Vulpes - VnAssociates: 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 - VnAssociates
Largest movements
- Receivables within one year -€39,887
down €39,887 (-82.9%), from €48,139 to €8,251
of which Trade receivables: -€30,369
- Cash -€13,358
down €13,358 (-86.3%), from €15,484 to €2,126
mainly Net result for the year (-€32,010) and Trade debts (-€26,223)
- Tangible fixed assets +€2,348
up €2,348 (+151%), from €1,552 to €3,900
of which Plant, machinery and equipment: +€3,050
- Deferred charges and accrued income +€1,019
up €1,019 (+92.3%), from €1,103 to €2,122
- Profit (loss) carried forward -€32,010
down €32,010 (-1,119%), from -€2,861 to -€34,871
- Trade debts -€26,223
down €26,223 (-80.8%), from €32,459 to €6,236
- Advances received +€7,321
new in 2025: €7,321
- Tax, wage and social debts +€2,307
up €2,307 (+26.7%), from €8,631 to €10,938
of which Remuneration and social security: +€1,735
- Other debts -€1,272
down €1,272 (-5.5%), from €23,223 to €21,951
- Staff costs +€2,005
up €2,005 (+5.7%), from €35,091 to €37,095
- Other operating charges -€796
down €796 (-66.5%), from €1,198 to €402
- Depreciation +€698
up €698 (+126%), from €554 to €1,253
- Taxes +€674
new in 2025: €674
- Financial charges +€502
up €502 (+63.0%), from €796 to €1,298
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 | €81,452 | €31,574 | -€49,878 | -61.2% |
| Fixed assets | 21/28 | €1,726 | €4,074 | +€2,348 | +136% |
| Tangible fixed assets | 22/27 | €1,552 | €3,900 | +€2,348 | +151% |
| Plant, machinery and equipment | 23 | - | €3,050 | +€3,050 | |
| Furniture and vehicles | 24 | €1,552 | €850 | -€702 | -45.2% |
| Financial fixed assets | 28 | €174 | €174 | = | 0.0% |
| Current assets | 29/58 | €79,726 | €27,500 | -€52,226 | -65.5% |
| Amounts receivable after more than one year | 29 | €15,000 | €15,000 | = | 0.0% |
| Other amounts receivable | 291 | €15,000 | €15,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €48,139 | €8,251 | -€39,887 | -82.9% |
| Trade receivables | 40 | €38,606 | €8,237 | -€30,369 | -78.7% |
| Other amounts receivable | 41 | €9,533 | €15 | -€9,518 | -99.8% |
| Cash at bank and in hand | 54/58 | €15,484 | €2,126 | -€13,358 | -86.3% |
| Deferred charges and accrued income | 490/1 | €1,103 | €2,122 | +€1,019 | +92.3% |
| Total equity and liabilities | 10/49 | €81,452 | €31,574 | -€49,878 | -61.2% |
| Equity | 10/15 | €17,139 | -€14,871 | -€32,010 | |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,861 | -€34,871 | -€32,010 | -1,119% |
| Amounts payable | 17/49 | €64,313 | €46,445 | -€17,867 | -27.8% |
| Amounts payable within one year | 42/48 | €64,313 | €46,445 | -€17,867 | -27.8% |
| Trade debts | 44 | €32,459 | €6,236 | -€26,223 | -80.8% |
| Suppliers | 440/4 | €32,459 | €6,236 | -€26,223 | -80.8% |
| Advances received on contracts in progress | 46 | - | €7,321 | +€7,321 | |
| Taxes, remuneration and social security | 45 | €8,631 | €10,938 | +€2,307 | +26.7% |
| Taxes | 450/3 | - | €572 | +€572 | |
| Remuneration and social security | 454/9 | €8,631 | €10,365 | +€1,735 | +20.1% |
| Other amounts payable | 47/48 | €23,223 | €21,951 | -€1,272 | -5.5% |
| Remuneration, social security and pensions | 62 | €35,091 | €37,095 | +€2,005 | +5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €554 | €1,253 | +€698 | +126% |
| Other operating charges | 640/8 | €1,198 | €402 | -€796 | -66.5% |
| Gross operating margin | 9900 | €8,810 | €8,710 | -€100 | -1.1% |
| Operating profit (loss) | 9901 | -€28,033 | -€30,040 | -€2,006 | -7.2% |
| Financial income | 75/76B | €18 | €0 | -€18 | -98.0% |
| Recurring financial income | 75 | €18 | €0 | -€18 | -98.0% |
| Financial charges | 65/66B | €796 | €1,298 | +€502 | +63.0% |
| Recurring financial charges | 65 | €796 | €1,298 | +€502 | +63.0% |
| Profit (loss) for the period before taxes | 9903 | -€28,811 | -€31,337 | -€2,526 | -8.8% |
| Income taxes | 67/77 | - | €674 | +€674 | |
| Profit (loss) for the period | 9904 | -€28,811 | -€32,010 | -€3,199 | -11.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€28,811 | -€32,010 | -€3,199 | -11.1% |
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 30 October 2026 via checked.be.