VOSTERS ELS: 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.
VOSTERS ELS
Largest movements
- Current investments +€1.1m
up €1.1m (+194%), from €580,336 to €1.7m
- Cash -€872,194
down €872,194 (-96.0%), from €909,005 to €36,812
mainly Current investments (-€1.1m) and Receivables within one year (-€12,233)
- Reserves +€240,855
up €240,855 (+19.7%), from €1.2m to €1.5m
- Other debts +€18,857
up €18,857 (+8.5%), from €222,129 to €240,987
- Gross operating margin +€51,659
up €51,659 (+18.7%), from €276,633 to €328,292
- Taxes +€28,966
up €28,966 (+33.0%), from €87,756 to €116,722
- Financial income +€18,138
up €18,138 (+53.3%), from €34,046 to €52,184
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 | €1,497,147 | €1,768,238 | +€271,091 | +18.1% |
| Current assets | 29/58 | €1,497,147 | €1,768,238 | +€271,091 | +18.1% |
| Amounts receivable within one year | 40/41 | €767 | €13,000 | +€12,233 | +1,594% |
| Trade receivables | 40 | €267 | - | -€267 | |
| Other amounts receivable | 41 | €500 | €13,000 | +€12,500 | +2,498% |
| Current investments | 50/53 | €580,336 | €1,707,785 | +€1.1m | +194% |
| Cash at bank and in hand | 54/58 | €909,005 | €36,812 | -€872,194 | -96.0% |
| Deferred charges and accrued income | 490/1 | €7,039 | €10,641 | +€3,602 | +51.2% |
| Total equity and liabilities | 10/49 | €1,497,147 | €1,768,238 | +€271,091 | +18.1% |
| Equity | 10/15 | €1,242,571 | €1,483,426 | +€240,855 | +19.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,223,971 | €1,464,826 | +€240,855 | +19.7% |
| Distributable reserves | 133 | €1,223,971 | €1,464,826 | +€240,855 | +19.7% |
| Amounts payable | 17/49 | €254,576 | €284,812 | +€30,236 | +11.9% |
| Amounts payable within one year | 42/48 | €233,284 | €266,111 | +€32,827 | +14.1% |
| Trade debts | 44 | €136 | €1,039 | +€903 | +665% |
| Suppliers | 440/4 | €136 | €1,039 | +€903 | +665% |
| Taxes, remuneration and social security | 45 | €11,019 | €24,085 | +€13,066 | +119% |
| Taxes | 450/3 | €11,019 | €24,085 | +€13,066 | +119% |
| Other amounts payable | 47/48 | €222,129 | €240,987 | +€18,857 | +8.5% |
| Accrued charges and deferred income | 492/3 | €21,292 | €18,701 | -€2,591 | -12.2% |
| Non-recurring operating income | 76A | €15,867 | - | -€15,867 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,408 | - | -€1,408 | |
| Other operating charges | 640/8 | €1,622 | €1,669 | +€47 | +2.9% |
| Gross operating margin | 9900 | €276,633 | €328,292 | +€51,659 | +18.7% |
| Operating profit (loss) | 9901 | €273,603 | €326,623 | +€53,020 | +19.4% |
| Financial income | 75/76B | €34,046 | €52,184 | +€18,138 | +53.3% |
| Recurring financial income | 75 | €34,046 | €52,184 | +€18,138 | +53.3% |
| Financial charges | 65/66B | €23,161 | €21,231 | -€1,930 | -8.3% |
| Recurring financial charges | 65 | €23,161 | €21,231 | -€1,930 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | €284,488 | €357,577 | +€73,089 | +25.7% |
| Income taxes | 67/77 | €87,756 | €116,722 | +€28,966 | +33.0% |
| Profit (loss) for the period | 9904 | €196,732 | €240,855 | +€44,122 | +22.4% |
| Profit (loss) for the period to be appropriated | 9905 | €196,732 | €240,855 | +€44,122 | +22.4% |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.