VUCOM: 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.
VUCOM
Largest movements
- Receivables within one year +€28,792
up €28,792 (+103%), from €28,066 to €56,858
of which Trade receivables: +€27,543
- Tangible fixed assets -€21,591
down €21,591 (-25.4%), from €85,026 to €63,436
of which Plant, machinery and equipment: -€18,030
- Stocks and contracts -€6,865
down €6,865 (-7.8%), from €88,339 to €81,475
- Cash +€2,324
up €2,324 (+13.3%), from €17,524 to €19,847
mainly Net result for the year (+€70,073) and Depreciation (+€36,794)
- Profit (loss) carried forward +€70,073
up €70,073 (+91.5%), from -€76,546 to -€6,473
- Other debts -€49,351
down €49,351 (-87.1%), from €56,685 to €7,334
- Current portion of long-term debt -€39,934
no longer reported in 2025 (was €39,934)
- Trade debts +€17,303
up €17,303 (+23.2%), from €74,534 to €91,836
- Tax, wage and social debts +€5,058
up €5,058 (+21.0%), from €24,090 to €29,148
of which Taxes: +€2,537
- Gross operating margin +€19,485
up €19,485 (+5.8%), from €336,135 to €355,620
- Staff costs +€12,284
up €12,284 (+5.3%), from €229,645 to €241,929
- Depreciation +€11,355
up €11,355 (+44.6%), from €25,439 to €36,794
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 | €228,696 | €231,845 | +€3,149 | +1.4% |
| Fixed assets | 21/28 | €92,826 | €71,236 | -€21,591 | -23.3% |
| Tangible fixed assets | 22/27 | €85,026 | €63,436 | -€21,591 | -25.4% |
| Land and buildings | 22 | €3,569 | €2,637 | -€932 | -26.1% |
| Plant, machinery and equipment | 23 | €74,335 | €56,306 | -€18,030 | -24.3% |
| Furniture and vehicles | 24 | €7,121 | €4,493 | -€2,629 | -36.9% |
| Financial fixed assets | 28 | €7,800 | €7,800 | = | 0.0% |
| Current assets | 29/58 | €135,870 | €160,609 | +€24,740 | +18.2% |
| Stocks and contracts in progress | 3 | €88,339 | €81,475 | -€6,865 | -7.8% |
| Stocks | 30/36 | €88,339 | €81,475 | -€6,865 | -7.8% |
| Amounts receivable within one year | 40/41 | €28,066 | €56,858 | +€28,792 | +103% |
| Trade receivables | 40 | €3,252 | €30,795 | +€27,543 | +847% |
| Other amounts receivable | 41 | €24,814 | €26,063 | +€1,250 | +5.0% |
| Cash at bank and in hand | 54/58 | €17,524 | €19,847 | +€2,324 | +13.3% |
| Deferred charges and accrued income | 490/1 | €1,941 | €2,429 | +€488 | +25.2% |
| Total equity and liabilities | 10/49 | €228,696 | €231,845 | +€3,149 | +1.4% |
| Equity | 10/15 | €33,454 | €103,527 | +€70,073 | +209% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Contributions outside capital | 11 | €100,000 | €100,000 | = | 0.0% |
| Other | 1109/19 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€76,546 | -€6,473 | +€70,073 | +91.5% |
| Amounts payable | 17/49 | €195,242 | €128,318 | -€66,924 | -34.3% |
| Amounts payable within one year | 42/48 | €195,242 | €128,318 | -€66,924 | -34.3% |
| Current portion of amounts payable after more than one year | 42 | €39,934 | - | -€39,934 | |
| Trade debts | 44 | €74,534 | €91,836 | +€17,303 | +23.2% |
| Suppliers | 440/4 | €74,534 | €91,836 | +€17,303 | +23.2% |
| Taxes, remuneration and social security | 45 | €24,090 | €29,148 | +€5,058 | +21.0% |
| Taxes | 450/3 | €151 | €2,688 | +€2,537 | +1,678% |
| Remuneration and social security | 454/9 | €23,939 | €26,460 | +€2,521 | +10.5% |
| Other amounts payable | 47/48 | €56,685 | €7,334 | -€49,351 | -87.1% |
| Non-recurring operating income | 76A | €452 | - | -€452 | |
| Remuneration, social security and pensions | 62 | €229,645 | €241,929 | +€12,284 | +5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,439 | €36,794 | +€11,355 | +44.6% |
| Other operating charges | 640/8 | €5,067 | €4,216 | -€851 | -16.8% |
| Gross operating margin | 9900 | €336,135 | €355,620 | +€19,485 | +5.8% |
| Operating profit (loss) | 9901 | €75,983 | €72,681 | -€3,302 | -4.3% |
| Financial income | 75/76B | €1,141 | €1,384 | +€242 | +21.2% |
| Recurring financial income | 75 | €1,141 | €1,384 | +€242 | +21.2% |
| Financial charges | 65/66B | €3,099 | €1,441 | -€1,657 | -53.5% |
| Recurring financial charges | 65 | €3,099 | €1,441 | -€1,657 | -53.5% |
| Profit (loss) for the period before taxes | 9903 | €74,026 | €72,624 | -€1,402 | -1.9% |
| Income taxes | 67/77 | €173 | €2,551 | +€2,377 | +1,371% |
| Profit (loss) for the period | 9904 | €73,853 | €70,073 | -€3,780 | -5.1% |
| Profit (loss) for the period to be appropriated | 9905 | €73,853 | €70,073 | -€3,780 | -5.1% |
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 18 October 2026 via checked.be.