VOTEC: 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.
VOTEC
Largest movements
- Cash -€14,819
down €14,819 (-22.4%), from €66,092 to €51,272
mainly Other debts (-€22,500) and Investment in fixed assets (net) (-€18,600)
- Receivables within one year +€5,671
up €5,671 (+54.9%), from €10,333 to €16,004
of which Trade receivables: +€3,990
- Tangible fixed assets +€5,394
up €5,394 (+15.2%), from €35,589 to €40,983
of which Plant, machinery and equipment: +€4,840
- Reserves +€29,261
up €29,261 (+42.7%), from €68,539 to €97,801
- Other debts -€22,500
no longer reported in 2025 (was €22,500)
- Tax, wage and social debts -€8,823
down €8,823 (-99.0%), from €8,910 to €87
- Trade debts -€2,183
down €2,183 (-65.8%), from €3,317 to €1,134
- Gross operating margin +€5,342
up €5,342 (+11.2%), from €47,816 to €53,158
- Depreciation +€2,977
up €2,977 (+29.1%), from €10,229 to €13,206
- Financial charges +€582
up €582 (+74.3%), from €783 to €1,366
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 | €112,481 | €108,259 | -€4,221 | -3.8% |
| Fixed assets | 21/28 | €35,589 | €40,983 | +€5,394 | +15.2% |
| Tangible fixed assets | 22/27 | €35,589 | €40,983 | +€5,394 | +15.2% |
| Land and buildings | 22 | €6,849 | €6,135 | -€714 | -10.4% |
| Plant, machinery and equipment | 23 | €5,913 | €10,753 | +€4,840 | +81.9% |
| Furniture and vehicles | 24 | €22,827 | €24,095 | +€1,268 | +5.6% |
| Current assets | 29/58 | €76,892 | €67,276 | -€9,616 | -12.5% |
| Amounts receivable within one year | 40/41 | €10,333 | €16,004 | +€5,671 | +54.9% |
| Trade receivables | 40 | €4,419 | €8,409 | +€3,990 | +90.3% |
| Other amounts receivable | 41 | €5,914 | €7,595 | +€1,681 | +28.4% |
| Cash at bank and in hand | 54/58 | €66,092 | €51,272 | -€14,819 | -22.4% |
| Deferred charges and accrued income | 490/1 | €467 | - | -€467 | |
| Total equity and liabilities | 10/49 | €112,481 | €108,259 | -€4,221 | -3.8% |
| Equity | 10/15 | €73,539 | €102,801 | +€29,261 | +39.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €68,539 | €97,801 | +€29,261 | +42.7% |
| Distributable reserves | 133 | €68,539 | €97,801 | +€29,261 | +42.7% |
| Amounts payable | 17/49 | €38,941 | €5,458 | -€33,483 | -86.0% |
| Amounts payable within one year | 42/48 | €38,941 | €5,458 | -€33,483 | -86.0% |
| Financial debts | 43 | €4,214 | €4,238 | +€24 | +0.6% |
| Credit institutions | 430/8 | €4,214 | €4,238 | +€24 | +0.6% |
| Trade debts | 44 | €3,317 | €1,134 | -€2,183 | -65.8% |
| Suppliers | 440/4 | €3,317 | €1,134 | -€2,183 | -65.8% |
| Taxes, remuneration and social security | 45 | €8,910 | €87 | -€8,823 | -99.0% |
| Taxes | 450/3 | €8,910 | €87 | -€8,823 | -99.0% |
| Other amounts payable | 47/48 | €22,500 | - | -€22,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,229 | €13,206 | +€2,977 | +29.1% |
| Other operating charges | 640/8 | €886 | €1,061 | +€176 | +19.8% |
| Gross operating margin | 9900 | €47,816 | €53,158 | +€5,342 | +11.2% |
| Operating profit (loss) | 9901 | €36,702 | €38,891 | +€2,189 | +6.0% |
| Financial income | 75/76B | €217 | €386 | +€169 | +77.7% |
| Recurring financial income | 75 | €217 | €386 | +€169 | +77.7% |
| Financial charges | 65/66B | €783 | €1,366 | +€582 | +74.3% |
| Recurring financial charges | 65 | €783 | €1,366 | +€582 | +74.3% |
| Profit (loss) for the period before taxes | 9903 | €36,136 | €37,912 | +€1,776 | +4.9% |
| Income taxes | 67/77 | €8,565 | €8,650 | +€85 | +1.0% |
| Profit (loss) for the period | 9904 | €27,570 | €29,261 | +€1,691 | +6.1% |
| Profit (loss) for the period to be appropriated | 9905 | €27,570 | €29,261 | +€1,691 | +6.1% |
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 9 October 2026 via checked.be.