VOLCKE: 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.
What changed
VOLCKE
NACE 46.610, Wholesale trade
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€941
2024 · €792-€1,733
Equity
€2.0m
2024 · €1.7m+€336,173
Cash
€253,223
2024 · €236,549+€16,674
Balance sheet total
€7.1m
2024 · €7.7m-€583,667
Largest movements
Assets
- Stocks and contracts -€580,137
down €580,137 (-16.7%), from €3.5m to €2.9m
- Tangible fixed assets -€372,613
down €372,613 (-50.6%), from €735,949 to €363,336
of which Leasing and similar rights: -€199,948
- Receivables within one year +€197,853
up €197,853 (+6.1%), from €3.2m to €3.4m
of which Trade receivables: +€185,115
- Deferred charges and accrued income +€154,555
up €154,555 (+1062.9%), from €14,541 to €169,096
Equity and liabilities
- Short-term financial debts -€600,000
down €600,000 (-66.7%), from €900,000 to €300,000
of which Credit institutions: -€600,000
- Debts after one year -€413,210
down €413,210 (-53.7%), from €769,644 to €356,434
of which Financial debts: -€263,210
- Contributions +€350,000
up €350,000 (+73.7%), from €475,000 to €825,000
- Trade debts +€202,550
up €202,550 (+5.0%), from €4.0m to €4.2m
- Current portion of long-term debt -€91,853
down €91,853 (-39.5%), from €232,648 to €140,795
Income statement
- Gross operating margin -€336,774
down €336,774 (-24.1%), from €1.4m to €1.1m
- Depreciation -€138,178
down €138,178 (-38.0%), from €363,997 to €225,819
- Staff costs -€125,600
down €125,600 (-15.4%), from €814,381 to €688,781
- Financial charges -€60,403
down €60,403 (-31.1%), from €194,508 to €134,104
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.
Result 2024
€792
Gross operating margin
-€336,774
Staff costs
+€125,600
Depreciation
+€138,178
Write-downs
+€4,792
Other operating charges
+€3,986
Other operating items
-€2,620
Financial income
+€488
Financial charges
+€60,403
Taxes
+€3,817
Deferred taxes and other
+€397
Result 2025
-€941
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.
From operations
+€637,828
Investment
+€146,795
Financing
-€767,949
Cash 2024
€236,549
From operations (derived)
+€637,828
Net result for the year
-€941
Depreciation
+€225,819
Stocks and contracts
+€580,137
Receivables within one year
-€197,853
Deferred charges and accrued income
-€154,555
Provisions
-€5,641
Trade debts
+€202,550
Tax, wage and social debts
-€11,477
Accrued charges and deferred income
-€210
Investment (derived)
+€146,795
Investment in fixed assets (net)
+€146,795
Financing
-€767,949
Debts after one year
-€413,210
Current portion of long-term debt
-€91,853
Short-term financial debts
-€600,000
Contributions, distributions and other
+€337,114
Cash 2025
€253,223
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,702,526 | €7,118,859 | -€583,667 | -7.6% |
| Fixed assets | 21/28 | €735,949 | €363,336 | -€372,613 | -50.6% |
| Tangible fixed assets | 22/27 | €735,949 | €363,336 | -€372,613 | -50.6% |
| Land and buildings | 22 | €295,585 | €170,262 | -€125,324 | -42.4% |
| Plant, machinery and equipment | 23 | €10,808 | €11,183 | +€375 | +3.5% |
| Furniture and vehicles | 24 | €129,464 | €91,101 | -€38,363 | -29.6% |
| Leasing and similar rights | 25 | €236,452 | €36,504 | -€199,948 | -84.6% |
| Other tangible fixed assets | 26 | €63,641 | €54,287 | -€9,353 | -14.7% |
| Current assets | 29/58 | €6,966,577 | €6,755,523 | -€211,054 | -3.0% |
| Stocks and contracts in progress | 3 | €3,477,882 | €2,897,746 | -€580,137 | -16.7% |
| Stocks | 30/36 | €3,477,882 | €2,897,746 | -€580,137 | -16.7% |
| Amounts receivable within one year | 40/41 | €3,237,605 | €3,435,458 | +€197,853 | +6.1% |
| Trade receivables | 40 | €3,105,150 | €3,290,265 | +€185,115 | +6.0% |
