Voltmasters: 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.
Voltmasters
Largest movements
- Receivables within one year -€411,957
down €411,957 (-50.5%), from €815,806 to €403,850
of which Trade receivables: -€463,357
- Stocks and contracts -€398,167
down €398,167 (-51.0%), from €779,981 to €381,814
- Cash -€372,086
down €372,086 (-32.8%), from €1.1m to €762,018
mainly Advances received (-€1.7m) and Investment in fixed assets (net) (-€171,734)
- Intangible fixed assets +€78,419
new in 2025: €78,419
- Tangible fixed assets +€33,476
up €33,476 (+21.9%), from €152,643 to €186,119
of which Furniture and vehicles: +€38,983
- Advances received -€1.7m
down €1.7m (-84.1%), from €2.0m to €321,315
- Reserves +€474,269
up €474,269 (+242%), from €195,949 to €670,218
- Tax, wage and social debts +€184,929
up €184,929 (+239%), from €77,378 to €262,307
of which Taxes: +€180,923
- Debts after one year -€114,674
down €114,674 (-83.4%), from €137,460 to €22,786
- Trade debts +€57,242
up €57,242 (+22.2%), from €257,999 to €315,241
- Gross operating margin +€543,990
up €543,990 (+167%), from €326,179 to €870,169
- Taxes +€123,726
up €123,726 (+190%), from €65,135 to €188,861
- Staff costs +€62,782
new in 2025: €62,782
- Depreciation +€52,577
up €52,577 (+724%), from €7,262 to €59,839
- Financial income +€29,721
new in 2025: €29,721
of which Financial income: +€29,152
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 | €2,891,321 | €1,818,779 | -€1.1m | -37.1% |
| Fixed assets | 21/28 | €152,643 | €264,538 | +€111,895 | +73.3% |
| Intangible fixed assets | 21 | - | €78,419 | +€78,419 | |
| Tangible fixed assets | 22/27 | €152,643 | €186,119 | +€33,476 | +21.9% |
| Plant, machinery and equipment | 23 | €4,539 | €3,280 | -€1,259 | -27.7% |
| Furniture and vehicles | 24 | €143,856 | €182,839 | +€38,983 | +27.1% |
| Assets under construction and advance payments | 27 | €4,248 | €0 | -€4,248 | -100% |
| Current assets | 29/58 | €2,738,678 | €1,554,241 | -€1.2m | -43.2% |
| Stocks and contracts in progress | 3 | €779,981 | €381,814 | -€398,167 | -51.0% |
| Stocks | 30/36 | €779,981 | €381,814 | -€398,167 | -51.0% |
| Amounts receivable within one year | 40/41 | €815,806 | €403,850 | -€411,957 | -50.5% |
| Trade receivables | 40 | €815,806 | €352,449 | -€463,357 | -56.8% |
| Other amounts receivable | 41 | - | €51,401 | +€51,401 | |
| Cash at bank and in hand | 54/58 | €1,134,104 | €762,018 | -€372,086 | -32.8% |
| Deferred charges and accrued income | 490/1 | €8,786 | €6,560 | -€2,227 | -25.3% |
| Total equity and liabilities | 10/49 | €2,891,321 | €1,818,779 | -€1.1m | -37.1% |
| Equity | 10/15 | €255,949 | €730,218 | +€474,269 | +185% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €195,949 | €670,218 | +€474,269 | +242% |
| Distributable reserves | 133 | €195,949 | €670,218 | +€474,269 | +242% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,635,371 | €1,088,561 | -€1.5m | -58.7% |
| Amounts payable after more than one year | 17 | €137,460 | €22,786 | -€114,674 | -83.4% |
| Financial debts | 170/4 | €137,460 | €22,786 | -€114,674 | -83.4% |
| Amounts payable within one year | 42/48 | €2,494,812 | €1,063,537 | -€1.4m | -57.4% |
| Current portion of amounts payable after more than one year | 42 | €94,912 | €114,674 | +€19,762 | +20.8% |
| Trade debts | 44 | €257,999 | €315,241 | +€57,242 | +22.2% |
| Suppliers | 440/4 | €257,999 | €315,241 | +€57,242 | +22.2% |
| Advances received on contracts in progress | 46 | €2,014,523 | €321,315 | -€1.7m | -84.1% |
| Taxes, remuneration and social security | 45 | €77,378 | €262,307 | +€184,929 | +239% |
| Taxes | 450/3 | €77,378 | €258,302 | +€180,923 | +234% |
| Remuneration and social security | 454/9 | - | €4,006 | +€4,006 | |
| Other amounts payable | 47/48 | €50,000 | €50,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €3,099 | €2,237 | -€862 | -27.8% |
| Remuneration, social security and pensions | 62 | - | €62,782 | +€62,782 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,262 | €59,839 | +€52,577 | +724% |
| Other operating charges | 640/8 | €415 | €602 | +€188 | +45.2% |
| Gross operating margin | 9900 | €326,179 | €870,169 | +€543,990 | +167% |
| Operating profit (loss) | 9901 | €318,502 | €746,945 | +€428,443 | +135% |
| Financial income | 75/76B | - | €29,721 | +€29,721 | |
| Recurring financial income | 75 | - | €29,152 | +€29,152 | |
| Non-recurring financial income | 76B | - | €569 | +€569 | |
| Financial charges | 65/66B | €7,418 | €13,536 | +€6,118 | +82.5% |
| Recurring financial charges | 65 | €7,418 | €13,536 | +€6,118 | +82.5% |
| Profit (loss) for the period before taxes | 9903 | €311,084 | €763,130 | +€452,046 | +145% |
| Income taxes | 67/77 | €65,135 | €188,861 | +€123,726 | +190% |
| Profit (loss) for the period | 9904 | €245,949 | €574,269 | +€328,320 | +133% |
| Profit (loss) for the period to be appropriated | 9905 | €245,949 | €574,269 | +€328,320 | +133% |
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 13 October 2026 via checked.be.