VULTURE: what changed
Two fiscal 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.
VULTURE
Largest movements
- Cash +€1.6m
up €1.6m (+5531.7%), from €29,571 to €1.7m
mainly Current investments (+€997,332) and Investment in fixed assets (net) (+€617,520)
- Current investments -€997,332
no longer reported in 2025 (was €997,332)
- Tangible fixed assets -€637,304
down €637,304 (-77.2%), from €825,723 to €188,419
of which Other tangible fixed assets: -€825,723
- Tax, wage and social debts +€60,212
up €60,212 (+2329.3%), from €2,585 to €62,797
- Other debts -€55,000
down €55,000 (-25.0%), from €220,000 to €165,000
- Taxes +€57,466
up €57,466 (+2092.7%), from €2,746 to €60,212
- Gross operating margin -€22,277
down €22,277 (-7.8%), from €283,932 to €261,655
- Depreciation -€11,180
down €11,180 (-36.1%), from €30,964 to €19,784
- Other operating charges -€4,806
down €4,806 (-23.5%), from €20,430 to €15,624
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.
Cash bridge derived
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 | €1,852,626 | €1,856,285 | +€3,659 | +0.2% |
| Fixed assets | 21/28 | €825,723 | €188,419 | -€637,304 | -77.2% |
| Tangible fixed assets | 22/27 | €825,723 | €188,419 | -€637,304 | -77.2% |
| Land and buildings | 22 | - | €185,394 | +€185,394 | |
| Furniture and vehicles | 24 | - | €3,025 | +€3,025 | |
| Other tangible fixed assets | 26 | €825,723 | - | -€825,723 | |
| Current assets | 29/58 | €1,026,903 | €1,667,867 | +€640,964 | +62.4% |
| Amounts receivable within one year | 40/41 | - | €2,522 | +€2,522 | |
| Other amounts receivable | 41 | - | €2,522 | +€2,522 | |
| Current investments | 50/53 | €997,332 | - | -€997,332 | |
| Cash at bank and in hand | 54/58 | €29,571 | €1,665,345 | +€1.6m | +5531.7% |
| Deferred charges and accrued income | 490/1 | - | €0 | = | |
| Total equity and liabilities | 10/49 | €1,852,626 | €1,856,285 | +€3,659 | +0.2% |
| Equity | 10/15 | €1,628,081 | €1,628,488 | +€407 | 0.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €18,744 | €18,744 | = | 0.0% |
| Reserves | 13 | €1,506,200 | €1,506,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €1,500,000 | €1,500,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €41,137 | €41,544 | +€407 | +1.0% |
| Amounts payable | 17/49 | €224,545 | €227,797 | +€3,252 | +1.4% |
| Amounts payable within one year | 42/48 | €224,545 | €227,797 | +€3,252 | +1.4% |
| Trade debts | 44 | €1,960 | €0 | -€1,960 | -100.0% |
| Suppliers | 440/4 | €1,960 | €0 | -€1,960 | -100.0% |
| Taxes, remuneration and social security | 45 | €2,585 | €62,797 | +€60,212 | +2329.3% |
| Taxes | 450/3 | €2,585 | €62,797 | +€60,212 | +2329.3% |
| Other amounts payable | 47/48 | €220,000 | €165,000 | -€55,000 | -25.0% |
| Non-recurring operating income | 76A | €27,216 | €36,363 | +€9,147 | +33.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,964 | €19,784 | -€11,180 | -36.1% |
| Other operating charges | 640/8 | €20,430 | €15,624 | -€4,806 | -23.5% |
| Gross operating margin | 9900 | €283,932 | €261,655 | -€22,277 | -7.8% |
| Operating profit (loss) | 9901 | €232,538 | €226,248 | -€6,290 | -2.7% |
| Financial charges | 65/66B | €681 | €628 | -€53 | -7.8% |
| Recurring financial charges | 65 | €681 | €628 | -€53 | -7.8% |
| Profit (loss) for the period before taxes | 9903 | €231,857 | €225,620 | -€6,237 | -2.7% |
| Income taxes | 67/77 | €2,746 | €60,212 | +€57,466 | +2092.7% |
| Profit (loss) for the period | 9904 | €229,111 | €165,408 | -€63,703 | -27.8% |
| Profit (loss) for the period to be appropriated | 9905 | €229,111 | €165,408 | -€63,703 | -27.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.