VUKO: what changed
Two fiscal 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.
VUKO
Largest movements
- Tangible fixed assets -€301,202
down €301,202 (-13.9%), from €2.2m to €1.9m
of which Assets under construction and advance payments: -€309,652
- Cash +€90,433
up €90,433 (+134.8%), from €67,077 to €157,510
mainly Investment in fixed assets (net) (+€233,242) and Receivables within one year (+€68,329)
- Receivables within one year -€68,329
down €68,329 (-25.4%), from €269,248 to €200,919
of which Other amounts receivable: -€77,379
- Short-term financial debts -€175,000
down €175,000 (-100.0%), from €175,000 to €0
- Debts after one year -€108,140
down €108,140 (-10.6%), from €1.0m to €911,076
- Reserves +€31,878
up €31,878 (+8.7%), from €367,195 to €399,073
of which Distributable reserves: +€34,292
- Trade debts -€31,017
down €31,017 (-84.5%), from €36,699 to €5,681
- Gross operating margin +€22,706
up €22,706 (+12.7%), from €179,365 to €202,072
- Other operating charges -€18,327
down €18,327 (-66.0%), from €27,752 to €9,424
- Financial charges +€16,618
up €16,618 (+23.4%), from €71,068 to €87,685
- Taxes +€11,271
up €11,271 (+674.2%), from €1,672 to €12,943
- Depreciation -€3,125
down €3,125 (-4.4%), from €71,084 to €67,959
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 | €2,502,836 | €2,230,588 | -€272,248 | -10.9% |
| Fixed assets | 21/28 | €2,163,264 | €1,862,062 | -€301,202 | -13.9% |
| Tangible fixed assets | 22/27 | €2,163,264 | €1,862,062 | -€301,202 | -13.9% |
| Land and buildings | 22 | €1,838,822 | €1,848,012 | +€9,190 | +0.5% |
| Plant, machinery and equipment | 23 | €1,872 | €1,133 | -€740 | -39.5% |
| Assets under construction and advance payments | 27 | €322,569 | €12,917 | -€309,652 | -96.0% |
| Current assets | 29/58 | €339,572 | €368,526 | +€28,954 | +8.5% |
| Amounts receivable within one year | 40/41 | €269,248 | €200,919 | -€68,329 | -25.4% |
| Trade receivables | 40 | €0 | €9,050 | +€9,050 | |
| Other amounts receivable | 41 | €269,248 | €191,869 | -€77,379 | -28.7% |
| Cash at bank and in hand | 54/58 | €67,077 | €157,510 | +€90,433 | +134.8% |
| Deferred charges and accrued income | 490/1 | €3,247 | €10,097 | +€6,849 | +210.9% |
| Total equity and liabilities | 10/49 | €2,502,836 | €2,230,588 | -€272,248 | -10.9% |
| Equity | 10/15 | €427,195 | €459,073 | +€31,878 | +7.5% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €367,195 | €399,073 | +€31,878 | +8.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €77,583 | €75,168 | -€2,414 | -3.1% |
| Distributable reserves | 133 | €289,612 | €323,904 | +€34,292 | +11.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €25,861 | €25,056 | -€805 | -3.1% |
| Deferred taxes | 168 | €25,861 | €25,056 | -€805 | -3.1% |
| Amounts payable | 17/49 | €2,049,780 | €1,746,459 | -€303,321 | -14.8% |
| Amounts payable after more than one year | 17 | €1,019,217 | €911,076 | -€108,140 | -10.6% |
| Financial debts | 170/4 | €1,019,217 | €911,076 | -€108,140 | -10.6% |
| Amounts payable within one year | 42/48 | €1,012,300 | €798,533 | -€213,767 | -21.1% |
| Current portion of amounts payable after more than one year | 42 | €101,567 | €108,140 | +€6,574 | +6.5% |
| Financial debts | 43 | €175,000 | €0 | -€175,000 | -100.0% |
| Credit institutions | 430/8 | €175,000 | €0 | -€175,000 | -100.0% |
| Trade debts | 44 | €36,699 | €5,681 | -€31,017 | -84.5% |
| Suppliers | 440/4 | €36,699 | €5,681 | -€31,017 | -84.5% |
| Taxes, remuneration and social security | 45 | €1,650 | €865 | -€784 | -47.6% |
| Taxes | 450/3 | €1,650 | €865 | -€784 | -47.6% |
| Other amounts payable | 47/48 | €697,385 | €683,846 | -€13,539 | -1.9% |
| Accrued charges and deferred income | 492/3 | €18,263 | €36,850 | +€18,586 | +101.8% |
| Non-recurring operating income | 76A | €72,496 | €0 | -€72,496 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,084 | €67,959 | -€3,125 | -4.4% |
| Other operating charges | 640/8 | €27,752 | €9,424 | -€18,327 | -66.0% |
| Gross operating margin | 9900 | €179,365 | €202,072 | +€22,706 | +12.7% |
| Operating profit (loss) | 9901 | €80,529 | €124,688 | +€44,159 | +54.8% |
| Financial income | 75/76B | €6,141 | €7,014 | +€872 | +14.2% |
| Recurring financial income | 75 | €6,141 | €7,014 | +€872 | +14.2% |
| Financial charges | 65/66B | €71,068 | €87,685 | +€16,618 | +23.4% |
| Recurring financial charges | 65 | €71,068 | €87,685 | +€16,618 | +23.4% |
| Profit (loss) for the period before taxes | 9903 | €15,603 | €44,016 | +€28,413 | +182.1% |
| Transfer from deferred taxes | 780 | €697 | €805 | +€108 | +15.5% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €1,672 | €12,943 | +€11,271 | +674.2% |
| Profit (loss) for the period | 9904 | €14,628 | €31,878 | +€17,250 | +117.9% |
| Transfer from tax-exempt reserves | 789 | €2,090 | €2,414 | +€324 | +15.5% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €16,718 | €34,292 | +€17,574 | +105.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.