VOLTAM: 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.
VOLTAM
Largest movements
- Tangible fixed assets +€50,679
up €50,679 (+20.0%), from €253,668 to €304,347
of which Leasing and similar rights: +€69,198
- Receivables within one year +€17,198
up €17,198 (+53.6%), from €32,072 to €49,270
of which Other amounts receivable: +€21,330
- Deferred charges and accrued income -€8,073
down €8,073 (-8.9%), from €90,747 to €82,675
- Reserves +€41,052
up €41,052 (+24.4%), from €168,081 to €209,133
- Debts after one year +€39,965
up €39,965 (+22.1%), from €180,620 to €220,585
- Other debts -€29,999
down €29,999 (-100%), from €29,999 to €0
- Trade debts +€12,584
up €12,584 (+31.3%), from €40,150 to €52,734
- Tax, wage and social debts -€9,153
down €9,153 (-38.6%), from €23,682 to €14,529
of which Taxes: -€6,889
- Staff costs -€28,056
down €28,056 (-22.1%), from €126,985 to €98,928
- Taxes +€10,444
up €10,444 (+154%), from €6,800 to €17,244
- Depreciation -€7,750
down €7,750 (-28.1%), from €27,585 to €19,835
- Financial charges +€5,286
up €5,286 (+27.9%), from €18,966 to €24,252
- Gross operating margin +€3,547
up €3,547 (+1.8%), from €198,297 to €201,844
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 | €590,092 | €645,702 | +€55,610 | +9.4% |
| Fixed assets | 21/28 | €253,668 | €304,347 | +€50,679 | +20.0% |
| Tangible fixed assets | 22/27 | €253,668 | €304,347 | +€50,679 | +20.0% |
| Land and buildings | 22 | €228,109 | €215,874 | -€12,236 | -5.4% |
| Plant, machinery and equipment | 23 | €8,490 | €5,090 | -€3,400 | -40.0% |
| Furniture and vehicles | 24 | €5,954 | €3,070 | -€2,884 | -48.4% |
| Leasing and similar rights | 25 | €11,115 | €80,313 | +€69,198 | +623% |
| Current assets | 29/58 | €336,424 | €341,355 | +€4,931 | +1.5% |
| Amounts receivable after more than one year | 29 | €60,000 | €60,000 | = | 0.0% |
| Other amounts receivable | 291 | €60,000 | €60,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €110,645 | €106,801 | -€3,844 | -3.5% |
| Stocks | 30/36 | €55,645 | €56,801 | +€1,156 | +2.1% |
| Contracts in progress | 37 | €55,000 | €50,000 | -€5,000 | -9.1% |
| Amounts receivable within one year | 40/41 | €32,072 | €49,270 | +€17,198 | +53.6% |
| Trade receivables | 40 | €12,430 | €8,298 | -€4,132 | -33.2% |
| Other amounts receivable | 41 | €19,642 | €40,972 | +€21,330 | +109% |
| Cash at bank and in hand | 54/58 | €42,960 | €42,609 | -€350 | -0.8% |
| Deferred charges and accrued income | 490/1 | €90,747 | €82,675 | -€8,073 | -8.9% |
| Total equity and liabilities | 10/49 | €590,092 | €645,702 | +€55,610 | +9.4% |
| Equity | 10/15 | €174,281 | €215,333 | +€41,052 | +23.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €168,081 | €209,133 | +€41,052 | +24.4% |
| Distributable reserves | 133 | €168,081 | €209,133 | +€41,052 | +24.4% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €415,811 | €430,369 | +€14,557 | +3.5% |
| Amounts payable after more than one year | 17 | €180,620 | €220,585 | +€39,965 | +22.1% |
| Financial debts | 170/4 | €180,620 | €220,585 | +€39,965 | +22.1% |
| Amounts payable within one year | 42/48 | €232,161 | €209,763 | -€22,398 | -9.6% |
| Current portion of amounts payable after more than one year | 42 | €35,488 | €42,500 | +€7,012 | +19.8% |
| Financial debts | 43 | €102,842 | €100,000 | -€2,842 | -2.8% |
| Credit institutions | 430/8 | €102,842 | €100,000 | -€2,842 | -2.8% |
| Trade debts | 44 | €40,150 | €52,734 | +€12,584 | +31.3% |
| Suppliers | 440/4 | €40,150 | €52,734 | +€12,584 | +31.3% |
| Taxes, remuneration and social security | 45 | €23,682 | €14,529 | -€9,153 | -38.6% |
| Taxes | 450/3 | €12,715 | €5,826 | -€6,889 | -54.2% |
| Remuneration and social security | 454/9 | €10,967 | €8,704 | -€2,264 | -20.6% |
| Other amounts payable | 47/48 | €29,999 | €0 | -€29,999 | -100% |
| Accrued charges and deferred income | 492/3 | €3,030 | €20 | -€3,010 | -99.3% |
| Non-recurring operating income | 76A | €0 | €28,885 | +€28,885 | |
| Remuneration, social security and pensions | 62 | €126,985 | €98,928 | -€28,056 | -22.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,585 | €19,835 | -€7,750 | -28.1% |
| Other operating charges | 640/8 | €3,211 | €3,333 | +€123 | +3.8% |
| Gross operating margin | 9900 | €198,297 | €201,844 | +€3,547 | +1.8% |
| Operating profit (loss) | 9901 | €40,517 | €79,748 | +€39,231 | +96.8% |
| Financial income | 75/76B | €2,314 | €2,800 | +€486 | +21.0% |
| Recurring financial income | 75 | €2,314 | €2,800 | +€486 | +21.0% |
| Financial charges | 65/66B | €18,966 | €24,252 | +€5,286 | +27.9% |
| Recurring financial charges | 65 | €18,966 | €24,252 | +€5,286 | +27.9% |
| Profit (loss) for the period before taxes | 9903 | €23,866 | €58,296 | +€34,430 | +144% |
| Income taxes | 67/77 | €6,800 | €17,244 | +€10,444 | +154% |
| Profit (loss) for the period | 9904 | €17,065 | €41,052 | +€23,987 | +141% |
| Profit (loss) for the period to be appropriated | 9905 | €17,065 | €41,052 | +€23,987 | +141% |
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.