VAZA: 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.
VAZA
Largest movements
- Tangible fixed assets -€8,986
down €8,986 (-2.2%), from €413,993 to €405,007
- Profit (loss) carried forward -€16,255
down €16,255 (-4.8%), from -€337,950 to -€354,205
- Gross operating margin +€3,046
up €3,046 (+44.9%), from €6,779 to €9,825
- Financial charges -€915
down €915 (-5.0%), from €18,475 to €17,559
- Financial income +€652
up €652 (+325%), from €201 to €852
- Other operating charges -€244
down €244 (-38.7%), from €631 to €387
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 | €570,801 | €557,378 | -€13,423 | -2.4% |
| Fixed assets | 21/28 | €413,993 | €405,007 | -€8,986 | -2.2% |
| Tangible fixed assets | 22/27 | €413,993 | €405,007 | -€8,986 | -2.2% |
| Land and buildings | 22 | €413,993 | €405,007 | -€8,986 | -2.2% |
| Current assets | 29/58 | €156,808 | €152,371 | -€4,437 | -2.8% |
| Amounts receivable within one year | 40/41 | €5,565 | €746 | -€4,819 | -86.6% |
| Trade receivables | 40 | €5,449 | €490 | -€4,959 | -91.0% |
| Other amounts receivable | 41 | €116 | €256 | +€139 | +120% |
| Cash at bank and in hand | 54/58 | €151,243 | €151,625 | +€382 | +0.3% |
| Total equity and liabilities | 10/49 | €570,801 | €557,378 | -€13,423 | -2.4% |
| Equity | 10/15 | €220,185 | €203,930 | -€16,255 | -7.4% |
| Contributions | 10/11 | €153,592 | €153,592 | = | 0.0% |
| Revaluation surpluses | 12 | €317,537 | €317,537 | = | 0.0% |
| Reserves | 13 | €87,006 | €87,006 | = | 0.0% |
| Non-distributable reserves | 130/1 | - | €1,859 | +€1,859 | |
| Reserves not available under the articles | 1311 | - | €1,859 | +€1,859 | |
| Tax-exempt reserves | 132 | €917 | €917 | = | 0.0% |
| Distributable reserves | 133 | €86,089 | €84,229 | -€1,859 | -2.2% |
| Profit (loss) carried forward | 14 | -€337,950 | -€354,205 | -€16,255 | -4.8% |
| Amounts payable | 17/49 | €350,616 | €353,448 | +€2,832 | +0.8% |
| Amounts payable within one year | 42/48 | €333,504 | €335,889 | +€2,385 | +0.7% |
| Trade debts | 44 | €968 | €0 | -€968 | -100% |
| Suppliers | 440/4 | €968 | €0 | -€968 | -100% |
| Taxes, remuneration and social security | 45 | - | €628 | +€628 | |
| Taxes | 450/3 | - | €628 | +€628 | |
| Other amounts payable | 47/48 | €332,536 | €335,261 | +€2,725 | +0.8% |
| Accrued charges and deferred income | 492/3 | €17,112 | €17,559 | +€447 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,073 | €8,986 | -€88 | -1.0% |
| Other operating charges | 640/8 | €631 | €387 | -€244 | -38.7% |
| Gross operating margin | 9900 | €6,779 | €9,825 | +€3,046 | +44.9% |
| Operating profit (loss) | 9901 | -€2,926 | €452 | +€3,378 | |
| Financial income | 75/76B | €201 | €852 | +€652 | +325% |
| Recurring financial income | 75 | €201 | €852 | +€652 | +325% |
| Financial charges | 65/66B | €18,475 | €17,559 | -€915 | -5.0% |
| Recurring financial charges | 65 | €18,475 | €17,559 | -€915 | -5.0% |
| Profit (loss) for the period before taxes | 9903 | -€21,200 | -€16,255 | +€4,945 | +23.3% |
| Income taxes | 67/77 | €55 | €0 | -€55 | -100% |
| Profit (loss) for the period | 9904 | -€21,255 | -€16,255 | +€5,000 | +23.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,255 | -€16,255 | +€5,000 | +23.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.