VUKCEVIC MICHAEL: 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.
VUKCEVIC MICHAEL
Largest movements
- Deferred charges and accrued income -€1,512
down €1,512 (-20.4%), from €7,417 to €5,906
- Debts after one year -€14,999
down €14,999 (-49.4%), from €30,377 to €15,378
- Reserves +€12,500
up €12,500 (+16.9%), from €73,830 to €86,330
- Current portion of long-term debt -€2,630
down €2,630 (-14.9%), from €17,629 to €14,999
- Tax, wage and social debts +€1,598
up €1,598 (+34.6%), from €4,616 to €6,214
- Financial income -€6,733
no longer reported in 2025 (was €6,733)
of which Financial income: -€6,733
- Gross operating margin +€3,026
up €3,026 (+16.8%), from €17,999 to €21,025
- Taxes -€633
down €633 (-8.8%), from €7,186 to €6,553
- Financial charges -€408
down €408 (-23.9%), from €1,707 to €1,299
- Other operating charges -€224
down €224 (-33.0%), from €679 to €455
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €131,342 | €128,559 | -€2,783 | -2.1% |
| Fixed assets | 21/28 | €100,000 | €100,000 | = | 0.0% |
| Financial fixed assets | 28 | €100,000 | €100,000 | = | 0.0% |
| Current assets | 29/58 | €31,342 | €28,559 | -€2,783 | -8.9% |
| Amounts receivable within one year | 40/41 | €23,925 | €22,653 | -€1,272 | -5.3% |
| Trade receivables | 40 | €5,221 | €6,188 | +€967 | +18.5% |
| Other amounts receivable | 41 | €18,704 | €16,465 | -€2,239 | -12.0% |
| Deferred charges and accrued income | 490/1 | €7,417 | €5,906 | -€1,512 | -20.4% |
| Total equity and liabilities | 10/49 | €131,342 | €128,559 | -€2,783 | -2.1% |
| Equity | 10/15 | €76,541 | €89,259 | +€12,718 | +16.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Contributions outside capital | 11 | €2,500 | €2,500 | = | 0.0% |
| Other | 1109/19 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €73,830 | €86,330 | +€12,500 | +16.9% |
| Distributable reserves | 133 | €73,830 | €86,330 | +€12,500 | +16.9% |
| Profit (loss) carried forward | 14 | €211 | €429 | +€218 | +103% |
| Amounts payable | 17/49 | €54,801 | €39,300 | -€15,501 | -28.3% |
| Amounts payable after more than one year | 17 | €30,377 | €15,378 | -€14,999 | -49.4% |
| Financial debts | 170/4 | €30,377 | €15,378 | -€14,999 | -49.4% |
| Amounts payable within one year | 42/48 | €24,424 | €23,499 | -€925 | -3.8% |
| Current portion of amounts payable after more than one year | 42 | €17,629 | €14,999 | -€2,630 | -14.9% |
| Financial debts | 43 | €887 | €1,921 | +€1,034 | +116% |
| Credit institutions | 430/8 | €887 | €1,921 | +€1,034 | +116% |
| Trade debts | 44 | €1,292 | €365 | -€927 | -71.8% |
| Suppliers | 440/4 | €1,292 | €365 | -€927 | -71.8% |
| Taxes, remuneration and social security | 45 | €4,616 | €6,214 | +€1,598 | +34.6% |
| Taxes | 450/3 | €4,616 | €6,214 | +€1,598 | +34.6% |
| Accrued charges and deferred income | 492/3 | - | €423 | +€423 | |
| Other operating charges | 640/8 | €679 | €455 | -€224 | -33.0% |
| Gross operating margin | 9900 | €17,999 | €21,025 | +€3,026 | +16.8% |
| Operating profit (loss) | 9901 | €17,320 | €20,570 | +€3,250 | +18.8% |
| Financial income | 75/76B | €6,733 | - | -€6,733 | |
| Recurring financial income | 75 | €6,733 | - | -€6,733 | |
| Non-recurring financial income | 76B | €6,733 | - | -€6,733 | |
| Financial charges | 65/66B | €1,707 | €1,299 | -€408 | -23.9% |
| Recurring financial charges | 65 | €1,707 | €1,299 | -€408 | -23.9% |
| Profit (loss) for the period before taxes | 9903 | €22,346 | €19,271 | -€3,075 | -13.8% |
| Income taxes | 67/77 | €7,186 | €6,553 | -€633 | -8.8% |
| Profit (loss) for the period | 9904 | €15,160 | €12,718 | -€2,442 | -16.1% |
| Profit (loss) for the period to be appropriated | 9905 | €15,160 | €12,718 | -€2,442 | -16.1% |
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 17 October 2026 via checked.be.