VOSKO: 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.
VOSKO
Largest movements
- Tangible fixed assets -€979,535
down €979,535 (-96.7%), from €1.0m to €33,381
of which Land and buildings: -€965,538
- Receivables within one year +€906,831
up €906,831 (+1,288%), from €70,404 to €977,234
of which Other amounts receivable: +€899,952
- Cash +€241,592
up €241,592 (+293%), from €82,465 to €324,058
mainly Investment in fixed assets (net) (+€965,538) and Net result for the year (+€109,327)
- Reserves +€58,291
up €58,291 (+2,661%), from €2,191 to €60,481
of which Distributable reserves: +€58,291
- Profit (loss) carried forward +€51,036
no longer reported in 2026 (was -€51,036)
- Tax, wage and social debts +€44,175
up €44,175 (+1,293%), from €3,417 to €47,592
- Other debts +€21,379
up €21,379 (+5.3%), from €405,296 to €426,675
- Gross operating margin +€141,220
up €141,220 (+221%), from €63,881 to €205,100
- Taxes +€43,352
up €43,352 (+23,710%), from €183 to €43,535
- Depreciation -€24,166
down €24,166 (-63.3%), from €38,163 to €13,997
- Financial charges -€9,015
down €9,015 (-23.8%), from €37,799 to €28,784
- Financial income -€5,440
down €5,440 (-92.2%), from €5,899 to €459
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,167,490 | €1,335,069 | +€167,579 | +14.4% |
| Fixed assets | 21/28 | €1,012,916 | €33,381 | -€979,535 | -96.7% |
| Tangible fixed assets | 22/27 | €1,012,916 | €33,381 | -€979,535 | -96.7% |
| Land and buildings | 22 | €965,538 | - | -€965,538 | |
| Furniture and vehicles | 24 | €47,378 | €33,381 | -€13,997 | -29.5% |
| Current assets | 29/58 | €154,574 | €1,301,687 | +€1.1m | +742% |
| Amounts receivable within one year | 40/41 | €70,404 | €977,234 | +€906,831 | +1,288% |
| Trade receivables | 40 | €2,301 | €9,180 | +€6,879 | +299% |
| Other amounts receivable | 41 | €68,103 | €968,054 | +€899,952 | +1,321% |
| Cash at bank and in hand | 54/58 | €82,465 | €324,058 | +€241,592 | +293% |
| Deferred charges and accrued income | 490/1 | €1,705 | €396 | -€1,309 | -76.8% |
| Total equity and liabilities | 10/49 | €1,167,490 | €1,335,069 | +€167,579 | +14.4% |
| Equity | 10/15 | €719,255 | €828,581 | +€109,327 | +15.2% |
| Contributions | 10/11 | €768,100 | €768,100 | = | 0.0% |
| Reserves | 13 | €2,191 | €60,481 | +€58,291 | +2,661% |
| Tax-exempt reserves | 132 | €331 | €331 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €60,151 | +€58,291 | +3,134% |
| Profit (loss) carried forward | 14 | -€51,036 | - | +€51,036 | |
| Amounts payable | 17/49 | €448,235 | €506,487 | +€58,252 | +13.0% |
| Amounts payable within one year | 42/48 | €410,515 | €477,784 | +€67,269 | +16.4% |
| Trade debts | 44 | €1,802 | €3,517 | +€1,715 | +95.1% |
| Suppliers | 440/4 | €1,802 | €3,517 | +€1,715 | +95.1% |
| Taxes, remuneration and social security | 45 | €3,417 | €47,592 | +€44,175 | +1,293% |
| Taxes | 450/3 | €3,417 | €47,592 | +€44,175 | +1,293% |
| Other amounts payable | 47/48 | €405,296 | €426,675 | +€21,379 | +5.3% |
| Accrued charges and deferred income | 492/3 | €37,720 | €28,703 | -€9,017 | -23.9% |
| Non-recurring operating income | 76A | €33,098 | €184,462 | +€151,364 | +457% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,163 | €13,997 | -€24,166 | -63.3% |
| Other operating charges | 640/8 | €8,517 | €9,918 | +€1,400 | +16.4% |
| Gross operating margin | 9900 | €63,881 | €205,100 | +€141,220 | +221% |
| Operating profit (loss) | 9901 | €17,200 | €181,186 | +€163,986 | +953% |
| Financial income | 75/76B | €5,899 | €459 | -€5,440 | -92.2% |
| Recurring financial income | 75 | €5,899 | €459 | -€5,440 | -92.2% |
| Financial charges | 65/66B | €37,799 | €28,784 | -€9,015 | -23.8% |
| Recurring financial charges | 65 | €37,799 | €28,784 | -€9,015 | -23.8% |
| Profit (loss) for the period before taxes | 9903 | -€14,699 | €152,861 | +€167,560 | |
| Income taxes | 67/77 | €183 | €43,535 | +€43,352 | +23,710% |
| Profit (loss) for the period | 9904 | -€14,882 | €109,327 | +€124,208 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,882 | €109,327 | +€124,208 |
Source: filed annual accounts (NBB), financial years ended 28 February 2025 and 28 February 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.