Volpe: 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.
Volpe
Largest movements
- Tangible fixed assets +€127,178
up €127,178 (+33.1%), from €384,507 to €511,685
of which Land and buildings: +€124,227
- Receivables within one year -€10,080
down €10,080 (-100.0%), from €10,080 to €0
- Deferred charges and accrued income +€8,953
new in 2025: €8,953
- Cash -€6,231
down €6,231 (-44.2%), from €14,098 to €7,867
mainly Investment in fixed assets (net) (-€155,852) and Deferred charges and accrued income (-€8,953)
- Other debts +€98,676
up €98,676 (+28.3%), from €348,604 to €447,280
- Reserves +€20,120
up €20,120 (+55.6%), from €36,182 to €56,302
- Depreciation +€10,521
up €10,521 (+58.0%), from €18,153 to €28,674
- Taxes -€1,337
down €1,337 (-32.6%), from €4,107 to €2,770
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 | €408,685 | €528,504 | +€119,819 | +29.3% |
| Fixed assets | 21/28 | €384,507 | €511,685 | +€127,178 | +33.1% |
| Tangible fixed assets | 22/27 | €384,507 | €511,685 | +€127,178 | +33.1% |
| Land and buildings | 22 | €376,985 | €501,212 | +€124,227 | +33.0% |
| Plant, machinery and equipment | 23 | €6,743 | €4,226 | -€2,518 | -37.3% |
| Furniture and vehicles | 24 | €779 | €6,248 | +€5,469 | +702.2% |
| Current assets | 29/58 | €24,178 | €16,819 | -€7,359 | -30.4% |
| Amounts receivable within one year | 40/41 | €10,080 | €0 | -€10,080 | -100.0% |
| Trade receivables | 40 | €10,080 | €0 | -€10,080 | -100.0% |
| Cash at bank and in hand | 54/58 | €14,098 | €7,867 | -€6,231 | -44.2% |
| Deferred charges and accrued income | 490/1 | - | €8,953 | +€8,953 | |
| Total equity and liabilities | 10/49 | €408,685 | €528,504 | +€119,819 | +29.3% |
| Equity | 10/15 | €41,182 | €61,302 | +€20,120 | +48.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €36,182 | €56,302 | +€20,120 | +55.6% |
| Distributable reserves | 133 | €36,182 | €56,302 | +€20,120 | +55.6% |
| Amounts payable | 17/49 | €367,503 | €467,203 | +€99,699 | +27.1% |
| Amounts payable within one year | 42/48 | €367,503 | €467,203 | +€99,699 | +27.1% |
| Trade debts | 44 | €14,623 | €12,876 | -€1,747 | -11.9% |
| Suppliers | 440/4 | €14,623 | €12,876 | -€1,747 | -11.9% |
| Taxes, remuneration and social security | 45 | €4,276 | €7,046 | +€2,770 | +64.8% |
| Taxes | 450/3 | €4,276 | €7,046 | +€2,770 | +64.8% |
| Other amounts payable | 47/48 | €348,604 | €447,280 | +€98,676 | +28.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,153 | €28,674 | +€10,521 | +58.0% |
| Other operating charges | 640/8 | €1,230 | €1,229 | -€1 | -0.1% |
| Gross operating margin | 9900 | €54,304 | €54,260 | -€44 | -0.1% |
| Operating profit (loss) | 9901 | €34,921 | €24,357 | -€10,564 | -30.3% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €1,748 | €1,467 | -€281 | -16.1% |
| Recurring financial charges | 65 | €1,748 | €1,467 | -€281 | -16.1% |
| Profit (loss) for the period before taxes | 9903 | €33,174 | €22,890 | -€10,283 | -31.0% |
| Income taxes | 67/77 | €4,107 | €2,770 | -€1,337 | -32.6% |
| Profit (loss) for the period | 9904 | €29,066 | €20,120 | -€8,946 | -30.8% |
| Profit (loss) for the period to be appropriated | 9905 | €29,066 | €20,120 | -€8,946 | -30.8% |
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.