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 +€131,649
up €131,649 (+55.4%), from €237,679 to €369,328
mainly Net result for the year (+€247,829) and Other debts (+€105,700)
- Receivables within one year -€56,941
down €56,941 (-49.0%), from €116,289 to €59,348
of which Trade receivables: -€43,472
- Stocks and contracts +€24,105
up €24,105 (+25.5%), from €94,548 to €118,653
- Tangible fixed assets -€14,092
down €14,092 (-2.0%), from €714,129 to €700,037
of which Land and buildings: -€19,669
- Other debts +€105,700
up €105,700 (+396.8%), from €26,637 to €132,337
- Reserves +€103,329
up €103,329 (+35.0%), from €294,966 to €398,295
- Advances received -€54,342
down €54,342 (-81.9%), from €66,342 to €12,000
- Debts after one year -€44,999
down €44,999 (-7.8%), from €573,539 to €528,541
- Tax, wage and social debts -€28,359
down €28,359 (-32.8%), from €86,456 to €58,097
of which Taxes: -€36,122
- Gross operating margin +€155,915
up €155,915 (+41.0%), from €380,443 to €536,357
- Staff costs +€67,078
up €67,078 (+171.2%), from €39,191 to €106,268
- Financial charges +€25,131
up €25,131 (+111.0%), from €22,640 to €47,771
- Depreciation +€23,987
up €23,987 (+119.7%), from €20,039 to €44,026
- Taxes +€14,545
up €14,545 (+20.7%), from €70,188 to €84,733
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 | €1,194,980 | €1,289,481 | +€94,501 | +7.9% |
| Fixed assets | 21/28 | €717,279 | €712,988 | -€4,290 | -0.6% |
| Intangible fixed assets | 21 | - | €2,151 | +€2,151 | |
| Tangible fixed assets | 22/27 | €714,129 | €700,037 | -€14,092 | -2.0% |
| Land and buildings | 22 | €666,286 | €646,617 | -€19,669 | -3.0% |
| Plant, machinery and equipment | 23 | €18,235 | €31,118 | +€12,883 | +70.7% |
| Furniture and vehicles | 24 | €29,609 | €22,302 | -€7,306 | -24.7% |
| Financial fixed assets | 28 | €3,150 | €10,800 | +€7,650 | +242.9% |
| Current assets | 29/58 | €477,701 | €576,492 | +€98,791 | +20.7% |
| Amounts receivable after more than one year | 29 | €28,528 | €28,528 | = | 0.0% |
| Trade receivables | 290 | €28,528 | €28,528 | = | 0.0% |
| Stocks and contracts in progress | 3 | €94,548 | €118,653 | +€24,105 | +25.5% |
| Stocks | 30/36 | €94,548 | €118,653 | +€24,105 | +25.5% |
| Amounts receivable within one year | 40/41 | €116,289 | €59,348 | -€56,941 | -49.0% |
| Trade receivables | 40 | €99,236 | €55,764 | -€43,472 | -43.8% |
| Other amounts receivable | 41 | €17,053 | €3,584 | -€13,469 | -79.0% |
| Cash at bank and in hand | 54/58 | €237,679 | €369,328 | +€131,649 | +55.4% |
| Deferred charges and accrued income | 490/1 | €656 | €634 | -€22 | -3.3% |
| Total equity and liabilities | 10/49 | €1,194,980 | €1,289,481 | +€94,501 | +7.9% |
| Equity | 10/15 | €299,966 | €403,295 | +€103,329 | +34.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €294,966 | €398,295 | +€103,329 | +35.0% |
| Distributable reserves | 133 | €294,966 | €398,295 | +€103,329 | +35.0% |
| Amounts payable | 17/49 | €895,014 | €886,186 | -€8,829 | -1.0% |
| Amounts payable after more than one year | 17 | €573,539 | €528,541 | -€44,999 | -7.8% |
| Financial debts | 170/4 | €573,539 | €528,541 | -€44,999 | -7.8% |
| Amounts payable within one year | 42/48 | €321,475 | €353,745 | +€32,270 | +10.0% |
| Current portion of amounts payable after more than one year | 42 | €45,636 | €44,999 | -€638 | -1.4% |
| Financial debts | 43 | €47,899 | €49,528 | +€1,629 | +3.4% |
| Credit institutions | 430/8 | €47,899 | €49,528 | +€1,629 | +3.4% |
| Trade debts | 44 | €48,506 | €56,785 | +€8,279 | +17.1% |
| Suppliers | 440/4 | €48,506 | €56,785 | +€8,279 | +17.1% |
| Advances received on contracts in progress | 46 | €66,342 | €12,000 | -€54,342 | -81.9% |
| Taxes, remuneration and social security | 45 | €86,456 | €58,097 | -€28,359 | -32.8% |
| Taxes | 450/3 | €82,066 | €45,945 | -€36,122 | -44.0% |
| Remuneration and social security | 454/9 | €4,390 | €12,152 | +€7,763 | +176.8% |
| Other amounts payable | 47/48 | €26,637 | €132,337 | +€105,700 | +396.8% |
| Accrued charges and deferred income | 492/3 | - | €3,900 | +€3,900 | |
| Non-recurring operating income | 76A | - | €3,497 | +€3,497 | |
| Remuneration, social security and pensions | 62 | €39,191 | €106,268 | +€67,078 | +171.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,039 | €44,026 | +€23,987 | +119.7% |
| Other operating charges | 640/8 | €3,742 | €6,384 | +€2,643 | +70.6% |
| Gross operating margin | 9900 | €380,443 | €536,357 | +€155,915 | +41.0% |
| Operating profit (loss) | 9901 | €317,472 | €379,679 | +€62,207 | +19.6% |
| Financial income | 75/76B | €1,013 | €655 | -€359 | -35.4% |
| Recurring financial income | 75 | €1,013 | €655 | -€359 | -35.4% |
| Financial charges | 65/66B | €22,640 | €47,771 | +€25,131 | +111.0% |
| Recurring financial charges | 65 | €22,640 | €47,771 | +€25,131 | +111.0% |
| Profit (loss) for the period before taxes | 9903 | €295,845 | €332,563 | +€36,717 | +12.4% |
| Income taxes | 67/77 | €70,188 | €84,733 | +€14,545 | +20.7% |
| Profit (loss) for the period | 9904 | €225,657 | €247,829 | +€22,172 | +9.8% |
| Profit (loss) for the period to be appropriated | 9905 | €225,657 | €247,829 | +€22,172 | +9.8% |
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.