VOLE: 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.
VOLE
Largest movements
- Cash +€131,493
up €131,493 (+745.1%), from €17,648 to €149,142
mainly Net result for the year (+€114,325) and Short-term financial debts (+€80,200)
- Receivables within one year -€71,375
down €71,375 (-65.9%), from €108,309 to €36,934
of which Other amounts receivable: -€108,309
- Tangible fixed assets -€69,955
down €69,955 (-6.3%), from €1.1m to €1.0m
- Debts after one year -€92,051
down €92,051 (-19.3%), from €476,519 to €384,468
- Reserves -€88,975
down €88,975 (-20.4%), from €435,861 to €346,886
- Short-term financial debts +€80,200
up €80,200 (+44.9%), from €178,800 to €259,000
- Other debts +€63,189
up €63,189 (+1826.3%), from €3,460 to €66,649
- Tax, wage and social debts +€16,323
up €16,323 (+110.8%), from €14,729 to €31,052
- Gross operating margin -€59,809
down €59,809 (-19.9%), from €301,042 to €241,232
- Taxes +€28,593
up €28,593 (+89.7%), from €31,890 to €60,483
- Other operating charges -€14,119
down €14,119 (-69.1%), from €20,444 to €6,324
- Financial charges -€10,451
down €10,451 (-31.2%), from €33,451 to €22,999
- Financial income +€5,334
up €5,334 (+116.6%), from €4,574 to €9,907
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 | €1,246,762 | €1,232,352 | -€14,411 | -1.2% |
| Fixed assets | 21/28 | €1,116,231 | €1,046,276 | -€69,955 | -6.3% |
| Tangible fixed assets | 22/27 | €1,116,231 | €1,046,276 | -€69,955 | -6.3% |
| Land and buildings | 22 | €1,028,799 | €995,002 | -€33,797 | -3.3% |
| Plant, machinery and equipment | 23 | €44,637 | €40,808 | -€3,830 | -8.6% |
| Furniture and vehicles | 24 | €42,795 | €10,466 | -€32,329 | -75.5% |
| Current assets | 29/58 | €130,531 | €186,076 | +€55,545 | +42.6% |
| Amounts receivable within one year | 40/41 | €108,309 | €36,934 | -€71,375 | -65.9% |
| Trade receivables | 40 | €0 | €36,934 | +€36,934 | |
| Other amounts receivable | 41 | €108,309 | €0 | -€108,309 | -100.0% |
| Cash at bank and in hand | 54/58 | €17,648 | €149,142 | +€131,493 | +745.1% |
| Deferred charges and accrued income | 490/1 | €4,574 | €0 | -€4,574 | -100.0% |
| Total equity and liabilities | 10/49 | €1,246,762 | €1,232,352 | -€14,411 | -1.2% |
| Equity | 10/15 | €454,461 | €365,486 | -€88,975 | -19.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €435,861 | €346,886 | -€88,975 | -20.4% |
| Distributable reserves | 133 | €435,861 | €346,886 | -€88,975 | -20.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €792,302 | €866,866 | +€74,564 | +9.4% |
| Amounts payable after more than one year | 17 | €476,519 | €384,468 | -€92,051 | -19.3% |
| Financial debts | 170/4 | €476,519 | €384,468 | -€92,051 | -19.3% |
| Amounts payable within one year | 42/48 | €307,325 | €482,397 | +€175,073 | +57.0% |
| Current portion of amounts payable after more than one year | 42 | €89,664 | €92,051 | +€2,387 | +2.7% |
| Financial debts | 43 | €178,800 | €259,000 | +€80,200 | +44.9% |
| Credit institutions | 430/8 | €178,800 | €259,000 | +€80,200 | +44.9% |
| Trade debts | 44 | €20,671 | €33,645 | +€12,974 | +62.8% |
| Suppliers | 440/4 | €20,671 | €33,645 | +€12,974 | +62.8% |
| Taxes, remuneration and social security | 45 | €14,729 | €31,052 | +€16,323 | +110.8% |
| Taxes | 450/3 | €14,729 | €31,052 | +€16,323 | +110.8% |
| Other amounts payable | 47/48 | €3,460 | €66,649 | +€63,189 | +1826.3% |
| Accrued charges and deferred income | 492/3 | €8,458 | €0 | -€8,458 | -100.0% |
| Non-recurring operating income | 76A | €58,126 | €0 | -€58,126 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,565 | €47,008 | +€2,443 | +5.5% |
| Other operating charges | 640/8 | €20,444 | €6,324 | -€14,119 | -69.1% |
| Non-recurring operating charges | 66A | €8,144 | €0 | -€8,144 | -100.0% |
| Gross operating margin | 9900 | €301,042 | €241,232 | -€59,809 | -19.9% |
| Operating profit (loss) | 9901 | €227,890 | €187,900 | -€39,989 | -17.5% |
| Financial income | 75/76B | €4,574 | €9,907 | +€5,334 | +116.6% |
| Recurring financial income | 75 | €4,574 | €9,907 | +€5,334 | +116.6% |
| Financial charges | 65/66B | €33,451 | €22,999 | -€10,451 | -31.2% |
| Recurring financial charges | 65 | €33,451 | €22,999 | -€10,451 | -31.2% |
| Profit (loss) for the period before taxes | 9903 | €199,013 | €174,808 | -€24,204 | -12.2% |
| Income taxes | 67/77 | €31,890 | €60,483 | +€28,593 | +89.7% |
| Profit (loss) for the period | 9904 | €167,122 | €114,325 | -€52,797 | -31.6% |
| Profit (loss) for the period to be appropriated | 9905 | €167,122 | €114,325 | -€52,797 | -31.6% |
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 8 October 2026 via checked.be.