Vizelu: 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.
Vizelu
Largest movements
- Cash +€34,085
up €34,085 (+20.2%), from €168,799 to €202,884
mainly Other debts (+€239,419) and Net result for the year (+€154,903)
- Receivables within one year +€27,419
up €27,419 (+37.5%), from €73,021 to €100,440
of which Trade receivables: +€21,350
- Intangible fixed assets -€17,400
down €17,400 (-80.6%), from €21,595 to €4,195
- Tangible fixed assets +€6,845
up €6,845 (+4.6%), from €148,417 to €155,262
of which Furniture and vehicles: +€6,330
- Other debts +€239,419
up €239,419 (+261%), from €91,581 to €331,000
- Reserves -€176,000
down €176,000 (-100%), from €176,000 to €0
- Tax, wage and social debts -€8,199
down €8,199 (-39.4%), from €20,811 to €12,612
- Debts after one year -€7,694
down €7,694 (-9.3%), from €83,152 to €75,459
- Gross operating margin +€2,619
up €2,619 (+1.2%), from €223,060 to €225,680
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 | €412,936 | €464,297 | +€51,361 | +12.4% |
| Fixed assets | 21/28 | €170,012 | €159,457 | -€10,555 | -6.2% |
| Intangible fixed assets | 21 | €21,595 | €4,195 | -€17,400 | -80.6% |
| Tangible fixed assets | 22/27 | €148,417 | €155,262 | +€6,845 | +4.6% |
| Land and buildings | 22 | €148,085 | €148,599 | +€515 | +0.3% |
| Furniture and vehicles | 24 | €332 | €6,663 | +€6,330 | +1,904% |
| Current assets | 29/58 | €242,924 | €304,840 | +€61,916 | +25.5% |
| Amounts receivable within one year | 40/41 | €73,021 | €100,440 | +€27,419 | +37.5% |
| Trade receivables | 40 | €73,021 | €94,371 | +€21,350 | +29.2% |
| Other amounts receivable | 41 | €0 | €6,069 | +€6,069 | |
| Cash at bank and in hand | 54/58 | €168,799 | €202,884 | +€34,085 | +20.2% |
| Deferred charges and accrued income | 490/1 | €1,104 | €1,515 | +€411 | +37.2% |
| Total equity and liabilities | 10/49 | €412,936 | €464,297 | +€51,361 | +12.4% |
| Equity | 10/15 | €194,888 | €18,790 | -€176,097 | -90.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €176,000 | €0 | -€176,000 | -100% |
| Distributable reserves | 133 | €176,000 | €0 | -€176,000 | -100% |
| Profit (loss) carried forward | 14 | €288 | €190 | -€97 | -33.8% |
| Amounts payable | 17/49 | €218,048 | €445,506 | +€227,458 | +104% |
| Amounts payable after more than one year | 17 | €83,152 | €75,459 | -€7,694 | -9.3% |
| Financial debts | 170/4 | €83,152 | €75,459 | -€7,694 | -9.3% |
| Amounts payable within one year | 42/48 | €134,606 | €369,749 | +€235,143 | +175% |
| Current portion of amounts payable after more than one year | 42 | €7,607 | €7,694 | +€87 | +1.1% |
| Financial debts | 43 | €90 | €55 | -€34 | -38.3% |
| Other loans | 439 | €90 | €55 | -€34 | -38.3% |
| Trade debts | 44 | €14,517 | €18,387 | +€3,870 | +26.7% |
| Suppliers | 440/4 | €14,517 | €18,387 | +€3,870 | +26.7% |
| Taxes, remuneration and social security | 45 | €20,811 | €12,612 | -€8,199 | -39.4% |
| Taxes | 450/3 | €20,811 | €12,612 | -€8,199 | -39.4% |
| Other amounts payable | 47/48 | €91,581 | €331,000 | +€239,419 | +261% |
| Accrued charges and deferred income | 492/3 | €290 | €299 | +€9 | +3.1% |
| Non-recurring operating income | 76A | €539 | €0 | -€539 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,219 | €22,171 | -€48 | -0.2% |
| Other operating charges | 640/8 | €953 | €844 | -€109 | -11.4% |
| Non-recurring operating charges | 66A | €0 | €0 | -€0 | -100% |
| Gross operating margin | 9900 | €223,060 | €225,680 | +€2,619 | +1.2% |
| Operating profit (loss) | 9901 | €199,888 | €202,664 | +€2,776 | +1.4% |
| Financial income | 75/76B | €0 | €36 | +€36 | +177,800% |
| Recurring financial income | 75 | €0 | €36 | +€36 | +177,800% |
| Financial charges | 65/66B | €1,302 | €1,157 | -€145 | -11.1% |
| Recurring financial charges | 65 | €1,302 | €1,157 | -€145 | -11.1% |
| Profit (loss) for the period before taxes | 9903 | €198,586 | €201,543 | +€2,957 | +1.5% |
| Income taxes | 67/77 | €45,527 | €46,640 | +€1,113 | +2.4% |
| Profit (loss) for the period | 9904 | €153,059 | €154,903 | +€1,843 | +1.2% |
| Profit (loss) for the period to be appropriated | 9905 | €153,059 | €154,903 | +€1,843 | +1.2% |
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 15 October 2026 via checked.be.