VNZ: 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.
VNZ
Largest movements
- Cash +€252,942
up €252,942 (+3,449%), from €7,334 to €260,277
- Receivables after one year +€90,479
new in 2025: €90,479
- Receivables within one year -€41,597
down €41,597 (-33.8%), from €123,034 to €81,438
of which Other amounts receivable: -€76,973
- Tangible fixed assets -€22,140
down €22,140 (-9.0%), from €246,197 to €224,057
of which Land and buildings: -€18,025
- Financial fixed assets -€10,000
down €10,000 (-11.1%), from €90,000 to €80,000
- Reserves +€481,213
up €481,213 (+1,125%), from €42,761 to €523,974
- Other debts -€170,372
down €170,372 (-98.4%), from €173,067 to €2,695
- Debts after one year -€49,123
down €49,123 (-26.1%), from €188,229 to €139,107
- Advances received +€14,000
new in 2025: €14,000
- Current portion of long-term debt -€8,224
down €8,224 (-25.0%), from €32,904 to €24,680
- Gross operating margin +€254,641
up €254,641 (+391%), from €65,076 to €319,717
- Taxes +€63,823
up €63,823 (+521%), from €12,241 to €76,063
- Financial income +€46,778
up €46,778 (+62,856%), from €74 to €46,852
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €468,604 | €736,250 | +€267,646 | +57.1% |
| Fixed assets | 21/28 | €336,197 | €304,057 | -€32,140 | -9.6% |
| Tangible fixed assets | 22/27 | €246,197 | €224,057 | -€22,140 | -9.0% |
| Land and buildings | 22 | €220,961 | €202,936 | -€18,025 | -8.2% |
| Plant, machinery and equipment | 23 | €13,789 | €11,008 | -€2,781 | -20.2% |
| Furniture and vehicles | 24 | €11,448 | €10,113 | -€1,335 | -11.7% |
| Financial fixed assets | 28 | €90,000 | €80,000 | -€10,000 | -11.1% |
| Current assets | 29/58 | €132,407 | €432,193 | +€299,786 | +226% |
| Amounts receivable after more than one year | 29 | - | €90,479 | +€90,479 | |
| Other amounts receivable | 291 | - | €90,479 | +€90,479 | |
| Amounts receivable within one year | 40/41 | €123,034 | €81,438 | -€41,597 | -33.8% |
| Trade receivables | 40 | - | €35,377 | +€35,377 | |
| Other amounts receivable | 41 | €123,034 | €46,061 | -€76,973 | -62.6% |
| Cash at bank and in hand | 54/58 | €7,334 | €260,277 | +€252,942 | +3,449% |
| Deferred charges and accrued income | 490/1 | €2,039 | - | -€2,039 | |
| Total equity and liabilities | 10/49 | €468,604 | €736,250 | +€267,646 | +57.1% |
| Equity | 10/15 | €61,361 | €542,574 | +€481,213 | +784% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €42,761 | €523,974 | +€481,213 | +1,125% |
| Distributable reserves | 133 | €42,761 | €523,974 | +€481,213 | +1,125% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €407,243 | €193,676 | -€213,567 | -52.4% |
| Amounts payable after more than one year | 17 | €188,229 | €139,107 | -€49,123 | -26.1% |
| Financial debts | 170/4 | €188,229 | €139,107 | -€49,123 | -26.1% |
| Amounts payable within one year | 42/48 | €219,014 | €54,570 | -€164,444 | -75.1% |
| Current portion of amounts payable after more than one year | 42 | €32,904 | €24,680 | -€8,224 | -25.0% |
| Financial debts | 43 | €5,077 | €8,403 | +€3,326 | +65.5% |
| Credit institutions | 430/8 | €5,077 | €8,403 | +€3,326 | +65.5% |
| Trade debts | 44 | €3,896 | €3,753 | -€143 | -3.7% |
| Suppliers | 440/4 | €3,896 | €3,753 | -€143 | -3.7% |
| Advances received on contracts in progress | 46 | - | €14,000 | +€14,000 | |
| Taxes, remuneration and social security | 45 | €4,071 | €1,039 | -€3,032 | -74.5% |
| Taxes | 450/3 | €4,071 | €1,039 | -€3,032 | -74.5% |
| Other amounts payable | 47/48 | €173,067 | €2,695 | -€170,372 | -98.4% |
| Non-recurring operating income | 76A | - | €42 | +€42 | |
| Remuneration, social security and pensions | 62 | - | €344 | +€344 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,005 | €17,551 | +€1,546 | +9.7% |
| Other operating charges | 640/8 | €2,173 | €2,313 | +€140 | +6.4% |
| Gross operating margin | 9900 | €65,076 | €319,717 | +€254,641 | +391% |
| Operating profit (loss) | 9901 | €46,898 | €299,509 | +€252,611 | +539% |
| Financial income | 75/76B | €74 | €46,852 | +€46,778 | +62,856% |
| Recurring financial income | 75 | €74 | €46,852 | +€46,778 | +62,856% |
| Financial charges | 65/66B | €7,594 | €6,271 | -€1,324 | -17.4% |
| Recurring financial charges | 65 | €7,594 | €6,271 | -€1,324 | -17.4% |
| Profit (loss) for the period before taxes | 9903 | €39,378 | €340,090 | +€300,712 | +764% |
| Income taxes | 67/77 | €12,241 | €76,063 | +€63,823 | +521% |
| Profit (loss) for the period | 9904 | €27,137 | €264,027 | +€236,890 | +873% |
| Profit (loss) for the period to be appropriated | 9905 | €27,137 | €264,027 | +€236,890 | +873% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.