Vorelec: 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.
Vorelec
Largest movements
- Receivables within one year +€18,352
up €18,352 (+8975.3%), from €204 to €18,556
of which Trade receivables: +€16,865
- Cash -€16,661
down €16,661 (-75.1%), from €22,182 to €5,521
mainly Receivables within one year (-€18,352) and Investment in fixed assets (net) (-€6,500)
- Tangible fixed assets +€2,763
up €2,763 (+36.2%), from €7,626 to €10,389
- Deferred charges and accrued income -€842
no longer reported in 2025 (was €842)
- Profit (loss) carried forward +€4,269
up €4,269 (+21.4%), from €19,977 to €24,246
- Tax, wage and social debts -€3,634
down €3,634 (-72.7%), from €5,000 to €1,366
of which Taxes: -€3,900
- Trade debts +€2,283
up €2,283 (+58.9%), from €3,877 to €6,160
- Other debts +€695
new in 2025: €695
- Staff costs +€10,883
up €10,883 (+678.5%), from €1,604 to €12,487
- Gross operating margin -€7,768
down €7,768 (-26.4%), from €29,445 to €21,677
- Taxes -€3,905
down €3,905 (-78.1%), from €5,000 to €1,095
- Depreciation +€680
up €680 (+22.3%), from €3,057 to €3,737
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 | €30,854 | €34,466 | +€3,611 | +11.7% |
| Fixed assets | 21/28 | €7,626 | €10,389 | +€2,763 | +36.2% |
| Tangible fixed assets | 22/27 | €7,626 | €10,389 | +€2,763 | +36.2% |
| Furniture and vehicles | 24 | €7,626 | €10,389 | +€2,763 | +36.2% |
| Current assets | 29/58 | €23,228 | €24,077 | +€849 | +3.7% |
| Amounts receivable within one year | 40/41 | €204 | €18,556 | +€18,352 | +8975.3% |
| Trade receivables | 40 | - | €16,865 | +€16,865 | |
| Other amounts receivable | 41 | €204 | €1,691 | +€1,487 | +727.2% |
| Cash at bank and in hand | 54/58 | €22,182 | €5,521 | -€16,661 | -75.1% |
| Deferred charges and accrued income | 490/1 | €842 | - | -€842 | |
| Total equity and liabilities | 10/49 | €30,854 | €34,466 | +€3,611 | +11.7% |
| Equity | 10/15 | €21,977 | €26,246 | +€4,269 | +19.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Outside capital | 11 | €2,000 | €2,000 | = | 0.0% |
| Other | 1109/19 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,977 | €24,246 | +€4,269 | +21.4% |
| Amounts payable | 17/49 | €8,877 | €8,220 | -€657 | -7.4% |
| Amounts payable within one year | 42/48 | €8,877 | €8,220 | -€657 | -7.4% |
| Trade debts | 44 | €3,877 | €6,160 | +€2,283 | +58.9% |
| Suppliers | 440/4 | €3,877 | €6,160 | +€2,283 | +58.9% |
| Taxes, remuneration and social security | 45 | €5,000 | €1,366 | -€3,634 | -72.7% |
| Taxes | 450/3 | €5,000 | €1,100 | -€3,900 | -78.0% |
| Remuneration and social security | 454/9 | - | €266 | +€266 | |
| Other amounts payable | 47/48 | - | €695 | +€695 | |
| Remuneration, social security and pensions | 62 | €1,604 | €12,487 | +€10,883 | +678.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,057 | €3,737 | +€680 | +22.3% |
| Other operating charges | 640/8 | €85 | €148 | +€63 | +74.2% |
| Gross operating margin | 9900 | €29,445 | €21,677 | -€7,768 | -26.4% |
| Operating profit (loss) | 9901 | €24,699 | €5,304 | -€19,394 | -78.5% |
| Financial income | 75/76B | €304 | €213 | -€91 | -30.0% |
| Recurring financial income | 75 | €304 | €213 | -€91 | -30.0% |
| Financial charges | 65/66B | €26 | €153 | +€128 | +497.1% |
| Recurring financial charges | 65 | €26 | €153 | +€128 | +497.1% |
| Profit (loss) for the period before taxes | 9903 | €24,977 | €5,364 | -€19,613 | -78.5% |
| Income taxes | 67/77 | €5,000 | €1,095 | -€3,905 | -78.1% |
| Profit (loss) for the period | 9904 | €19,977 | €4,269 | -€15,708 | -78.6% |
| Profit (loss) for the period to be appropriated | 9905 | €19,977 | €4,269 | -€15,708 | -78.6% |
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 7 October 2026 via checked.be.