VOLGUS: 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.
VOLGUS
Largest movements
- Receivables within one year -€466,006
down €466,006 (-93.8%), from €496,952 to €30,946
of which Trade receivables: -€462,925
- Cash -€134,508
down €134,508 (-85.5%), from €157,410 to €22,902
mainly Contributions, distributions and other (-€440,415) and Trade debts (-€137,725)
- Current investments -€52,453
no longer reported in 2025 (was €52,453)
- Tangible fixed assets -€48,378
down €48,378 (-8.5%), from €569,191 to €520,813
- Reserves -€383,879
down €383,879 (-78.5%), from €488,879 to €105,000
- Trade debts -€137,725
down €137,725 (-87.5%), from €157,383 to €19,658
- Accrued charges and deferred income -€92,060
no longer reported in 2025 (was €92,060)
- Tax, wage and social debts -€47,546
no longer reported in 2025 (was €47,546)
of which Taxes: -€28,648
- Profit (loss) carried forward -€41,379
down €41,379 (-75.6%), from €54,736 to €13,356
- Gross operating margin -€650,543
down €650,543 (-93.7%), from €694,120 to €43,577
- Staff costs -€243,022
down €243,022 (-98.0%), from €247,960 to €4,938
- Financial charges -€153,563
down €153,563 (-97.0%), from €158,305 to €4,742
- Taxes -€67,354
down €67,354 (-98.5%), from €68,350 to €995
- Depreciation -€25,489
down €25,489 (-50.8%), from €50,159 to €24,670
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 | €1,295,286 | €575,390 | -€719,896 | -55.6% |
| Fixed assets | 21/28 | €569,191 | €520,813 | -€48,378 | -8.5% |
| Tangible fixed assets | 22/27 | €569,191 | €520,813 | -€48,378 | -8.5% |
| Land and buildings | 22 | €530,007 | €510,320 | -€19,687 | -3.7% |
| Plant, machinery and equipment | 23 | €11,188 | €8,323 | -€2,865 | -25.6% |
| Furniture and vehicles | 24 | €22,935 | €2,170 | -€20,766 | -90.5% |
| Other tangible fixed assets | 26 | €5,061 | - | -€5,061 | |
| Current assets | 29/58 | €726,096 | €54,577 | -€671,518 | -92.5% |
| Stocks and contracts in progress | 3 | €7,426 | - | -€7,426 | |
| Stocks | 30/36 | €7,426 | - | -€7,426 | |
| Amounts receivable within one year | 40/41 | €496,952 | €30,946 | -€466,006 | -93.8% |
| Trade receivables | 40 | €464,492 | €1,567 | -€462,925 | -99.7% |
| Other amounts receivable | 41 | €32,460 | €29,379 | -€3,081 | -9.5% |
| Current investments | 50/53 | €52,453 | - | -€52,453 | |
| Cash at bank and in hand | 54/58 | €157,410 | €22,902 | -€134,508 | -85.5% |
| Deferred charges and accrued income | 490/1 | €11,854 | €730 | -€11,124 | -93.8% |
| Total equity and liabilities | 10/49 | €1,295,286 | €575,390 | -€719,896 | -55.6% |
| Equity | 10/15 | €562,215 | €123,219 | -€438,996 | -78.1% |
| Contributions | 10/11 | €18,600 | €4,862 | -€13,738 | -73.9% |
| Reserves | 13 | €488,879 | €105,000 | -€383,879 | -78.5% |
| Distributable reserves | 133 | €488,879 | €105,000 | -€383,879 | -78.5% |
| Profit (loss) carried forward | 14 | €54,736 | €13,356 | -€41,379 | -75.6% |
| Amounts payable | 17/49 | €733,072 | €452,172 | -€280,900 | -38.3% |
| Amounts payable after more than one year | 17 | €389,241 | €351,630 | -€37,610 | -9.7% |
| Financial debts | 170/4 | €389,241 | €351,630 | -€37,610 | -9.7% |
| Amounts payable within one year | 42/48 | €251,771 | €100,541 | -€151,230 | -60.1% |
| Current portion of amounts payable after more than one year | 42 | €37,255 | €37,610 | +€355 | +1.0% |
| Trade debts | 44 | €157,383 | €19,658 | -€137,725 | -87.5% |
| Suppliers | 440/4 | €157,383 | €19,658 | -€137,725 | -87.5% |
| Taxes, remuneration and social security | 45 | €47,546 | - | -€47,546 | |
| Taxes | 450/3 | €28,648 | - | -€28,648 | |
| Remuneration and social security | 454/9 | €18,899 | - | -€18,899 | |
| Other amounts payable | 47/48 | €9,587 | €43,273 | +€33,686 | +351% |
| Accrued charges and deferred income | 492/3 | €92,060 | - | -€92,060 | |
| Remuneration, social security and pensions | 62 | €247,960 | €4,938 | -€243,022 | -98.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,159 | €24,670 | -€25,489 | -50.8% |
| Other operating charges | 640/8 | €16,895 | €6,812 | -€10,082 | -59.7% |
| Gross operating margin | 9900 | €694,120 | €43,577 | -€650,543 | -93.7% |
| Operating profit (loss) | 9901 | €379,106 | €7,157 | -€371,949 | -98.1% |
| Financial income | 75/76B | €425 | - | -€425 | |
| Recurring financial income | 75 | €425 | - | -€425 | |
| Financial charges | 65/66B | €158,305 | €4,742 | -€153,563 | -97.0% |
| Recurring financial charges | 65 | €158,305 | €4,742 | -€153,563 | -97.0% |
| Profit (loss) for the period before taxes | 9903 | €221,225 | €2,415 | -€218,811 | -98.9% |
| Income taxes | 67/77 | €68,350 | €995 | -€67,354 | -98.5% |
| Profit (loss) for the period | 9904 | €152,876 | €1,419 | -€151,457 | -99.1% |
| Profit (loss) for the period to be appropriated | 9905 | €152,876 | €1,419 | -€151,457 | -99.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.