VUKON: 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.
VUKON
Largest movements
- Receivables within one year +€47,272
up €47,272 (+65.0%), from €72,728 to €120,000
of which Other amounts receivable: +€41,989
- Tangible fixed assets +€31,251
up €31,251 (+1.8%), from €1.7m to €1.7m
of which Land and buildings: +€43,628
- Reserves +€57,950
up €57,950 (+187%), from €31,000 to €88,950
- Current portion of long-term debt +€46,727
up €46,727 (+130%), from €36,065 to €82,792
- Debts after one year +€44,422
up €44,422 (+2.9%), from €1.5m to €1.6m
- Other debts -€39,475
down €39,475 (-79.1%), from €49,909 to €10,434
- Short-term financial debts -€28,188
down €28,188 (-99.4%), from €28,367 to €179
- Gross operating margin +€93,338
up €93,338 (+65.6%), from €142,261 to €235,598
- Depreciation +€28,243
up €28,243 (+77.2%), from €36,564 to €64,807
- Financial charges +€19,468
up €19,468 (+56.0%), from €34,789 to €54,257
- Staff costs +€14,375
up €14,375 (+103%), from €13,963 to €28,338
- Other operating charges +€6,708
up €6,708 (+78.0%), from €8,599 to €15,307
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 | €1,773,220 | €1,863,753 | +€90,533 | +5.1% |
| Fixed assets | 21/28 | €1,694,646 | €1,725,901 | +€31,256 | +1.8% |
| Tangible fixed assets | 22/27 | €1,689,646 | €1,720,896 | +€31,251 | +1.8% |
| Land and buildings | 22 | €1,597,059 | €1,640,687 | +€43,628 | +2.7% |
| Plant, machinery and equipment | 23 | €18,086 | €13,066 | -€5,019 | -27.8% |
| Furniture and vehicles | 24 | €74,501 | €67,143 | -€7,359 | -9.9% |
| Financial fixed assets | 28 | €5,000 | €5,005 | +€5 | +0.1% |
| Current assets | 29/58 | €78,574 | €137,852 | +€59,278 | +75.4% |
| Amounts receivable within one year | 40/41 | €72,728 | €120,000 | +€47,272 | +65.0% |
| Trade receivables | 40 | €18,000 | €23,282 | +€5,282 | +29.3% |
| Other amounts receivable | 41 | €54,728 | €96,717 | +€41,989 | +76.7% |
| Cash at bank and in hand | 54/58 | €1,527 | €14,615 | +€13,089 | +857% |
| Deferred charges and accrued income | 490/1 | €4,320 | €3,237 | -€1,083 | -25.1% |
| Total equity and liabilities | 10/49 | €1,773,220 | €1,863,753 | +€90,533 | +5.1% |
| Equity | 10/15 | €41,120 | €99,091 | +€57,971 | +141% |
| Reserves | 13 | €31,000 | €88,950 | +€57,950 | +187% |
| Distributable reserves | 133 | €31,000 | €88,950 | +€57,950 | +187% |
| Profit (loss) carried forward | 14 | €10,120 | €10,141 | +€21 | +0.2% |
| Amounts payable | 17/49 | €1,732,100 | €1,764,663 | +€32,563 | +1.9% |
| Amounts payable after more than one year | 17 | €1,533,637 | €1,578,059 | +€44,422 | +2.9% |
| Financial debts | 170/4 | €1,533,637 | €1,578,059 | +€44,422 | +2.9% |
| Amounts payable within one year | 42/48 | €198,463 | €186,282 | -€12,181 | -6.1% |
| Current portion of amounts payable after more than one year | 42 | €36,065 | €82,792 | +€46,727 | +130% |
| Financial debts | 43 | €28,367 | €179 | -€28,188 | -99.4% |
| Credit institutions | 430/8 | €28,367 | €179 | -€28,188 | -99.4% |
| Trade debts | 44 | €61,391 | €67,044 | +€5,653 | +9.2% |
| Suppliers | 440/4 | €61,391 | €67,044 | +€5,653 | +9.2% |
| Taxes, remuneration and social security | 45 | €22,731 | €25,833 | +€3,102 | +13.6% |
| Taxes | 450/3 | €17,532 | €20,308 | +€2,776 | +15.8% |
| Remuneration and social security | 454/9 | €5,199 | €5,525 | +€326 | +6.3% |
| Other amounts payable | 47/48 | €49,909 | €10,434 | -€39,475 | -79.1% |
| Accrued charges and deferred income | 492/3 | - | €322 | +€322 | |
| Remuneration, social security and pensions | 62 | €13,963 | €28,338 | +€14,375 | +103% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,564 | €64,807 | +€28,243 | +77.2% |
| Other operating charges | 640/8 | €8,599 | €15,307 | +€6,708 | +78.0% |
| Gross operating margin | 9900 | €142,261 | €235,598 | +€93,338 | +65.6% |
| Operating profit (loss) | 9901 | €83,134 | €127,146 | +€44,012 | +52.9% |
| Financial income | 75/76B | €187 | €1,083 | +€896 | +479% |
| Recurring financial income | 75 | €187 | €1,083 | +€896 | +479% |
| Financial charges | 65/66B | €34,789 | €54,257 | +€19,468 | +56.0% |
| Recurring financial charges | 65 | €34,789 | €54,257 | +€19,468 | +56.0% |
| Profit (loss) for the period before taxes | 9903 | €48,532 | €73,972 | +€25,440 | +52.4% |
| Income taxes | 67/77 | €17,532 | €16,002 | -€1,530 | -8.7% |
| Profit (loss) for the period | 9904 | €31,000 | €57,971 | +€26,971 | +87.0% |
| Profit (loss) for the period to be appropriated | 9905 | €31,000 | €57,971 | +€26,971 | +87.0% |
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 25 October 2026 via checked.be.