Vulcanus: 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.
Vulcanus
Largest movements
- Tangible fixed assets -€44,859
down €44,859 (-8.6%), from €524,134 to €479,275
of which Furniture and vehicles: -€25,433
- Receivables within one year -€17,813
down €17,813 (-32.6%), from €54,559 to €36,746
of which Trade receivables: -€11,243
- Cash -€12,262
down €12,262 (-9.4%), from €130,554 to €118,291
mainly Debts after one year (-€31,915) and Net result for the year (-€27,014)
- Debts after one year -€31,915
down €31,915 (-4.6%), from €697,180 to €665,265
- Profit (loss) carried forward -€27,014
down €27,014 (-16.2%), from -€166,241 to -€193,255
- Trade debts -€8,365
down €8,365 (-43.3%), from €19,307 to €10,942
- Current portion of long-term debt -€7,815
down €7,815 (-19.7%), from €39,730 to €31,915
- Gross operating margin +€12,206
up €12,206 (+91.8%), from €13,302 to €25,508
- Depreciation -€9,000
down €9,000 (-17.6%), from €51,212 to €42,212
- Financial income +€1,140
up €1,140 (+2,327%), from €49 to €1,189
- Other operating charges -€852
down €852 (-9.2%), from €9,241 to €8,388
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 | €713,462 | €638,420 | -€75,042 | -10.5% |
| Fixed assets | 21/28 | €524,134 | €479,275 | -€44,859 | -8.6% |
| Tangible fixed assets | 22/27 | €524,134 | €479,275 | -€44,859 | -8.6% |
| Land and buildings | 22 | €424,609 | €414,675 | -€9,934 | -2.3% |
| Plant, machinery and equipment | 23 | €24,268 | €14,776 | -€9,492 | -39.1% |
| Furniture and vehicles | 24 | €75,257 | €49,825 | -€25,433 | -33.8% |
| Current assets | 29/58 | €189,327 | €159,145 | -€30,183 | -15.9% |
| Amounts receivable within one year | 40/41 | €54,559 | €36,746 | -€17,813 | -32.6% |
| Trade receivables | 40 | €42,944 | €31,701 | -€11,243 | -26.2% |
| Other amounts receivable | 41 | €11,615 | €5,045 | -€6,570 | -56.6% |
| Cash at bank and in hand | 54/58 | €130,554 | €118,291 | -€12,262 | -9.4% |
| Deferred charges and accrued income | 490/1 | €4,215 | €4,107 | -€107 | -2.5% |
| Total equity and liabilities | 10/49 | €713,462 | €638,420 | -€75,042 | -10.5% |
| Equity | 10/15 | -€115,191 | -€142,205 | -€27,014 | -23.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €31,050 | €31,050 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €31,050 | €31,050 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€166,241 | -€193,255 | -€27,014 | -16.2% |
| Amounts payable | 17/49 | €828,653 | €780,625 | -€48,028 | -5.8% |
| Amounts payable after more than one year | 17 | €697,180 | €665,265 | -€31,915 | -4.6% |
| Financial debts | 170/4 | €697,180 | €665,265 | -€31,915 | -4.6% |
| Amounts payable within one year | 42/48 | €131,473 | €115,360 | -€16,113 | -12.3% |
| Current portion of amounts payable after more than one year | 42 | €39,730 | €31,915 | -€7,815 | -19.7% |
| Trade debts | 44 | €19,307 | €10,942 | -€8,365 | -43.3% |
| Suppliers | 440/4 | €19,307 | €10,942 | -€8,365 | -43.3% |
| Taxes, remuneration and social security | 45 | €292 | €317 | +€25 | +8.4% |
| Taxes | 450/3 | €292 | €317 | +€25 | +8.4% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €72,145 | €72,187 | +€42 | +0.1% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,212 | €42,212 | -€9,000 | -17.6% |
| Other operating charges | 640/8 | €9,241 | €8,388 | -€852 | -9.2% |
| Non-recurring operating charges | 66A | €237 | €551 | +€314 | +132% |
| Gross operating margin | 9900 | €13,302 | €25,508 | +€12,206 | +91.8% |
| Operating profit (loss) | 9901 | -€47,388 | -€25,644 | +€21,744 | +45.9% |
| Financial income | 75/76B | €49 | €1,189 | +€1,140 | +2,327% |
| Recurring financial income | 75 | €49 | €1,189 | +€1,140 | +2,327% |
| Financial charges | 65/66B | €2,593 | €2,467 | -€126 | -4.9% |
| Recurring financial charges | 65 | €2,593 | €2,467 | -€126 | -4.9% |
| Profit (loss) for the period before taxes | 9903 | -€49,933 | -€26,921 | +€23,011 | +46.1% |
| Income taxes | 67/77 | €36 | €92 | +€56 | +153% |
| Profit (loss) for the period | 9904 | -€49,969 | -€27,014 | +€22,955 | +45.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€49,969 | -€27,014 | +€22,955 | +45.9% |
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 21 October 2026 via checked.be.