V.D.B. MAZOUT: 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.
V.D.B. MAZOUT
Largest movements
- Current investments -€400,000
down €400,000 (-30.9%), from €1.3m to €895,683
- Cash -€35,587
down €35,587 (-51.9%), from €68,623 to €33,036
mainly Debts after one year (-€451,875) and Investment in fixed assets (net) (-€60,224)
- Debts after one year -€451,875
down €451,875 (-36.5%), from €1.2m to €787,814
- Accrued charges and deferred income -€25,938
down €25,938 (-85.7%), from €30,276 to €4,338
- Tax, wage and social debts +€25,666
up €25,666 (+196%), from €13,101 to €38,767
of which Taxes: +€22,916
- Taxes +€45,599
up €45,599 (+912%), from €4,999 to €50,597
- Gross operating margin +€21,412
up €21,412 (+16.9%), from €126,464 to €147,876
- Financial charges +€4,764
up €4,764 (+25.2%), from €18,931 to €23,695
- Financial income +€4,297
up €4,297 (+24.8%), from €17,348 to €21,645
- Depreciation +€3,989
up €3,989 (+5.4%), from €74,270 to €78,259
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 | €2,456,141 | €2,021,010 | -€435,130 | -17.7% |
| Fixed assets | 21/28 | €1,074,822 | €1,056,786 | -€18,036 | -1.7% |
| Tangible fixed assets | 22/27 | €1,074,822 | €1,056,786 | -€18,036 | -1.7% |
| Land and buildings | 22 | €1,074,822 | €1,002,824 | -€71,998 | -6.7% |
| Furniture and vehicles | 24 | €0 | €7,161 | +€7,161 | |
| Leasing and similar rights | 25 | - | €46,801 | +€46,801 | |
| Current assets | 29/58 | €1,381,319 | €964,225 | -€417,094 | -30.2% |
| Amounts receivable within one year | 40/41 | €12,341 | €28,947 | +€16,606 | +135% |
| Trade receivables | 40 | €12,341 | €28,947 | +€16,606 | +135% |
| Current investments | 50/53 | €1,295,683 | €895,683 | -€400,000 | -30.9% |
| Cash at bank and in hand | 54/58 | €68,623 | €33,036 | -€35,587 | -51.9% |
| Deferred charges and accrued income | 490/1 | €4,671 | €6,558 | +€1,887 | +40.4% |
| Total equity and liabilities | 10/49 | €2,456,141 | €2,021,010 | -€435,130 | -17.7% |
| Equity | 10/15 | €695,103 | €688,064 | -€7,038 | -1.0% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | €74,368 | = | 0.0% |
| Issued capital | 100 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €620,735 | €613,696 | -€7,038 | -1.1% |
| Non-distributable reserves | 130/1 | €7,437 | €7,437 | = | 0.0% |
| Legal reserve | 130 | €7,437 | €7,437 | = | 0.0% |
| Tax-exempt reserves | 132 | €316,343 | €295,253 | -€21,090 | -6.7% |
| Distributable reserves | 133 | €296,955 | €311,006 | +€14,051 | +4.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €79,086 | €73,813 | -€5,272 | -6.7% |
| Deferred taxes | 168 | €79,086 | €73,813 | -€5,272 | -6.7% |
| Amounts payable | 17/49 | €1,681,952 | €1,259,133 | -€422,819 | -25.1% |
| Amounts payable after more than one year | 17 | €1,239,689 | €787,814 | -€451,875 | -36.5% |
| Financial debts | 170/4 | €1,239,689 | €787,814 | -€451,875 | -36.5% |
| Amounts payable within one year | 42/48 | €411,987 | €466,980 | +€54,993 | +13.3% |
| Current portion of amounts payable after more than one year | 42 | €120,683 | €136,479 | +€15,796 | +13.1% |
| Trade debts | 44 | €2,376 | €4,204 | +€1,829 | +77.0% |
| Suppliers | 440/4 | €2,376 | €4,204 | +€1,829 | +77.0% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €13,101 | €38,767 | +€25,666 | +196% |
| Taxes | 450/3 | €13,101 | €36,017 | +€22,916 | +175% |
| Remuneration and social security | 454/9 | - | €2,750 | +€2,750 | |
| Other amounts payable | 47/48 | €275,827 | €287,530 | +€11,703 | +4.2% |
| Accrued charges and deferred income | 492/3 | €30,276 | €4,338 | -€25,938 | -85.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,270 | €78,259 | +€3,989 | +5.4% |
| Other operating charges | 640/8 | €14,402 | €16,644 | +€2,241 | +15.6% |
| Gross operating margin | 9900 | €126,464 | €147,876 | +€21,412 | +16.9% |
| Operating profit (loss) | 9901 | €37,792 | €52,973 | +€15,181 | +40.2% |
| Financial income | 75/76B | €17,348 | €21,645 | +€4,297 | +24.8% |
| Recurring financial income | 75 | €17,348 | €21,645 | +€4,297 | +24.8% |
| Financial charges | 65/66B | €18,931 | €23,695 | +€4,764 | +25.2% |
| Recurring financial charges | 65 | €18,931 | €23,695 | +€4,764 | +25.2% |
| Profit (loss) for the period before taxes | 9903 | €36,209 | €50,924 | +€14,715 | +40.6% |
| Transfer from deferred taxes | 780 | €5,272 | €5,272 | = | 0.0% |
| Income taxes | 67/77 | €4,999 | €50,597 | +€45,599 | +912% |
| Profit (loss) for the period | 9904 | €36,482 | €5,598 | -€30,884 | -84.7% |
| Transfer from tax-exempt reserves | 789 | €21,090 | €21,090 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €57,572 | €26,688 | -€30,884 | -53.6% |
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 21 October 2026 via checked.be.