918 | €535,126 | -€73,792 | -12.1% |
| Fixed assets | 21/28 | €384,591 | €377,116 | -€7,475 | -1.9% |
| Tangible fixed assets | 22/27 | €384,591 | €377,116 | -€7,475 | -1.9% |
| Land and buildings | 22 | €383,705 | €376,643 | -€7,062 | -1.8% |
| Plant, machinery and equipment | 23 | €405 | €172 | -€233 | -57.6% |
| Furniture and vehicles | 24 | €481 | €302 | -€180 | -37.3% |
| Current assets | 29/58 | €224,327 | €158,010 | -€66,317 | -29.6% |
| Amounts receivable after more than one year | 29 | €78,255 | €66,051 | -€12,204 | -15.6% |
| Other amounts receivable | 291 | €78,255 | €66,051 | -€12,204 | -15.6% |
| Stocks and contracts in progress | 3 | €8,003 | €31,490 | +€23,487 | +293% |
| Stocks | 30/36 | €8,003 | €31,490 | +€23,487 | +293% |
| Amounts receivable within one year | 40/41 | €119,967 | €60,302 | -€59,665 | -49.7% |
| Trade receivables | 40 | €96,721 | €59,623 | -€37,098 | -38.4% |
| Other amounts receivable | 41 | €23,246 | €679 | -€22,567 | -97.1% |
| Cash at bank and in hand | 54/58 | €18,102 | - | -€18,102 | |
| Deferred charges and accrued income | 490/1 | - | €167 | +€167 | |
| Total equity and liabilities | 10/49 | €608,918 | €535,126 | -€73,792 | -12.1% |
| Equity | 10/15 | €248,747 | €299,254 | +€50,507 | +20.3% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €174,200 | €224,705 | +€50,505 | +29.0% |
| Distributable reserves | 133 | €174,200 | €224,705 | +€50,505 | +29.0% |
| Profit (loss) carried forward | 14 | €179 | €181 | +€2 | +1.0% |
| Amounts payable | 17/49 | €360,171 | €235,872 | -€124,299 | -34.5% |
| Amounts payable after more than one year | 17 | €128,697 | €86,233 | -€42,464 | -33.0% |
| Financial debts | 170/4 | €128,697 | €86,233 | -€42,464 | -33.0% |
| Amounts payable within one year | 42/48 | €231,474 | €149,639 | -€81,835 | -35.4% |
| Current portion of amounts payable after more than one year | 42 | €67,132 | €42,464 | -€24,668 | -36.7% |
| Financial debts | 43 | €48,448 | €20,894 | -€27,555 | -56.9% |
| Credit institutions | 430/8 | €48,448 | €20,894 | -€27,555 | -56.9% |
| Trade debts | 44 | €69,056 | €37,681 | -€31,375 | -45.4% |
| Suppliers | 440/4 | €69,056 | €37,681 | -€31,375 | -45.4% |
| Taxes, remuneration and social security | 45 | €46,837 | €48,601 | +€1,763 | +3.8% |
| Taxes | 450/3 | €46,837 | €48,601 | +€1,763 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,353 | €7,475 | +€122 | +1.7% |
| Other operating charges | 640/8 | €13,388 | €2,722 | -€10,666 | -79.7% |
| Gross operating margin | 9900 | €125,470 | €169,506 | +€44,036 | +35.1% |
| Operating profit (loss) | 9901 | €104,729 | €159,309 | +€54,580 | +52.1% |
| Financial income | 75/76B | €2,922 | €1,904 | -€1,018 | -34.8% |
| Recurring financial income | 75 | €2,922 | €1,904 | -€1,018 | -34.8% |
| Financial charges | 65/66B | €9,585 | €5,652 | -€3,933 | -41.0% |
| Recurring financial charges | 65 | €9,585 | €5,652 | -€3,933 | -41.0% |
| Profit (loss) for the period before taxes | 9903 | €98,066 | €155,561 | +€57,496 | +58.6% |
| Income taxes | 67/77 | €33,208 | €49,754 | +€16,546 | +49.8% |
| Profit (loss) for the period | 9904 | €64,858 | €105,807 | +€40,949 | +63.1% |
| Profit (loss) for the period to be appropriated | 9905 | €64,858 | €105,807 | +€40,949 | +63.1% |
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 13 October 2026 via checked.be.