Voltairo: 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.
Voltairo
Largest movements
- Receivables within one year +€11,793
up €11,793 (+22.1%), from €53,297 to €65,090
of which Other amounts receivable: +€14,777
- Cash -€8,587
down €8,587 (-74.1%), from €11,583 to €2,996
mainly Trade debts (-€17,101) and Receivables within one year (-€11,793)
- Stocks and contracts +€4,163
up €4,163 (+73.2%), from €5,683 to €9,846
- Tangible fixed assets -€2,628
down €2,628 (-22.0%), from €11,935 to €9,307
of which Plant, machinery and equipment: -€2,172
- Reserves +€27,820
up €27,820 (+2388.0%), from €1,165 to €28,985
of which Distributable reserves: +€27,820
- Trade debts -€17,101
down €17,101 (-64.3%), from €26,580 to €9,479
- Other debts -€4,400
down €4,400 (-100.0%), from €4,400 to €0
- Debts after one year -€4,258
down €4,258 (-62.1%), from €6,852 to €2,593
- Tax, wage and social debts +€3,704
up €3,704 (+120.6%), from €3,071 to €6,775
- Gross operating margin +€31,899
up €31,899 (+281.3%), from €11,339 to €43,238
- Taxes +€7,240
up €7,240 (+286.7%), from €2,525 to €9,765
- Financial charges +€981
up €981 (+123.0%), from €798 to €1,780
- Staff costs -€912
down €912 (-74.4%), from €1,226 to €314
- Other operating charges -€835
down €835 (-38.2%), from €2,188 to €1,353
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 | €83,594 | €88,948 | +€5,354 | +6.4% |
| Fixed assets | 21/28 | €13,030 | €10,402 | -€2,628 | -20.2% |
| Tangible fixed assets | 22/27 | €11,935 | €9,307 | -€2,628 | -22.0% |
| Plant, machinery and equipment | 23 | €10,242 | €8,070 | -€2,172 | -21.2% |
| Furniture and vehicles | 24 | €1,694 | €1,237 | -€456 | -26.9% |
| Financial fixed assets | 28 | €1,095 | €1,095 | = | 0.0% |
| Current assets | 29/58 | €70,564 | €78,546 | +€7,982 | +11.3% |
| Stocks and contracts in progress | 3 | €5,683 | €9,846 | +€4,163 | +73.2% |
| Stocks | 30/36 | €5,683 | €9,846 | +€4,163 | +73.2% |
| Amounts receivable within one year | 40/41 | €53,297 | €65,090 | +€11,793 | +22.1% |
| Trade receivables | 40 | €49,427 | €46,443 | -€2,985 | -6.0% |
| Other amounts receivable | 41 | €3,870 | €18,648 | +€14,777 | +381.8% |
| Cash at bank and in hand | 54/58 | €11,583 | €2,996 | -€8,587 | -74.1% |
| Deferred charges and accrued income | 490/1 | - | €614 | +€614 | |
| Total equity and liabilities | 10/49 | €83,594 | €88,948 | +€5,354 | +6.4% |
| Equity | 10/15 | €37,185 | €65,843 | +€28,658 | +77.1% |
| Contributions | 10/11 | €8,200 | €8,200 | = | 0.0% |
| Reserves | 13 | €1,165 | €28,985 | +€27,820 | +2388.0% |
| Non-distributable reserves | 130/1 | €1,165 | €1,165 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,165 | €1,165 | = | 0.0% |
| Distributable reserves | 133 | - | €27,820 | +€27,820 | |
| Profit (loss) carried forward | 14 | €27,820 | €28,658 | +€838 | +3.0% |
| Amounts payable | 17/49 | €46,409 | €23,106 | -€23,304 | -50.2% |
| Amounts payable after more than one year | 17 | €6,852 | €2,593 | -€4,258 | -62.1% |
| Financial debts | 170/4 | €6,852 | €2,593 | -€4,258 | -62.1% |
| Amounts payable within one year | 42/48 | €39,557 | €20,512 | -€19,045 | -48.1% |
| Current portion of amounts payable after more than one year | 42 | €5,507 | €4,258 | -€1,249 | -22.7% |
| Trade debts | 44 | €26,580 | €9,479 | -€17,101 | -64.3% |
| Suppliers | 440/4 | €26,580 | €9,479 | -€17,101 | -64.3% |
| Taxes, remuneration and social security | 45 | €3,071 | €6,775 | +€3,704 | +120.6% |
| Taxes | 450/3 | €3,071 | €6,775 | +€3,704 | +120.6% |
| Other amounts payable | 47/48 | €4,400 | €0 | -€4,400 | -100.0% |
| Remuneration, social security and pensions | 62 | €1,226 | €314 | -€912 | -74.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,212 | €2,628 | +€416 | +18.8% |
| Other operating charges | 640/8 | €2,188 | €1,353 | -€835 | -38.2% |
| Gross operating margin | 9900 | €11,339 | €43,238 | +€31,899 | +281.3% |
| Operating profit (loss) | 9901 | €5,713 | €38,944 | +€33,231 | +581.7% |
| Financial income | 75/76B | €809 | €1,259 | +€450 | +55.7% |
| Recurring financial income | 75 | €809 | €1,259 | +€450 | +55.7% |
| Financial charges | 65/66B | €798 | €1,780 | +€981 | +123.0% |
| Recurring financial charges | 65 | €798 | €1,780 | +€981 | +123.0% |
| Profit (loss) for the period before taxes | 9903 | €5,724 | €38,423 | +€32,700 | +571.3% |
| Income taxes | 67/77 | €2,525 | €9,765 | +€7,240 | +286.7% |
| Profit (loss) for the period | 9904 | €3,198 | €28,658 | +€25,460 | +796.1% |
| Profit (loss) for the period to be appropriated | 9905 | €3,198 | €28,658 | +€25,460 | +796.1% |
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.