V & Z: 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 & Z
Largest movements
- Receivables within one year -€9,280
down €9,280 (-45.6%), from €20,368 to €11,088
of which Other amounts receivable: -€9,880
- Cash -€4,017
down €4,017 (-68.5%), from €5,867 to €1,850
mainly Net result for the year (-€14,729) and Investment in fixed assets (net) (-€1,800)
- Financial fixed assets +€1,800
up €1,800 (+90.0%), from €2,000 to €3,800
- Tangible fixed assets -€320
down €320 (-36.5%), from €876 to €557
- Profit (loss) carried forward -€14,729
down €14,729, from €694 to -€14,034
- Trade debts +€2,706
up €2,706 (+259%), from €1,046 to €3,753
- Gross operating margin -€26,534
down €26,534, from €12,206 to -€14,328
- Other operating charges -€564
down €564 (-51.0%), from €1,105 to €542
- Depreciation -€182
down €182 (-36.3%), from €502 to €320
- Financial income -€162
down €162 (-16.8%), from €965 to €802
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 | €29,111 | €17,294 | -€11,816 | -40.6% |
| Fixed assets | 21/28 | €2,876 | €4,357 | +€1,481 | +51.5% |
| Tangible fixed assets | 22/27 | €876 | €557 | -€320 | -36.5% |
| Furniture and vehicles | 24 | €876 | €557 | -€320 | -36.5% |
| Financial fixed assets | 28 | €2,000 | €3,800 | +€1,800 | +90.0% |
| Current assets | 29/58 | €26,234 | €12,938 | -€13,297 | -50.7% |
| Amounts receivable within one year | 40/41 | €20,368 | €11,088 | -€9,280 | -45.6% |
| Trade receivables | 40 | - | €600 | +€600 | |
| Other amounts receivable | 41 | €20,368 | €10,488 | -€9,880 | -48.5% |
| Cash at bank and in hand | 54/58 | €5,867 | €1,850 | -€4,017 | -68.5% |
| Total equity and liabilities | 10/49 | €29,111 | €17,294 | -€11,816 | -40.6% |
| Equity | 10/15 | €22,620 | €7,892 | -€14,729 | -65.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €3,326 | €3,326 | = | 0.0% |
| Distributable reserves | 133 | €3,326 | €3,326 | = | 0.0% |
| Profit (loss) carried forward | 14 | €694 | -€14,034 | -€14,729 | |
| Amounts payable | 17/49 | €6,490 | €9,403 | +€2,912 | +44.9% |
| Amounts payable within one year | 42/48 | €6,490 | €9,403 | +€2,912 | +44.9% |
| Trade debts | 44 | €1,046 | €3,753 | +€2,706 | +259% |
| Suppliers | 440/4 | €1,046 | €3,753 | +€2,706 | +259% |
| Taxes, remuneration and social security | 45 | €5,444 | €5,650 | +€206 | +3.8% |
| Taxes | 450/3 | €5,444 | €5,650 | +€206 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €502 | €320 | -€182 | -36.3% |
| Other operating charges | 640/8 | €1,105 | €542 | -€564 | -51.0% |
| Gross operating margin | 9900 | €12,206 | -€14,328 | -€26,534 | |
| Operating profit (loss) | 9901 | €10,599 | -€15,189 | -€25,787 | |
| Financial income | 75/76B | €965 | €802 | -€162 | -16.8% |
| Recurring financial income | 75 | €965 | €802 | -€162 | -16.8% |
| Financial charges | 65/66B | €236 | €342 | +€106 | +44.7% |
| Recurring financial charges | 65 | €236 | €342 | +€106 | +44.7% |
| Profit (loss) for the period before taxes | 9903 | €11,327 | -€14,729 | -€26,055 | |
| Profit (loss) for the period | 9904 | €11,327 | -€14,729 | -€26,055 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,327 | -€14,729 | -€26,055 |
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 20 October 2026 via checked.be.