VULPES PARTNERS: 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 PARTNERS
Largest movements
- Tangible fixed assets +€17,600
up €17,600 (+52.8%), from €33,307 to €50,907
of which Furniture and vehicles: +€19,702
- Cash -€11,579
down €11,579 (-27.4%), from €42,306 to €30,727
mainly Contributions, distributions and other (-€122,500) and Investment in fixed assets (net) (-€37,427)
- Current investments +€5,000
up €5,000 (+10.0%), from €50,000 to €55,000
- Receivables within one year +€2,745
up €2,745 (+189%), from €1,453 to €4,198
of which Trade receivables: +€2,545
- Other debts +€61,645
up €61,645 (+153%), from €40,215 to €101,860
- Profit (loss) carried forward -€43,541
down €43,541 (-100%), from €43,541 to €0
- Reserves -€19,138
down €19,138 (-99.3%), from €19,278 to €140
- Debts after one year +€10,540
up €10,540, from €0 to €10,540
- Current portion of long-term debt +€4,055
up €4,055 (+120%), from €3,385 to €7,440
- Gross operating margin +€23,541
up €23,541 (+31.7%), from €74,332 to €97,873
- Depreciation +€4,686
up €4,686 (+30.9%), from €15,142 to €19,827
- Taxes +€3,305
up €3,305 (+22.7%), from €14,556 to €17,861
- Other operating charges -€992
down €992 (-51.8%), from €1,916 to €924
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 | €134,925 | €147,940 | +€13,015 | +9.6% |
| Fixed assets | 21/28 | €33,307 | €50,907 | +€17,600 | +52.8% |
| Tangible fixed assets | 22/27 | €33,307 | €50,907 | +€17,600 | +52.8% |
| Land and buildings | 22 | €4,214 | €2,757 | -€1,458 | -34.6% |
| Plant, machinery and equipment | 23 | €5,427 | €3,338 | -€2,089 | -38.5% |
| Furniture and vehicles | 24 | €15,266 | €34,968 | +€19,702 | +129% |
| Other tangible fixed assets | 26 | €8,400 | €9,844 | +€1,444 | +17.2% |
| Current assets | 29/58 | €101,618 | €97,033 | -€4,585 | -4.5% |
| Stocks and contracts in progress | 3 | €7,047 | €6,441 | -€606 | -8.6% |
| Stocks | 30/36 | €7,047 | €6,441 | -€606 | -8.6% |
| Amounts receivable within one year | 40/41 | €1,453 | €4,198 | +€2,745 | +189% |
| Trade receivables | 40 | €1,453 | €3,998 | +€2,545 | +175% |
| Other amounts receivable | 41 | €0 | €200 | +€200 | |
| Current investments | 50/53 | €50,000 | €55,000 | +€5,000 | +10.0% |
| Cash at bank and in hand | 54/58 | €42,306 | €30,727 | -€11,579 | -27.4% |
| Deferred charges and accrued income | 490/1 | €812 | €666 | -€146 | -18.0% |
| Total equity and liabilities | 10/49 | €134,925 | €147,940 | +€13,015 | +9.6% |
| Equity | 10/15 | €83,819 | €21,140 | -€62,679 | -74.8% |
| Contributions | 10/11 | €21,000 | €21,000 | = | 0.0% |
| Reserves | 13 | €19,278 | €140 | -€19,138 | -99.3% |
| Distributable reserves | 133 | €19,278 | €140 | -€19,138 | -99.3% |
| Profit (loss) carried forward | 14 | €43,541 | €0 | -€43,541 | -100% |
| Amounts payable | 17/49 | €51,106 | €126,800 | +€75,694 | +148% |
| Amounts payable after more than one year | 17 | €0 | €10,540 | +€10,540 | |
| Financial debts | 170/4 | €0 | €10,540 | +€10,540 | |
| Amounts payable within one year | 42/48 | €51,106 | €116,260 | +€65,154 | +127% |
| Current portion of amounts payable after more than one year | 42 | €3,385 | €7,440 | +€4,055 | +120% |
| Trade debts | 44 | €4,121 | €3,893 | -€228 | -5.5% |
| Suppliers | 440/4 | €4,121 | €3,893 | -€228 | -5.5% |
| Taxes, remuneration and social security | 45 | €3,385 | €3,067 | -€318 | -9.4% |
| Taxes | 450/3 | €3,385 | €2,867 | -€518 | -15.3% |
| Remuneration and social security | 454/9 | - | €200 | +€200 | |
| Other amounts payable | 47/48 | €40,215 | €101,860 | +€61,645 | +153% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,142 | €19,827 | +€4,686 | +30.9% |
| Other operating charges | 640/8 | €1,916 | €924 | -€992 | -51.8% |
| Gross operating margin | 9900 | €74,332 | €97,873 | +€23,541 | +31.7% |
| Operating profit (loss) | 9901 | €57,275 | €77,122 | +€19,847 | +34.7% |
| Financial income | 75/76B | €1,130 | €682 | -€448 | -39.6% |
| Recurring financial income | 75 | €1,130 | €682 | -€448 | -39.6% |
| Financial charges | 65/66B | €307 | €123 | -€184 | -60.0% |
| Recurring financial charges | 65 | €307 | €123 | -€184 | -60.0% |
| Profit (loss) for the period before taxes | 9903 | €58,097 | €77,681 | +€19,584 | +33.7% |
| Income taxes | 67/77 | €14,556 | €17,861 | +€3,305 | +22.7% |
| Profit (loss) for the period | 9904 | €43,541 | €59,821 | +€16,279 | +37.4% |
| Profit (loss) for the period to be appropriated | 9905 | €43,541 | €59,821 | +€16,279 | +37.4% |
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.