DR. GERALDO VAZ: 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.
DR. GERALDO VAZ
Largest movements
- Receivables within one year +€67,846
up €67,846 (+37.6%), from €180,273 to €248,119
- Cash +€48,353
up €48,353 (+89.8%), from €53,869 to €102,222
mainly Net result for the year (+€98,470) and Tax, wage and social debts (+€15,801)
- Tangible fixed assets -€4,901
down €4,901 (-68.6%), from €7,144 to €2,243
- Reserves +€98,470
up €98,470 (+62.3%), from €157,946 to €256,416
- Tax, wage and social debts +€15,801
up €15,801 (+21.7%), from €72,906 to €88,707
- Gross operating margin +€36,439
up €36,439 (+33.4%), from €109,095 to €145,534
- Taxes +€14,422
up €14,422 (+38.8%), from €37,142 to €51,564
- Financial income +€3,750
up €3,750 (+45.8%), from €8,180 to €11,931
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 | €304,165 | €418,660 | +€114,495 | +37.6% |
| Fixed assets | 21/28 | €7,144 | €2,243 | -€4,901 | -68.6% |
| Tangible fixed assets | 22/27 | €7,144 | €2,243 | -€4,901 | -68.6% |
| Furniture and vehicles | 24 | €7,144 | €2,243 | -€4,901 | -68.6% |
| Current assets | 29/58 | €297,021 | €416,417 | +€119,395 | +40.2% |
| Amounts receivable within one year | 40/41 | €180,273 | €248,119 | +€67,846 | +37.6% |
| Other amounts receivable | 41 | €180,273 | €248,119 | +€67,846 | +37.6% |
| Cash at bank and in hand | 54/58 | €53,869 | €102,222 | +€48,353 | +89.8% |
| Deferred charges and accrued income | 490/1 | €62,879 | €66,075 | +€3,196 | +5.1% |
| Total equity and liabilities | 10/49 | €304,165 | €418,660 | +€114,495 | +37.6% |
| Equity | 10/15 | €230,816 | €329,286 | +€98,470 | +42.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €157,946 | €256,416 | +€98,470 | +62.3% |
| Distributable reserves | 133 | €157,946 | €256,416 | +€98,470 | +62.3% |
| Profit (loss) carried forward | 14 | €69,870 | €69,870 | = | 0.0% |
| Amounts payable | 17/49 | €73,349 | €89,374 | +€16,025 | +21.8% |
| Amounts payable within one year | 42/48 | €73,349 | €89,374 | +€16,025 | +21.8% |
| Trade debts | 44 | €443 | €667 | +€224 | +50.6% |
| Suppliers | 440/4 | €443 | €667 | +€224 | +50.6% |
| Taxes, remuneration and social security | 45 | €72,906 | €88,707 | +€15,801 | +21.7% |
| Taxes | 450/3 | €72,906 | €88,707 | +€15,801 | +21.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,901 | €4,901 | = | 0.0% |
| Other operating charges | 640/8 | €1,648 | €2,340 | +€692 | +42.0% |
| Gross operating margin | 9900 | €109,095 | €145,534 | +€36,439 | +33.4% |
| Operating profit (loss) | 9901 | €102,546 | €138,294 | +€35,748 | +34.9% |
| Financial income | 75/76B | €8,180 | €11,931 | +€3,750 | +45.8% |
| Recurring financial income | 75 | €8,180 | €11,931 | +€3,750 | +45.8% |
| Financial charges | 65/66B | €161 | €190 | +€29 | +18.0% |
| Recurring financial charges | 65 | €161 | €190 | +€29 | +18.0% |
| Profit (loss) for the period before taxes | 9903 | €110,565 | €150,034 | +€39,469 | +35.7% |
| Income taxes | 67/77 | €37,142 | €51,564 | +€14,422 | +38.8% |
| Profit (loss) for the period | 9904 | €73,423 | €98,470 | +€25,047 | +34.1% |
| Profit (loss) for the period to be appropriated | 9905 | €73,423 | €98,470 | +€25,047 | +34.1% |
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 27 October 2026 via checked.be.