Vulpedent: 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.
Vulpedent
Largest movements
- Receivables within one year -€299,735
no longer reported in 2025 (was €299,735)
- Receivables after one year -€100,000
down €100,000 (-31.7%), from €315,000 to €215,000
- Cash +€91,289
up €91,289 (+6,284%), from €1,453 to €92,742
mainly Receivables within one year (+€299,735) and Other debts (+€174,678)
- Tangible fixed assets -€58,722
down €58,722 (-11.0%), from €531,658 to €472,935
- Reserves -€587,124
no longer reported in 2025 (was €587,124)
- Other debts +€174,678
new in 2025: €174,678
- Tax, wage and social debts +€99,532
up €99,532 (+185%), from €53,823 to €153,356
of which Taxes: +€99,212
- Debts after one year -€60,088
down €60,088 (-13.8%), from €435,201 to €375,112
- Trade debts +€11,679
up €11,679 (+333%), from €3,507 to €15,186
- Gross operating margin +€46,912
up €46,912 (+16.8%), from €279,137 to €326,049
- Taxes +€9,871
up €9,871 (+19.4%), from €50,810 to €60,681
- Financial income -€9,402
down €9,402 (-42.7%), from €21,994 to €12,592
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 | €1,148,227 | €781,420 | -€366,807 | -31.9% |
| Fixed assets | 21/28 | €531,658 | €472,935 | -€58,722 | -11.0% |
| Tangible fixed assets | 22/27 | €531,658 | €472,935 | -€58,722 | -11.0% |
| Land and buildings | 22 | €418,666 | €390,330 | -€28,336 | -6.8% |
| Plant, machinery and equipment | 23 | €29,970 | €22,195 | -€7,775 | -25.9% |
| Furniture and vehicles | 24 | €83,022 | €60,411 | -€22,611 | -27.2% |
| Current assets | 29/58 | €616,569 | €308,484 | -€308,085 | -50.0% |
| Amounts receivable after more than one year | 29 | €315,000 | €215,000 | -€100,000 | -31.7% |
| Trade receivables | 290 | €315,000 | €215,000 | -€100,000 | -31.7% |
| Amounts receivable within one year | 40/41 | €299,735 | - | -€299,735 | |
| Other amounts receivable | 41 | €299,735 | - | -€299,735 | |
| Cash at bank and in hand | 54/58 | €1,453 | €92,742 | +€91,289 | +6,284% |
| Deferred charges and accrued income | 490/1 | €382 | €742 | +€360 | +94.2% |
| Total equity and liabilities | 10/49 | €1,148,227 | €781,420 | -€366,807 | -31.9% |
| Equity | 10/15 | €590,124 | €3,000 | -€587,124 | -99.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €587,124 | - | -€587,124 | |
| Distributable reserves | 133 | €587,124 | - | -€587,124 | |
| Amounts payable | 17/49 | €558,103 | €778,420 | +€220,316 | +39.5% |
| Amounts payable after more than one year | 17 | €435,201 | €375,112 | -€60,088 | -13.8% |
| Financial debts | 170/4 | €435,201 | €375,112 | -€60,088 | -13.8% |
| Amounts payable within one year | 42/48 | €122,903 | €403,307 | +€280,404 | +228% |
| Current portion of amounts payable after more than one year | 42 | €65,573 | €60,088 | -€5,485 | -8.4% |
| Trade debts | 44 | €3,507 | €15,186 | +€11,679 | +333% |
| Suppliers | 440/4 | €3,507 | €15,186 | +€11,679 | +333% |
| Taxes, remuneration and social security | 45 | €53,823 | €153,356 | +€99,532 | +185% |
| Taxes | 450/3 | €45,874 | €145,086 | +€99,212 | +216% |
| Remuneration and social security | 454/9 | €7,949 | €8,270 | +€320 | +4.0% |
| Other amounts payable | 47/48 | - | €174,678 | +€174,678 | |
| Remuneration, social security and pensions | 62 | €39,611 | €37,021 | -€2,590 | -6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,751 | €59,922 | +€172 | +0.3% |
| Other operating charges | 640/8 | €3,280 | €2,781 | -€500 | -15.2% |
| Gross operating margin | 9900 | €279,137 | €326,049 | +€46,912 | +16.8% |
| Operating profit (loss) | 9901 | €176,495 | €226,325 | +€49,830 | +28.2% |
| Financial income | 75/76B | €21,994 | €12,592 | -€9,402 | -42.7% |
| Recurring financial income | 75 | €21,994 | €12,592 | -€9,402 | -42.7% |
| Financial charges | 65/66B | €9,389 | €8,160 | -€1,228 | -13.1% |
| Recurring financial charges | 65 | €9,389 | €8,160 | -€1,228 | -13.1% |
| Profit (loss) for the period before taxes | 9903 | €189,100 | €230,757 | +€41,657 | +22.0% |
| Income taxes | 67/77 | €50,810 | €60,681 | +€9,871 | +19.4% |
| Profit (loss) for the period | 9904 | €138,290 | €170,076 | +€31,786 | +23.0% |
| Profit (loss) for the period to be appropriated | 9905 | €138,290 | €170,076 | +€31,786 | +23.0% |
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 31 October 2026 via checked.be.