Vulpes: 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.
Vulpes
Largest movements
- Tangible fixed assets -€13,057
down €13,057 (-19.0%), from €68,779 to €55,722
of which Other tangible fixed assets: -€10,771
- Deferred charges and accrued income -€1,087
down €1,087 (-83.8%), from €1,296 to €209
- Profit (loss) carried forward -€10,757
down €10,757 (-21.4%), from -€50,186 to -€60,943
- Tax, wage and social debts -€2,317
down €2,317 (-69.1%), from €3,351 to €1,034
of which Remuneration and social security: -€1,724
- Trade debts -€1,734
down €1,734 (-56.3%), from €3,081 to €1,347
- Gross operating margin -€31,508
down €31,508 (-83.6%), from €37,693 to €6,185
- Staff costs -€25,125
down €25,125, from €23,851 to -€1,274
- Depreciation -€1,187
down €1,187 (-7.3%), from €16,287 to €15,100
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 | €95,339 | €80,919 | -€14,420 | -15.1% |
| Fixed assets | 21/28 | €69,154 | €55,722 | -€13,432 | -19.4% |
| Intangible fixed assets | 21 | €375 | €0 | -€375 | -100% |
| Tangible fixed assets | 22/27 | €68,779 | €55,722 | -€13,057 | -19.0% |
| Land and buildings | 22 | €6,652 | €6,003 | -€649 | -9.8% |
| Plant, machinery and equipment | 23 | €2,696 | €2,492 | -€204 | -7.6% |
| Furniture and vehicles | 24 | €2,543 | €1,110 | -€1,433 | -56.3% |
| Other tangible fixed assets | 26 | €56,888 | €46,117 | -€10,771 | -18.9% |
| Current assets | 29/58 | €26,185 | €25,197 | -€988 | -3.8% |
| Amounts receivable within one year | 40/41 | €9,477 | €9,697 | +€220 | +2.3% |
| Trade receivables | 40 | €5,711 | €4,433 | -€1,278 | -22.4% |
| Other amounts receivable | 41 | €3,766 | €5,264 | +€1,498 | +39.8% |
| Cash at bank and in hand | 54/58 | €15,412 | €15,290 | -€121 | -0.8% |
| Deferred charges and accrued income | 490/1 | €1,296 | €209 | -€1,087 | -83.8% |
| Total equity and liabilities | 10/49 | €95,339 | €80,919 | -€14,420 | -15.1% |
| Equity | 10/15 | -€22,641 | -€33,398 | -€10,757 | -47.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €7,545 | €7,545 | = | 0.0% |
| Distributable reserves | 133 | €7,545 | €7,545 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€50,186 | -€60,943 | -€10,757 | -21.4% |
| Amounts payable | 17/49 | €117,980 | €114,317 | -€3,664 | -3.1% |
| Amounts payable within one year | 42/48 | €117,980 | €114,317 | -€3,664 | -3.1% |
| Trade debts | 44 | €3,081 | €1,347 | -€1,734 | -56.3% |
| Suppliers | 440/4 | €3,081 | €1,347 | -€1,734 | -56.3% |
| Taxes, remuneration and social security | 45 | €3,351 | €1,034 | -€2,317 | -69.1% |
| Taxes | 450/3 | €1,627 | €1,034 | -€594 | -36.5% |
| Remuneration and social security | 454/9 | €1,724 | €0 | -€1,724 | -100% |
| Other amounts payable | 47/48 | €111,548 | €111,935 | +€387 | +0.3% |
| Remuneration, social security and pensions | 62 | €23,851 | -€1,274 | -€25,125 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,287 | €15,100 | -€1,187 | -7.3% |
| Other operating charges | 640/8 | €2,732 | €2,745 | +€13 | +0.5% |
| Gross operating margin | 9900 | €37,693 | €6,185 | -€31,508 | -83.6% |
| Operating profit (loss) | 9901 | -€5,178 | -€10,386 | -€5,209 | -101% |
| Financial income | 75/76B | €0 | €0 | = | 0.0% |
| Recurring financial income | 75 | €0 | €0 | = | 0.0% |
| Financial charges | 65/66B | €212 | €370 | +€158 | +74.6% |
| Recurring financial charges | 65 | €212 | €370 | +€158 | +74.6% |
| Profit (loss) for the period before taxes | 9903 | -€5,390 | -€10,757 | -€5,367 | -99.6% |
| Profit (loss) for the period | 9904 | -€5,390 | -€10,757 | -€5,367 | -99.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,390 | -€10,757 | -€5,367 | -99.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.