VOLDERS: 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.
VOLDERS
Largest movements
- Tangible fixed assets +€30,749
up €30,749 (+385%), from €7,995 to €38,744
of which Furniture and vehicles: +€31,594
- Cash -€20,180
down €20,180 (-15.5%), from €130,205 to €110,025
mainly Investment in fixed assets (net) (-€35,322) and Receivables within one year (-€4,495)
- Stocks and contracts -€12,686
down €12,686 (-61.1%), from €20,755 to €8,069
of which Contracts in progress: -€11,501
- Receivables within one year +€4,495
up €4,495 (+12.8%), from €35,054 to €39,549
of which Trade receivables: +€4,277
- Trade debts -€4,017
down €4,017 (-27.1%), from €14,806 to €10,789
- Reserves +€3,667
up €3,667 (+2.0%), from €183,413 to €187,080
- Other debts +€3,260
up €3,260 (+10.9%), from €29,849 to €33,109
- Gross operating margin -€5,018
down €5,018 (-27.1%), from €18,502 to €13,484
- Taxes -€2,510
down €2,510 (-69.7%), from €3,601 to €1,090
- Depreciation +€1,811
up €1,811 (+65.6%), from €2,762 to €4,573
- Financial charges -€413
down €413 (-10.0%), from €4,136 to €3,723
- Financial income -€328
down €328 (-33.5%), from €978 to €650
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €243,260 | €246,377 | +€3,117 | +1.3% |
| Fixed assets | 21/28 | €7,995 | €38,744 | +€30,749 | +385% |
| Tangible fixed assets | 22/27 | €7,995 | €38,744 | +€30,749 | +385% |
| Plant, machinery and equipment | 23 | €1,047 | €1,902 | +€855 | +81.6% |
| Furniture and vehicles | 24 | €152 | €31,746 | +€31,594 | +20,769% |
| Other tangible fixed assets | 26 | €6,795 | €5,096 | -€1,699 | -25.0% |
| Current assets | 29/58 | €235,265 | €207,633 | -€27,632 | -11.7% |
| Stocks and contracts in progress | 3 | €20,755 | €8,069 | -€12,686 | -61.1% |
| Stocks | 30/36 | €4,934 | €3,749 | -€1,185 | -24.0% |
| Contracts in progress | 37 | €15,821 | €4,320 | -€11,501 | -72.7% |
| Amounts receivable within one year | 40/41 | €35,054 | €39,549 | +€4,495 | +12.8% |
| Trade receivables | 40 | €30,567 | €34,844 | +€4,277 | +14.0% |
| Other amounts receivable | 41 | €4,487 | €4,705 | +€218 | +4.9% |
| Current investments | 50/53 | €46,995 | €47,703 | +€708 | +1.5% |
| Cash at bank and in hand | 54/58 | €130,205 | €110,025 | -€20,180 | -15.5% |
| Deferred charges and accrued income | 490/1 | €2,256 | €2,287 | +€31 | +1.4% |
| Total equity and liabilities | 10/49 | €243,260 | €246,377 | +€3,117 | +1.3% |
| Equity | 10/15 | €189,619 | €193,286 | +€3,667 | +1.9% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €183,413 | €187,080 | +€3,667 | +2.0% |
| Distributable reserves | 133 | €183,413 | €187,080 | +€3,667 | +2.0% |
| Amounts payable | 17/49 | €53,641 | €53,091 | -€550 | -1.0% |
| Amounts payable within one year | 42/48 | €45,793 | €44,535 | -€1,258 | -2.7% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €14,806 | €10,789 | -€4,017 | -27.1% |
| Suppliers | 440/4 | €14,806 | €10,789 | -€4,017 | -27.1% |
| Taxes, remuneration and social security | 45 | €1,137 | €637 | -€500 | -44.0% |
| Taxes | 450/3 | €1,137 | €637 | -€500 | -44.0% |
| Other amounts payable | 47/48 | €29,849 | €33,109 | +€3,260 | +10.9% |
| Accrued charges and deferred income | 492/3 | €7,849 | €8,556 | +€708 | +9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,762 | €4,573 | +€1,811 | +65.6% |
| Other operating charges | 640/8 | €935 | €1,081 | +€146 | +15.6% |
| Gross operating margin | 9900 | €18,502 | €13,484 | -€5,018 | -27.1% |
| Operating profit (loss) | 9901 | €14,805 | €7,830 | -€6,974 | -47.1% |
| Financial income | 75/76B | €978 | €650 | -€328 | -33.5% |
| Recurring financial income | 75 | €978 | €650 | -€328 | -33.5% |
| Financial charges | 65/66B | €4,136 | €3,723 | -€413 | -10.0% |
| Recurring financial charges | 65 | €4,136 | €3,723 | -€413 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | €11,647 | €4,758 | -€6,889 | -59.2% |
| Income taxes | 67/77 | €3,601 | €1,090 | -€2,510 | -69.7% |
| Profit (loss) for the period | 9904 | €8,046 | €3,667 | -€4,379 | -54.4% |
| Profit (loss) for the period to be appropriated | 9905 | €8,046 | €3,667 | -€4,379 | -54.4% |
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 23 October 2026 via checked.be.