VULCANUS: 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.
VULCANUS
Largest movements
- Current investments -€259,789
no longer reported in 2025 (was €259,789)
- Tangible fixed assets +€72,296
up €72,296 (+12.4%), from €582,250 to €654,546
of which Furniture and vehicles: +€85,141
- Cash -€70,301
down €70,301 (-7.0%), from €1.0m to €936,164
mainly Contributions, distributions and other (-€259,789) and Investment in fixed assets (net) (-€88,880)
- Reserves -€259,789
down €259,789 (-17.6%), from €1.5m to €1.2m
of which Non-distributable reserves: -€259,789
- Depreciation -€24,494
down €24,494 (-59.6%), from €41,078 to €16,584
- Gross operating margin -€7,645
down €7,645 (-16.3%), from €46,872 to €39,226
- Financial charges -€6,739
down €6,739 (-90.1%), from €7,482 to €743
- Other operating charges +€2,784
up €2,784 (+45.1%), from €6,178 to €8,962
- Financial income +€1,393
up €1,393 (+60.2%), from €2,313 to €3,706
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 | €2,313,778 | €2,055,984 | -€257,794 | -11.1% |
| Fixed assets | 21/28 | €830,518 | €902,814 | +€72,296 | +8.7% |
| Tangible fixed assets | 22/27 | €582,250 | €654,546 | +€72,296 | +12.4% |
| Land and buildings | 22 | €550,424 | €537,579 | -€12,845 | -2.3% |
| Furniture and vehicles | 24 | €31,826 | €116,967 | +€85,141 | +267.5% |
| Financial fixed assets | 28 | €248,267 | €248,267 | = | 0.0% |
| Current assets | 29/58 | €1,483,260 | €1,153,170 | -€330,090 | -22.3% |
| Stocks and contracts in progress | 3 | €173,747 | €173,747 | = | 0.0% |
| Stocks | 30/36 | €173,747 | €173,747 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €43,259 | €43,259 | = | 0.0% |
| Trade receivables | 40 | €30,000 | €30,000 | = | 0.0% |
| Other amounts receivable | 41 | €13,259 | €13,259 | = | 0.0% |
| Current investments | 50/53 | €259,789 | - | -€259,789 | |
| Cash at bank and in hand | 54/58 | €1,006,466 | €936,164 | -€70,301 | -7.0% |
| Total equity and liabilities | 10/49 | €2,313,778 | €2,055,984 | -€257,794 | -11.1% |
| Equity | 10/15 | €1,747,073 | €1,502,428 | -€244,645 | -14.0% |
| Contributions | 10/11 | €572,000 | €572,000 | = | 0.0% |
| Capital | 10 | €572,000 | €572,000 | = | 0.0% |
| Issued capital | 100 | €572,000 | €572,000 | = | 0.0% |
| Reserves | 13 | €1,476,140 | €1,216,352 | -€259,789 | -17.6% |
| Non-distributable reserves | 130/1 | €306,614 | €46,825 | -€259,789 | -84.7% |
| Legal reserve | 130 | €46,454 | €46,454 | = | 0.0% |
| Own shares acquired | 1312 | €259,789 | - | -€259,789 | |
| Other | 1319 | €371 | €371 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,062,510 | €1,062,510 | = | 0.0% |
| Distributable reserves | 133 | €107,017 | €107,017 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€301,067 | -€285,924 | +€15,144 | +5.0% |
| Provisions and deferred taxes | 16 | €354,170 | €354,170 | = | 0.0% |
| Deferred taxes | 168 | €354,170 | €354,170 | = | 0.0% |
| Amounts payable | 17/49 | €212,535 | €199,386 | -€13,149 | -6.2% |
| Amounts payable after more than one year | 17 | €27,844 | €27,844 | = | 0.0% |
| Other amounts payable | 178/9 | €27,844 | €27,844 | = | 0.0% |
| Amounts payable within one year | 42/48 | €148,060 | €134,911 | -€13,149 | -8.9% |
| Trade debts | 44 | €49,993 | €51,844 | +€1,851 | +3.7% |
| Suppliers | 440/4 | €49,993 | €51,844 | +€1,851 | +3.7% |
| Taxes, remuneration and social security | 45 | €12,302 | €12,302 | = | 0.0% |
| Taxes | 450/3 | €12,302 | €12,302 | = | 0.0% |
| Other amounts payable | 47/48 | €85,765 | €70,765 | -€15,000 | -17.5% |
| Accrued charges and deferred income | 492/3 | €36,631 | €36,631 | = | 0.0% |
| Non-recurring operating income | 76A | €444 | €1,415 | +€971 | +218.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,078 | €16,584 | -€24,494 | -59.6% |
| Other operating charges | 640/8 | €6,178 | €8,962 | +€2,784 | +45.1% |
| Non-recurring operating charges | 66A | - | €1,500 | +€1,500 | |
| Gross operating margin | 9900 | €46,872 | €39,226 | -€7,645 | -16.3% |
| Operating profit (loss) | 9901 | -€384 | €12,181 | +€12,565 | |
| Financial income | 75/76B | €2,313 | €3,706 | +€1,393 | +60.2% |
| Recurring financial income | 75 | €2,313 | €3,706 | +€1,393 | +60.2% |
| Financial charges | 65/66B | €7,482 | €743 | -€6,739 | -90.1% |
| Recurring financial charges | 65 | €7,482 | €743 | -€6,739 | -90.1% |
| Profit (loss) for the period before taxes | 9903 | -€5,552 | €15,144 | +€20,696 | |
| Income taxes | 67/77 | -€16 | - | +€16 | |
| Profit (loss) for the period | 9904 | -€5,537 | €15,144 | +€20,680 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,537 | €15,144 | +€20,680 |
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 6 October 2026 via checked.be.