Vox: 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.
Vox
Largest movements
- Cash +€126,037
up €126,037 (+222.1%), from €56,736 to €182,773
mainly Net result for the year (+€122,744) and Stocks and contracts (+€115,922)
- Stocks and contracts -€115,922
down €115,922 (-11.0%), from €1.1m to €941,391
- Tangible fixed assets -€62,610
down €62,610 (-4.7%), from €1.3m to €1.3m
of which Plant, machinery and equipment: -€62,807
- Receivables within one year +€51,860
up €51,860 (+732.6%), from €7,079 to €58,939
of which Trade receivables: +€48,786
- Debts after one year -€144,523
down €144,523 (-46.2%), from €312,755 to €168,232
- Profit (loss) carried forward +€64,568
no longer reported in 2025 (was -€64,568)
- Reserves +€58,177
new in 2025: €58,177
- Taxes +€38,592
up €38,592 (+2401.3%), from €1,607 to €40,199
- Gross operating margin +€21,834
up €21,834 (+9.1%), from €239,234 to €261,068
- Financial income -€14,290
no longer reported in 2025 (was €14,290)
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 | €2,461,384 | €2,464,722 | +€3,338 | +0.1% |
| Fixed assets | 21/28 | €1,334,419 | €1,271,809 | -€62,610 | -4.7% |
| Tangible fixed assets | 22/27 | €1,334,419 | €1,271,809 | -€62,610 | -4.7% |
| Land and buildings | 22 | €253,344 | €238,219 | -€15,125 | -6.0% |
| Plant, machinery and equipment | 23 | €701,341 | €638,534 | -€62,807 | -9.0% |
| Furniture and vehicles | 24 | €50,740 | €25,948 | -€24,793 | -48.9% |
| Other tangible fixed assets | 26 | €328,994 | €369,108 | +€40,114 | +12.2% |
| Current assets | 29/58 | €1,126,965 | €1,192,913 | +€65,948 | +5.9% |
| Stocks and contracts in progress | 3 | €1,057,313 | €941,391 | -€115,922 | -11.0% |
| Stocks | 30/36 | €1,057,313 | €941,391 | -€115,922 | -11.0% |
| Amounts receivable within one year | 40/41 | €7,079 | €58,939 | +€51,860 | +732.6% |
| Trade receivables | 40 | €7,079 | €55,864 | +€48,786 | +689.2% |
| Other amounts receivable | 41 | - | €3,075 | +€3,075 | |
| Cash at bank and in hand | 54/58 | €56,736 | €182,773 | +€126,037 | +222.1% |
| Deferred charges and accrued income | 490/1 | €5,838 | €9,811 | +€3,973 | +68.1% |
| Total equity and liabilities | 10/49 | €2,461,384 | €2,464,722 | +€3,338 | +0.1% |
| Equity | 10/15 | -€44,568 | €78,177 | +€122,744 | |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | - | €58,177 | +€58,177 | |
| Distributable reserves | 133 | - | €58,177 | +€58,177 | |
| Profit (loss) carried forward | 14 | -€64,568 | - | +€64,568 | |
| Amounts payable | 17/49 | €2,505,952 | €2,386,545 | -€119,407 | -4.8% |
| Amounts payable after more than one year | 17 | €312,755 | €168,232 | -€144,523 | -46.2% |
| Financial debts | 170/4 | €312,755 | €168,232 | -€144,523 | -46.2% |
| Amounts payable within one year | 42/48 | €2,193,197 | €2,218,313 | +€25,117 | +1.1% |
| Current portion of amounts payable after more than one year | 42 | €149,373 | €144,523 | -€4,850 | -3.2% |
| Trade debts | 44 | €1,138 | €20,106 | +€18,967 | +1666.5% |
| Suppliers | 440/4 | €1,138 | €20,106 | +€18,967 | +1666.5% |
| Taxes, remuneration and social security | 45 | €5,343 | €16,038 | +€10,695 | +200.2% |
| Taxes | 450/3 | €5,343 | €16,038 | +€10,695 | +200.2% |
| Other amounts payable | 47/48 | €2,037,343 | €2,037,646 | +€304 | 0.0% |
| Non-recurring operating income | 76A | €18,436 | - | -€18,436 | |
| Remuneration, social security and pensions | 62 | €3,617 | €4,766 | +€1,149 | +31.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,610 | €62,610 | = | 0.0% |
| Other operating charges | 640/8 | €24,927 | €26,590 | +€1,663 | +6.7% |
| Gross operating margin | 9900 | €239,234 | €261,068 | +€21,834 | +9.1% |
| Operating profit (loss) | 9901 | €148,080 | €167,102 | +€19,022 | +12.8% |
| Financial income | 75/76B | €14,290 | - | -€14,290 | |
| Recurring financial income | 75 | €14,290 | - | -€14,290 | |
| Financial charges | 65/66B | €5,720 | €4,158 | -€1,562 | -27.3% |
| Recurring financial charges | 65 | €5,720 | €4,158 | -€1,562 | -27.3% |
| Profit (loss) for the period before taxes | 9903 | €156,650 | €162,944 | +€6,294 | +4.0% |
| Income taxes | 67/77 | €1,607 | €40,199 | +€38,592 | +2401.3% |
| Profit (loss) for the period | 9904 | €155,043 | €122,744 | -€32,298 | -20.8% |
| Profit (loss) for the period to be appropriated | 9905 | €155,043 | €122,744 | -€32,298 | -20.8% |
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 11 October 2026 via checked.be.