VULMAN: 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.
VULMAN
Largest movements
- Receivables after one year -€16,000
no longer reported in 2025 (was €16,000)
- Receivables within one year +€15,536
up €15,536 (+124.6%), from €12,464 to €28,000
of which Trade receivables: +€15,805
- Cash -€11,553
down €11,553 (-7.7%), from €149,442 to €137,889
mainly Debts after one year (-€133,124) and Investment in fixed assets (net) (-€30,861)
- Tangible fixed assets -€4,365
down €4,365 (-2.0%), from €212,919 to €208,555
of which Land and buildings: -€19,157
- Debts after one year -€133,124
down €133,124 (-57.3%), from €232,376 to €99,252
of which Other amounts payable: -€100,000
- Other debts +€85,379
up €85,379 (+930.6%), from €9,175 to €94,554
- Reserves +€21,155
up €21,155 (+29.6%), from €71,523 to €92,678
of which Distributable reserves: +€23,015
- Trade debts +€9,189
up €9,189 (+419.7%), from €2,189 to €11,379
- Gross operating margin +€59,871
up €59,871 (+515.9%), from €11,605 to €71,475
- Depreciation +€28,108
up €28,108 (+394.9%), from €7,118 to €35,226
- Taxes +€5,779
up €5,779 (+458.9%), from €1,259 to €7,038
- Other operating charges -€987
down €987 (-24.1%), from €4,101 to €3,114
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 | €392,173 | €374,444 | -€17,729 | -4.5% |
| Fixed assets | 21/28 | €212,919 | €208,555 | -€4,365 | -2.0% |
| Tangible fixed assets | 22/27 | €212,919 | €208,555 | -€4,365 | -2.0% |
| Land and buildings | 22 | €167,478 | €148,321 | -€19,157 | -11.4% |
| Plant, machinery and equipment | 23 | €1,133 | €802 | -€331 | -29.2% |
| Furniture and vehicles | 24 | €32,317 | €49,285 | +€16,968 | +52.5% |
| Other tangible fixed assets | 26 | €11,991 | €10,147 | -€1,845 | -15.4% |
| Current assets | 29/58 | €179,254 | €165,889 | -€13,364 | -7.5% |
| Amounts receivable after more than one year | 29 | €16,000 | - | -€16,000 | |
| Trade receivables | 290 | €16,000 | - | -€16,000 | |
| Amounts receivable within one year | 40/41 | €12,464 | €28,000 | +€15,536 | +124.6% |
| Trade receivables | 40 | €12,195 | €28,000 | +€15,805 | +129.6% |
| Other amounts receivable | 41 | €269 | - | -€269 | |
| Cash at bank and in hand | 54/58 | €149,442 | €137,889 | -€11,553 | -7.7% |
| Deferred charges and accrued income | 490/1 | €1,347 | - | -€1,347 | |
| Total equity and liabilities | 10/49 | €392,173 | €374,444 | -€17,729 | -4.5% |
| Equity | 10/15 | €99,251 | €122,266 | +€23,015 | +23.2% |
| Contributions | 10/11 | €6,250 | €8,110 | +€1,860 | +29.8% |
| Reserves | 13 | €71,523 | €92,678 | +€21,155 | +29.6% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €69,663 | €92,678 | +€23,015 | +33.0% |
| Profit (loss) carried forward | 14 | €21,478 | €21,478 | = | 0.0% |
| Amounts payable | 17/49 | €292,922 | €252,179 | -€40,744 | -13.9% |
| Amounts payable after more than one year | 17 | €232,376 | €99,252 | -€133,124 | -57.3% |
| Financial debts | 170/4 | €132,376 | €99,252 | -€33,124 | -25.0% |
| Other amounts payable | 178/9 | €100,000 | - | -€100,000 | |
| Amounts payable within one year | 42/48 | €60,547 | €152,927 | +€92,380 | +152.6% |
| Current portion of amounts payable after more than one year | 42 | €32,523 | €33,080 | +€557 | +1.7% |
| Trade debts | 44 | €2,189 | €11,379 | +€9,189 | +419.7% |
| Suppliers | 440/4 | €2,189 | €11,379 | +€9,189 | +419.7% |
| Taxes, remuneration and social security | 45 | €16,659 | €13,914 | -€2,745 | -16.5% |
| Taxes | 450/3 | €459 | €13,914 | +€13,455 | +2930.0% |
| Remuneration and social security | 454/9 | €16,200 | - | -€16,200 | |
| Other amounts payable | 47/48 | €9,175 | €94,554 | +€85,379 | +930.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,118 | €35,226 | +€28,108 | +394.9% |
| Other operating charges | 640/8 | €4,101 | €3,114 | -€987 | -24.1% |
| Non-recurring operating charges | 66A | - | €900 | +€900 | |
| Gross operating margin | 9900 | €11,605 | €71,475 | +€59,871 | +515.9% |
| Operating profit (loss) | 9901 | €386 | €32,235 | +€31,850 | +8260.2% |
| Financial income | 75/76B | €2 | €3 | +€1 | +30.8% |
| Recurring financial income | 75 | €2 | €3 | +€1 | +30.8% |
| Financial charges | 65/66B | €2,726 | €2,185 | -€541 | -19.8% |
| Recurring financial charges | 65 | €2,726 | €2,185 | -€541 | -19.8% |
| Profit (loss) for the period before taxes | 9903 | -€2,338 | €30,053 | +€32,391 | |
| Income taxes | 67/77 | €1,259 | €7,038 | +€5,779 | +458.9% |
| Profit (loss) for the period | 9904 | -€3,597 | €23,015 | +€26,612 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,597 | €23,015 | +€26,612 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.