VOSTEX: 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.
VOSTEX
Largest movements
- Receivables within one year +€479,574
up €479,574 (+111%), from €432,127 to €911,701
of which Other amounts receivable: +€479,576
- Financial fixed assets +€100,000
up €100,000 (+1,000%), from €10,000 to €110,000
- Cash -€21,779
down €21,779 (-76.2%), from €28,565 to €6,786
mainly Receivables within one year (-€479,574) and Investment in fixed assets (net) (-€100,000)
- Tangible fixed assets -€19,777
down €19,777 (-8.3%), from €237,587 to €217,810
- Deferred charges and accrued income +€15,682
up €15,682 (+76.8%), from €20,425 to €36,107
- Debts after one year +€293,519
up €293,519 (+127%), from €231,539 to €525,058
- Reserves +€113,598
up €113,598 (+257%), from €44,243 to €157,841
of which Distributable reserves: +€108,387
- Other debts +€110,000
up €110,000 (+84.6%), from €130,000 to €240,000
- Accrued charges and deferred income +€15,721
new in 2025: €15,721
- Current portion of long-term debt +€13,450
up €13,450 (+38.7%), from €34,779 to €48,229
- Gross operating margin +€154,883
up €154,883 (+338%), from €45,864 to €200,747
- Taxes +€47,231
up €47,231 (+817%), from €5,781 to €53,012
- Financial charges +€20,010
up €20,010 (+306%), from €6,542 to €26,552
- Financial income -€11,946
down €11,946 (-42.9%), from €27,857 to €15,911
- Depreciation -€4,469
down €4,469 (-18.4%), from €24,247 to €19,778
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 | €728,704 | €1,282,404 | +€553,700 | +76.0% |
| Fixed assets | 21/28 | €247,587 | €327,810 | +€80,223 | +32.4% |
| Tangible fixed assets | 22/27 | €237,587 | €217,810 | -€19,777 | -8.3% |
| Land and buildings | 22 | €237,587 | €217,810 | -€19,777 | -8.3% |
| Financial fixed assets | 28 | €10,000 | €110,000 | +€100,000 | +1,000% |
| Current assets | 29/58 | €481,117 | €954,594 | +€473,477 | +98.4% |
| Amounts receivable within one year | 40/41 | €432,127 | €911,701 | +€479,574 | +111% |
| Trade receivables | 40 | €19,313 | €19,311 | -€2 | 0.0% |
| Other amounts receivable | 41 | €412,814 | €892,390 | +€479,576 | +116% |
| Cash at bank and in hand | 54/58 | €28,565 | €6,786 | -€21,779 | -76.2% |
| Deferred charges and accrued income | 490/1 | €20,425 | €36,107 | +€15,682 | +76.8% |
| Total equity and liabilities | 10/49 | €728,704 | €1,282,404 | +€553,700 | +76.0% |
| Equity | 10/15 | €319,454 | €433,051 | +€113,597 | +35.6% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Capital | 10 | €300,000 | €300,000 | = | 0.0% |
| Issued capital | 100 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €44,243 | €157,841 | +€113,598 | +257% |
| Non-distributable reserves | 130/1 | €24,789 | €30,000 | +€5,211 | +21.0% |
| Legal reserve | 130 | €24,789 | €30,000 | +€5,211 | +21.0% |
| Distributable reserves | 133 | €19,454 | €127,841 | +€108,387 | +557% |
| Profit (loss) carried forward | 14 | -€24,789 | -€24,789 | -€0 | 0.0% |
| Amounts payable | 17/49 | €409,250 | €849,353 | +€440,103 | +108% |
| Amounts payable after more than one year | 17 | €231,539 | €525,058 | +€293,519 | +127% |
| Financial debts | 170/4 | €231,539 | €525,058 | +€293,519 | +127% |
| Amounts payable within one year | 42/48 | €177,711 | €308,573 | +€130,862 | +73.6% |
| Current portion of amounts payable after more than one year | 42 | €34,779 | €48,229 | +€13,450 | +38.7% |
| Trade debts | 44 | €1,474 | €197 | -€1,277 | -86.6% |
| Suppliers | 440/4 | €1,474 | €197 | -€1,277 | -86.6% |
| Taxes, remuneration and social security | 45 | €11,458 | €20,146 | +€8,688 | +75.8% |
| Taxes | 450/3 | €1,755 | €10,444 | +€8,689 | +495% |
| Remuneration and social security | 454/9 | €9,703 | €9,703 | -€0 | 0.0% |
| Other amounts payable | 47/48 | €130,000 | €240,000 | +€110,000 | +84.6% |
| Accrued charges and deferred income | 492/3 | - | €15,721 | +€15,721 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,247 | €19,778 | -€4,469 | -18.4% |
| Other operating charges | 640/8 | €3,585 | €3,718 | +€133 | +3.7% |
| Gross operating margin | 9900 | €45,864 | €200,747 | +€154,883 | +338% |
| Operating profit (loss) | 9901 | €18,032 | €177,251 | +€159,219 | +883% |
| Financial income | 75/76B | €27,857 | €15,911 | -€11,946 | -42.9% |
| Recurring financial income | 75 | €27,857 | €15,911 | -€11,946 | -42.9% |
| Financial charges | 65/66B | €6,542 | €26,552 | +€20,010 | +306% |
| Recurring financial charges | 65 | €6,542 | €26,552 | +€20,010 | +306% |
| Profit (loss) for the period before taxes | 9903 | €39,347 | €166,610 | +€127,263 | +323% |
| Income taxes | 67/77 | €5,781 | €53,012 | +€47,231 | +817% |
| Profit (loss) for the period | 9904 | €33,566 | €113,598 | +€80,032 | +238% |
| Profit (loss) for the period to be appropriated | 9905 | €33,566 | €113,598 | +€80,032 | +238% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.