VULCAN PARTNERS: 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.
VULCAN PARTNERS
Largest movements
- Receivables within one year +€5,348
up €5,348 (+2,051%), from €261 to €5,609
of which Trade receivables: +€5,339
- Tangible fixed assets -€2,890
down €2,890 (-6.9%), from €41,700 to €38,811
of which Land and buildings: -€2,238
- Cash -€1,923
down €1,923 (-5.4%), from €35,767 to €33,845
mainly Receivables within one year (-€5,348) and Debts after one year (-€1,546)
- Profit (loss) carried forward +€2,864
up €2,864 (+10.9%), from -€26,311 to -€23,447
- Debts after one year -€1,546
down €1,546 (-70.2%), from €2,202 to €656
- Trade debts -€1,425
down €1,425 (-91.7%), from €1,554 to €129
- Turnover +€15,655
new in 2025: €15,655
- Purchases and services +€7,733
new in 2025: €7,733
- Gross operating margin +€3,578
up €3,578 (+82.4%), from €4,344 to €7,922
- Taxes +€1,361
up €1,361 (+402%), from €339 to €1,700
- Financial income -€539
down €539 (-98.0%), from €550 to €11
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 | €77,728 | €78,264 | +€535 | +0.7% |
| Fixed assets | 21/28 | €41,700 | €38,811 | -€2,890 | -6.9% |
| Tangible fixed assets | 22/27 | €41,700 | €38,811 | -€2,890 | -6.9% |
| Land and buildings | 22 | €39,237 | €36,998 | -€2,238 | -5.7% |
| Furniture and vehicles | 24 | €2,464 | €1,812 | -€651 | -26.4% |
| Current assets | 29/58 | €36,028 | €39,453 | +€3,425 | +9.5% |
| Amounts receivable within one year | 40/41 | €261 | €5,609 | +€5,348 | +2,051% |
| Trade receivables | 40 | €261 | €5,600 | +€5,339 | +2,047% |
| Other amounts receivable | 41 | - | €9 | +€9 | |
| Cash at bank and in hand | 54/58 | €35,767 | €33,845 | -€1,923 | -5.4% |
| Total equity and liabilities | 10/49 | €77,728 | €78,264 | +€535 | +0.7% |
| Equity | 10/15 | €72,915 | €75,779 | +€2,864 | +3.9% |
| Contributions | 10/11 | €99,157 | €99,157 | = | 0.0% |
| Capital | 10 | €99,157 | - | -€99,157 | |
| Issued capital | 100 | €99,157 | - | -€99,157 | |
| Reserves | 13 | €68 | €68 | = | 0.0% |
| Non-distributable reserves | 130/1 | €68 | €68 | = | 0.0% |
| Legal reserve | 130 | €68 | - | -€68 | |
| Reserves not available under the articles | 1311 | - | €68 | +€68 | |
| Profit (loss) carried forward | 14 | -€26,311 | -€23,447 | +€2,864 | +10.9% |
| Amounts payable | 17/49 | €4,814 | €2,485 | -€2,329 | -48.4% |
| Amounts payable after more than one year | 17 | €2,202 | €656 | -€1,546 | -70.2% |
| Other amounts payable | 178/9 | €2,202 | €656 | -€1,546 | -70.2% |
| Amounts payable within one year | 42/48 | €2,612 | €1,829 | -€783 | -30.0% |
| Trade debts | 44 | €1,554 | €129 | -€1,425 | -91.7% |
| Suppliers | 440/4 | €1,554 | €129 | -€1,425 | -91.7% |
| Taxes, remuneration and social security | 45 | €1,058 | €1,700 | +€642 | +60.7% |
| Taxes | 450/3 | €1,058 | €1,700 | +€642 | +60.7% |
| Turnover | 70 | - | €15,655 | +€15,655 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €7,733 | +€7,733 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,890 | €2,890 | = | 0.0% |
| Other operating charges | 640/8 | €676 | €400 | -€276 | -40.9% |
| Gross operating margin | 9900 | €4,344 | €7,922 | +€3,578 | +82.4% |
| Operating profit (loss) | 9901 | €778 | €4,633 | +€3,855 | +495% |
| Financial income | 75/76B | €550 | €11 | -€539 | -98.0% |
| Recurring financial income | 75 | €550 | €11 | -€539 | -98.0% |
| Financial charges | 65/66B | €318 | €80 | -€238 | -74.8% |
| Recurring financial charges | 65 | €318 | €80 | -€238 | -74.8% |
| Profit (loss) for the period before taxes | 9903 | €1,010 | €4,564 | +€3,554 | +352% |
| Income taxes | 67/77 | €339 | €1,700 | +€1,361 | +402% |
| Profit (loss) for the period | 9904 | €671 | €2,864 | +€2,193 | +327% |
| Profit (loss) for the period to be appropriated | 9905 | €671 | €2,864 | +€2,193 | +327% |
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 24 October 2026 via checked.be.