VOLTAIRE: what changed
VOLTAIRE
Largest movements
- Cash +€121,474
up €121,474 (+105%), from €115,644 to €237,117
mainly Trade debts (+€54,970) and Debts after one year (+€36,765)
- Receivables within one year -€10,101
down €10,101 (-34.0%), from €29,714 to €19,613
of which Trade receivables: -€11,792
- Stocks and contracts +€4,571
up €4,571 (+38.4%), from €11,895 to €16,466
- Trade debts +€54,970
up €54,970 (+66.7%), from €82,436 to €137,407
- Debts after one year +€36,765
new in 2025: €36,765
- Current portion of long-term debt +€9,159
new in 2025: €9,159
- Reserves +€8,440
up €8,440 (+10.1%), from €83,766 to €92,206
of which Distributable reserves: +€8,440
- Tax, wage and social debts +€6,690
up €6,690 (+33.3%), from €20,078 to €26,769
of which Remuneration and social security: +€12,268
- Gross operating margin -€34,685
down €34,685 (-7.2%), from €483,612 to €448,927
- Staff costs -€13,764
down €13,764 (-3.3%), from €422,181 to €408,417
- Taxes -€7,831
down €7,831 (-85.1%), from €9,197 to €1,366
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €224,538 | €340,563 | +€116,025 | +51.7% |
| Fixed assets | 21/28 | €64,463 | €63,912 | -€551 | -0.9% |
| Tangible fixed assets | 22/27 | €57,589 | €57,038 | -€551 | -1.0% |
| Plant, machinery and equipment | 23 | €37,549 | €26,172 | -€11,377 | -30.3% |
| Furniture and vehicles | 24 | €4,088 | €2,403 | -€1,685 | -41.2% |
| Other tangible fixed assets | 26 | €15,952 | €28,463 | +€12,511 | +78.4% |
| Financial fixed assets | 28 | €6,874 | €6,874 | = | 0.0% |
| Current assets | 29/58 | €160,074 | €276,651 | +€116,577 | +72.8% |
| Stocks and contracts in progress | 3 | €11,895 | €16,466 | +€4,571 | +38.4% |
| Stocks | 30/36 | €11,895 | €16,466 | +€4,571 | +38.4% |
| Amounts receivable within one year | 40/41 | €29,714 | €19,613 | -€10,101 | -34.0% |
| Trade receivables | 40 | €24,515 | €12,723 | -€11,792 | -48.1% |
| Other amounts receivable | 41 | €5,199 | €6,890 | +€1,691 | +32.5% |
| Cash at bank and in hand | 54/58 | €115,644 | €237,117 | +€121,474 | +105% |
| Deferred charges and accrued income | 490/1 | €2,822 | €3,455 | +€633 | +22.4% |
| Total equity and liabilities | 10/49 | €224,538 | €340,563 | +€116,025 | +51.7% |
| Equity | 10/15 | €121,266 | €129,706 | +€8,440 | +7.0% |
| Contributions | 10/11 | €37,500 | €37,500 | = | 0.0% |
| Reserves | 13 | €83,766 | €92,206 | +€8,440 | +10.1% |
| Non-distributable reserves | 130/1 | €798 | €798 | = | 0.0% |
| Reserves not available under the articles | 1311 | €798 | €798 | = | 0.0% |
| Distributable reserves | 133 | €82,968 | €91,408 | +€8,440 | +10.2% |
| Amounts payable | 17/49 | €103,272 | €210,857 | +€107,585 | +104% |
| Amounts payable after more than one year | 17 | - | €36,765 | +€36,765 | |
| Financial debts | 170/4 | - | €36,765 | +€36,765 | |
| Amounts payable within one year | 42/48 | €103,272 | €174,092 | +€70,820 | +68.6% |
| Current portion of amounts payable after more than one year | 42 | - | €9,159 | +€9,159 | |
| Trade debts | 44 | €82,436 | €137,407 | +€54,970 | +66.7% |
| Suppliers | 440/4 | €82,436 | €137,407 | +€54,970 | +66.7% |
| Taxes, remuneration and social security | 45 | €20,078 | €26,769 | +€6,690 | +33.3% |
| Taxes | 450/3 | €20,078 | €14,501 | -€5,577 | -27.8% |
| Remuneration and social security | 454/9 | - | €12,268 | +€12,268 | |
| Other amounts payable | 47/48 | €757 | €757 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €422,181 | €408,417 | -€13,764 | -3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,445 | €20,850 | +€404 | +2.0% |
| Other operating charges | 640/8 | €4,740 | €5,014 | +€274 | +5.8% |
| Gross operating margin | 9900 | €483,612 | €448,927 | -€34,685 | -7.2% |
| Operating profit (loss) | 9901 | €36,246 | €14,647 | -€21,599 | -59.6% |
| Financial income | 75/76B | €459 | €569 | +€110 | +24.1% |
| Recurring financial income | 75 | €459 | €569 | +€110 | +24.1% |
| Financial charges | 65/66B | €3,744 | €5,410 | +€1,665 | +44.5% |
| Recurring financial charges | 65 | €3,744 | €5,410 | +€1,665 | +44.5% |
| Profit (loss) for the period before taxes | 9903 | €32,960 | €9,806 | -€23,154 | -70.2% |
| Income taxes | 67/77 | €9,197 | €1,366 | -€7,831 | -85.1% |
| Profit (loss) for the period | 9904 | €23,763 | €8,440 | -€15,323 | -64.5% |
| Profit (loss) for the period to be appropriated | 9905 | €23,763 | €8,440 | -€15,323 | -64.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.