VIZELI: what changed
Two fiscal 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.
VIZELI
Largest movements
- Receivables within one year -€232,633
down €232,633 (-80.6%), from €288,767 to €56,134
of which Trade receivables: -€278,643
- Current investments +€232,306
up €232,306 (+77.3%), from €300,674 to €532,980
- Cash +€84,074
up €84,074 (+191.9%), from €43,807 to €127,881
mainly Receivables within one year (+€232,633) and Net result for the year (+€111,682)
- Profit (loss) carried forward +€111,682
up €111,682 (+253.1%), from €44,123 to €155,806
- Reserves -€16,267
down €16,267 (-2.7%), from €606,199 to €589,931
of which Distributable reserves: -€16,267
- Debts after one year -€8,793
down €8,793 (-15.8%), from €55,787 to €46,994
- Gross operating margin -€110,651
down €110,651 (-42.1%), from €262,875 to €152,224
- Taxes -€42,658
down €42,658 (-57.9%), from €73,718 to €31,060
- Financial income +€7,719
up €7,719 (+3463.1%), from €223 to €7,942
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 | €762,982 | €843,271 | +€80,289 | +10.5% |
| Fixed assets | 21/28 | €129,734 | €126,276 | -€3,459 | -2.7% |
| Tangible fixed assets | 22/27 | €129,734 | €126,276 | -€3,459 | -2.7% |
| Land and buildings | 22 | €118,826 | €124,088 | +€5,263 | +4.4% |
| Plant, machinery and equipment | 23 | €762 | €306 | -€456 | -59.9% |
| Furniture and vehicles | 24 | €9,803 | €1,652 | -€8,150 | -83.1% |
| Other tangible fixed assets | 26 | €344 | €229 | -€115 | -33.3% |
| Current assets | 29/58 | €633,248 | €716,995 | +€83,747 | +13.2% |
| Amounts receivable within one year | 40/41 | €288,767 | €56,134 | -€232,633 | -80.6% |
| Trade receivables | 40 | €288,767 | €10,124 | -€278,643 | -96.5% |
| Other amounts receivable | 41 | - | €46,010 | +€46,010 | |
| Current investments | 50/53 | €300,674 | €532,980 | +€232,306 | +77.3% |
| Cash at bank and in hand | 54/58 | €43,807 | €127,881 | +€84,074 | +191.9% |
| Total equity and liabilities | 10/49 | €762,982 | €843,271 | +€80,289 | +10.5% |
| Equity | 10/15 | €665,322 | €760,737 | +€95,415 | +14.3% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €606,199 | €589,931 | -€16,267 | -2.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €604,339 | €588,071 | -€16,267 | -2.7% |
| Profit (loss) carried forward | 14 | €44,123 | €155,806 | +€111,682 | +253.1% |
| Amounts payable | 17/49 | €97,661 | €82,534 | -€15,126 | -15.5% |
| Amounts payable after more than one year | 17 | €55,787 | €46,994 | -€8,793 | -15.8% |
| Financial debts | 170/4 | €55,787 | €46,994 | -€8,793 | -15.8% |
| Amounts payable within one year | 42/48 | €41,874 | €35,541 | -€6,333 | -15.1% |
| Current portion of amounts payable after more than one year | 42 | €14,355 | €8,793 | -€5,561 | -38.7% |
| Trade debts | 44 | €855 | - | -€855 | |
| Suppliers | 440/4 | €855 | - | -€855 | |
| Taxes, remuneration and social security | 45 | €21,918 | €21,918 | = | 0.0% |
| Taxes | 450/3 | €21,918 | €21,918 | = | 0.0% |
| Other amounts payable | 47/48 | €4,746 | €4,829 | +€83 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,332 | €15,052 | -€280 | -1.8% |
| Other operating charges | 640/8 | €1,434 | €1,428 | -€6 | -0.4% |
| Gross operating margin | 9900 | €262,875 | €152,224 | -€110,651 | -42.1% |
| Operating profit (loss) | 9901 | €246,109 | €135,743 | -€110,366 | -44.8% |
| Financial income | 75/76B | €223 | €7,942 | +€7,719 | +3463.1% |
| Recurring financial income | 75 | €223 | €7,942 | +€7,719 | +3463.1% |
| Financial charges | 65/66B | €1,332 | €943 | -€390 | -29.3% |
| Recurring financial charges | 65 | €1,332 | €943 | -€390 | -29.3% |
| Profit (loss) for the period before taxes | 9903 | €244,999 | €142,742 | -€102,257 | -41.7% |
| Income taxes | 67/77 | €73,718 | €31,060 | -€42,658 | -57.9% |
| Profit (loss) for the period | 9904 | €171,281 | €111,682 | -€59,599 | -34.8% |
| Profit (loss) for the period to be appropriated | 9905 | €171,281 | €111,682 | -€59,599 | -34.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.