VOLT: 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.
VOLT
Largest movements
- Tangible fixed assets -€53,306
down €53,306 (-4.4%), from €1.2m to €1.2m
of which Leasing and similar rights: -€42,401
- Cash -€20,410
down €20,410 (-28.0%), from €72,811 to €52,401
mainly Debts after one year (-€108,801) and Tax, wage and social debts (-€58,939)
- Receivables within one year -€18,696
down €18,696 (-9.1%), from €206,223 to €187,527
of which Trade receivables: -€38,486
- Debts after one year -€108,801
down €108,801 (-9.4%), from €1.2m to €1.0m
- Trade debts +€68,479
up €68,479 (+63.8%), from €107,277 to €175,756
- Tax, wage and social debts -€58,939
down €58,939 (-63.1%), from €93,352 to €34,413
of which Remuneration and social security: -€49,045
- Reserves +€27,738
up €27,738 (+25.7%), from €108,035 to €135,773
of which Distributable reserves: +€27,738
- Current portion of long-term debt -€21,191
down €21,191 (-16.8%), from €126,240 to €105,050
- Staff costs -€112,266
down €112,266 (-31.6%), from €355,098 to €242,833
- Gross operating margin -€79,499
down €79,499 (-16.3%), from €488,876 to €409,378
- Write-downs +€9,153
new in 2025: €9,153
- Taxes +€6,300
new in 2025: €6,300
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 | €1,680,540 | €1,571,617 | -€108,923 | -6.5% |
| Fixed assets | 21/28 | €1,369,477 | €1,313,996 | -€55,480 | -4.1% |
| Intangible fixed assets | 21 | €6,515 | €4,340 | -€2,174 | -33.4% |
| Tangible fixed assets | 22/27 | €1,214,804 | €1,161,498 | -€53,306 | -4.4% |
| Plant, machinery and equipment | 23 | €9,661 | €7,300 | -€2,361 | -24.4% |
| Furniture and vehicles | 24 | €19,934 | €9,557 | -€10,378 | -52.1% |
| Leasing and similar rights | 25 | €1,185,208 | €1,142,807 | -€42,401 | -3.6% |
| Assets under construction and advance payments | 27 | - | €1,834 | +€1,834 | |
| Financial fixed assets | 28 | €148,158 | €148,158 | = | 0.0% |
| Current assets | 29/58 | €311,063 | €257,621 | -€53,442 | -17.2% |
| Amounts receivable within one year | 40/41 | €206,223 | €187,527 | -€18,696 | -9.1% |
| Trade receivables | 40 | €196,113 | €157,627 | -€38,486 | -19.6% |
| Other amounts receivable | 41 | €10,110 | €29,900 | +€19,790 | +195.7% |
| Cash at bank and in hand | 54/58 | €72,811 | €52,401 | -€20,410 | -28.0% |
| Deferred charges and accrued income | 490/1 | €32,029 | €17,693 | -€14,336 | -44.8% |
| Total equity and liabilities | 10/49 | €1,680,540 | €1,571,617 | -€108,923 | -6.5% |
| Equity | 10/15 | €132,835 | €160,573 | +€27,738 | +20.9% |
| Contributions | 10/11 | €24,800 | €24,800 | = | 0.0% |
| Reserves | 13 | €108,035 | €135,773 | +€27,738 | +25.7% |
| Non-distributable reserves | 130/1 | €3,720 | €3,720 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,720 | €3,720 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,045 | €1,045 | = | 0.0% |
| Distributable reserves | 133 | €103,270 | €131,008 | +€27,738 | +26.9% |
| Amounts payable | 17/49 | €1,547,704 | €1,411,044 | -€136,660 | -8.8% |
| Amounts payable after more than one year | 17 | €1,158,471 | €1,049,670 | -€108,801 | -9.4% |
| Financial debts | 170/4 | €1,158,471 | €1,049,670 | -€108,801 | -9.4% |
| Amounts payable within one year | 42/48 | €332,883 | €316,134 | -€16,749 | -5.0% |
| Current portion of amounts payable after more than one year | 42 | €126,240 | €105,050 | -€21,191 | -16.8% |
| Financial debts | 43 | €5,069 | - | -€5,069 | |
| Credit institutions | 430/8 | €5,069 | - | -€5,069 | |
| Trade debts | 44 | €107,277 | €175,756 | +€68,479 | +63.8% |
| Suppliers | 440/4 | €107,277 | €175,756 | +€68,479 | +63.8% |
| Taxes, remuneration and social security | 45 | €93,352 | €34,413 | -€58,939 | -63.1% |
| Taxes | 450/3 | €28,678 | €18,784 | -€9,893 | -34.5% |
| Remuneration and social security | 454/9 | €64,674 | €15,629 | -€49,045 | -75.8% |
| Other amounts payable | 47/48 | €945 | €915 | -€30 | -3.2% |
| Accrued charges and deferred income | 492/3 | €56,350 | €45,240 | -€11,110 | -19.7% |
| Remuneration, social security and pensions | 62 | €355,098 | €242,833 | -€112,266 | -31.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,965 | €57,314 | +€1,349 | +2.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €9,153 | +€9,153 | |
| Other operating charges | 640/8 | €2,053 | €1,673 | -€380 | -18.5% |
| Gross operating margin | 9900 | €488,876 | €409,378 | -€79,499 | -16.3% |
| Operating profit (loss) | 9901 | €75,760 | €98,406 | +€22,645 | +29.9% |
| Financial income | 75/76B | €850 | - | -€850 | |
| Recurring financial income | 75 | €850 | - | -€850 | |
| Financial charges | 65/66B | €67,825 | €64,368 | -€3,457 | -5.1% |
| Recurring financial charges | 65 | €67,825 | €64,368 | -€3,457 | -5.1% |
| Profit (loss) for the period before taxes | 9903 | €8,785 | €34,038 | +€25,252 | +287.4% |
| Income taxes | 67/77 | - | €6,300 | +€6,300 | |
| Profit (loss) for the period | 9904 | €8,785 | €27,738 | +€18,952 | +215.7% |
| Profit (loss) for the period to be appropriated | 9905 | €8,785 | €27,738 | +€18,952 | +215.7% |
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 7 October 2026 via checked.be.