VULCON: 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.
VULCON
Largest movements
- Tangible fixed assets -€45,220
down €45,220 (-3.8%), from €1.2m to €1.1m
of which Land and buildings: -€26,178
- Other debts -€166,403
down €166,403 (-46.3%), from €359,669 to €193,265
- Debts after one year +€151,111
up €151,111 (+24.9%), from €607,037 to €758,148
of which Other amounts payable: +€200,000
- Trade debts -€52,246
down €52,246 (-99.4%), from €52,542 to €296
- Reserves +€15,248
up €15,248 (+10.6%), from €144,504 to €159,752
- Tax, wage and social debts +€12,689
up €12,689 (+149%), from €8,489 to €21,178
- Gross operating margin +€28,729
up €28,729 (+29.7%), from €96,787 to €125,516
- Financial charges +€10,873
up €10,873 (+45.9%), from €23,699 to €34,572
- Taxes +€4,465
up €4,465 (+123%), from €3,633 to €8,098
- Other operating charges +€2,789
up €2,789 (+243%), from €1,148 to €3,937
- Depreciation -€1,309
down €1,309 (-2.0%), from €64,971 to €63,661
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 | €1,239,730 | €1,200,128 | -€39,602 | -3.2% |
| Fixed assets | 21/28 | €1,178,128 | €1,132,909 | -€45,220 | -3.8% |
| Tangible fixed assets | 22/27 | €1,178,128 | €1,132,909 | -€45,220 | -3.8% |
| Land and buildings | 22 | €1,096,238 | €1,070,059 | -€26,178 | -2.4% |
| Plant, machinery and equipment | 23 | €9,553 | €6,864 | -€2,689 | -28.1% |
| Furniture and vehicles | 24 | €49,507 | €36,800 | -€12,708 | -25.7% |
| Other tangible fixed assets | 26 | €22,830 | €19,185 | -€3,645 | -16.0% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €61,601 | €67,219 | +€5,618 | +9.1% |
| Amounts receivable within one year | 40/41 | €22,266 | €28,295 | +€6,030 | +27.1% |
| Trade receivables | 40 | €18,398 | €23,023 | +€4,625 | +25.1% |
| Other amounts receivable | 41 | €3,867 | €5,273 | +€1,405 | +36.3% |
| Cash at bank and in hand | 54/58 | €35,296 | €37,256 | +€1,960 | +5.6% |
| Deferred charges and accrued income | 490/1 | €4,039 | €1,668 | -€2,372 | -58.7% |
| Total equity and liabilities | 10/49 | €1,239,730 | €1,200,128 | -€39,602 | -3.2% |
| Equity | 10/15 | €163,104 | €178,352 | +€15,248 | +9.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €144,504 | €159,752 | +€15,248 | +10.6% |
| Distributable reserves | 133 | €144,504 | €159,752 | +€15,248 | +10.6% |
| Amounts payable | 17/49 | €1,076,625 | €1,021,776 | -€54,849 | -5.1% |
| Amounts payable after more than one year | 17 | €607,037 | €758,148 | +€151,111 | +24.9% |
| Financial debts | 170/4 | €607,037 | €558,148 | -€48,889 | -8.1% |
| Other amounts payable | 178/9 | - | €200,000 | +€200,000 | |
| Amounts payable within one year | 42/48 | €469,588 | €263,628 | -€205,960 | -43.9% |
| Current portion of amounts payable after more than one year | 42 | €48,889 | €48,889 | = | 0.0% |
| Trade debts | 44 | €52,542 | €296 | -€52,246 | -99.4% |
| Suppliers | 440/4 | €52,542 | €296 | -€52,246 | -99.4% |
| Taxes, remuneration and social security | 45 | €8,489 | €21,178 | +€12,689 | +149% |
| Taxes | 450/3 | €8,489 | €21,178 | +€12,689 | +149% |
| Other amounts payable | 47/48 | €359,669 | €193,265 | -€166,403 | -46.3% |
| Non-recurring operating income | 76A | - | €2,400 | +€2,400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,971 | €63,661 | -€1,309 | -2.0% |
| Other operating charges | 640/8 | €1,148 | €3,937 | +€2,789 | +243% |
| Non-recurring operating charges | 66A | €281 | €0 | -€281 | -100% |
| Gross operating margin | 9900 | €96,787 | €125,516 | +€28,729 | +29.7% |
| Operating profit (loss) | 9901 | €30,388 | €57,917 | +€27,529 | +90.6% |
| Financial income | 75/76B | €9 | €0 | -€9 | -98.8% |
| Recurring financial income | 75 | €9 | €0 | -€9 | -98.8% |
| Financial charges | 65/66B | €23,699 | €34,572 | +€10,873 | +45.9% |
| Recurring financial charges | 65 | €23,699 | €34,572 | +€10,873 | +45.9% |
| Profit (loss) for the period before taxes | 9903 | €6,698 | €23,346 | +€16,647 | +249% |
| Income taxes | 67/77 | €3,633 | €8,098 | +€4,465 | +123% |
| Profit (loss) for the period | 9904 | €3,066 | €15,248 | +€12,182 | +397% |
| Profit (loss) for the period to be appropriated | 9905 | €3,066 | €15,248 | +€12,182 | +397% |
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 14 October 2026 via checked.be.