| Other amounts receivable | 41 | €132,455 | €145,193 | +€12,738 | +9.6% |
| Cash at bank and in hand | 54/58 | €236,549 | €253,223 | +€16,674 | +7.0% |
| Deferred charges and accrued income | 490/1 | €14,541 | €169,096 | +€154,555 | +1062.9% |
| Total equity and liabilities | 10/49 | €7,702,526 | €7,118,859 | -€583,667 | -7.6% |
| Equity | 10/15 | €1,652,264 | €1,988,437 | +€336,173 | +20.3% |
| Contributions | 10/11 | €475,000 | €825,000 | +€350,000 | +73.7% |
| Capital | 10 | €475,000 | €825,000 | +€350,000 | +73.7% |
| Issued capital | 100 | €475,000 | €825,000 | +€350,000 | +73.7% |
| Reserves | 13 | €1,164,378 | €1,163,437 | -€941 | -0.1% |
| Non-distributable reserves | 130/1 | €36,000 | €36,200 | +€200 | +0.6% |
| Legal reserve | 130 | €36,000 | €36,200 | +€200 | +0.6% |
| Tax-exempt reserves | 132 | €29,332 | €25,294 | -€4,037 | -13.8% |
| Distributable reserves | 133 | €1,099,046 | €1,101,943 | +€2,896 | +0.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Investment grants | 15 | €12,886 | €0 | -€12,886 | -100.0% |
| Provisions and deferred taxes | 16 | €5,641 | €0 | -€5,641 | -100.0% |
| Deferred taxes | 168 | €5,641 | €0 | -€5,641 | -100.0% |
| Amounts payable | 17/49 | €6,044,622 | €5,130,422 | -€914,199 | -15.1% |
| Amounts payable after more than one year | 17 | €769,644 | €356,434 | -€413,210 | -53.7% |
| Financial debts | 170/4 | €619,644 | €356,434 | -€263,210 | -42.5% |
| Other amounts payable | 178/9 | €150,000 | €0 | -€150,000 | -100.0% |
| Amounts payable within one year | 42/48 | €5,267,303 | €4,766,523 | -€500,780 | -9.5% |
| Current portion of amounts payable after more than one year | 42 | €232,648 | €140,795 | -€91,853 | -39.5% |
| Financial debts | 43 | €900,000 | €300,000 | -€600,000 | -66.7% |
| Credit institutions | 430/8 | €900,000 | €300,000 | -€600,000 | -66.7% |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €4,046,101 | €4,248,651 | +€202,550 | +5.0% |
| Suppliers | 440/4 | €4,046,101 | €4,248,651 | +€202,550 | +5.0% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €88,554 | €77,077 | -€11,477 | -13.0% |
| Taxes | 450/3 | - | €9,367 | +€9,367 | |
| Remuneration and social security | 454/9 | €88,554 | €67,710 | -€20,843 | -23.5% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €7,674 | €7,465 | -€210 | -2.7% |
| Remuneration, social security and pensions | 62 | €814,381 | €688,781 | -€125,600 | -15.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €363,997 | €225,819 | -€138,178 | -38.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€557 | -€5,349 | -€4,792 | -860.3% |
| Other operating charges | 640/8 | €35,992 | €32,005 | -€3,986 | -11.1% |
| Non-recurring operating charges | 66A | - | €2,620 | +€2,620 | |
| Gross operating margin | 9900 | €1,398,738 | €1,061,964 | -€336,774 | -24.1% |
| Operating profit (loss) | 9901 | €184,926 | €118,087 | -€66,838 | -36.1% |
| Financial income | 75/76B | €13,294 | €13,782 | +€488 | +3.7% |
| Recurring financial income | 75 | €13,294 | €13,782 | +€488 | +3.7% |
| Financial charges | 65/66B | €194,508 | €134,104 | -€60,403 | -31.1% |
| Recurring financial charges | 65 | €194,508 | €134,104 | -€60,403 | -31.1% |
| Profit (loss) for the period before taxes | 9903 | €3,712 | -€2,235 | -€5,947 | |
| Transfer from deferred taxes | 780 | €5,244 | €5,641 | +€397 | +7.6% |
| Income taxes | 67/77 | €8,164 | €4,347 | -€3,817 | -46.8% |
| Profit (loss) for the period | 9904 | €792 | -€941 | -€1,733 | |
| Transfer from tax-exempt reserves | 789 | €10,619 | €4,037 | -€6,582 | -62.0% |
| Profit (loss) for the period to be appropriated | 9905 | €11,411 | €3,096 | -€8,315 | -72.9% |
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.