VOLENS: 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.
VOLENS
Largest movements
- Tangible fixed assets +€510,832
up €510,832 (+18.4%), from €2.8m to €3.3m
of which Land and buildings: +€597,484
- Receivables within one year +€377,746
up €377,746 (+2,624%), from €14,393 to €392,140
of which Other amounts receivable: +€378,183
- Current investments -€250,000
no longer reported in 2025 (was €250,000)
- Receivables after one year +€75,296
up €75,296 (+12.4%), from €608,726 to €684,022
- Reserves +€311,854
up €311,854 (+19.2%), from €1.6m to €1.9m
- Debts after one year +€270,384
up €270,384 (+22.4%), from €1.2m to €1.5m
- Tax, wage and social debts +€154,171
up €154,171 (+117%), from €131,370 to €285,541
- Other debts -€96,844
down €96,844 (-26.7%), from €362,823 to €265,979
- Gross operating margin -€742,948
down €742,948 (-48.8%), from €1.5m to €780,010
- Taxes -€262,320
down €262,320 (-63.9%), from €410,363 to €148,042
- Depreciation +€92,917
up €92,917 (+51.6%), from €179,922 to €272,839
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 | €3,649,989 | €4,364,138 | +€714,150 | +19.6% |
| Fixed assets | 21/28 | €2,773,163 | €3,283,995 | +€510,832 | +18.4% |
| Tangible fixed assets | 22/27 | €2,773,163 | €3,283,995 | +€510,832 | +18.4% |
| Land and buildings | 22 | €2,537,596 | €3,135,081 | +€597,484 | +23.5% |
| Plant, machinery and equipment | 23 | €175,118 | €114,314 | -€60,804 | -34.7% |
| Furniture and vehicles | 24 | €60,242 | €34,497 | -€25,745 | -42.7% |
| Other tangible fixed assets | 26 | €207 | €103 | -€103 | -50.0% |
| Current assets | 29/58 | €876,826 | €1,080,144 | +€203,318 | +23.2% |
| Amounts receivable after more than one year | 29 | €608,726 | €684,022 | +€75,296 | +12.4% |
| Other amounts receivable | 291 | €608,726 | €684,022 | +€75,296 | +12.4% |
| Amounts receivable within one year | 40/41 | €14,393 | €392,140 | +€377,746 | +2,624% |
| Trade receivables | 40 | €10,698 | €10,261 | -€437 | -4.1% |
| Other amounts receivable | 41 | €3,696 | €381,879 | +€378,183 | +10,233% |
| Current investments | 50/53 | €250,000 | - | -€250,000 | |
| Cash at bank and in hand | 54/58 | €1,326 | €2,739 | +€1,412 | +106% |
| Deferred charges and accrued income | 490/1 | €2,381 | €1,244 | -€1,137 | -47.8% |
| Total equity and liabilities | 10/49 | €3,649,989 | €4,364,138 | +€714,150 | +19.6% |
| Equity | 10/15 | €1,717,089 | €2,028,942 | +€311,854 | +18.2% |
| Contributions | 10/11 | €94,514 | €94,514 | = | 0.0% |
| Reserves | 13 | €1,622,575 | €1,934,429 | +€311,854 | +19.2% |
| Distributable reserves | 133 | €1,622,575 | €1,934,429 | +€311,854 | +19.2% |
| Amounts payable | 17/49 | €1,932,900 | €2,335,196 | +€402,296 | +20.8% |
| Amounts payable after more than one year | 17 | €1,209,325 | €1,479,709 | +€270,384 | +22.4% |
| Financial debts | 170/4 | €1,209,325 | €1,479,709 | +€270,384 | +22.4% |
| Amounts payable within one year | 42/48 | €723,575 | €840,487 | +€116,912 | +16.2% |
| Current portion of amounts payable after more than one year | 42 | €187,394 | €219,672 | +€32,278 | +17.2% |
| Trade debts | 44 | €20,051 | €17,004 | -€3,047 | -15.2% |
| Suppliers | 440/4 | €20,051 | €17,004 | -€3,047 | -15.2% |
| Advances received on contracts in progress | 46 | €21,937 | €52,291 | +€30,354 | +138% |
| Taxes, remuneration and social security | 45 | €131,370 | €285,541 | +€154,171 | +117% |
| Taxes | 450/3 | €131,370 | €285,541 | +€154,171 | +117% |
| Other amounts payable | 47/48 | €362,823 | €265,979 | -€96,844 | -26.7% |
| Accrued charges and deferred income | 492/3 | - | €15,000 | +€15,000 | |
| Non-recurring operating income | 76A | €852 | €750 | -€102 | -12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €179,922 | €272,839 | +€92,917 | +51.6% |
| Other operating charges | 640/8 | €27,570 | €28,090 | +€521 | +1.9% |
| Gross operating margin | 9900 | €1,522,959 | €780,010 | -€742,948 | -48.8% |
| Operating profit (loss) | 9901 | €1,315,467 | €479,081 | -€836,386 | -63.6% |
| Financial income | 75/76B | €25,908 | €21,034 | -€4,874 | -18.8% |
| Recurring financial income | 75 | €25,908 | €21,034 | -€4,874 | -18.8% |
| Financial charges | 65/66B | €32,832 | €40,219 | +€7,388 | +22.5% |
| Recurring financial charges | 65 | €32,832 | €40,219 | +€7,388 | +22.5% |
| Profit (loss) for the period before taxes | 9903 | €1,308,544 | €459,896 | -€848,648 | -64.9% |
| Income taxes | 67/77 | €410,363 | €148,042 | -€262,320 | -63.9% |
| Profit (loss) for the period | 9904 | €898,182 | €311,854 | -€586,328 | -65.3% |
| Profit (loss) for the period to be appropriated | 9905 | €898,182 | €311,854 | -€586,328 | -65.3% |
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 18 October 2026 via checked.be.