VOLGHE: what changed
What changed
VOLGHE
NACE 46.190, Agents in non-specialised wholesale trade
filed annual accounts (NBB)
Net result for the year
€34,185
2024 · €121,739-€87,554
Equity
€255,941
2024 · €221,756+€34,185
Cash
€203,511
2024 · €228,697-€25,186
Balance sheet total
€1.9m
2024 · €1.9m-€3,474
Largest movements
Assets
- Receivables within one year +€78,387
up €78,387 (+4,072%), from €1,925 to €80,312
of which Trade receivables: +€76,190
- Tangible fixed assets -€58,900
down €58,900 (-3.6%), from €1.6m to €1.6m
of which Leasing and similar rights: -€54,230
- Cash -€25,186
down €25,186 (-11.0%), from €228,697 to €203,511
mainly Receivables within one year (-€78,387) and Debts after one year (-€41,472)
Equity and liabilities
- Debts after one year -€41,472
down €41,472 (-2.7%), from €1.5m to €1.5m
- Reserves +€30,935
up €30,935 (+14.7%), from €210,006 to €240,941
Income statement
- Gross operating margin -€135,456
down €135,456 (-43.1%), from €314,365 to €178,909
- Taxes -€49,168
down €49,168 (-66.0%), from €74,454 to €25,286
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€121,739
Gross operating margin
-€135,456
Depreciation
-€2,365
Other operating charges
-€469
Financial income
-€0
Financial charges
+€1,568
Taxes
+€49,168
Result 2025
€34,185
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€18,550
Investment
-€3,124
Financing
-€40,611
Cash 2024
€228,697
From operations (derived)
+€18,550
Net result for the year
+€34,185
Depreciation
+€62,024
Receivables within one year
-€78,387
Deferred charges and accrued income
-€2,225
Trade debts
-€6,497
Tax, wage and social debts
+€9,449
Investment (derived)
-€3,124
Investment in fixed assets (net)
-€3,124
Financing
-€40,611
Debts after one year
-€41,472
Current portion of long-term debt
+€861
Cash 2025
€203,511
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,857,943 | €1,854,469 | -€3,474 | -0.2% |
| Fixed assets | 21/28 | €1,626,772 | €1,567,871 | -€58,900 | -3.6% |
| Tangible fixed assets | 22/27 | €1,626,772 | €1,567,871 | -€58,900 | -3.6% |
| Furniture and vehicles | 24 | €27,578 | €24,787 | -€2,791 | -10.1% |
| Leasing and similar rights | 25 | €1,545,339 | €1,491,109 | -€54,230 | -3.5% |
| Other tangible fixed assets | 26 | €53,855 | €51,976 | -€1,879 | -3.5% |
| Current assets | 29/58 | €231,171 | €286,598 | +€55,426 | +24.0% |
| Amounts receivable within one year | 40/41 | €1,925 | €80,312 | +€78,387 | +4,072% |
| Trade receivables | 40 | €1,288 | €77,477 | +€76,190 | +5,917% |
| Other amounts receivable | 41 | €637 | €2,834 | +€2,197 | +345% |
| Cash at bank and in hand | 54/58 | €228,697 | €203,511 | -€25,186 | -11.0% |
| Deferred charges and accrued income | 490/1 | €549 | €2,774 | +€2,225 | +405% |
| Total equity and liabilities | 10/49 | €1,857,943 | €1,854,469 | -€3,474 | -0.2% |
| Equity | 10/15 | €221,756 | €255,941 | +€34,185 | +15.4% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €210,006 | €240,941 | +€30,935 | +14.7% |
| Distributable reserves | 133 | €210,006 | €240,941 | +€30,935 | +14.7% |
| Profit (loss) carried forward | 14 | -€3,250 | €0 | +€3,250 | |
| Amounts payable | 17/49 | €1,636,187 | €1,598,528 | -€37,659 | -2.3% |
| Amounts payable after more than one year | 17 | €1,526,955 | €1,485,483 | -€41,472 | -2.7% |
| Financial debts | 170/4 | €1,526,955 | €1,485,483 | -€41,472 | -2.7% |
| Amounts payable within one year | 42/48 | €109,232 | €113,046 | +€3,814 | +3.5% |
| Current portion of amounts payable after more than one year | 42 | €40,611 | €41,472 | +€861 | +2.1% |
| Trade debts | 44 | €16,398 | €9,902 | -€6,497 | -39.6% |
| Suppliers | 440/4 | €16,398 | €9,902 | -€6,497 | -39.6% |
| Taxes, remuneration and social security | 45 | €52,223 | €61,672 | +€9,449 | +18.1% |
| Taxes | 450/3 | €52,223 | €61,672 | +€9,449 | +18.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,659 | €62,024 | +€2,365 | +4.0% |
| Other operating charges | 640/8 | €2,566 | €3,035 | +€469 | +18.3% |
| Gross operating margin | 9900 | €314,365 | €178,909 | -€135,456 | -43.1% |
| Operating profit (loss) | 9901 | €252,139 | €113,850 | -€138,290 | -54.8% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €55,946 | €54,379 | -€1,568 | -2.8% |
| Recurring financial charges | 65 | €55,946 | €54,379 | -€1,568 | -2.8% |
| Profit (loss) for the period before taxes | 9903 | €196,193 | €59,471 | -€136,722 | -69.7% |
| Income taxes | 67/77 | €74,454 | €25,286 | -€49,168 | -66.0% |
| Profit (loss) for the period | 9904 | €121,739 | €34,185 | -€87,554 | -71.9% |
| Profit (loss) for the period to be appropriated | 9905 | €121,739 | €34,185 | -€87,554 | -71.9% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.