M VAZ CONSTRCUTION: 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.
M VAZ CONSTRCUTION
Largest movements
- Receivables within one year +€94,271
up €94,271 (+955%), from €9,868 to €104,139
of which Trade receivables: +€92,216
- Tangible fixed assets +€67,926
up €67,926 (+486%), from €13,974 to €81,900
of which Furniture and vehicles: +€64,445
- Cash +€16,594
up €16,594 (+179%), from €9,281 to €25,874
mainly Trade debts (+€110,314) and Accrued charges and deferred income (+€41,191)
- Trade debts +€110,314
up €110,314 (+177,069%), from €62 to €110,376
- Accrued charges and deferred income +€41,191
new in 2025: €41,191
- Other debts +€21,925
up €21,925 (+176%), from €12,453 to €34,377
- Tax, wage and social debts +€9,378
up €9,378 (+337%), from €2,787 to €12,164
of which Taxes: +€9,078
- Advances received -€4,972
no longer reported in 2025 (was €4,972)
- Gross operating margin +€20,095
up €20,095 (+141%), from €14,265 to €34,360
- Taxes +€2,969
up €2,969 (+107%), from €2,787 to €5,756
- Other operating charges +€2,881
up €2,881 (+895%), from €322 to €3,203
- Depreciation +€2,859
up €2,859 (+2,484%), from €115 to €2,974
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 | €33,230 | €212,707 | +€179,477 | +540% |
| Fixed assets | 21/28 | €13,974 | €81,900 | +€67,926 | +486% |
| Tangible fixed assets | 22/27 | €13,974 | €81,900 | +€67,926 | +486% |
| Plant, machinery and equipment | 23 | - | €3,481 | +€3,481 | |
| Furniture and vehicles | 24 | €13,974 | €78,419 | +€64,445 | +461% |
| Current assets | 29/58 | €19,256 | €130,807 | +€111,551 | +579% |
| Amounts receivable within one year | 40/41 | €9,868 | €104,139 | +€94,271 | +955% |
| Trade receivables | 40 | €7,053 | €99,269 | +€92,216 | +1,307% |
| Other amounts receivable | 41 | €2,814 | €4,870 | +€2,056 | +73.0% |
| Cash at bank and in hand | 54/58 | €9,281 | €25,874 | +€16,594 | +179% |
| Deferred charges and accrued income | 490/1 | €107 | €794 | +€686 | +639% |
| Total equity and liabilities | 10/49 | €33,230 | €212,707 | +€179,477 | +540% |
| Equity | 10/15 | €12,956 | €14,599 | +€1,643 | +12.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,956 | €12,599 | +€1,643 | +15.0% |
| Amounts payable | 17/49 | €20,274 | €198,108 | +€177,834 | +877% |
| Amounts payable within one year | 42/48 | €20,274 | €156,917 | +€136,643 | +674% |
| Trade debts | 44 | €62 | €110,376 | +€110,314 | +177,069% |
| Suppliers | 440/4 | €62 | €110,376 | +€110,314 | +177,069% |
| Advances received on contracts in progress | 46 | €4,972 | - | -€4,972 | |
| Taxes, remuneration and social security | 45 | €2,787 | €12,164 | +€9,378 | +337% |
| Taxes | 450/3 | €2,787 | €11,864 | +€9,078 | +326% |
| Remuneration and social security | 454/9 | - | €300 | +€300 | |
| Other amounts payable | 47/48 | €12,453 | €34,377 | +€21,925 | +176% |
| Accrued charges and deferred income | 492/3 | - | €41,191 | +€41,191 | |
| Non-recurring operating income | 76A | - | €115 | +€115 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €115 | €2,974 | +€2,859 | +2,484% |
| Other operating charges | 640/8 | €322 | €3,203 | +€2,881 | +895% |
| Non-recurring operating charges | 66A | - | €20,738 | +€20,738 | |
| Gross operating margin | 9900 | €14,265 | €34,360 | +€20,095 | +141% |
| Operating profit (loss) | 9901 | €13,828 | €7,445 | -€6,383 | -46.2% |
| Financial income | 75/76B | - | €11 | +€11 | |
| Recurring financial income | 75 | - | €11 | +€11 | |
| Financial charges | 65/66B | €86 | €57 | -€29 | -33.6% |
| Recurring financial charges | 65 | €86 | €57 | -€29 | -33.6% |
| Profit (loss) for the period before taxes | 9903 | €13,742 | €7,399 | -€6,343 | -46.2% |
| Income taxes | 67/77 | €2,787 | €5,756 | +€2,969 | +107% |
| Profit (loss) for the period | 9904 | €10,956 | €1,643 | -€9,313 | -85.0% |
| Profit (loss) for the period to be appropriated | 9905 | €10,956 | €1,643 | -€9,313 | -85.0% |
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 25 October 2026 via checked.be.