Voyager: 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.
Voyager
Largest movements
- Cash +€23,974
up €23,974 (+44.4%), from €53,943 to €77,917
mainly Net result for the year (+€71,768) and Other debts (+€16,798)
- Intangible fixed assets +€2,669
up €2,669, from €0 to €2,669
- Receivables within one year -€2,608
down €2,608 (-5.4%), from €48,610 to €46,002
of which Trade receivables: -€4,181
- Tangible fixed assets +€2,261
up €2,261 (+101%), from €2,245 to €4,506
of which Plant, machinery and equipment: +€1,905
- Other debts +€16,798
up €16,798 (+18.2%), from €92,435 to €109,233
- Trade debts +€8,533
up €8,533, from €0 to €8,533
- Gross operating margin +€77,891
up €77,891 (+212%), from €36,655 to €114,547
- Taxes +€18,199
up €18,199 (+179%), from €10,187 to €28,385
- Write-downs +€8,630
new in 2025: €8,630
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.
Derived cash bridge
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 | €110,882 | €136,283 | +€25,401 | +22.9% |
| Fixed assets | 21/28 | €4,914 | €9,844 | +€4,930 | +100% |
| Intangible fixed assets | 21 | €0 | €2,669 | +€2,669 | |
| Tangible fixed assets | 22/27 | €2,245 | €4,506 | +€2,261 | +101% |
| Plant, machinery and equipment | 23 | €469 | €2,374 | +€1,905 | +406% |
| Furniture and vehicles | 24 | €1,776 | €2,131 | +€356 | +20.0% |
| Financial fixed assets | 28 | €2,669 | €2,669 | = | 0.0% |
| Current assets | 29/58 | €105,969 | €126,439 | +€20,470 | +19.3% |
| Amounts receivable within one year | 40/41 | €48,610 | €46,002 | -€2,608 | -5.4% |
| Trade receivables | 40 | €48,610 | €44,429 | -€4,181 | -8.6% |
| Other amounts receivable | 41 | - | €1,573 | +€1,573 | |
| Cash at bank and in hand | 54/58 | €53,943 | €77,917 | +€23,974 | +44.4% |
| Deferred charges and accrued income | 490/1 | €3,416 | €2,519 | -€896 | -26.2% |
| Total equity and liabilities | 10/49 | €110,882 | €136,283 | +€25,401 | +22.9% |
| Equity | 10/15 | €11,000 | €11,000 | = | 0.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €1,000 | €1,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,000 | €1,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,000 | €1,000 | = | 0.0% |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €99,882 | €125,283 | +€25,401 | +25.4% |
| Amounts payable within one year | 42/48 | €99,882 | €125,182 | +€25,300 | +25.3% |
| Trade debts | 44 | €0 | €8,533 | +€8,533 | |
| Suppliers | 440/4 | €0 | €8,533 | +€8,533 | |
| Taxes, remuneration and social security | 45 | €7,447 | €7,416 | -€32 | -0.4% |
| Taxes | 450/3 | €7,447 | €7,416 | -€32 | -0.4% |
| Other amounts payable | 47/48 | €92,435 | €109,233 | +€16,798 | +18.2% |
| Accrued charges and deferred income | 492/3 | - | €101 | +€101 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,126 | €2,338 | -€788 | -25.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €8,630 | +€8,630 | |
| Other operating charges | 640/8 | €1,303 | €1,100 | -€203 | -15.6% |
| Non-recurring operating charges | 66A | - | €87 | +€87 | |
| Gross operating margin | 9900 | €36,655 | €114,547 | +€77,891 | +212% |
| Operating profit (loss) | 9901 | €32,226 | €102,391 | +€70,165 | +218% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €2,402 | €2,237 | -€164 | -6.8% |
| Recurring financial charges | 65 | €2,402 | €2,237 | -€164 | -6.8% |
| Profit (loss) for the period before taxes | 9903 | €29,825 | €100,154 | +€70,329 | +236% |
| Income taxes | 67/77 | €10,187 | €28,385 | +€18,199 | +179% |
| Profit (loss) for the period | 9904 | €19,638 | €71,768 | +€52,130 | +265% |
| Profit (loss) for the period to be appropriated | 9905 | €19,638 | €71,768 | +€52,130 | +265% |
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 23 October 2026 via checked.be.