Vazart Management: 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.
Vazart Management
Largest movements
- Receivables within one year -€53,867
down €53,867 (-71.8%), from €75,031 to €21,164
of which Trade receivables: -€50,011
- Tangible fixed assets +€40,190
up €40,190 (+366%), from €10,987 to €51,177
of which Other tangible fixed assets: +€39,162
- Cash +€27,871
up €27,871 (+70.7%), from €39,427 to €67,298
mainly Receivables within one year (+€53,867) and Trade debts (+€16,119)
- Trade debts +€16,119
new in 2025: €16,119
- Other debts -€3,484
down €3,484 (-16.8%), from €20,720 to €17,236
- Gross operating margin -€88,231
down €88,231 (-87.6%), from €100,665 to €12,434
- Taxes -€16,313
down €16,313 (-78.0%), from €20,913 to €4,600
- Other operating charges -€4,412
down €4,412 (-72.4%), from €6,094 to €1,682
- Depreciation +€1,690
up €1,690 (+52.6%), from €3,212 to €4,902
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 | €150,445 | €164,639 | +€14,194 | +9.4% |
| Fixed assets | 21/28 | €35,987 | €76,177 | +€40,190 | +112% |
| Tangible fixed assets | 22/27 | €10,987 | €51,177 | +€40,190 | +366% |
| Furniture and vehicles | 24 | €3,738 | €4,766 | +€1,028 | +27.5% |
| Other tangible fixed assets | 26 | €7,249 | €46,411 | +€39,162 | +540% |
| Financial fixed assets | 28 | €25,000 | €25,000 | = | 0.0% |
| Current assets | 29/58 | €114,458 | €88,462 | -€25,996 | -22.7% |
| Amounts receivable within one year | 40/41 | €75,031 | €21,164 | -€53,867 | -71.8% |
| Trade receivables | 40 | €69,257 | €19,246 | -€50,011 | -72.2% |
| Other amounts receivable | 41 | €5,774 | €1,918 | -€3,856 | -66.8% |
| Cash at bank and in hand | 54/58 | €39,427 | €67,298 | +€27,871 | +70.7% |
| Total equity and liabilities | 10/49 | €150,445 | €164,639 | +€14,194 | +9.4% |
| Equity | 10/15 | €103,004 | €103,976 | +€972 | +0.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €93,004 | €93,976 | +€972 | +1.0% |
| Amounts payable | 17/49 | €47,441 | €60,663 | +€13,222 | +27.9% |
| Amounts payable within one year | 42/48 | €47,441 | €60,663 | +€13,222 | +27.9% |
| Trade debts | 44 | - | €16,119 | +€16,119 | |
| Suppliers | 440/4 | - | €16,119 | +€16,119 | |
| Taxes, remuneration and social security | 45 | €26,721 | €27,308 | +€587 | +2.2% |
| Taxes | 450/3 | €22,721 | €27,308 | +€4,587 | +20.2% |
| Remuneration and social security | 454/9 | €4,000 | - | -€4,000 | |
| Other amounts payable | 47/48 | €20,720 | €17,236 | -€3,484 | -16.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,212 | €4,902 | +€1,690 | +52.6% |
| Other operating charges | 640/8 | €6,094 | €1,682 | -€4,412 | -72.4% |
| Gross operating margin | 9900 | €100,665 | €12,434 | -€88,231 | -87.6% |
| Operating profit (loss) | 9901 | €91,359 | €5,850 | -€85,509 | -93.6% |
| Financial income | 75/76B | €192 | €3 | -€189 | -98.4% |
| Recurring financial income | 75 | €192 | €3 | -€189 | -98.4% |
| Financial charges | 65/66B | €125 | €281 | +€156 | +125% |
| Recurring financial charges | 65 | €125 | €281 | +€156 | +125% |
| Profit (loss) for the period before taxes | 9903 | €91,426 | €5,572 | -€85,854 | -93.9% |
| Income taxes | 67/77 | €20,913 | €4,600 | -€16,313 | -78.0% |
| Profit (loss) for the period | 9904 | €70,513 | €972 | -€69,541 | -98.6% |
| Profit (loss) for the period to be appropriated | 9905 | €70,513 | €972 | -€69,541 | -98.6% |
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 26 October 2026 via checked.be.