Volef: 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.
Volef
Largest movements
- Cash +€489,847
up €489,847 (+171.2%), from €286,113 to €775,960
mainly Debts after one year (+€739,423) and Trade debts (+€374,199)
- Intangible fixed assets +€236,697
up €236,697 (+58.5%), from €404,436 to €641,133
- Stocks and contracts +€77,380
up €77,380 (+11.6%), from €666,460 to €743,840
- Receivables within one year +€62,625
up €62,625 (+16.5%), from €380,270 to €442,895
of which Trade receivables: +€39,638
- Debts after one year +€739,423
up €739,423 (+155.3%), from €476,158 to €1.2m
- Profit (loss) carried forward -€411,276
down €411,276 (-29.3%), from -€1.4m to -€1.8m
- Trade debts +€374,199
up €374,199 (+53.0%), from €705,451 to €1.1m
- Tax, wage and social debts +€103,073
up €103,073 (+51.7%), from €199,483 to €302,556
of which Taxes: +€71,386
- Current portion of long-term debt +€47,959
up €47,959 (+288.3%), from €16,633 to €64,592
- Depreciation +€99,161
up €99,161 (+85.9%), from €115,476 to €214,637
- Staff costs +€47,738
up €47,738 (+10.6%), from €449,449 to €497,187
- Financial charges +€33,126
up €33,126 (+68.2%), from €48,565 to €81,691
- Other operating charges +€6,983
up €6,983 (+67.6%), from €10,326 to €17,309
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 | €1,835,242 | €2,689,903 | +€854,661 | +46.6% |
| Fixed assets | 21/28 | €495,885 | €717,526 | +€221,642 | +44.7% |
| Intangible fixed assets | 21 | €404,436 | €641,133 | +€236,697 | +58.5% |
| Tangible fixed assets | 22/27 | €89,789 | €74,734 | -€15,055 | -16.8% |
| Land and buildings | 22 | €13,270 | €11,848 | -€1,422 | -10.7% |
| Plant, machinery and equipment | 23 | €9,773 | €8,091 | -€1,683 | -17.2% |
| Furniture and vehicles | 24 | €7,249 | €8,365 | +€1,116 | +15.4% |
| Leasing and similar rights | 25 | €59,497 | €46,430 | -€13,067 | -22.0% |
| Financial fixed assets | 28 | €1,660 | €1,660 | = | 0.0% |
| Current assets | 29/58 | €1,339,357 | €1,972,377 | +€633,020 | +47.3% |
| Stocks and contracts in progress | 3 | €666,460 | €743,840 | +€77,380 | +11.6% |
| Stocks | 30/36 | €666,460 | €743,840 | +€77,380 | +11.6% |
| Amounts receivable within one year | 40/41 | €380,270 | €442,895 | +€62,625 | +16.5% |
| Trade receivables | 40 | €361,649 | €401,287 | +€39,638 | +11.0% |
| Other amounts receivable | 41 | €18,621 | €41,608 | +€22,987 | +123.4% |
| Cash at bank and in hand | 54/58 | €286,113 | €775,960 | +€489,847 | +171.2% |
| Deferred charges and accrued income | 490/1 | €6,516 | €9,683 | +€3,167 | +48.6% |
| Total equity and liabilities | 10/49 | €1,835,242 | €2,689,903 | +€854,661 | +46.6% |
| Equity | 10/15 | €428,134 | €16,858 | -€411,276 | -96.1% |
| Contributions | 10/11 | €1,830,935 | €1,830,935 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,402,801 | -€1,814,077 | -€411,276 | -29.3% |
| Amounts payable | 17/49 | €1,407,108 | €2,673,045 | +€1.3m | +90.0% |
| Amounts payable after more than one year | 17 | €476,158 | €1,215,581 | +€739,423 | +155.3% |
| Financial debts | 170/4 | €476,158 | €1,215,581 | +€739,423 | +155.3% |
| Amounts payable within one year | 42/48 | €923,140 | €1,449,452 | +€526,313 | +57.0% |
| Current portion of amounts payable after more than one year | 42 | €16,633 | €64,592 | +€47,959 | +288.3% |
| Trade debts | 44 | €705,451 | €1,079,650 | +€374,199 | +53.0% |
| Suppliers | 440/4 | €705,451 | €1,079,650 | +€374,199 | +53.0% |
| Taxes, remuneration and social security | 45 | €199,483 | €302,556 | +€103,073 | +51.7% |
| Taxes | 450/3 | €154,886 | €226,273 | +€71,386 | +46.1% |
| Remuneration and social security | 454/9 | €44,597 | €76,283 | +€31,686 | +71.1% |
| Other amounts payable | 47/48 | €1,573 | €2,655 | +€1,083 | +68.8% |
| Accrued charges and deferred income | 492/3 | €7,811 | €8,012 | +€201 | +2.6% |
| Remuneration, social security and pensions | 62 | €449,449 | €497,187 | +€47,738 | +10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €115,476 | €214,637 | +€99,161 | +85.9% |
| Other operating charges | 640/8 | €10,326 | €17,309 | +€6,983 | +67.6% |
| Non-recurring operating charges | 66A | €5,179 | €84,742 | +€79,563 | +1536.2% |
| Gross operating margin | 9900 | €481,400 | €480,448 | -€952 | -0.2% |
| Operating profit (loss) | 9901 | -€99,029 | -€333,426 | -€234,397 | -236.7% |
| Financial income | 75/76B | €1,905 | €4,193 | +€2,288 | +120.1% |
| Recurring financial income | 75 | €1,905 | €4,193 | +€2,288 | +120.1% |
| Financial charges | 65/66B | €48,565 | €81,691 | +€33,126 | +68.2% |
| Recurring financial charges | 65 | €48,565 | €81,691 | +€33,126 | +68.2% |
| Profit (loss) for the period before taxes | 9903 | -€145,689 | -€410,925 | -€265,235 | -182.1% |
| Income taxes | 67/77 | €140 | €351 | +€211 | +150.6% |
| Profit (loss) for the period | 9904 | -€145,829 | -€411,276 | -€265,446 | -182.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€145,829 | -€411,276 | -€265,446 | -182.0% |
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 4 October 2026 via checked.be.