VAZON: 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.
VAZON
Largest movements
- Current investments -€780,000
down €780,000 (-80.0%), from €975,000 to €195,000
- Tangible fixed assets +€520,869
up €520,869 (+18.0%), from €2.9m to €3.4m
of which Land and buildings: +€466,335
- Cash +€153,199
up €153,199 (+767%), from €19,979 to €173,178
mainly Current investments (+€780,000) and Trade debts (+€244,942)
- Receivables within one year +€90,544
up €90,544 (+27.3%), from €331,735 to €422,278
of which Other amounts receivable: +€109,933
- Trade debts +€244,942
up €244,942 (+91,444%), from €268 to €245,210
- Debts after one year -€108,352
down €108,352 (-13.6%), from €797,747 to €689,394
of which Financial debts: -€109,352
- Reserves -€84,901
down €84,901 (-2.9%), from €2.9m to €2.8m
of which Tax-exempt reserves: -€54,202
- Tax, wage and social debts -€48,824
no longer reported in 2025 (was €48,824)
- Other operating charges -€38,744
down €38,744 (-57.6%), from €67,302 to €28,558
- Gross operating margin -€25,867
down €25,867 (-24.2%), from €106,895 to €81,028
- Depreciation +€19,522
up €19,522 (+13.5%), from €144,902 to €164,424
- Financial income +€5,587
up €5,587 (+31.5%), from €17,740 to €23,327
- Financial charges -€2,953
down €2,953 (-17.1%), from €17,295 to €14,342
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 | €4,255,916 | €4,239,923 | -€15,993 | -0.4% |
| Fixed assets | 21/28 | €2,922,651 | €3,443,519 | +€520,869 | +17.8% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €2,896,251 | €3,417,119 | +€520,869 | +18.0% |
| Land and buildings | 22 | €2,832,024 | €3,298,359 | +€466,335 | +16.5% |
| Plant, machinery and equipment | 23 | €754 | €3,478 | +€2,724 | +361% |
| Furniture and vehicles | 24 | €63,473 | €115,282 | +€51,810 | +81.6% |
| Financial fixed assets | 28 | €26,400 | €26,400 | = | 0.0% |
| Current assets | 29/58 | €1,333,265 | €796,403 | -€536,861 | -40.3% |
| Amounts receivable within one year | 40/41 | €331,735 | €422,278 | +€90,544 | +27.3% |
| Trade receivables | 40 | €34,902 | €15,512 | -€19,390 | -55.6% |
| Other amounts receivable | 41 | €296,832 | €406,766 | +€109,933 | +37.0% |
| Current investments | 50/53 | €975,000 | €195,000 | -€780,000 | -80.0% |
| Cash at bank and in hand | 54/58 | €19,979 | €173,178 | +€153,199 | +767% |
| Deferred charges and accrued income | 490/1 | €6,551 | €5,947 | -€604 | -9.2% |
| Total equity and liabilities | 10/49 | €4,255,916 | €4,239,923 | -€15,993 | -0.4% |
| Equity | 10/15 | €3,008,775 | €2,923,874 | -€84,901 | -2.8% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Capital | 10 | €125,000 | €125,000 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €2,883,775 | €2,798,874 | -€84,901 | -2.9% |
| Non-distributable reserves | 130/1 | €12,500 | €12,500 | = | 0.0% |
| Legal reserve | 130 | €12,500 | €12,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €872,684 | €818,482 | -€54,202 | -6.2% |
| Distributable reserves | 133 | €1,998,591 | €1,967,892 | -€30,699 | -1.5% |
| Provisions and deferred taxes | 16 | €290,895 | €272,827 | -€18,067 | -6.2% |
| Deferred taxes | 168 | €290,895 | €272,827 | -€18,067 | -6.2% |
| Amounts payable | 17/49 | €956,246 | €1,043,222 | +€86,976 | +9.1% |
| Amounts payable after more than one year | 17 | €797,747 | €689,394 | -€108,352 | -13.6% |
| Financial debts | 170/4 | €796,367 | €687,014 | -€109,352 | -13.7% |
| Other amounts payable | 178/9 | €1,380 | €2,380 | +€1,000 | +72.5% |
| Amounts payable within one year | 42/48 | €155,484 | €353,827 | +€198,343 | +128% |
| Current portion of amounts payable after more than one year | 42 | €106,392 | €108,175 | +€1,783 | +1.7% |
| Financial debts | 43 | - | €443 | +€443 | |
| Credit institutions | 430/8 | - | €443 | +€443 | |
| Trade debts | 44 | €268 | €245,210 | +€244,942 | +91,444% |
| Suppliers | 440/4 | €268 | €245,210 | +€244,942 | +91,444% |
| Taxes, remuneration and social security | 45 | €48,824 | - | -€48,824 | |
| Taxes | 450/3 | €48,824 | - | -€48,824 | |
| Accrued charges and deferred income | 492/3 | €3,015 | - | -€3,015 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €144,902 | €164,424 | +€19,522 | +13.5% |
| Other operating charges | 640/8 | €67,302 | €28,558 | -€38,744 | -57.6% |
| Gross operating margin | 9900 | €106,895 | €81,028 | -€25,867 | -24.2% |
| Operating profit (loss) | 9901 | -€105,309 | -€111,954 | -€6,644 | -6.3% |
| Financial income | 75/76B | €17,740 | €23,327 | +€5,587 | +31.5% |
| Recurring financial income | 75 | €17,740 | €23,327 | +€5,587 | +31.5% |
| Financial charges | 65/66B | €17,295 | €14,342 | -€2,953 | -17.1% |
| Recurring financial charges | 65 | €17,295 | €14,342 | -€2,953 | -17.1% |
| Profit (loss) for the period before taxes | 9903 | -€104,864 | -€102,968 | +€1,896 | +1.8% |
| Transfer from deferred taxes | 780 | €18,067 | €18,067 | = | 0.0% |
| Income taxes | 67/77 | €322 | - | -€322 | |
| Profit (loss) for the period | 9904 | -€87,119 | -€84,901 | +€2,218 | +2.5% |
| Transfer from tax-exempt reserves | 789 | €54,202 | €54,202 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€32,916 | -€30,699 | +€2,218 | +6.7% |
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 13 October 2026 via checked.be.