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
- Cash +€61,638
up €61,638 (+101.8%), from €60,552 to €122,189
mainly Net result for the year (+€50,186) and Trade debts (+€27,422)
- Receivables within one year +€11,280
up €11,280 (+662.1%), from €1,704 to €12,983
- Reserves +€50,186
up €50,186 (+125.5%), from €40,000 to €90,186
- Trade debts +€27,422
up €27,422 (+168.6%), from €16,261 to €43,683
- Tax, wage and social debts -€2,421
down €2,421 (-10.5%), from €23,125 to €20,705
- Gross operating margin -€12,080
down €12,080 (-12.3%), from €98,245 to €86,166
- Other operating charges +€11,200
up €11,200 (+1010.6%), from €1,108 to €12,309
- Taxes -€2,421
down €2,421 (-10.5%), from €23,125 to €20,705
- Financial charges -€1,167
down €1,167 (-32.5%), from €3,592 to €2,424
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 | €112,166 | €187,351 | +€75,185 | +67.0% |
| Fixed assets | 21/28 | €4,318 | €4,873 | +€554 | +12.8% |
| Tangible fixed assets | 22/27 | €4,318 | €4,873 | +€554 | +12.8% |
| Plant, machinery and equipment | 23 | €4,318 | €4,873 | +€554 | +12.8% |
| Current assets | 29/58 | €107,848 | €182,478 | +€74,630 | +69.2% |
| Amounts receivable after more than one year | 29 | €40,000 | €40,000 | = | 0.0% |
| Other amounts receivable | 291 | €40,000 | €40,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,704 | €12,983 | +€11,280 | +662.1% |
| Other amounts receivable | 41 | €1,704 | €12,983 | +€11,280 | +662.1% |
| Cash at bank and in hand | 54/58 | €60,552 | €122,189 | +€61,638 | +101.8% |
| Deferred charges and accrued income | 490/1 | €5,593 | €7,305 | +€1,713 | +30.6% |
| Total equity and liabilities | 10/49 | €112,166 | €187,351 | +€75,185 | +67.0% |
| Equity | 10/15 | €72,777 | €122,963 | +€50,186 | +69.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €40,000 | €90,186 | +€50,186 | +125.5% |
| Distributable reserves | 133 | €40,000 | €90,186 | +€50,186 | +125.5% |
| Profit (loss) carried forward | 14 | €29,777 | €29,777 | = | 0.0% |
| Amounts payable | 17/49 | €39,389 | €64,388 | +€24,999 | +63.5% |
| Amounts payable within one year | 42/48 | €39,389 | €64,388 | +€24,999 | +63.5% |
| Trade debts | 44 | €16,261 | €43,683 | +€27,422 | +168.6% |
| Suppliers | 440/4 | €16,261 | €43,683 | +€27,422 | +168.6% |
| Taxes, remuneration and social security | 45 | €23,125 | €20,705 | -€2,421 | -10.5% |
| Taxes | 450/3 | €23,125 | €20,705 | -€2,421 | -10.5% |
| Other amounts payable | 47/48 | €2 | €0 | -€2 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €643 | €546 | -€97 | -15.1% |
| Other operating charges | 640/8 | €1,108 | €12,309 | +€11,200 | +1010.6% |
| Gross operating margin | 9900 | €98,245 | €86,166 | -€12,080 | -12.3% |
| Operating profit (loss) | 9901 | €96,494 | €73,311 | -€23,183 | -24.0% |
| Financial income | 75/76B | €0 | €3 | +€3 | +7675.0% |
| Recurring financial income | 75 | €0 | €3 | +€3 | +7675.0% |
| Financial charges | 65/66B | €3,592 | €2,424 | -€1,167 | -32.5% |
| Recurring financial charges | 65 | €3,592 | €2,424 | -€1,167 | -32.5% |
| Profit (loss) for the period before taxes | 9903 | €92,903 | €70,890 | -€22,012 | -23.7% |
| Income taxes | 67/77 | €23,125 | €20,705 | -€2,421 | -10.5% |
| Profit (loss) for the period | 9904 | €69,777 | €50,186 | -€19,592 | -28.1% |
| Profit (loss) for the period to be appropriated | 9905 | €69,777 | €50,186 | -€19,592 | -28.1% |
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 28 September 2026 via checked.be.