Voske: 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.
Voske
Largest movements
- Receivables within one year +€179,078
up €179,078 (+352%), from €50,936 to €230,015
of which Trade receivables: +€169,670
- Cash +€87,535
up €87,535 (+8,023%), from €1,091 to €88,626
mainly Debts after one year (+€144,893) and Other debts (+€96,684)
- Tangible fixed assets +€56,035
up €56,035 (+15.5%), from €361,773 to €417,808
of which Furniture and vehicles: +€55,417
- Debts after one year +€144,893
up €144,893 (+31.2%), from €463,976 to €608,869
- Other debts +€96,684
new in 2025: €96,684
- Trade debts +€29,700
up €29,700 (+476%), from €6,239 to €35,939
- Profit (loss) carried forward +€25,211
up €25,211 (+67.9%), from -€37,148 to -€11,936
- Current portion of long-term debt +€12,762
up €12,762 (+66.1%), from €19,313 to €32,075
- Gross operating margin +€91,570
up €91,570 (+411%), from €22,288 to €113,858
- Staff costs +€19,101
new in 2025: €19,101
- Depreciation +€16,656
up €16,656 (+41.0%), from €40,635 to €57,290
- Financial charges +€1,249
up €1,249 (+16.9%), from €7,405 to €8,655
of which Financial charges: +€1,349
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 | €474,919 | €789,147 | +€314,227 | +66.2% |
| Formation expenses | 20 | €4,562 | €4,211 | -€351 | -7.7% |
| Fixed assets | 21/28 | €361,773 | €417,808 | +€56,035 | +15.5% |
| Tangible fixed assets | 22/27 | €361,773 | €417,808 | +€56,035 | +15.5% |
| Land and buildings | 22 | €274,836 | €253,287 | -€21,548 | -7.8% |
| Plant, machinery and equipment | 23 | €85,419 | €107,585 | +€22,166 | +26.0% |
| Furniture and vehicles | 24 | €1,518 | €56,935 | +€55,417 | +3,650% |
| Current assets | 29/58 | €108,584 | €367,128 | +€258,543 | +238% |
| Stocks and contracts in progress | 3 | €46,557 | €43,952 | -€2,605 | -5.6% |
| Stocks | 30/36 | €46,557 | €43,952 | -€2,605 | -5.6% |
| Amounts receivable within one year | 40/41 | €50,936 | €230,015 | +€179,078 | +352% |
| Trade receivables | 40 | €46,727 | €216,397 | +€169,670 | +363% |
| Other amounts receivable | 41 | €4,210 | €13,618 | +€9,408 | +223% |
| Cash at bank and in hand | 54/58 | €1,091 | €88,626 | +€87,535 | +8,023% |
| Deferred charges and accrued income | 490/1 | €10,000 | €4,535 | -€5,465 | -54.7% |
| Total equity and liabilities | 10/49 | €474,919 | €789,147 | +€314,227 | +66.2% |
| Equity | 10/15 | -€16,688 | €8,524 | +€25,211 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€37,148 | -€11,936 | +€25,211 | +67.9% |
| Amounts payable | 17/49 | €491,607 | €780,623 | +€289,016 | +58.8% |
| Amounts payable after more than one year | 17 | €463,976 | €608,869 | +€144,893 | +31.2% |
| Financial debts | 170/4 | €463,976 | €608,869 | +€144,893 | +31.2% |
| Amounts payable within one year | 42/48 | €27,631 | €171,755 | +€144,123 | +522% |
| Current portion of amounts payable after more than one year | 42 | €19,313 | €32,075 | +€12,762 | +66.1% |
| Trade debts | 44 | €6,239 | €35,939 | +€29,700 | +476% |
| Suppliers | 440/4 | €6,239 | €35,939 | +€29,700 | +476% |
| Advances received on contracts in progress | 46 | €1,236 | €1,236 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €843 | €5,820 | +€4,977 | +590% |
| Taxes | 450/3 | €843 | €992 | +€149 | +17.7% |
| Remuneration and social security | 454/9 | - | €4,828 | +€4,828 | |
| Other amounts payable | 47/48 | - | €96,684 | +€96,684 | |
| Non-recurring operating income | 76A | €1,800 | €5,300 | +€3,500 | +194% |
| Remuneration, social security and pensions | 62 | - | €19,101 | +€19,101 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,635 | €57,290 | +€16,656 | +41.0% |
| Other operating charges | 640/8 | €3,927 | €3,603 | -€325 | -8.3% |
| Gross operating margin | 9900 | €22,288 | €113,858 | +€91,570 | +411% |
| Operating profit (loss) | 9901 | -€22,274 | €33,864 | +€56,138 | |
| Financial income | 75/76B | €12 | €2 | -€10 | -83.4% |
| Recurring financial income | 75 | €12 | €2 | -€10 | -83.4% |
| Financial charges | 65/66B | €7,405 | €8,655 | +€1,249 | +16.9% |
| Recurring financial charges | 65 | €7,305 | €8,655 | +€1,349 | +18.5% |
| Non-recurring financial charges | 66B | €100 | - | -€100 | |
| Profit (loss) for the period before taxes | 9903 | -€29,667 | €25,211 | +€54,878 | |
| Profit (loss) for the period | 9904 | -€29,667 | €25,211 | +€54,878 | |
| Profit (loss) for the period to be appropriated | 9905 | -€29,667 | €25,211 | +€54,878 |
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 20 October 2026 via checked.be.