VEZELS: 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.
VEZELS
Largest movements
- Cash +€8,780
up €8,780 (+1790.1%), from €490 to €9,271
mainly Current portion of long-term debt (+€17,642) and Tax, wage and social debts (+€7,081)
- Receivables within one year -€2,780
down €2,780 (-17.2%), from €16,148 to €13,368
of which Other amounts receivable: -€2,945
- Tangible fixed assets -€2,109
down €2,109 (-20.9%), from €10,097 to €7,988
of which Furniture and vehicles: -€1,087
- Formation expenses -€2,000
down €2,000 (-40.0%), from €5,000 to €3,000
- Current portion of long-term debt +€17,642
new in 2025: €17,642
- Profit (loss) carried forward -€15,895
new in 2025: -€15,895
- Debts after one year -€9,791
down €9,791 (-41.9%), from €23,395 to €13,604
- Tax, wage and social debts +€7,081
up €7,081 (+25.1%), from €28,250 to €35,331
of which Remuneration and social security: +€9,393
- Trade debts +€6,021
up €6,021 (+38.0%), from €15,858 to €21,879
- Gross operating margin -€14,980
down €14,980 (-37.9%), from €39,568 to €24,589
- Staff costs +€3,536
up €3,536 (+10.7%), from €33,022 to €36,558
- Financial charges +€2,713
up €2,713 (+1194.2%), from €227 to €2,940
- Depreciation +€2,518
up €2,518 (+158.3%), from €1,591 to €4,109
- Taxes -€1,003
down €1,003 (-100.0%), from €1,003 to €0
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 | €94,317 | €97,027 | +€2,710 | +2.9% |
| Formation expenses | 20 | €5,000 | €3,000 | -€2,000 | -40.0% |
| Fixed assets | 21/28 | €10,097 | €7,988 | -€2,109 | -20.9% |
| Tangible fixed assets | 22/27 | €10,097 | €7,988 | -€2,109 | -20.9% |
| Plant, machinery and equipment | 23 | €2,648 | €1,928 | -€720 | -27.2% |
| Furniture and vehicles | 24 | €4,816 | €3,729 | -€1,087 | -22.6% |
| Other tangible fixed assets | 26 | €2,633 | €2,332 | -€302 | -11.5% |
| Current assets | 29/58 | €79,220 | €86,039 | +€6,819 | +8.6% |
| Stocks and contracts in progress | 3 | €62,581 | €63,400 | +€818 | +1.3% |
| Stocks | 30/36 | €62,581 | €63,400 | +€818 | +1.3% |
| Amounts receivable within one year | 40/41 | €16,148 | €13,368 | -€2,780 | -17.2% |
| Trade receivables | 40 | €3,779 | €3,944 | +€165 | +4.4% |
| Other amounts receivable | 41 | €12,369 | €9,424 | -€2,945 | -23.8% |
| Cash at bank and in hand | 54/58 | €490 | €9,271 | +€8,780 | +1790.1% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €94,317 | €97,027 | +€2,710 | +2.9% |
| Equity | 10/15 | €17,164 | -€2,506 | -€19,670 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €10,964 | €7,190 | -€3,775 | -34.4% |
| Distributable reserves | 133 | €10,964 | €7,190 | -€3,775 | -34.4% |
| Profit (loss) carried forward | 14 | - | -€15,895 | -€15,895 | |
| Amounts payable | 17/49 | €77,153 | €99,533 | +€22,380 | +29.0% |
| Amounts payable after more than one year | 17 | €23,395 | €13,604 | -€9,791 | -41.9% |
| Financial debts | 170/4 | €23,395 | €13,604 | -€9,791 | -41.9% |
| Amounts payable within one year | 42/48 | €53,758 | €85,929 | +€32,171 | +59.8% |
| Current portion of amounts payable after more than one year | 42 | - | €17,642 | +€17,642 | |
| Trade debts | 44 | €15,858 | €21,879 | +€6,021 | +38.0% |
| Suppliers | 440/4 | €15,858 | €21,879 | +€6,021 | +38.0% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €28,250 | €35,331 | +€7,081 | +25.1% |
| Taxes | 450/3 | €9,699 | €7,387 | -€2,312 | -23.8% |
| Remuneration and social security | 454/9 | €18,551 | €27,943 | +€9,393 | +50.6% |
| Other amounts payable | 47/48 | €9,650 | €11,078 | +€1,427 | +14.8% |
| Remuneration, social security and pensions | 62 | €33,022 | €36,558 | +€3,536 | +10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,591 | €4,109 | +€2,518 | +158.3% |
| Other operating charges | 640/8 | €1,645 | €652 | -€992 | -60.3% |
| Gross operating margin | 9900 | €39,568 | €24,589 | -€14,980 | -37.9% |
| Operating profit (loss) | 9901 | €3,312 | -€16,730 | -€20,042 | |
| Financial income | 75/76B | €165 | €0 | -€165 | -100.0% |
| Recurring financial income | 75 | €165 | €0 | -€165 | -100.0% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €227 | €2,940 | +€2,713 | +1194.2% |
| Recurring financial charges | 65 | €227 | €2,940 | +€2,713 | +1194.2% |
| Profit (loss) for the period before taxes | 9903 | €3,250 | -€19,670 | -€22,920 | |
| Income taxes | 67/77 | €1,003 | €0 | -€1,003 | -100.0% |
| Profit (loss) for the period | 9904 | €2,247 | -€19,670 | -€21,917 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,247 | -€19,670 | -€21,917 |
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 12 October 2026 via checked.be.