VULCANU5: 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.
VULCANU5
Largest movements
- Receivables after one year +€2.0m
new in 2025: €2.0m
- Cash -€1.8m
down €1.8m (-98.7%), from €1.8m to €24,503
mainly Receivables after one year (-€2.0m) and Debts after one year (-€261,681)
- Receivables within one year -€192,471
down €192,471 (-27.8%), from €692,924 to €500,453
of which Trade receivables: -€353,539
- Debts after one year -€261,681
down €261,681 (-4.0%), from €6.5m to €6.2m
of which Financial debts: -€381,347
- Reserves +€176,000
up €176,000 (+6.9%), from €2.5m to €2.7m
of which Distributable reserves: +€176,000
- Gross operating margin -€334,329
down €334,329 (-46.7%), from €715,933 to €381,604
- Taxes -€81,062
down €81,062 (-57.8%), from €140,133 to €59,070
- Financial income +€58,572
up €58,572, from €0 to €58,572
- Financial charges +€53,197
up €53,197 (+40.9%), from €129,981 to €183,178
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 | €9,834,975 | €9,831,835 | -€3,140 | 0.0% |
| Fixed assets | 21/28 | €7,311,000 | €7,353,535 | +€42,534 | +0.6% |
| Tangible fixed assets | 22/27 | €63,900 | €106,435 | +€42,534 | +66.6% |
| Furniture and vehicles | 24 | €63,900 | €106,435 | +€42,534 | +66.6% |
| Financial fixed assets | 28 | €7,247,100 | €7,247,100 | = | 0.0% |
| Current assets | 29/58 | €2,523,975 | €2,478,300 | -€45,675 | -1.8% |
| Amounts receivable after more than one year | 29 | - | €1,952,620 | +€2.0m | |
| Other amounts receivable | 291 | - | €1,952,620 | +€2.0m | |
| Amounts receivable within one year | 40/41 | €692,924 | €500,453 | -€192,471 | -27.8% |
| Trade receivables | 40 | €668,924 | €315,385 | -€353,539 | -52.9% |
| Other amounts receivable | 41 | €24,000 | €185,068 | +€161,068 | +671% |
| Cash at bank and in hand | 54/58 | €1,830,339 | €24,503 | -€1.8m | -98.7% |
| Deferred charges and accrued income | 490/1 | €712 | €725 | +€13 | +1.8% |
| Total equity and liabilities | 10/49 | €9,834,975 | €9,831,835 | -€3,140 | 0.0% |
| Equity | 10/15 | €2,665,579 | €2,841,667 | +€176,088 | +6.6% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €2,534,000 | €2,710,000 | +€176,000 | +6.9% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €2,524,000 | €2,700,000 | +€176,000 | +7.0% |
| Profit (loss) carried forward | 14 | €31,579 | €31,667 | +€88 | +0.3% |
| Amounts payable | 17/49 | €7,169,396 | €6,990,168 | -€179,228 | -2.5% |
| Amounts payable after more than one year | 17 | €6,489,200 | €6,227,518 | -€261,681 | -4.0% |
| Financial debts | 170/4 | €4,593,019 | €4,211,672 | -€381,347 | -8.3% |
| Other amounts payable | 178/9 | €1,896,181 | €2,015,847 | +€119,666 | +6.3% |
| Amounts payable within one year | 42/48 | €647,156 | €729,610 | +€82,453 | +12.7% |
| Current portion of amounts payable after more than one year | 42 | €479,931 | €476,318 | -€3,613 | -0.8% |
| Trade debts | 44 | €3,998 | €21,302 | +€17,303 | +433% |
| Suppliers | 440/4 | €3,998 | €21,302 | +€17,303 | +433% |
| Taxes, remuneration and social security | 45 | €6,197 | €855 | -€5,342 | -86.2% |
| Taxes | 450/3 | €6,197 | €855 | -€5,342 | -86.2% |
| Other amounts payable | 47/48 | €157,030 | €231,134 | +€74,104 | +47.2% |
| Accrued charges and deferred income | 492/3 | €33,040 | €33,040 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,969 | €20,017 | +€49 | +0.2% |
| Other operating charges | 640/8 | €1,417 | €1,823 | +€405 | +28.6% |
| Gross operating margin | 9900 | €715,933 | €381,604 | -€334,329 | -46.7% |
| Operating profit (loss) | 9901 | €694,547 | €359,764 | -€334,783 | -48.2% |
| Financial income | 75/76B | €0 | €58,572 | +€58,572 | |
| Recurring financial income | 75 | €0 | €58,572 | +€58,572 | |
| Financial charges | 65/66B | €129,981 | €183,178 | +€53,197 | +40.9% |
| Recurring financial charges | 65 | €129,981 | €183,178 | +€53,197 | +40.9% |
| Profit (loss) for the period before taxes | 9903 | €564,566 | €235,158 | -€329,408 | -58.3% |
| Income taxes | 67/77 | €140,133 | €59,070 | -€81,062 | -57.8% |
| Profit (loss) for the period | 9904 | €424,433 | €176,088 | -€248,345 | -58.5% |
| Profit (loss) for the period to be appropriated | 9905 | €424,433 | €176,088 | -€248,345 | -58.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.