VOWAK: 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.
VOWAK
Largest movements
- Tangible fixed assets -€11,634
down €11,634 (-33.2%), from €35,073 to €23,439
of which Furniture and vehicles: -€12,670
- Cash +€2,340
up €2,340 (+6.3%), from €37,417 to €39,757
mainly Depreciation (+€13,675) and Tax, wage and social debts (+€814)
- Profit (loss) carried forward -€7,284
down €7,284 (-562.0%), from -€1,296 to -€8,580
- Debts after one year -€2,589
down €2,589 (-59.5%), from €4,355 to €1,765
- Gross operating margin -€8,370
down €8,370 (-53.2%), from €15,730 to €7,361
- Financial income +€1,178
up €1,178 (+2894.1%), from €41 to €1,219
- Taxes -€791
down €791 (-77.7%), from €1,018 to €227
- Depreciation -€277
down €277 (-2.0%), from €13,951 to €13,675
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 | €107,566 | €98,264 | -€9,303 | -8.6% |
| Fixed assets | 21/28 | €35,223 | €23,589 | -€11,634 | -33.0% |
| Tangible fixed assets | 22/27 | €35,073 | €23,439 | -€11,634 | -33.2% |
| Land and buildings | 22 | €169 | €85 | -€85 | -50.0% |
| Plant, machinery and equipment | 23 | €1,095 | €2,215 | +€1,120 | +102.3% |
| Furniture and vehicles | 24 | €33,809 | €21,139 | -€12,670 | -37.5% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €72,343 | €74,674 | +€2,332 | +3.2% |
| Amounts receivable after more than one year | 29 | €25,000 | €25,000 | = | 0.0% |
| Other amounts receivable | 291 | €25,000 | €25,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €617 | €696 | +€79 | +12.8% |
| Stocks | 30/36 | €617 | €696 | +€79 | +12.8% |
| Amounts receivable within one year | 40/41 | €7,502 | €7,261 | -€241 | -3.2% |
| Trade receivables | 40 | €3,519 | €3,093 | -€426 | -12.1% |
| Other amounts receivable | 41 | €3,982 | €4,168 | +€186 | +4.7% |
| Cash at bank and in hand | 54/58 | €37,417 | €39,757 | +€2,340 | +6.3% |
| Deferred charges and accrued income | 490/1 | €1,807 | €1,960 | +€153 | +8.5% |
| Total equity and liabilities | 10/49 | €107,566 | €98,264 | -€9,303 | -8.6% |
| Equity | 10/15 | €98,314 | €91,030 | -€7,284 | -7.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €93,410 | €93,410 | = | 0.0% |
| Distributable reserves | 133 | €93,410 | €93,410 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,296 | -€8,580 | -€7,284 | -562.0% |
| Amounts payable | 17/49 | €9,252 | €7,234 | -€2,018 | -21.8% |
| Amounts payable after more than one year | 17 | €4,355 | €1,765 | -€2,589 | -59.5% |
| Financial debts | 170/4 | €4,355 | €1,765 | -€2,589 | -59.5% |
| Amounts payable within one year | 42/48 | €4,675 | €5,246 | +€571 | +12.2% |
| Current portion of amounts payable after more than one year | 42 | €2,521 | €2,589 | +€69 | +2.7% |
| Trade debts | 44 | €618 | €1,057 | +€439 | +71.0% |
| Suppliers | 440/4 | €618 | €1,057 | +€439 | +71.0% |
| Taxes, remuneration and social security | 45 | €785 | €1,599 | +€814 | +103.7% |
| Taxes | 450/3 | €785 | €1,599 | +€814 | +103.7% |
| Other amounts payable | 47/48 | €750 | - | -€750 | |
| Accrued charges and deferred income | 492/3 | €223 | €223 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,951 | €13,675 | -€277 | -2.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €75 | - | -€75 | |
| Other operating charges | 640/8 | €1,450 | €1,380 | -€70 | -4.8% |
| Gross operating margin | 9900 | €15,730 | €7,361 | -€8,370 | -53.2% |
| Operating profit (loss) | 9901 | €254 | -€7,694 | -€7,948 | |
| Financial income | 75/76B | €41 | €1,219 | +€1,178 | +2894.1% |
| Recurring financial income | 75 | €41 | €1,219 | +€1,178 | +2894.1% |
| Financial charges | 65/66B | €574 | €582 | +€9 | +1.5% |
| Recurring financial charges | 65 | €339 | €265 | -€74 | -21.8% |
| Non-recurring financial charges | 66B | €234 | €317 | +€83 | +35.4% |
| Profit (loss) for the period before taxes | 9903 | -€279 | -€7,058 | -€6,779 | -2434.1% |
| Income taxes | 67/77 | €1,018 | €227 | -€791 | -77.7% |
| Profit (loss) for the period | 9904 | -€1,296 | -€7,284 | -€5,988 | -462.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,296 | -€7,284 | -€5,988 | -462.0% |
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.