VULPES DOMUM: 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 DOMUM
Largest movements
- Receivables within one year +€134,282
up €134,282 (+39.9%), from €336,763 to €471,045
- Tangible fixed assets -€53,650
down €53,650 (-4.1%), from €1.3m to €1.3m
of which Land and buildings: -€55,901
- Cash -€40,527
down €40,527 (-25.8%), from €157,007 to €116,481
mainly Receivables within one year (-€134,282) and Debts after one year (-€115,078)
- Reserves +€179,575
up €179,575 (+10.7%), from €1.7m to €1.9m
- Debts after one year -€115,078
down €115,078 (-27.2%), from €422,503 to €307,424
- Other debts +€72,640
up €72,640 (+151%), from €48,006 to €120,646
- Current portion of long-term debt -€65,488
down €65,488 (-36.2%), from €180,704 to €115,216
- Trade debts -€32,306
down €32,306 (-76.4%), from €42,301 to €9,995
- Taxes -€67,516
down €67,516 (-49.5%), from €136,304 to €68,789
- Gross operating margin -€60,365
down €60,365 (-14.5%), from €415,363 to €354,997
- Depreciation -€9,036
down €9,036 (-7.3%), from €124,246 to €115,210
- Financial charges +€6,272
up €6,272 (+34.7%), from €18,060 to €24,332
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 | €2,484,361 | €2,529,374 | +€45,013 | +1.8% |
| Fixed assets | 21/28 | €1,331,043 | €1,277,393 | -€53,650 | -4.0% |
| Tangible fixed assets | 22/27 | €1,306,043 | €1,252,393 | -€53,650 | -4.1% |
| Land and buildings | 22 | €1,206,914 | €1,151,012 | -€55,901 | -4.6% |
| Plant, machinery and equipment | 23 | €8,638 | €7,435 | -€1,203 | -13.9% |
| Furniture and vehicles | 24 | €74,434 | €59,639 | -€14,795 | -19.9% |
| Other tangible fixed assets | 26 | €16,057 | €34,307 | +€18,250 | +114% |
| Financial fixed assets | 28 | €25,000 | €25,000 | = | 0.0% |
| Current assets | 29/58 | €1,153,319 | €1,251,981 | +€98,662 | +8.6% |
| Amounts receivable after more than one year | 29 | €650,000 | €650,000 | = | 0.0% |
| Other amounts receivable | 291 | €650,000 | €650,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €336,763 | €471,045 | +€134,282 | +39.9% |
| Other amounts receivable | 41 | €336,763 | €471,045 | +€134,282 | +39.9% |
| Cash at bank and in hand | 54/58 | €157,007 | €116,481 | -€40,527 | -25.8% |
| Deferred charges and accrued income | 490/1 | €9,548 | €14,455 | +€4,907 | +51.4% |
| Total equity and liabilities | 10/49 | €2,484,361 | €2,529,374 | +€45,013 | +1.8% |
| Equity | 10/15 | €1,712,271 | €1,888,497 | +€176,227 | +10.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,683,626 | €1,863,201 | +€179,575 | +10.7% |
| Distributable reserves | 133 | €1,683,626 | €1,863,201 | +€179,575 | +10.7% |
| Investment grants | 15 | €10,045 | €6,696 | -€3,348 | -33.3% |
| Provisions and deferred taxes | 16 | €1,836 | €1,224 | -€612 | -33.3% |
| Deferred taxes | 168 | €1,836 | €1,224 | -€612 | -33.3% |
| Amounts payable | 17/49 | €770,255 | €639,652 | -€130,602 | -17.0% |
| Amounts payable after more than one year | 17 | €422,503 | €307,424 | -€115,078 | -27.2% |
| Financial debts | 170/4 | €422,503 | €307,424 | -€115,078 | -27.2% |
| Amounts payable within one year | 42/48 | €347,752 | €332,228 | -€15,524 | -4.5% |
| Current portion of amounts payable after more than one year | 42 | €180,704 | €115,216 | -€65,488 | -36.2% |
| Trade debts | 44 | €42,301 | €9,995 | -€32,306 | -76.4% |
| Suppliers | 440/4 | €42,301 | €9,995 | -€32,306 | -76.4% |
| Taxes, remuneration and social security | 45 | €76,740 | €86,371 | +€9,631 | +12.5% |
| Taxes | 450/3 | €76,740 | €86,371 | +€9,631 | +12.5% |
| Other amounts payable | 47/48 | €48,006 | €120,646 | +€72,640 | +151% |
| Non-recurring operating income | 76A | - | €3,387 | +€3,387 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €124,246 | €115,210 | -€9,036 | -7.3% |
| Other operating charges | 640/8 | €6,873 | €8,967 | +€2,094 | +30.5% |
| Gross operating margin | 9900 | €415,363 | €354,997 | -€60,365 | -14.5% |
| Operating profit (loss) | 9901 | €284,244 | €230,821 | -€53,423 | -18.8% |
| Financial income | 75/76B | €41,306 | €41,263 | -€43 | -0.1% |
| Recurring financial income | 75 | €41,306 | €41,263 | -€43 | -0.1% |
| Financial charges | 65/66B | €18,060 | €24,332 | +€6,272 | +34.7% |
| Recurring financial charges | 65 | €18,060 | €24,332 | +€6,272 | +34.7% |
| Profit (loss) for the period before taxes | 9903 | €307,490 | €247,752 | -€59,739 | -19.4% |
| Transfer from deferred taxes | 780 | - | €612 | +€612 | |
| Income taxes | 67/77 | €136,304 | €68,789 | -€67,516 | -49.5% |
| Profit (loss) for the period | 9904 | €171,186 | €179,575 | +€8,389 | +4.9% |
| Profit (loss) for the period to be appropriated | 9905 | €171,186 | €179,575 | +€8,389 | +4.9% |
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 19 October 2026 via checked.be.