VULCANO: 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.
VULCANO
Largest movements
- Tangible fixed assets +€11,036
up €11,036 (+71.0%), from €15,542 to €26,578
of which Plant, machinery and equipment: +€12,491
- Cash +€4,102
up €4,102 (+45.5%), from €9,009 to €13,111
mainly Net result for the year (+€10,285) and Depreciation (+€5,331)
- Deferred charges and accrued income +€1,283
new in 2025: €1,283
- Profit (loss) carried forward +€10,285
up €10,285 (+22.6%), from -€45,530 to -€35,245
- Trade debts +€3,384
up €3,384 (+60.9%), from €5,558 to €8,942
- Tax, wage and social debts +€3,104
up €3,104 (+21.4%), from €14,487 to €17,591
of which Remuneration and social security: +€4,210
- Other debts -€650
down €650 (-2.0%), from €33,314 to €32,664
- Accrued charges and deferred income +€551
up €551 (+224.9%), from €245 to €796
- Staff costs +€38,555
up €38,555 (+28.4%), from €135,547 to €174,102
- Gross operating margin +€14,609
up €14,609 (+8.1%), from €180,158 to €194,767
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 | €28,525 | €45,199 | +€16,674 | +58.5% |
| Fixed assets | 21/28 | €18,303 | €29,339 | +€11,036 | +60.3% |
| Tangible fixed assets | 22/27 | €15,542 | €26,578 | +€11,036 | +71.0% |
| Plant, machinery and equipment | 23 | €2,380 | €14,871 | +€12,491 | +524.8% |
| Furniture and vehicles | 24 | €2,088 | €2,173 | +€85 | +4.1% |
| Other tangible fixed assets | 26 | €11,074 | €9,534 | -€1,540 | -13.9% |
| Financial fixed assets | 28 | €2,761 | €2,761 | = | 0.0% |
| Current assets | 29/58 | €10,222 | €15,860 | +€5,638 | +55.2% |
| Stocks and contracts in progress | 3 | €1,126 | €1,154 | +€28 | +2.5% |
| Stocks | 30/36 | €1,126 | €1,154 | +€28 | +2.5% |
| Amounts receivable within one year | 40/41 | €87 | €312 | +€225 | +258.6% |
| Other amounts receivable | 41 | €87 | €312 | +€225 | +258.6% |
| Cash at bank and in hand | 54/58 | €9,009 | €13,111 | +€4,102 | +45.5% |
| Deferred charges and accrued income | 490/1 | - | €1,283 | +€1,283 | |
| Total equity and liabilities | 10/49 | €28,525 | €45,199 | +€16,674 | +58.5% |
| Equity | 10/15 | -€25,079 | -€14,794 | +€10,285 | +41.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | - | -€1,859 | |
| Reserves not available under the articles | 1311 | €1,859 | - | -€1,859 | |
| Distributable reserves | 133 | - | €1,859 | +€1,859 | |
| Profit (loss) carried forward | 14 | -€45,530 | -€35,245 | +€10,285 | +22.6% |
| Amounts payable | 17/49 | €53,604 | €59,993 | +€6,389 | +11.9% |
| Amounts payable within one year | 42/48 | €53,359 | €59,197 | +€5,838 | +10.9% |
| Trade debts | 44 | €5,558 | €8,942 | +€3,384 | +60.9% |
| Suppliers | 440/4 | €5,558 | €8,942 | +€3,384 | +60.9% |
| Taxes, remuneration and social security | 45 | €14,487 | €17,591 | +€3,104 | +21.4% |
| Taxes | 450/3 | €5,780 | €4,674 | -€1,106 | -19.1% |
| Remuneration and social security | 454/9 | €8,707 | €12,917 | +€4,210 | +48.4% |
| Other amounts payable | 47/48 | €33,314 | €32,664 | -€650 | -2.0% |
| Accrued charges and deferred income | 492/3 | €245 | €796 | +€551 | +224.9% |
| Remuneration, social security and pensions | 62 | €135,547 | €174,102 | +€38,555 | +28.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,507 | €5,331 | -€176 | -3.2% |
| Other operating charges | 640/8 | €2,390 | €3,087 | +€697 | +29.2% |
| Non-recurring operating charges | 66A | €2,805 | - | -€2,805 | |
| Gross operating margin | 9900 | €180,158 | €194,767 | +€14,609 | +8.1% |
| Operating profit (loss) | 9901 | €33,909 | €12,247 | -€21,662 | -63.9% |
| Financial income | 75/76B | - | €35 | +€35 | |
| Recurring financial income | 75 | - | €35 | +€35 | |
| Financial charges | 65/66B | €3,406 | €1,997 | -€1,409 | -41.4% |
| Recurring financial charges | 65 | €3,406 | €1,997 | -€1,409 | -41.4% |
| Profit (loss) for the period before taxes | 9903 | €30,503 | €10,285 | -€20,218 | -66.3% |
| Profit (loss) for the period | 9904 | €30,503 | €10,285 | -€20,218 | -66.3% |
| Profit (loss) for the period to be appropriated | 9905 | €30,503 | €10,285 | -€20,218 | -66.3% |
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 30 September 2026 via checked.be.