Vulcain: 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.
Vulcain
Largest movements
- Cash +€34,500
up €34,500 (+268%), from €12,889 to €47,388
mainly Net result for the year (+€56,477) and Trade debts (+€10,734)
- Receivables within one year +€15,377
up €15,377 (+52.2%), from €29,463 to €44,840
of which Trade receivables: +€13,754
- Tangible fixed assets +€9,818
up €9,818 (+41.3%), from €23,779 to €33,597
of which Other tangible fixed assets: +€5,774
- Deferred charges and accrued income +€2,849
up €2,849 (+400%), from €713 to €3,562
- Profit (loss) carried forward +€56,364
up €56,364 (+349%), from €16,159 to €72,523
- Trade debts +€10,734
up €10,734 (+84.1%), from €12,760 to €23,495
- Tax, wage and social debts +€10,690
up €10,690 (+236%), from €4,524 to €15,214
of which Taxes: +€10,938
- Other debts -€9,609
down €9,609 (-96.3%), from €9,982 to €374
- Debts after one year -€4,705
down €4,705 (-66.1%), from €7,121 to €2,416
- Gross operating margin +€107,514
up €107,514 (+381%), from €28,236 to €135,751
- Staff costs +€51,209
up €51,209 (+1,722%), from €2,974 to €54,183
- Taxes +€11,491
up €11,491 (+309%), from €3,723 to €15,214
- Depreciation +€3,067
up €3,067 (+54.4%), from €5,642 to €8,709
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 | €67,432 | €129,976 | +€62,544 | +92.8% |
| Fixed assets | 21/28 | €24,369 | €34,187 | +€9,818 | +40.3% |
| Tangible fixed assets | 22/27 | €23,779 | €33,597 | +€9,818 | +41.3% |
| Plant, machinery and equipment | 23 | €2,800 | €1,979 | -€821 | -29.3% |
| Furniture and vehicles | 24 | €20,978 | €25,843 | +€4,865 | +23.2% |
| Other tangible fixed assets | 26 | - | €5,774 | +€5,774 | |
| Financial fixed assets | 28 | €590 | €590 | = | 0.0% |
| Current assets | 29/58 | €43,064 | €95,790 | +€52,726 | +122% |
| Amounts receivable within one year | 40/41 | €29,463 | €44,840 | +€15,377 | +52.2% |
| Trade receivables | 40 | €27,409 | €41,163 | +€13,754 | +50.2% |
| Other amounts receivable | 41 | €2,054 | €3,677 | +€1,623 | +79.0% |
| Cash at bank and in hand | 54/58 | €12,889 | €47,388 | +€34,500 | +268% |
| Deferred charges and accrued income | 490/1 | €713 | €3,562 | +€2,849 | +400% |
| Total equity and liabilities | 10/49 | €67,432 | €129,976 | +€62,544 | +92.8% |
| Equity | 10/15 | €27,409 | €83,773 | +€56,364 | +206% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €1,250 | €1,250 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,250 | €1,250 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,250 | €1,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,159 | €72,523 | +€56,364 | +349% |
| Amounts payable | 17/49 | €40,024 | €46,203 | +€6,180 | +15.4% |
| Amounts payable after more than one year | 17 | €7,121 | €2,416 | -€4,705 | -66.1% |
| Financial debts | 170/4 | €7,121 | €2,416 | -€4,705 | -66.1% |
| Amounts payable within one year | 42/48 | €32,903 | €43,788 | +€10,885 | +33.1% |
| Current portion of amounts payable after more than one year | 42 | €4,542 | €4,705 | +€163 | +3.6% |
| Trade debts | 44 | €12,760 | €23,495 | +€10,734 | +84.1% |
| Suppliers | 440/4 | €12,760 | €23,495 | +€10,734 | +84.1% |
| Advances received on contracts in progress | 46 | €1,094 | - | -€1,094 | |
| Taxes, remuneration and social security | 45 | €4,524 | €15,214 | +€10,690 | +236% |
| Taxes | 450/3 | €4,276 | €15,214 | +€10,938 | +256% |
| Remuneration and social security | 454/9 | €247 | - | -€247 | |
| Other amounts payable | 47/48 | €9,982 | €374 | -€9,609 | -96.3% |
| Remuneration, social security and pensions | 62 | €2,974 | €54,183 | +€51,209 | +1,722% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,642 | €8,709 | +€3,067 | +54.4% |
| Other operating charges | 640/8 | €329 | €889 | +€560 | +170% |
| Non-recurring operating charges | 66A | €63 | - | -€63 | |
| Gross operating margin | 9900 | €28,236 | €135,751 | +€107,514 | +381% |
| Operating profit (loss) | 9901 | €19,228 | €71,969 | +€52,741 | +274% |
| Financial income | 75/76B | €203 | €179 | -€24 | -11.9% |
| Recurring financial income | 75 | €203 | €179 | -€24 | -11.9% |
| Financial charges | 65/66B | €634 | €458 | -€176 | -27.7% |
| Recurring financial charges | 65 | €634 | €458 | -€176 | -27.7% |
| Profit (loss) for the period before taxes | 9903 | €18,798 | €71,691 | +€52,893 | +281% |
| Income taxes | 67/77 | €3,723 | €15,214 | +€11,491 | +309% |
| Profit (loss) for the period | 9904 | €15,075 | €56,477 | +€41,402 | +275% |
| Profit (loss) for the period to be appropriated | 9905 | €15,075 | €56,477 | +€41,402 | +275% |
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 13 October 2026 via checked.be.