V.Z.S.: 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.S.
Largest movements
- Tangible fixed assets +€11,617
up €11,617 (+1,513%), from €768 to €12,385
- Intangible fixed assets -€4,000
down €4,000 (-21.3%), from €18,816 to €14,816
- Stocks and contracts +€3,727
up €3,727 (+9.0%), from €41,597 to €45,324
- Cash -€2,070
down €2,070 (-29.9%), from €6,915 to €4,844
mainly Investment in fixed assets (net) (-€13,000) and Debts after one year (-€8,834)
- Receivables within one year -€1,532
down €1,532 (-19.8%), from €7,725 to €6,194
of which Trade receivables: -€1,861
- Profit (loss) carried forward +€14,810
up €14,810, from -€14,212 to €598
- Other debts +€10,872
up €10,872 (+35.0%), from €31,098 to €41,970
- Debts after one year -€8,834
down €8,834 (-45.2%), from €19,553 to €10,719
- Tax, wage and social debts -€8,733
down €8,733 (-54.2%), from €16,100 to €7,367
of which Remuneration and social security: -€8,108
- Staff costs -€14,128
down €14,128 (-73.1%), from €19,333 to €5,205
- Taxes +€2,975
up €2,975 (+350%), from €850 to €3,825
- Gross operating margin +€1,822
up €1,822 (+6.1%), from €29,746 to €31,568
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 | €75,821 | €84,774 | +€8,953 | +11.8% |
| Fixed assets | 21/28 | €19,584 | €27,202 | +€7,617 | +38.9% |
| Intangible fixed assets | 21 | €18,816 | €14,816 | -€4,000 | -21.3% |
| Tangible fixed assets | 22/27 | €768 | €12,385 | +€11,617 | +1,513% |
| Furniture and vehicles | 24 | €768 | €12,385 | +€11,617 | +1,513% |
| Current assets | 29/58 | €56,237 | €57,573 | +€1,336 | +2.4% |
| Stocks and contracts in progress | 3 | €41,597 | €45,324 | +€3,727 | +9.0% |
| Stocks | 30/36 | €41,597 | €45,324 | +€3,727 | +9.0% |
| Amounts receivable within one year | 40/41 | €7,725 | €6,194 | -€1,532 | -19.8% |
| Trade receivables | 40 | €1,861 | €0 | -€1,861 | -100% |
| Other amounts receivable | 41 | €5,864 | €6,194 | +€330 | +5.6% |
| Current investments | 50/53 | - | €0 | +€0 | |
| Cash at bank and in hand | 54/58 | €6,915 | €4,844 | -€2,070 | -29.9% |
| Deferred charges and accrued income | 490/1 | - | €1,210 | +€1,210 | |
| Total equity and liabilities | 10/49 | €75,821 | €84,774 | +€8,953 | +11.8% |
| Equity | 10/15 | -€9,212 | €5,598 | +€14,810 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,212 | €598 | +€14,810 | |
| Amounts payable | 17/49 | €85,033 | €79,176 | -€5,857 | -6.9% |
| Amounts payable after more than one year | 17 | €19,553 | €10,719 | -€8,834 | -45.2% |
| Financial debts | 170/4 | €19,553 | €10,719 | -€8,834 | -45.2% |
| Amounts payable within one year | 42/48 | €65,480 | €68,457 | +€2,977 | +4.5% |
| Current portion of amounts payable after more than one year | 42 | €8,546 | €8,834 | +€288 | +3.4% |
| Trade debts | 44 | €9,736 | €10,286 | +€549 | +5.6% |
| Suppliers | 440/4 | €9,736 | €10,286 | +€549 | +5.6% |
| Taxes, remuneration and social security | 45 | €16,100 | €7,367 | -€8,733 | -54.2% |
| Taxes | 450/3 | €7,991 | €7,367 | -€624 | -7.8% |
| Remuneration and social security | 454/9 | €8,108 | €0 | -€8,108 | -100% |
| Other amounts payable | 47/48 | €31,098 | €41,970 | +€10,872 | +35.0% |
| Non-recurring operating income | 76A | €2,893 | €0 | -€2,893 | -100% |
| Remuneration, social security and pensions | 62 | €19,333 | €5,205 | -€14,128 | -73.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,257 | €5,383 | +€126 | +2.4% |
| Other operating charges | 640/8 | €641 | €856 | +€216 | +33.6% |
| Gross operating margin | 9900 | €29,746 | €31,568 | +€1,822 | +6.1% |
| Operating profit (loss) | 9901 | €4,516 | €20,124 | +€15,608 | +346% |
| Financial income | 75/76B | €3 | €0 | -€3 | -87.1% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -87.1% |
| Financial charges | 65/66B | €1,480 | €1,490 | +€10 | +0.7% |
| Recurring financial charges | 65 | €1,480 | €1,490 | +€10 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | €3,039 | €18,635 | +€15,596 | +513% |
| Income taxes | 67/77 | €850 | €3,825 | +€2,975 | +350% |
| Profit (loss) for the period | 9904 | €2,189 | €14,810 | +€12,621 | +577% |
| Profit (loss) for the period to be appropriated | 9905 | €2,189 | €14,810 | +€12,621 | +577% |
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.