VAN ZUREL: what changed
Two fiscal 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.
VAN ZUREL
Largest movements
- Tangible fixed assets +€231,006
up €231,006 (+114.0%), from €202,645 to €433,651
of which Land and buildings: +€235,473
- Receivables within one year +€37,354
up €37,354 (+84.6%), from €44,170 to €81,524
of which Trade receivables: +€34,715
- Cash -€31,285
down €31,285 (-78.2%), from €40,002 to €8,717
mainly Investment in fixed assets (net) (-€283,273) and Receivables within one year (-€37,354)
- Debts after one year +€175,643
up €175,643 (+122.7%), from €143,180 to €318,823
of which Financial debts: +€175,643
- Trade debts +€46,110
up €46,110 (+1436.4%), from €3,210 to €49,320
- Other debts +€10,160
new in 2025: €10,160
- Depreciation +€41,023
up €41,023 (+364.8%), from €11,244 to €52,267
- Gross operating margin -€18,255
down €18,255 (-12.2%), from €149,049 to €130,794
- Taxes -€14,626
down €14,626 (-81.6%), from €17,915 to €3,289
- Staff costs +€12,471
up €12,471 (+60.8%), from €20,515 to €32,986
- Write-downs +€4,294
up €4,294 (+21.5%), from €19,939 to €24,233
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.
Cash bridge derived
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 | €286,818 | €523,892 | +€237,074 | +82.7% |
| Fixed assets | 21/28 | €202,645 | €433,651 | +€231,006 | +114.0% |
| Tangible fixed assets | 22/27 | €202,645 | €433,651 | +€231,006 | +114.0% |
| Land and buildings | 22 | €191,527 | €426,999 | +€235,473 | +122.9% |
| Plant, machinery and equipment | 23 | €6,811 | €3,849 | -€2,962 | -43.5% |
| Furniture and vehicles | 24 | €4,307 | €2,802 | -€1,505 | -34.9% |
| Current assets | 29/58 | €84,173 | €90,241 | +€6,068 | +7.2% |
| Amounts receivable within one year | 40/41 | €44,170 | €81,524 | +€37,354 | +84.6% |
| Trade receivables | 40 | €32,514 | €67,229 | +€34,715 | +106.8% |
| Other amounts receivable | 41 | €11,656 | €14,295 | +€2,638 | +22.6% |
| Cash at bank and in hand | 54/58 | €40,002 | €8,717 | -€31,285 | -78.2% |
| Total equity and liabilities | 10/49 | €286,818 | €523,892 | +€237,074 | +82.7% |
| Equity | 10/15 | €106,991 | €108,899 | +€1,908 | +1.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €38,186 | €38,186 | = | 0.0% |
| Distributable reserves | 133 | €38,186 | €38,186 | = | 0.0% |
| Profit (loss) carried forward | 14 | €66,805 | €68,713 | +€1,908 | +2.9% |
| Amounts payable | 17/49 | €179,827 | €414,993 | +€235,166 | +130.8% |
| Amounts payable after more than one year | 17 | €143,180 | €318,823 | +€175,643 | +122.7% |
| Financial debts | 170/4 | €141,584 | €317,227 | +€175,643 | +124.1% |
| Other amounts payable | 178/9 | €1,596 | €1,596 | = | 0.0% |
| Amounts payable within one year | 42/48 | €36,646 | €96,169 | +€59,523 | +162.4% |
| Current portion of amounts payable after more than one year | 42 | €19,905 | €20,943 | +€1,038 | +5.2% |
| Financial debts | 43 | €2,032 | - | -€2,032 | |
| Credit institutions | 430/8 | €2,032 | - | -€2,032 | |
| Trade debts | 44 | €3,210 | €49,320 | +€46,110 | +1436.4% |
| Suppliers | 440/4 | €3,210 | €49,320 | +€46,110 | +1436.4% |
| Taxes, remuneration and social security | 45 | €11,499 | €15,746 | +€4,247 | +36.9% |
| Taxes | 450/3 | €7,289 | €7,709 | +€420 | +5.8% |
| Remuneration and social security | 454/9 | €4,210 | €8,037 | +€3,827 | +90.9% |
| Other amounts payable | 47/48 | - | €10,160 | +€10,160 | |
| Remuneration, social security and pensions | 62 | €20,515 | €32,986 | +€12,471 | +60.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,244 | €52,267 | +€41,023 | +364.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €19,939 | €24,233 | +€4,294 | +21.5% |
| Other operating charges | 640/8 | €1,061 | €1,087 | +€26 | +2.5% |
| Gross operating margin | 9900 | €149,049 | €130,794 | -€18,255 | -12.2% |
| Operating profit (loss) | 9901 | €96,291 | €20,221 | -€76,070 | -79.0% |
| Financial income | 75/76B | €5 | €8 | +€4 | +82.9% |
| Recurring financial income | 75 | €5 | €8 | +€4 | +82.9% |
| Financial charges | 65/66B | €11,576 | €15,032 | +€3,457 | +29.9% |
| Recurring financial charges | 65 | €11,576 | €15,032 | +€3,457 | +29.9% |
| Profit (loss) for the period before taxes | 9903 | €84,720 | €5,197 | -€79,523 | -93.9% |
| Income taxes | 67/77 | €17,915 | €3,289 | -€14,626 | -81.6% |
| Profit (loss) for the period | 9904 | €66,805 | €1,908 | -€64,897 | -97.1% |
| Profit (loss) for the period to be appropriated | 9905 | €66,805 | €1,908 | -€64,897 | -97.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.