Vulpecula: 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.
Vulpecula
Largest movements
- Cash -€153,523
down €153,523 (-55.2%), from €278,076 to €124,553
mainly Contributions, distributions and other (-€467,453) and Accrued charges and deferred income (-€29,383)
- Current investments -€124,924
no longer reported in 2025 (was €124,924)
- Receivables within one year +€4,648
up €4,648 (+25.9%), from €17,936 to €22,584
of which Trade receivables: +€5,648
- Reserves -€345,910
down €345,910 (-91.6%), from €377,453 to €31,543
- Other debts +€75,986
up €75,986 (+3,762%), from €2,020 to €78,006
- Accrued charges and deferred income -€29,383
no longer reported in 2025 (was €29,383)
- Tax, wage and social debts +€23,764
up €23,764 (+269%), from €8,840 to €32,604
of which Taxes: +€22,214
- Financial income +€31,810
up €31,810 (+287%), from €11,083 to €42,893
- Taxes +€12,174
up €12,174 (+41.3%), from €29,478 to €41,652
- Gross operating margin -€3,914
down €3,914 (-3.1%), from €125,412 to €121,498
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 | €423,533 | €149,368 | -€274,165 | -64.7% |
| Fixed assets | 21/28 | €1,248 | €1,562 | +€314 | +25.2% |
| Tangible fixed assets | 22/27 | €1,248 | €1,562 | +€314 | +25.2% |
| Furniture and vehicles | 24 | €1,248 | €1,562 | +€314 | +25.2% |
| Current assets | 29/58 | €422,285 | €147,806 | -€274,479 | -65.0% |
| Amounts receivable within one year | 40/41 | €17,936 | €22,584 | +€4,648 | +25.9% |
| Trade receivables | 40 | €16,936 | €22,584 | +€5,648 | +33.3% |
| Other amounts receivable | 41 | €1,000 | - | -€1,000 | |
| Current investments | 50/53 | €124,924 | - | -€124,924 | |
| Cash at bank and in hand | 54/58 | €278,076 | €124,553 | -€153,523 | -55.2% |
| Deferred charges and accrued income | 490/1 | €1,350 | €669 | -€681 | -50.4% |
| Total equity and liabilities | 10/49 | €423,533 | €149,368 | -€274,165 | -64.7% |
| Equity | 10/15 | €382,453 | €36,543 | -€345,910 | -90.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €377,453 | €31,543 | -€345,910 | -91.6% |
| Distributable reserves | 133 | €377,453 | €31,543 | -€345,910 | -91.6% |
| Amounts payable | 17/49 | €41,080 | €112,825 | +€71,745 | +175% |
| Amounts payable within one year | 42/48 | €11,696 | €112,825 | +€101,128 | +865% |
| Trade debts | 44 | €836 | €2,215 | +€1,378 | +165% |
| Suppliers | 440/4 | €836 | €2,215 | +€1,378 | +165% |
| Taxes, remuneration and social security | 45 | €8,840 | €32,604 | +€23,764 | +269% |
| Taxes | 450/3 | €8,840 | €31,054 | +€22,214 | +251% |
| Remuneration and social security | 454/9 | - | €1,550 | +€1,550 | |
| Other amounts payable | 47/48 | €2,020 | €78,006 | +€75,986 | +3,762% |
| Accrued charges and deferred income | 492/3 | €29,383 | - | -€29,383 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €791 | €991 | +€200 | +25.3% |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Gross operating margin | 9900 | €125,412 | €121,498 | -€3,914 | -3.1% |
| Operating profit (loss) | 9901 | €124,503 | €120,387 | -€4,116 | -3.3% |
| Financial income | 75/76B | €11,083 | €42,893 | +€31,810 | +287% |
| Recurring financial income | 75 | €11,083 | €42,893 | +€31,810 | +287% |
| Financial charges | 65/66B | €129 | €85 | -€44 | -33.8% |
| Recurring financial charges | 65 | €129 | €85 | -€44 | -33.8% |
| Profit (loss) for the period before taxes | 9903 | €135,457 | €163,195 | +€27,738 | +20.5% |
| Income taxes | 67/77 | €29,478 | €41,652 | +€12,174 | +41.3% |
| Profit (loss) for the period | 9904 | €105,979 | €121,543 | +€15,564 | +14.7% |
| Profit (loss) for the period to be appropriated | 9905 | €105,979 | €121,543 | +€15,564 | +14.7% |
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 15 October 2026 via checked.be.