Vossaert: 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.
Vossaert
Largest movements
- Receivables within one year +€228,407
up €228,407 (+54.4%), from €419,615 to €648,022
of which Trade receivables: +€273,938
- Tangible fixed assets -€158,267
down €158,267 (-30.4%), from €520,290 to €362,023
of which Leasing and similar rights: -€89,919
- Cash -€93,937
down €93,937 (-23.0%), from €407,735 to €313,799
- Stocks and contracts -€51,134
down €51,134 (-6.1%), from €833,916 to €782,782
- Deferred charges and accrued income -€38,914
down €38,914 (-45.0%), from €86,417 to €47,503
- Other debts -€197,594
down €197,594 (-37.1%), from €532,141 to €334,547
- Advances received +€165,168
up €165,168 (+45.1%), from €365,914 to €531,081
- Current portion of long-term debt -€86,560
down €86,560 (-66.3%), from €130,546 to €43,987
- Tax, wage and social debts +€76,715
up €76,715 (+118.1%), from €64,959 to €141,674
of which Remuneration and social security: +€79,534
- Debts after one year -€61,907
down €61,907 (-33.2%), from €186,254 to €124,346
- Gross operating margin +€511,916
up €511,916 (+40.2%), from €1.3m to €1.8m
- Staff costs +€409,894
up €409,894 (+37.2%), from €1.1m to €1.5m
- Depreciation +€125,233
up €125,233 (+133.4%), from €93,912 to €219,144
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,287,565 | €2,182,394 | -€105,171 | -4.6% |
| Fixed assets | 21/28 | €539,881 | €390,288 | -€149,594 | -27.7% |
| Intangible fixed assets | 21 | €18,351 | €27,895 | +€9,544 | +52.0% |
| Tangible fixed assets | 22/27 | €520,290 | €362,023 | -€158,267 | -30.4% |
| Plant, machinery and equipment | 23 | €86,042 | €46,198 | -€39,844 | -46.3% |
| Furniture and vehicles | 24 | €115,750 | €60,333 | -€55,417 | -47.9% |
| Leasing and similar rights | 25 | €316,800 | €226,881 | -€89,919 | -28.4% |
| Other tangible fixed assets | 26 | €1,697 | €28,611 | +€26,913 | +1585.8% |
| Financial fixed assets | 28 | €1,241 | €371 | -€870 | -70.1% |
| Current assets | 29/58 | €1,747,684 | €1,792,106 | +€44,422 | +2.5% |
| Stocks and contracts in progress | 3 | €833,916 | €782,782 | -€51,134 | -6.1% |
| Stocks | 30/36 | €833,916 | €782,782 | -€51,134 | -6.1% |
| Amounts receivable within one year | 40/41 | €419,615 | €648,022 | +€228,407 | +54.4% |
| Trade receivables | 40 | €367,358 | €641,295 | +€273,938 | +74.6% |
| Other amounts receivable | 41 | €52,258 | €6,727 | -€45,531 | -87.1% |
| Cash at bank and in hand | 54/58 | €407,735 | €313,799 | -€93,937 | -23.0% |
| Deferred charges and accrued income | 490/1 | €86,417 | €47,503 | -€38,914 | -45.0% |
| Total equity and liabilities | 10/49 | €2,287,565 | €2,182,394 | -€105,171 | -4.6% |
| Equity | 10/15 | €750,728 | €730,586 | -€20,141 | -2.7% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €582,852 | €582,852 | = | 0.0% |
| Non-distributable reserves | 130/1 | €18,599 | €18,599 | = | 0.0% |
| Legal reserve | 130 | €18,599 | €18,599 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,766 | €1,766 | = | 0.0% |
| Distributable reserves | 133 | €562,487 | €562,487 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,876 | -€2,265 | -€20,141 | |
| Amounts payable | 17/49 | €1,536,838 | €1,451,808 | -€85,030 | -5.5% |
| Amounts payable after more than one year | 17 | €186,254 | €124,346 | -€61,907 | -33.2% |
| Financial debts | 170/4 | €186,254 | €124,346 | -€61,907 | -33.2% |
| Amounts payable within one year | 42/48 | €1,345,929 | €1,326,727 | -€19,202 | -1.4% |
| Current portion of amounts payable after more than one year | 42 | €130,546 | €43,987 | -€86,560 | -66.3% |
| Trade debts | 44 | €252,369 | €275,437 | +€23,068 | +9.1% |
| Suppliers | 440/4 | €252,369 | €275,437 | +€23,068 | +9.1% |
| Advances received on contracts in progress | 46 | €365,914 | €531,081 | +€165,168 | +45.1% |
| Taxes, remuneration and social security | 45 | €64,959 | €141,674 | +€76,715 | +118.1% |
| Taxes | 450/3 | €14,154 | €11,335 | -€2,819 | -19.9% |
| Remuneration and social security | 454/9 | €50,805 | €130,339 | +€79,534 | +156.5% |
| Other amounts payable | 47/48 | €532,141 | €334,547 | -€197,594 | -37.1% |
| Accrued charges and deferred income | 492/3 | €4,655 | €735 | -€3,920 | -84.2% |
| Remuneration, social security and pensions | 62 | €1,100,415 | €1,510,309 | +€409,894 | +37.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,912 | €219,144 | +€125,233 | +133.4% |
| Other operating charges | 640/8 | €49,403 | €66,870 | +€17,467 | +35.4% |
| Gross operating margin | 9900 | €1,273,713 | €1,785,629 | +€511,916 | +40.2% |
| Operating profit (loss) | 9901 | €29,983 | -€10,695 | -€40,677 | |
| Financial income | 75/76B | €17,923 | €29,890 | +€11,967 | +66.8% |
| Recurring financial income | 75 | €17,923 | €29,890 | +€11,967 | +66.8% |
| Financial charges | 65/66B | €29,523 | €38,595 | +€9,072 | +30.7% |
| Recurring financial charges | 65 | €29,523 | €38,595 | +€9,072 | +30.7% |
| Profit (loss) for the period before taxes | 9903 | €18,383 | -€19,400 | -€37,782 | |
| Income taxes | 67/77 | €507 | €742 | +€235 | +46.4% |
| Profit (loss) for the period | 9904 | €17,876 | -€20,141 | -€38,017 | |
| Profit (loss) for the period to be appropriated | 9905 | €17,876 | -€20,141 | -€38,017 |
Source: filed annual accounts (NBB), financial years ended 31 July 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.