Vulcain: 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.
What changed
Vulcain
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€11,613
2024 · -€49,111+€60,723
Equity
€1.7m
2024 · €1.7m-€6,930
Cash
€44,109
2024 · €31,759+€12,350
Balance sheet total
€2.9m
2024 · €3.0m-€88,358
Largest movements
Assets
- Tangible fixed assets -€101,479
down €101,479 (-3.4%), from €3.0m to €2.9m
of which Land and buildings: -€102,339
Equity and liabilities
- Debts after one year -€99,657
down €99,657 (-10.9%), from €917,319 to €817,661
Income statement
- Depreciation -€68,573
down €68,573 (-37.6%), from €182,603 to €114,030
- Gross operating margin +€42,528
up €42,528 (+22.2%), from €191,470 to €233,998
- Staff costs +€18,165
up €18,165 (+520.1%), from €3,492 to €21,657
- Taxes +€17,709
up €17,709, from €0 to €17,709
- Financial charges -€6,606
down €6,606 (-10.9%), from €60,626 to €54,020
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.
Result 2024
-€49,111
Gross operating margin
+€42,528
Staff costs
-€18,165
Depreciation
+€68,573
Other operating charges
-€1,441
Other operating items
+€160
Financial income
-€1,608
Financial charges
+€6,606
Taxes
-€17,709
Deferred taxes and other
-€18,220
Result 2025
€11,613
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.
From operations
+€140,099
Investment
-€12,551
Financing
-€115,198
Cash 2024
€31,759
From operations (derived)
+€140,099
Net result for the year
+€11,613
Depreciation
+€114,030
Receivables within one year
+€964
Deferred charges and accrued income
-€1,736
Provisions
+€4,816
Trade debts
+€72
Tax, wage and social debts
+€12,579
Other debts
+€2,677
Accrued charges and deferred income
-€4,916
Investment (derived)
-€12,551
Investment in fixed assets (net)
-€12,551
Financing
-€115,198
Debts after one year
-€99,657
Current portion of long-term debt
+€3,001
Contributions, distributions and other
-€18,542
Cash 2025
€44,109
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,031,176 | €2,942,818 | -€88,358 | -2.9% |
| Fixed assets | 21/28 | €2,983,885 | €2,882,406 | -€101,479 | -3.4% |
| Tangible fixed assets | 22/27 | €2,983,801 | €2,882,322 | -€101,479 | -3.4% |
| Land and buildings | 22 | €2,983,323 | €2,880,983 | -€102,339 | -3.4% |
| Plant, machinery and equipment | 23 | €478 | €285 | -€193 | -40.3% |
| Furniture and vehicles | 24 | - | €1,053 | +€1,053 | |
| Financial fixed assets | 28 | €84 | €84 | = | 0.0% |
| Current assets | 29/58 | €47,291 | €60,412 | +€13,122 | +27.7% |
| Amounts receivable within one year | 40/41 | €11,356 | €10,392 | -€964 | -8.5% |
| Trade receivables | 40 | €964 | €0 | -€964 | -100.0% |
| Other amounts receivable | 41 | €10,392 | €10,392 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €31,759 | €44,109 | +€12,350 | +38.9% |
| Deferred charges and accrued income | 490/1 | €4,176 | €5,911 | +€1,736 | +41.6% |
| Total equity and liabilities | 10/49 | €3,031,176 | €2,942,818 | -€88,358 | -2.9% |
| Equity | 10/15 | €1,713,803 | €1,706,873 | -€6,930 | -0.4% |
| Contributions | 10/11 | €493,000 | €493,000 | = | 0.0% |
| Capital | 10 | €493,000 | €493,000 | = | 0.0% |
| Issued capital | 100 | €493,000 | €493,000 | = | 0.0% |
| Reserves | 13 | €1,218,578 | €1,211,648 | -€6,930 | -0.6% |
| Non-distributable reserves | 130/1 | €46,021 | €48,660 | +€2,640 | +5.7% |
| Legal reserve | 130 | €46,021 | €48,660 | +€2,640 | +5.7% |
| Tax-exempt reserves | 132 | €856,401 | €796,680 | -€59,721 | -7.0% |
| Distributable reserves | 133 | €316,156 | €366,308 | +€50,152 | +15.9% |
| Profit (loss) carried forward | 14 | €2,225 | €2,225 | = | 0.0% |
| Provisions and deferred taxes | 16 | €260,744 | €265,560 | +€4,816 | +1.8% |
| Deferred taxes | 168 | €260,744 | €265,560 | +€4,816 | +1.8% |
| Amounts payable | 17/49 | €1,056,629 | €970,385 | -€86,244 | -8.2% |
| Amounts payable after more than one year | 17 | €917,319 | €817,661 | -€99,657 | -10.9% |
| Financial debts | 170/4 | €917,319 | €817,661 | -€99,657 | -10.9% |
| Amounts payable within one year | 42/48 | €112,740 | €131,070 | +€18,330 | +16.3% |
| Current portion of amounts payable after more than one year | 42 | €96,656 | €99,657 | +€3,001 | +3.1% |
| Trade debts | 44 | €3,513 | €3,585 | +€72 | +2.0% |
| Suppliers | 440/4 | €3,513 | €3,585 | +€72 | +2.0% |
| Taxes, remuneration and social security | 45 | €8,883 | €21,463 | +€12,579 | +141.6% |
| Taxes | 450/3 | €8,342 | €18,454 | +€10,112 | +121.2% |
| Remuneration and social security | 454/9 | €541 | €3,008 | +€2,467 | +455.8% |
| Other amounts payable | 47/48 | €3,688 | €6,365 | +€2,677 | +72.6% |
| Accrued charges and deferred income | 492/3 | €26,570 | €21,654 | -€4,916 | -18.5% |
| Non-recurring operating income | 76A | €1,933 | €160 | -€1,773 | -91.7% |
| Remuneration, social security and pensions | 62 | €3,492 | €21,657 | +€18,165 | +520.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €182,603 | €114,030 | -€68,573 | -37.6% |
| Other operating charges | 640/8 | €27,295 | €28,736 | +€1,441 | +5.3% |
| Non-recurring operating charges | 66A | €160 | €0 | -€160 | -100.0% |
| Gross operating margin | 9900 | €191,470 | €233,998 | +€42,528 | +22.2% |
| Operating profit (loss) | 9901 | -€22,081 | €69,574 | +€91,655 | |
| Financial income | 75/76B | €1,649 | €41 | -€1,608 | -97.5% |
| Recurring financial income | 75 | €1,649 | €41 | -€1,608 | -97.5% |
| Financial charges | 65/66B | €60,626 | €54,020 | -€6,606 | -10.9% |
| Recurring financial charges | 65 | €60,626 | €54,020 | -€6,606 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | -€81,057 | €15,596 | +€96,653 | |
| Transfer from deferred taxes | 780 | €31,947 | €13,726 | -€18,220 | -57.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €0 | €17,709 | +€17,709 | |
| Profit (loss) for the period | 9904 | -€49,111 | €11,613 | +€60,723 | |
| Transfer from tax-exempt reserves | 789 | €21,672 | €41,179 | +€19,507 | +90.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€27,439 | €52,791 | +€80,230 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.