Voltage Projects: 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.
Voltage Projects
Largest movements
- Receivables within one year -€23,914
down €23,914 (-47.2%), from €50,714 to €26,800
of which Trade receivables: -€30,477
- Cash +€14,717
new in 2025: €14,717
mainly Net result for the year (+€24,923) and Receivables within one year (+€23,914)
- Tangible fixed assets +€5,666
up €5,666 (+17.3%), from €32,752 to €38,417
of which Other tangible fixed assets: +€6,182
- Trade debts -€12,787
down €12,787 (-54.3%), from €23,560 to €10,773
- Reserves +€10,923
up €10,923 (+21.7%), from €50,270 to €61,193
- Tax, wage and social debts -€4,605
down €4,605 (-61.8%), from €7,455 to €2,850
of which Remuneration and social security: -€4,559
- Other debts +€3,436
up €3,436 (+92.7%), from €3,708 to €7,144
- Gross operating margin +€10,022
up €10,022 (+21.1%), from €47,577 to €57,599
- Other operating charges +€3,741
up €3,741 (+315%), from €1,186 to €4,927
- Depreciation +€3,269
up €3,269 (+105%), from €3,114 to €6,382
- Financial income +€1,960
up €1,960 (+204%), from €961 to €2,921
- Staff costs -€1,764
down €1,764 (-10.3%), from €17,104 to €15,340
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 | €87,980 | €84,459 | -€3,521 | -4.0% |
| Fixed assets | 21/28 | €32,752 | €38,417 | +€5,666 | +17.3% |
| Tangible fixed assets | 22/27 | €32,752 | €38,417 | +€5,666 | +17.3% |
| Plant, machinery and equipment | 23 | €941 | €782 | -€159 | -16.9% |
| Furniture and vehicles | 24 | €686 | €328 | -€358 | -52.2% |
| Other tangible fixed assets | 26 | €31,125 | €37,308 | +€6,182 | +19.9% |
| Current assets | 29/58 | €55,229 | €46,042 | -€9,187 | -16.6% |
| Stocks and contracts in progress | 3 | €4,134 | €4,029 | -€105 | -2.5% |
| Stocks | 30/36 | €4,134 | €4,029 | -€105 | -2.5% |
| Amounts receivable within one year | 40/41 | €50,714 | €26,800 | -€23,914 | -47.2% |
| Trade receivables | 40 | €40,703 | €10,226 | -€30,477 | -74.9% |
| Other amounts receivable | 41 | €10,011 | €16,574 | +€6,563 | +65.6% |
| Cash at bank and in hand | 54/58 | - | €14,717 | +€14,717 | |
| Deferred charges and accrued income | 490/1 | €380 | €495 | +€115 | +30.4% |
| Total equity and liabilities | 10/49 | €87,980 | €84,459 | -€3,521 | -4.0% |
| Equity | 10/15 | €52,770 | €63,693 | +€10,923 | +20.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €50,270 | €61,193 | +€10,923 | +21.7% |
| Distributable reserves | 133 | €50,270 | €61,193 | +€10,923 | +21.7% |
| Amounts payable | 17/49 | €35,210 | €20,766 | -€14,444 | -41.0% |
| Amounts payable within one year | 42/48 | €35,210 | €20,766 | -€14,444 | -41.0% |
| Financial debts | 43 | €487 | - | -€487 | |
| Credit institutions | 430/8 | €487 | - | -€487 | |
| Trade debts | 44 | €23,560 | €10,773 | -€12,787 | -54.3% |
| Suppliers | 440/4 | €23,560 | €10,773 | -€12,787 | -54.3% |
| Taxes, remuneration and social security | 45 | €7,455 | €2,850 | -€4,605 | -61.8% |
| Taxes | 450/3 | €896 | €850 | -€46 | -5.2% |
| Remuneration and social security | 454/9 | €6,559 | €2,000 | -€4,559 | -69.5% |
| Other amounts payable | 47/48 | €3,708 | €7,144 | +€3,436 | +92.7% |
| Remuneration, social security and pensions | 62 | €17,104 | €15,340 | -€1,764 | -10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,114 | €6,382 | +€3,269 | +105% |
| Other operating charges | 640/8 | €1,186 | €4,927 | +€3,741 | +315% |
| Gross operating margin | 9900 | €47,577 | €57,599 | +€10,022 | +21.1% |
| Operating profit (loss) | 9901 | €26,174 | €30,950 | +€4,776 | +18.2% |
| Financial income | 75/76B | €961 | €2,921 | +€1,960 | +204% |
| Recurring financial income | 75 | €961 | €2,921 | +€1,960 | +204% |
| Financial charges | 65/66B | €1,918 | €1,778 | -€140 | -7.3% |
| Recurring financial charges | 65 | €1,918 | €1,778 | -€140 | -7.3% |
| Profit (loss) for the period before taxes | 9903 | €25,217 | €32,093 | +€6,876 | +27.3% |
| Income taxes | 67/77 | €5,773 | €7,170 | +€1,397 | +24.2% |
| Profit (loss) for the period | 9904 | €19,444 | €24,923 | +€5,479 | +28.2% |
| Profit (loss) for the period to be appropriated | 9905 | €19,444 | €24,923 | +€5,479 | +28.2% |
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 15 October 2026 via checked.be.