VULKAGOM: 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.
VULKAGOM
Largest movements
- Receivables within one year +€194,989
up €194,989 (+96.5%), from €202,051 to €397,040
of which Trade receivables: +€160,510
- Cash -€88,570
down €88,570 (-15.3%), from €578,440 to €489,869
mainly Receivables within one year (-€194,989) and Stocks and contracts (-€15,967)
- Tangible fixed assets -€20,190
down €20,190 (-38.9%), from €51,876 to €31,686
of which Leasing and similar rights: -€10,157
- Stocks and contracts +€15,967
up €15,967 (+57.1%), from €27,948 to €43,915
- Reserves +€78,386
up €78,386 (+13.2%), from €594,067 to €672,453
of which Distributable reserves: +€78,386
- Trade debts +€40,345
up €40,345 (+27.1%), from €148,908 to €189,253
- Tax, wage and social debts +€10,095
up €10,095 (+32.3%), from €31,215 to €41,310
of which Taxes: +€9,589
- Gross operating margin -€33,527
down €33,527 (-11.4%), from €293,700 to €260,174
- Staff costs -€28,273
down €28,273 (-19.7%), from €143,188 to €114,915
- Depreciation +€7,037
up €7,037 (+53.5%), from €13,153 to €20,190
- Taxes -€3,291
down €3,291 (-7.8%), from €42,069 to €38,778
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 | €864,326 | €971,474 | +€107,149 | +12.4% |
| Fixed assets | 21/28 | €51,876 | €31,686 | -€20,190 | -38.9% |
| Tangible fixed assets | 22/27 | €51,876 | €31,686 | -€20,190 | -38.9% |
| Plant, machinery and equipment | 23 | €2,221 | €1,481 | -€740 | -33.3% |
| Furniture and vehicles | 24 | €22,238 | €14,329 | -€7,909 | -35.6% |
| Leasing and similar rights | 25 | €13,746 | €3,590 | -€10,157 | -73.9% |
| Other tangible fixed assets | 26 | €13,670 | €12,287 | -€1,384 | -10.1% |
| Current assets | 29/58 | €812,450 | €939,788 | +€127,338 | +15.7% |
| Stocks and contracts in progress | 3 | €27,948 | €43,915 | +€15,967 | +57.1% |
| Stocks | 30/36 | €27,948 | €43,915 | +€15,967 | +57.1% |
| Amounts receivable within one year | 40/41 | €202,051 | €397,040 | +€194,989 | +96.5% |
| Trade receivables | 40 | €150,234 | €310,744 | +€160,510 | +106.8% |
| Other amounts receivable | 41 | €51,817 | €86,296 | +€34,479 | +66.5% |
| Cash at bank and in hand | 54/58 | €578,440 | €489,869 | -€88,570 | -15.3% |
| Deferred charges and accrued income | 490/1 | €4,011 | €8,963 | +€4,952 | +123.5% |
| Total equity and liabilities | 10/49 | €864,326 | €971,474 | +€107,149 | +12.4% |
| Equity | 10/15 | €600,264 | €678,650 | +€78,386 | +13.1% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €594,067 | €672,453 | +€78,386 | +13.2% |
| Non-distributable reserves | 130/1 | €10,893 | €10,893 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,893 | €10,893 | = | 0.0% |
| Distributable reserves | 133 | €583,174 | €661,560 | +€78,386 | +13.4% |
| Amounts payable | 17/49 | €264,061 | €292,824 | +€28,763 | +10.9% |
| Amounts payable after more than one year | 17 | €3,442 | - | -€3,442 | |
| Financial debts | 170/4 | €3,442 | - | -€3,442 | |
| Amounts payable within one year | 42/48 | €260,619 | €292,824 | +€32,205 | +12.4% |
| Current portion of amounts payable after more than one year | 42 | €10,277 | €3,442 | -€6,835 | -66.5% |
| Financial debts | 43 | €68,001 | €58,819 | -€9,182 | -13.5% |
| Credit institutions | 430/8 | €68,001 | €58,819 | -€9,182 | -13.5% |
| Trade debts | 44 | €148,908 | €189,253 | +€40,345 | +27.1% |
| Suppliers | 440/4 | €148,908 | €189,253 | +€40,345 | +27.1% |
| Taxes, remuneration and social security | 45 | €31,215 | €41,310 | +€10,095 | +32.3% |
| Taxes | 450/3 | €18,914 | €28,503 | +€9,589 | +50.7% |
| Remuneration and social security | 454/9 | €12,301 | €12,807 | +€506 | +4.1% |
| Other amounts payable | 47/48 | €2,218 | - | -€2,218 | |
| Non-recurring operating income | 76A | €311 | - | -€311 | |
| Remuneration, social security and pensions | 62 | €143,188 | €114,915 | -€28,273 | -19.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,153 | €20,190 | +€7,037 | +53.5% |
| Other operating charges | 640/8 | €2,235 | €4,461 | +€2,226 | +99.6% |
| Gross operating margin | 9900 | €293,700 | €260,174 | -€33,527 | -11.4% |
| Operating profit (loss) | 9901 | €135,124 | €120,608 | -€14,516 | -10.7% |
| Financial income | 75/76B | €1,003 | €1,840 | +€837 | +83.5% |
| Recurring financial income | 75 | €1,003 | €1,840 | +€837 | +83.5% |
| Financial charges | 65/66B | €5,954 | €5,284 | -€670 | -11.3% |
| Recurring financial charges | 65 | €5,954 | €5,284 | -€670 | -11.3% |
| Profit (loss) for the period before taxes | 9903 | €130,173 | €117,164 | -€13,009 | -10.0% |
| Income taxes | 67/77 | €42,069 | €38,778 | -€3,291 | -7.8% |
| Profit (loss) for the period | 9904 | €88,104 | €78,386 | -€9,718 | -11.0% |
| Profit (loss) for the period to be appropriated | 9905 | €88,104 | €78,386 | -€9,718 | -11.0% |
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 10 October 2026 via checked.be.