VOTA: 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.
VOTA
Largest movements
- Tangible fixed assets -€103,415
down €103,415 (-6.6%), from €1.6m to €1.5m
of which Other tangible fixed assets: -€61,412
- Receivables within one year -€43,509
down €43,509 (-95.8%), from €45,435 to €1,925
of which Trade receivables: -€43,573
- Other debts -€164,489
down €164,489 (-12.1%), from €1.4m to €1.2m
- Gross operating margin +€117,857
up €117,857 (+22.3%), from €529,323 to €647,179
- Staff costs +€96,408
up €96,408 (+26.2%), from €368,584 to €464,992
- Depreciation -€73,427
down €73,427 (-38.6%), from €190,325 to €116,898
- Financial charges -€23,869
down €23,869 (-34.9%), from €68,352 to €44,483
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
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 | €1,709,850 | €1,567,629 | -€142,221 | -8.3% |
| Fixed assets | 21/28 | €1,566,580 | €1,463,165 | -€103,415 | -6.6% |
| Tangible fixed assets | 22/27 | €1,563,966 | €1,460,551 | -€103,415 | -6.6% |
| Land and buildings | 22 | €323,972 | €296,315 | -€27,657 | -8.5% |
| Plant, machinery and equipment | 23 | €54,624 | €42,958 | -€11,665 | -21.4% |
| Furniture and vehicles | 24 | €5,225 | €2,545 | -€2,680 | -51.3% |
| Other tangible fixed assets | 26 | €1,180,145 | €1,118,734 | -€61,412 | -5.2% |
| Financial fixed assets | 28 | €2,614 | €2,614 | = | 0.0% |
| Current assets | 29/58 | €143,270 | €104,464 | -€38,807 | -27.1% |
| Stocks and contracts in progress | 3 | €68,867 | €64,267 | -€4,600 | -6.7% |
| Stocks | 30/36 | €68,867 | €64,267 | -€4,600 | -6.7% |
| Amounts receivable within one year | 40/41 | €45,435 | €1,925 | -€43,509 | -95.8% |
| Trade receivables | 40 | €45,198 | €1,625 | -€43,573 | -96.4% |
| Other amounts receivable | 41 | €236 | €300 | +€64 | +26.9% |
| Cash at bank and in hand | 54/58 | €28,968 | €38,271 | +€9,303 | +32.1% |
| Total equity and liabilities | 10/49 | €1,709,850 | €1,567,629 | -€142,221 | -8.3% |
| Equity | 10/15 | -€192,000 | -€184,072 | +€7,928 | +4.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€260,200 | -€252,272 | +€7,928 | +3.0% |
| Amounts payable | 17/49 | €1,901,850 | €1,751,701 | -€150,149 | -7.9% |
| Amounts payable within one year | 42/48 | €1,901,850 | €1,751,701 | -€150,149 | -7.9% |
| Trade debts | 44 | €427,870 | €426,176 | -€1,694 | -0.4% |
| Suppliers | 440/4 | €427,870 | €426,176 | -€1,694 | -0.4% |
| Taxes, remuneration and social security | 45 | €111,316 | €127,350 | +€16,034 | +14.4% |
| Taxes | 450/3 | €45,045 | €45,226 | +€180 | +0.4% |
| Remuneration and social security | 454/9 | €66,271 | €82,124 | +€15,853 | +23.9% |
| Other amounts payable | 47/48 | €1,362,663 | €1,198,175 | -€164,489 | -12.1% |
| Non-recurring operating income | 76A | - | €23,750 | +€23,750 | |
| Remuneration, social security and pensions | 62 | €368,584 | €464,992 | +€96,408 | +26.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €190,325 | €116,898 | -€73,427 | -38.6% |
| Other operating charges | 640/8 | €8,187 | €12,881 | +€4,694 | +57.3% |
| Gross operating margin | 9900 | €529,323 | €647,179 | +€117,857 | +22.3% |
| Operating profit (loss) | 9901 | -€37,774 | €52,408 | +€90,182 | |
| Financial income | 75/76B | - | €4 | +€4 | |
| Recurring financial income | 75 | - | €4 | +€4 | |
| Financial charges | 65/66B | €68,352 | €44,483 | -€23,869 | -34.9% |
| Recurring financial charges | 65 | €68,352 | €44,483 | -€23,869 | -34.9% |
| Profit (loss) for the period before taxes | 9903 | -€106,126 | €7,928 | +€114,054 | |
| Income taxes | 67/77 | -€611 | - | +€611 | |
| Profit (loss) for the period | 9904 | -€105,515 | €7,928 | +€113,443 | |
| Profit (loss) for the period to be appropriated | 9905 | -€105,515 | €7,928 | +€113,443 |
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 12 October 2026 via checked.be.