Vulcarpneu: 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.
Vulcarpneu
Largest movements
- Receivables within one year +€57,581
up €57,581 (+36.6%), from €157,432 to €215,013
of which Trade receivables: +€55,427
- Cash -€9,379
down €9,379 (-31.8%), from €29,491 to €20,112
mainly Receivables within one year (-€57,581) and Investment in fixed assets (net) (-€47,545)
- Tangible fixed assets +€8,448
up €8,448 (+4.5%), from €188,790 to €197,238
of which Furniture and vehicles: +€39,940
- Trade debts +€69,963
up €69,963 (+50.4%), from €138,816 to €208,779
- Debts after one year -€14,391
down €14,391 (-12.4%), from €115,971 to €101,580
- Tax, wage and social debts +€9,786
up €9,786 (+9.8%), from €100,161 to €109,947
of which Taxes: +€17,127
- Other debts -€8,296
no longer reported in 2025 (was €8,296)
- Current portion of long-term debt +€5,337
up €5,337 (+19.7%), from €27,065 to €32,402
- Gross operating margin +€46,981
up €46,981 (+11.4%), from €413,146 to €460,127
- Staff costs +€39,907
up €39,907 (+11.7%), from €341,335 to €381,243
- Taxes +€19,975
new in 2025: €19,975
- Depreciation +€7,760
up €7,760 (+24.8%), from €31,337 to €39,097
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 | €397,408 | €456,155 | +€58,746 | +14.8% |
| Fixed assets | 21/28 | €200,132 | €208,580 | +€8,448 | +4.2% |
| Tangible fixed assets | 22/27 | €188,790 | €197,238 | +€8,448 | +4.5% |
| Plant, machinery and equipment | 23 | €28,225 | €23,688 | -€4,536 | -16.1% |
| Furniture and vehicles | 24 | €5,970 | €45,909 | +€39,940 | +669.1% |
| Leasing and similar rights | 25 | €10,113 | - | -€10,113 | |
| Other tangible fixed assets | 26 | €144,483 | €127,640 | -€16,843 | -11.7% |
| Financial fixed assets | 28 | €11,342 | €11,342 | = | 0.0% |
| Current assets | 29/58 | €197,277 | €247,575 | +€50,298 | +25.5% |
| Stocks and contracts in progress | 3 | €10,354 | €12,450 | +€2,096 | +20.2% |
| Stocks | 30/36 | €10,354 | €12,450 | +€2,096 | +20.2% |
| Amounts receivable within one year | 40/41 | €157,432 | €215,013 | +€57,581 | +36.6% |
| Trade receivables | 40 | €128,582 | €184,010 | +€55,427 | +43.1% |
| Other amounts receivable | 41 | €28,850 | €31,004 | +€2,154 | +7.5% |
| Cash at bank and in hand | 54/58 | €29,491 | €20,112 | -€9,379 | -31.8% |
| Total equity and liabilities | 10/49 | €397,408 | €456,155 | +€58,746 | +14.8% |
| Equity | 10/15 | €7,098 | €3,446 | -€3,652 | -51.5% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,598 | €946 | -€3,652 | -79.4% |
| Amounts payable | 17/49 | €390,310 | €452,709 | +€62,398 | +16.0% |
| Amounts payable after more than one year | 17 | €115,971 | €101,580 | -€14,391 | -12.4% |
| Financial debts | 170/4 | €115,971 | €101,580 | -€14,391 | -12.4% |
| Amounts payable within one year | 42/48 | €274,339 | €351,129 | +€76,790 | +28.0% |
| Current portion of amounts payable after more than one year | 42 | €27,065 | €32,402 | +€5,337 | +19.7% |
| Trade debts | 44 | €138,816 | €208,779 | +€69,963 | +50.4% |
| Suppliers | 440/4 | €138,816 | €208,779 | +€69,963 | +50.4% |
| Taxes, remuneration and social security | 45 | €100,161 | €109,947 | +€9,786 | +9.8% |
| Taxes | 450/3 | €70,055 | €87,182 | +€17,127 | +24.4% |
| Remuneration and social security | 454/9 | €30,106 | €22,765 | -€7,341 | -24.4% |
| Other amounts payable | 47/48 | €8,296 | - | -€8,296 | |
| Remuneration, social security and pensions | 62 | €341,335 | €381,243 | +€39,907 | +11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,337 | €39,097 | +€7,760 | +24.8% |
| Other operating charges | 640/8 | €7,162 | €9,512 | +€2,349 | +32.8% |
| Non-recurring operating charges | 66A | €5,943 | - | -€5,943 | |
| Gross operating margin | 9900 | €413,146 | €460,127 | +€46,981 | +11.4% |
| Operating profit (loss) | 9901 | €27,369 | €30,277 | +€2,908 | +10.6% |
| Financial charges | 65/66B | €15,015 | €13,954 | -€1,061 | -7.1% |
| Recurring financial charges | 65 | €15,015 | €12,444 | -€2,571 | -17.1% |
| Non-recurring financial charges | 66B | - | €1,510 | +€1,510 | |
| Profit (loss) for the period before taxes | 9903 | €12,354 | €16,323 | +€3,969 | +32.1% |
| Income taxes | 67/77 | - | €19,975 | +€19,975 | |
| Profit (loss) for the period | 9904 | €12,354 | -€3,652 | -€16,006 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,354 | -€3,652 | -€16,006 |
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 8 October 2026 via checked.be.