VOLTIGO: 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.
VOLTIGO
Largest movements
- Tangible fixed assets +€415,177
up €415,177 (+1538.3%), from €26,990 to €442,167
of which Land and buildings: +€375,354
- Cash +€48,243
up €48,243 (+17.1%), from €282,460 to €330,703
mainly Debts after one year (+€326,176) and Other debts (+€192,797)
- Receivables within one year +€46,405
up €46,405 (+8.4%), from €555,297 to €601,702
of which Trade receivables: +€63,722
- Debts after one year +€326,176
new in 2025: €326,176
- Other debts +€192,797
up €192,797 (+154.5%), from €124,756 to €317,554
- Reserves +€65,000
up €65,000 (+25.0%), from €260,000 to €325,000
- Trade debts -€58,029
down €58,029 (-20.8%), from €279,495 to €221,466
- Tax, wage and social debts -€34,705
down €34,705 (-25.9%), from €134,053 to €99,349
- Gross operating margin -€30,092
down €30,092 (-18.4%), from €163,156 to €133,064
- Depreciation +€27,270
up €27,270 (+619.3%), from €4,403 to €31,673
- Taxes -€18,406
down €18,406 (-40.0%), from €46,013 to €27,607
- Financial charges +€8,063
up €8,063 (+584.6%), from €1,379 to €9,442
of which Financial charges: +€9,008
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 | €866,602 | €1,376,538 | +€509,936 | +58.8% |
| Fixed assets | 21/28 | €28,845 | €444,022 | +€415,177 | +1439.3% |
| Tangible fixed assets | 22/27 | €26,990 | €442,167 | +€415,177 | +1538.3% |
| Land and buildings | 22 | - | €375,354 | +€375,354 | |
| Plant, machinery and equipment | 23 | €18,506 | €51,413 | +€32,906 | +177.8% |
| Furniture and vehicles | 24 | €8,483 | €15,400 | +€6,917 | +81.5% |
| Financial fixed assets | 28 | €1,856 | €1,856 | = | 0.0% |
| Current assets | 29/58 | €837,757 | €932,515 | +€94,759 | +11.3% |
| Amounts receivable within one year | 40/41 | €555,297 | €601,702 | +€46,405 | +8.4% |
| Trade receivables | 40 | €537,890 | €601,612 | +€63,722 | +11.8% |
| Other amounts receivable | 41 | €17,407 | €90 | -€17,317 | -99.5% |
| Cash at bank and in hand | 54/58 | €282,460 | €330,703 | +€48,243 | +17.1% |
| Deferred charges and accrued income | 490/1 | - | €110 | +€110 | |
| Total equity and liabilities | 10/49 | €866,602 | €1,376,538 | +€509,936 | +58.8% |
| Equity | 10/15 | €328,297 | €393,657 | +€65,360 | +19.9% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €260,000 | €325,000 | +€65,000 | +25.0% |
| Distributable reserves | 133 | €260,000 | €325,000 | +€65,000 | +25.0% |
| Profit (loss) carried forward | 14 | €6,797 | €7,157 | +€360 | +5.3% |
| Amounts payable | 17/49 | €538,305 | €982,880 | +€444,576 | +82.6% |
| Amounts payable after more than one year | 17 | - | €326,176 | +€326,176 | |
| Financial debts | 170/4 | - | €326,176 | +€326,176 | |
| Amounts payable within one year | 42/48 | €538,305 | €656,704 | +€118,400 | +22.0% |
| Current portion of amounts payable after more than one year | 42 | - | €18,336 | +€18,336 | |
| Trade debts | 44 | €279,495 | €221,466 | -€58,029 | -20.8% |
| Suppliers | 440/4 | €279,495 | €221,466 | -€58,029 | -20.8% |
| Taxes, remuneration and social security | 45 | €134,053 | €99,349 | -€34,705 | -25.9% |
| Taxes | 450/3 | €134,053 | €99,349 | -€34,705 | -25.9% |
| Other amounts payable | 47/48 | €124,756 | €317,554 | +€192,797 | +154.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,403 | €31,673 | +€27,270 | +619.3% |
| Other operating charges | 640/8 | €1,174 | €1,008 | -€166 | -14.1% |
| Gross operating margin | 9900 | €163,156 | €133,064 | -€30,092 | -18.4% |
| Operating profit (loss) | 9901 | €157,579 | €100,383 | -€57,196 | -36.3% |
| Financial income | 75/76B | €3,164 | €2,026 | -€1,138 | -36.0% |
| Recurring financial income | 75 | €3,164 | €2,026 | -€1,138 | -36.0% |
| Non-recurring financial income | 76B | €3,164 | €2,026 | -€1,138 | -36.0% |
| Financial charges | 65/66B | €1,379 | €9,442 | +€8,063 | +584.6% |
| Recurring financial charges | 65 | €137 | €9,144 | +€9,008 | +6586.9% |
| Non-recurring financial charges | 66B | €1,242 | €298 | -€945 | -76.0% |
| Profit (loss) for the period before taxes | 9903 | €159,364 | €92,967 | -€66,397 | -41.7% |
| Income taxes | 67/77 | €46,013 | €27,607 | -€18,406 | -40.0% |
| Profit (loss) for the period | 9904 | €113,351 | €65,360 | -€47,991 | -42.3% |
| Profit (loss) for the period to be appropriated | 9905 | €113,351 | €65,360 | -€47,991 | -42.3% |
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 5 October 2026 via checked.be.