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
- Current investments +€145,244
up €145,244 (+18.5%), from €786,932 to €932,176
- Receivables within one year -€64,347
down €64,347 (-16.8%), from €383,668 to €319,321
of which Other amounts receivable: -€117,299
- Deferred charges and accrued income +€15,604
up €15,604 (+877%), from €1,779 to €17,383
- Reserves +€87,552
up €87,552 (+6.9%), from €1.3m to €1.4m
of which Distributable reserves: +€44,736
- Tax, wage and social debts +€16,002
up €16,002 (+21.1%), from €75,926 to €91,928
- Gross operating margin +€70,858
up €70,858 (+19.8%), from €357,198 to €428,056
- Taxes +€13,406
up €13,406 (+13.0%), from €103,300 to €116,706
- Financial income -€9,462
down €9,462 (-32.1%), from €29,472 to €20,010
- Depreciation +€5,258
up €5,258 (+13.5%), from €39,027 to €44,285
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 | €1,427,227 | €1,527,345 | +€100,118 | +7.0% |
| Fixed assets | 21/28 | €225,547 | €218,164 | -€7,383 | -3.3% |
| Tangible fixed assets | 22/27 | €225,547 | €218,164 | -€7,383 | -3.3% |
| Land and buildings | 22 | €99,570 | €84,324 | -€15,246 | -15.3% |
| Plant, machinery and equipment | 23 | €11,122 | €8,473 | -€2,649 | -23.8% |
| Furniture and vehicles | 24 | €12,114 | €36,814 | +€24,700 | +204% |
| Other tangible fixed assets | 26 | €102,741 | €88,553 | -€14,188 | -13.8% |
| Current assets | 29/58 | €1,201,680 | €1,309,181 | +€107,501 | +8.9% |
| Amounts receivable within one year | 40/41 | €383,668 | €319,321 | -€64,347 | -16.8% |
| Trade receivables | 40 | €223,668 | €276,620 | +€52,952 | +23.7% |
| Other amounts receivable | 41 | €160,000 | €42,701 | -€117,299 | -73.3% |
| Current investments | 50/53 | €786,932 | €932,176 | +€145,244 | +18.5% |
| Cash at bank and in hand | 54/58 | €29,301 | €40,300 | +€10,999 | +37.5% |
| Deferred charges and accrued income | 490/1 | €1,779 | €17,383 | +€15,604 | +877% |
| Total equity and liabilities | 10/49 | €1,427,227 | €1,527,345 | +€100,118 | +7.0% |
| Equity | 10/15 | €1,344,367 | €1,431,919 | +€87,552 | +6.5% |
| Contributions | 10/11 | €68,200 | €68,200 | = | 0.0% |
| Reserves | 13 | €1,276,167 | €1,363,719 | +€87,552 | +6.9% |
| Tax-exempt reserves | 132 | - | €42,816 | +€42,816 | |
| Distributable reserves | 133 | €1,276,167 | €1,320,903 | +€44,736 | +3.5% |
| Amounts payable | 17/49 | €82,859 | €95,426 | +€12,566 | +15.2% |
| Amounts payable within one year | 42/48 | €82,859 | €95,426 | +€12,566 | +15.2% |
| Current portion of amounts payable after more than one year | 42 | €1,814 | - | -€1,814 | |
| Trade debts | 44 | €4,003 | €3,498 | -€506 | -12.6% |
| Suppliers | 440/4 | €4,003 | €3,498 | -€506 | -12.6% |
| Taxes, remuneration and social security | 45 | €75,926 | €91,928 | +€16,002 | +21.1% |
| Taxes | 450/3 | €75,926 | €91,928 | +€16,002 | +21.1% |
| Other amounts payable | 47/48 | €1,116 | - | -€1,116 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,027 | €44,285 | +€5,258 | +13.5% |
| Other operating charges | 640/8 | €3,256 | €3,506 | +€250 | +7.7% |
| Gross operating margin | 9900 | €357,198 | €428,056 | +€70,858 | +19.8% |
| Operating profit (loss) | 9901 | €314,915 | €380,265 | +€65,350 | +20.8% |
| Financial income | 75/76B | €29,472 | €20,010 | -€9,462 | -32.1% |
| Recurring financial income | 75 | €29,472 | €20,010 | -€9,462 | -32.1% |
| Financial charges | 65/66B | €1,022 | €195 | -€826 | -80.9% |
| Recurring financial charges | 65 | €1,022 | €195 | -€826 | -80.9% |
| Profit (loss) for the period before taxes | 9903 | €343,365 | €400,079 | +€56,714 | +16.5% |
| Income taxes | 67/77 | €103,300 | €116,706 | +€13,406 | +13.0% |
| Profit (loss) for the period | 9904 | €240,065 | €283,373 | +€43,308 | +18.0% |
| Transfer to tax-exempt reserves | 689 | - | €42,816 | +€42,816 | |
| Profit (loss) for the period to be appropriated | 9905 | €240,065 | €240,557 | +€492 | +0.2% |
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 27 October 2026 via checked.be.