VOLPE: 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.
VOLPE
Largest movements
- Receivables within one year +€54,569
up €54,569 (+177.3%), from €30,774 to €85,343
of which Other amounts receivable: +€41,108
- Deferred charges and accrued income -€13,662
down €13,662 (-98.0%), from €13,940 to €279
- Tangible fixed assets -€12,800
down €12,800 (-69.5%), from €18,415 to €5,615
of which Furniture and vehicles: -€12,017
- Intangible fixed assets -€11,000
down €11,000 (-12.7%), from €86,885 to €75,885
- Cash +€6,053
up €6,053 (+269.9%), from €2,243 to €8,296
mainly Net result for the year (+€26,511) and Other debts (+€15,000)
- Reserves +€26,511
up €26,511 (+37.0%), from €71,718 to €98,229
- Other debts +€15,000
up €15,000 (+88.2%), from €17,000 to €32,000
- Debts after one year -€8,168
no longer reported in 2025 (was €8,168)
- Current portion of long-term debt -€5,388
down €5,388 (-39.7%), from €13,555 to €8,168
- Tax, wage and social debts -€3,072
down €3,072 (-9.6%), from €31,966 to €28,894
- Gross operating margin -€16,343
down €16,343 (-23.2%), from €70,409 to €54,066
- Depreciation -€4,890
down €4,890 (-28.0%), from €17,495 to €12,605
- Taxes -€3,098
down €3,098 (-26.9%), from €11,522 to €8,425
- Other operating charges -€1,801
down €1,801 (-76.4%), from €2,356 to €555
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 | €152,257 | €175,418 | +€23,161 | +15.2% |
| Fixed assets | 21/28 | €105,300 | €81,500 | -€23,800 | -22.6% |
| Intangible fixed assets | 21 | €86,885 | €75,885 | -€11,000 | -12.7% |
| Tangible fixed assets | 22/27 | €18,415 | €5,615 | -€12,800 | -69.5% |
| Plant, machinery and equipment | 23 | €2,643 | €1,860 | -€783 | -29.6% |
| Furniture and vehicles | 24 | €15,772 | €3,755 | -€12,017 | -76.2% |
| Current assets | 29/58 | €46,957 | €93,918 | +€46,961 | +100.0% |
| Amounts receivable within one year | 40/41 | €30,774 | €85,343 | +€54,569 | +177.3% |
| Trade receivables | 40 | - | €13,461 | +€13,461 | |
| Other amounts receivable | 41 | €30,774 | €71,882 | +€41,108 | +133.6% |
| Cash at bank and in hand | 54/58 | €2,243 | €8,296 | +€6,053 | +269.9% |
| Deferred charges and accrued income | 490/1 | €13,940 | €279 | -€13,662 | -98.0% |
| Total equity and liabilities | 10/49 | €152,257 | €175,418 | +€23,161 | +15.2% |
| Equity | 10/15 | €79,218 | €105,729 | +€26,511 | +33.5% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €71,718 | €98,229 | +€26,511 | +37.0% |
| Distributable reserves | 133 | €71,718 | €98,229 | +€26,511 | +37.0% |
| Amounts payable | 17/49 | €73,039 | €69,689 | -€3,350 | -4.6% |
| Amounts payable after more than one year | 17 | €8,168 | - | -€8,168 | |
| Financial debts | 170/4 | €8,168 | - | -€8,168 | |
| Amounts payable within one year | 42/48 | €64,871 | €69,689 | +€4,818 | +7.4% |
| Current portion of amounts payable after more than one year | 42 | €13,555 | €8,168 | -€5,388 | -39.7% |
| Trade debts | 44 | €2,350 | €628 | -€1,723 | -73.3% |
| Suppliers | 440/4 | €2,350 | €628 | -€1,723 | -73.3% |
| Taxes, remuneration and social security | 45 | €31,966 | €28,894 | -€3,072 | -9.6% |
| Taxes | 450/3 | €31,966 | €28,894 | -€3,072 | -9.6% |
| Other amounts payable | 47/48 | €17,000 | €32,000 | +€15,000 | +88.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,495 | €12,605 | -€4,890 | -28.0% |
| Other operating charges | 640/8 | €2,356 | €555 | -€1,801 | -76.4% |
| Non-recurring operating charges | 66A | - | €4,973 | +€4,973 | |
| Gross operating margin | 9900 | €70,409 | €54,066 | -€16,343 | -23.2% |
| Operating profit (loss) | 9901 | €50,558 | €35,934 | -€14,625 | -28.9% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,447 | €998 | -€449 | -31.0% |
| Recurring financial charges | 65 | €1,447 | €998 | -€449 | -31.0% |
| Profit (loss) for the period before taxes | 9903 | €49,111 | €34,936 | -€14,176 | -28.9% |
| Income taxes | 67/77 | €11,522 | €8,425 | -€3,098 | -26.9% |
| Profit (loss) for the period | 9904 | €37,589 | €26,511 | -€11,078 | -29.5% |
| Profit (loss) for the period to be appropriated | 9905 | €37,589 | €26,511 | -€11,078 | -29.5% |
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 11 October 2026 via checked.be.