VOLTAIRE: 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.
VOLTAIRE
Largest movements
- Cash +€121,474
up €121,474 (+105.0%), from €115,644 to €237,117
mainly Trade debts (+€54,970) and Debts after one year (+€36,765)
- Receivables within one year -€10,101
down €10,101 (-34.0%), from €29,714 to €19,613
of which Trade receivables: -€11,792
- Stocks and contracts +€4,571
up €4,571 (+38.4%), from €11,895 to €16,466
- Trade debts +€54,970
up €54,970 (+66.7%), from €82,436 to €137,407
- Debts after one year +€36,765
new in 2025: €36,765
- Current portion of long-term debt +€9,159
new in 2025: €9,159
- Reserves +€8,440
up €8,440 (+10.1%), from €83,766 to €92,206
of which Distributable reserves: +€8,440
- Tax, wage and social debts +€6,690
up €6,690 (+33.3%), from €20,078 to €26,769
of which Remuneration and social security: +€12,268
- Gross operating margin -€34,685
down €34,685 (-7.2%), from €483,612 to €448,927
- Staff costs -€13,764
down €13,764 (-3.3%), from €422,181 to €408,417
- Taxes -€7,831
down €7,831 (-85.1%), from €9,197 to €1,366
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 | €224,538 | €340,563 | +€116,025 | +51.7% |
| Fixed assets | 21/28 | €64,463 | €63,912 | -€551 | -0.9% |
| Tangible fixed assets | 22/27 | €57,589 | €57,038 | -€551 | -1.0% |
| Plant, machinery and equipment | 23 | €37,549 | €26,172 | -€11,377 | -30.3% |
| Furniture and vehicles | 24 | €4,088 | €2,403 | -€1,685 | -41.2% |
| Other tangible fixed assets | 26 | €15,952 | €28,463 | +€12,511 | +78.4% |
| Financial fixed assets | 28 | €6,874 | €6,874 | = | 0.0% |
| Current assets | 29/58 | €160,074 | €276,651 | +€116,577 | +72.8% |
| Stocks and contracts in progress | 3 | €11,895 | €16,466 | +€4,571 | +38.4% |
| Stocks | 30/36 | €11,895 | €16,466 | +€4,571 | +38.4% |
| Amounts receivable within one year | 40/41 | €29,714 | €19,613 | -€10,101 | -34.0% |
| Trade receivables | 40 | €24,515 | €12,723 | -€11,792 | -48.1% |
| Other amounts receivable | 41 | €5,199 | €6,890 | +€1,691 | +32.5% |
| Cash at bank and in hand | 54/58 | €115,644 | €237,117 | +€121,474 | +105.0% |
| Deferred charges and accrued income | 490/1 | €2,822 | €3,455 | +€633 | +22.4% |
| Total equity and liabilities | 10/49 | €224,538 | €340,563 | +€116,025 | +51.7% |
| Equity | 10/15 | €121,266 | €129,706 | +€8,440 | +7.0% |
| Contributions | 10/11 | €37,500 | €37,500 | = | 0.0% |
| Reserves | 13 | €83,766 | €92,206 | +€8,440 | +10.1% |
| Non-distributable reserves | 130/1 | €798 | €798 | = | 0.0% |
| Reserves not available under the articles | 1311 | €798 | €798 | = | 0.0% |
| Distributable reserves | 133 | €82,968 | €91,408 | +€8,440 | +10.2% |
| Amounts payable | 17/49 | €103,272 | €210,857 | +€107,585 | +104.2% |
| Amounts payable after more than one year | 17 | - | €36,765 | +€36,765 | |
| Financial debts | 170/4 | - | €36,765 | +€36,765 | |
| Amounts payable within one year | 42/48 | €103,272 | €174,092 | +€70,820 | +68.6% |
| Current portion of amounts payable after more than one year | 42 | - | €9,159 | +€9,159 | |
| Trade debts | 44 | €82,436 | €137,407 | +€54,970 | +66.7% |
| Suppliers | 440/4 | €82,436 | €137,407 | +€54,970 | +66.7% |
| Taxes, remuneration and social security | 45 | €20,078 | €26,769 | +€6,690 | +33.3% |
| Taxes | 450/3 | €20,078 | €14,501 | -€5,577 | -27.8% |
| Remuneration and social security | 454/9 | - | €12,268 | +€12,268 | |
| Other amounts payable | 47/48 | €757 | €757 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €422,181 | €408,417 | -€13,764 | -3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,445 | €20,850 | +€404 | +2.0% |
| Other operating charges | 640/8 | €4,740 | €5,014 | +€274 | +5.8% |
| Gross operating margin | 9900 | €483,612 | €448,927 | -€34,685 | -7.2% |
| Operating profit (loss) | 9901 | €36,246 | €14,647 | -€21,599 | -59.6% |
| Financial income | 75/76B | €459 | €569 | +€110 | +24.1% |
| Recurring financial income | 75 | €459 | €569 | +€110 | +24.1% |
| Financial charges | 65/66B | €3,744 | €5,410 | +€1,665 | +44.5% |
| Recurring financial charges | 65 | €3,744 | €5,410 | +€1,665 | +44.5% |
| Profit (loss) for the period before taxes | 9903 | €32,960 | €9,806 | -€23,154 | -70.2% |
| Income taxes | 67/77 | €9,197 | €1,366 | -€7,831 | -85.1% |
| Profit (loss) for the period | 9904 | €23,763 | €8,440 | -€15,323 | -64.5% |
| Profit (loss) for the period to be appropriated | 9905 | €23,763 | €8,440 | -€15,323 | -64.5% |
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.