VULPO: 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.
VULPO
Largest movements
- Receivables within one year +€55,633
up €55,633 (+81.3%), from €68,449 to €124,083
of which Trade receivables: +€63,904
- Cash -€24,322
down €24,322 (-71.4%), from €34,071 to €9,749
mainly Receivables within one year (-€55,633) and Debts after one year (-€31,177)
- Tangible fixed assets -€14,167
down €14,167 (-10.0%), from €142,257 to €128,090
of which Furniture and vehicles: -€14,021
- Receivables after one year -€9,966
no longer reported in 2025 (was €9,966)
- Stocks and contracts -€5,393
down €5,393 (-46.7%), from €11,537 to €6,144
- Debts after one year -€31,177
down €31,177 (-36.9%), from €84,538 to €53,361
- Tax, wage and social debts +€21,052
up €21,052 (+58.6%), from €35,905 to €56,958
of which Remuneration and social security: +€11,534
- Trade debts +€16,804
new in 2025: €16,804
- Profit (loss) carried forward -€6,490
new in 2025: -€6,490
- Depreciation -€19,763
down €19,763 (-57.3%), from €34,501 to €14,738
- Staff costs +€11,468
up €11,468 (+7.2%), from €160,066 to €171,534
- Gross operating margin -€7,420
down €7,420 (-3.8%), from €192,986 to €185,566
- Financial income -€2,188
down €2,188 (-91.4%), from €2,395 to €207
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 | €269,473 | €270,861 | +€1,387 | +0.5% |
| Fixed assets | 21/28 | €145,450 | €130,885 | -€14,564 | -10.0% |
| Intangible fixed assets | 21 | €3,193 | €2,796 | -€398 | -12.4% |
| Tangible fixed assets | 22/27 | €142,257 | €128,090 | -€14,167 | -10.0% |
| Furniture and vehicles | 24 | €132,668 | €118,647 | -€14,021 | -10.6% |
| Other tangible fixed assets | 26 | €9,589 | €9,443 | -€146 | -1.5% |
| Current assets | 29/58 | €124,023 | €139,975 | +€15,952 | +12.9% |
| Amounts receivable after more than one year | 29 | €9,966 | - | -€9,966 | |
| Other amounts receivable | 291 | €9,966 | - | -€9,966 | |
| Stocks and contracts in progress | 3 | €11,537 | €6,144 | -€5,393 | -46.7% |
| Stocks | 30/36 | €11,537 | €6,144 | -€5,393 | -46.7% |
| Amounts receivable within one year | 40/41 | €68,449 | €124,083 | +€55,633 | +81.3% |
| Trade receivables | 40 | €59,788 | €123,693 | +€63,904 | +107% |
| Other amounts receivable | 41 | €8,661 | €390 | -€8,271 | -95.5% |
| Cash at bank and in hand | 54/58 | €34,071 | €9,749 | -€24,322 | -71.4% |
| Total equity and liabilities | 10/49 | €269,473 | €270,861 | +€1,387 | +0.5% |
| Equity | 10/15 | €90,601 | €84,111 | -€6,490 | -7.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €88,601 | €88,601 | = | 0.0% |
| Non-distributable reserves | 130/1 | €300 | €300 | = | 0.0% |
| Reserves not available under the articles | 1311 | €300 | €300 | = | 0.0% |
| Distributable reserves | 133 | €88,301 | €88,301 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€6,490 | -€6,490 | |
| Amounts payable | 17/49 | €178,872 | €186,749 | +€7,877 | +4.4% |
| Amounts payable after more than one year | 17 | €84,538 | €53,361 | -€31,177 | -36.9% |
| Financial debts | 170/4 | €84,538 | €53,361 | -€31,177 | -36.9% |
| Amounts payable within one year | 42/48 | €94,334 | €133,388 | +€39,054 | +41.4% |
| Current portion of amounts payable after more than one year | 42 | €29,979 | €31,177 | +€1,198 | +4.0% |
| Trade debts | 44 | - | €16,804 | +€16,804 | |
| Suppliers | 440/4 | - | €16,804 | +€16,804 | |
| Taxes, remuneration and social security | 45 | €35,905 | €56,958 | +€21,052 | +58.6% |
| Taxes | 450/3 | €9,304 | €18,823 | +€9,519 | +102% |
| Remuneration and social security | 454/9 | €26,601 | €38,135 | +€11,534 | +43.4% |
| Other amounts payable | 47/48 | €28,449 | €28,449 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €160,066 | €171,534 | +€11,468 | +7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,501 | €14,738 | -€19,763 | -57.3% |
| Other operating charges | 640/8 | €2,629 | €1,221 | -€1,408 | -53.5% |
| Gross operating margin | 9900 | €192,986 | €185,566 | -€7,420 | -3.8% |
| Operating profit (loss) | 9901 | -€4,210 | -€1,927 | +€2,283 | +54.2% |
| Financial income | 75/76B | €2,395 | €207 | -€2,188 | -91.4% |
| Recurring financial income | 75 | €2,395 | €207 | -€2,188 | -91.4% |
| Financial charges | 65/66B | €3,964 | €4,769 | +€805 | +20.3% |
| Recurring financial charges | 65 | €3,964 | €4,769 | +€805 | +20.3% |
| Profit (loss) for the period before taxes | 9903 | -€5,779 | -€6,490 | -€710 | -12.3% |
| Income taxes | 67/77 | €425 | - | -€425 | |
| Profit (loss) for the period | 9904 | -€6,205 | -€6,490 | -€285 | -4.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,205 | -€6,490 | -€285 | -4.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.