VEZIR: 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.
VEZIR
Largest movements
- Receivables within one year -€280,547
down €280,547 (-100.0%), from €280,626 to €79
of which Trade receivables: -€279,538
- Tangible fixed assets +€70,061
up €70,061 (+45.7%), from €153,320 to €223,381
of which Plant, machinery and equipment: +€222,119
- Intangible fixed assets -€12,500
down €12,500 (-10.3%), from €121,020 to €108,520
- Stocks and contracts +€11,071
new in 2025: €11,071
- Deferred charges and accrued income +€8,040
new in 2025: €8,040
- Trade debts -€276,814
down €276,814 (-99.1%), from €279,430 to €2,616
- Other debts +€142,693
up €142,693 (+50.0%), from €285,600 to €428,293
- Profit (loss) carried forward -€101,664
down €101,664 (-437.7%), from -€23,227 to -€124,891
- Tax, wage and social debts +€31,148
new in 2025: €31,148
of which Remuneration and social security: +€28,439
- Staff costs +€108,482
new in 2025: €108,482
- Gross operating margin +€60,952
up €60,952, from -€17,907 to €43,045
- Depreciation +€29,681
up €29,681 (+604.3%), from €4,912 to €34,593
- Financial charges +€1,609
up €1,609 (+450.1%), from €358 to €1,967
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 | €559,460 | €354,823 | -€204,637 | -36.6% |
| Fixed assets | 21/28 | €274,340 | €331,901 | +€57,561 | +21.0% |
| Intangible fixed assets | 21 | €121,020 | €108,520 | -€12,500 | -10.3% |
| Tangible fixed assets | 22/27 | €153,320 | €223,381 | +€70,061 | +45.7% |
| Plant, machinery and equipment | 23 | - | €222,119 | +€222,119 | |
| Furniture and vehicles | 24 | - | €1,262 | +€1,262 | |
| Assets under construction and advance payments | 27 | €153,320 | - | -€153,320 | |
| Current assets | 29/58 | €285,119 | €22,922 | -€262,198 | -92.0% |
| Stocks and contracts in progress | 3 | - | €11,071 | +€11,071 | |
| Stocks | 30/36 | - | €11,071 | +€11,071 | |
| Amounts receivable within one year | 40/41 | €280,626 | €79 | -€280,547 | -100.0% |
| Trade receivables | 40 | €279,617 | €79 | -€279,538 | -100.0% |
| Other amounts receivable | 41 | €1,009 | - | -€1,009 | |
| Cash at bank and in hand | 54/58 | €4,493 | €3,732 | -€762 | -17.0% |
| Deferred charges and accrued income | 490/1 | - | €8,040 | +€8,040 | |
| Total equity and liabilities | 10/49 | €559,460 | €354,823 | -€204,637 | -36.6% |
| Equity | 10/15 | -€8,227 | -€109,891 | -€101,664 | -1235.8% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,227 | -€124,891 | -€101,664 | -437.7% |
| Amounts payable | 17/49 | €567,686 | €464,714 | -€102,972 | -18.1% |
| Amounts payable within one year | 42/48 | €565,030 | €462,058 | -€102,972 | -18.2% |
| Trade debts | 44 | €279,430 | €2,616 | -€276,814 | -99.1% |
| Suppliers | 440/4 | €279,430 | €2,616 | -€276,814 | -99.1% |
| Taxes, remuneration and social security | 45 | - | €31,148 | +€31,148 | |
| Taxes | 450/3 | - | €2,710 | +€2,710 | |
| Remuneration and social security | 454/9 | - | €28,439 | +€28,439 | |
| Other amounts payable | 47/48 | €285,600 | €428,293 | +€142,693 | +50.0% |
| Accrued charges and deferred income | 492/3 | €2,656 | €2,656 | = | 0.0% |
| Non-recurring operating income | 76A | - | €658 | +€658 | |
| Remuneration, social security and pensions | 62 | - | €108,482 | +€108,482 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,912 | €34,593 | +€29,681 | +604.3% |
| Other operating charges | 640/8 | €50 | €50 | -€0 | -0.4% |
| Non-recurring operating charges | 66A | - | €28 | +€28 | |
| Gross operating margin | 9900 | -€17,907 | €43,045 | +€60,952 | |
| Operating profit (loss) | 9901 | -€22,869 | -€100,108 | -€77,239 | -337.7% |
| Financial income | 75/76B | - | €410 | +€410 | |
| Recurring financial income | 75 | - | €410 | +€410 | |
| Financial charges | 65/66B | €358 | €1,967 | +€1,609 | +450.1% |
| Recurring financial charges | 65 | €358 | €1,967 | +€1,609 | +450.1% |
| Profit (loss) for the period before taxes | 9903 | -€23,227 | -€101,664 | -€78,438 | -337.7% |
| Profit (loss) for the period | 9904 | -€23,227 | -€101,664 | -€78,438 | -337.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,227 | -€101,664 | -€78,438 | -337.7% |
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 9 October 2026 via checked.be.