VULFS & CIE: 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.
VULFS & CIE
Largest movements
- Cash -€10,594
down €10,594 (-89.3%), from €11,867 to €1,272
mainly Current investments (-€9,246) and Net result for the year (-€4,235)
- Current investments +€9,246
up €9,246 (+65.3%), from €14,157 to €23,404
- Profit (loss) carried forward -€4,235
down €4,235 (-8.1%), from -€52,267 to -€56,502
- Other debts +€2,111
up €2,111 (+3.5%), from €60,336 to €62,447
- Trade debts +€302
up €302 (+473%), from €64 to €366
- Gross operating margin -€7,148
down €7,148, from €3,400 to -€3,748
- Depreciation -€1,880
down €1,880 (-88.0%), from €2,136 to €256
- Financial income -€1,065
down €1,065 (-57.6%), from €1,848 to €783
- Taxes -€319
down €319 (-57.6%), from €554 to €235
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 | €27,121 | €25,299 | -€1,822 | -6.7% |
| Fixed assets | 21/28 | €308 | €52 | -€256 | -83.1% |
| Tangible fixed assets | 22/27 | €256 | - | -€256 | |
| Furniture and vehicles | 24 | €256 | - | -€256 | |
| Financial fixed assets | 28 | €52 | €52 | = | 0.0% |
| Current assets | 29/58 | €26,813 | €25,247 | -€1,566 | -5.8% |
| Current investments | 50/53 | €14,157 | €23,404 | +€9,246 | +65.3% |
| Cash at bank and in hand | 54/58 | €11,867 | €1,272 | -€10,594 | -89.3% |
| Deferred charges and accrued income | 490/1 | €789 | €571 | -€218 | -27.6% |
| Total equity and liabilities | 10/49 | €27,121 | €25,299 | -€1,822 | -6.7% |
| Equity | 10/15 | -€33,279 | -€37,514 | -€4,235 | -12.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €396 | €396 | = | 0.0% |
| Non-distributable reserves | 130/1 | €396 | €396 | = | 0.0% |
| Reserves not available under the articles | 1311 | €396 | €396 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€52,267 | -€56,502 | -€4,235 | -8.1% |
| Amounts payable | 17/49 | €60,400 | €62,813 | +€2,413 | +4.0% |
| Amounts payable within one year | 42/48 | €60,400 | €62,813 | +€2,413 | +4.0% |
| Trade debts | 44 | €64 | €366 | +€302 | +473% |
| Suppliers | 440/4 | €64 | €366 | +€302 | +473% |
| Other amounts payable | 47/48 | €60,336 | €62,447 | +€2,111 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,136 | €256 | -€1,880 | -88.0% |
| Other operating charges | 640/8 | €511 | €527 | +€16 | +3.1% |
| Gross operating margin | 9900 | €3,400 | -€3,748 | -€7,148 | |
| Operating profit (loss) | 9901 | €752 | -€4,531 | -€5,284 | |
| Financial income | 75/76B | €1,848 | €783 | -€1,065 | -57.6% |
| Recurring financial income | 75 | €1,848 | €783 | -€1,065 | -57.6% |
| Financial charges | 65/66B | €265 | €251 | -€13 | -5.0% |
| Recurring financial charges | 65 | €265 | €251 | -€13 | -5.0% |
| Profit (loss) for the period before taxes | 9903 | €2,336 | -€4,000 | -€6,336 | |
| Income taxes | 67/77 | €554 | €235 | -€319 | -57.6% |
| Profit (loss) for the period | 9904 | €1,781 | -€4,235 | -€6,016 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,781 | -€4,235 | -€6,016 |
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 24 October 2026 via checked.be.