VZ: 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.
VZ
Largest movements
- Cash -€96,681
down €96,681 (-26.5%), from €364,661 to €267,980
mainly Receivables within one year (-€53,010) and Investment in fixed assets (net) (-€36,667)
- Receivables within one year +€53,010
up €53,010 (+459.0%), from €11,549 to €64,559
of which Trade receivables: +€40,806
- Tangible fixed assets +€6,891
up €6,891 (+8.6%), from €80,236 to €87,127
of which Furniture and vehicles: +€26,153
- Tax, wage and social debts -€29,666
down €29,666 (-79.4%), from €37,355 to €7,689
of which Taxes: -€25,724
- Other debts -€18,080
down €18,080 (-35.6%), from €50,771 to €32,691
- Reserves +€15,408
up €15,408 (+14.6%), from €105,772 to €121,180
of which Non-distributable reserves: +€15,408
- Debts after one year -€9,065
down €9,065 (-63.9%), from €14,181 to €5,116
- Current portion of long-term debt +€8,248
up €8,248 (+61.6%), from €13,387 to €21,635
- Gross operating margin -€86,098
down €86,098 (-42.6%), from €201,994 to €115,896
- Taxes -€22,385
down €22,385 (-80.4%), from €27,850 to €5,465
- Staff costs +€3,119
up €3,119 (+5.6%), from €55,648 to €58,767
- Depreciation +€2,734
up €2,734 (+10.1%), from €27,042 to €29,776
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 | €472,634 | €436,364 | -€36,270 | -7.7% |
| Fixed assets | 21/28 | €82,462 | €89,353 | +€6,891 | +8.4% |
| Tangible fixed assets | 22/27 | €80,236 | €87,127 | +€6,891 | +8.6% |
| Land and buildings | 22 | €67,734 | €47,794 | -€19,940 | -29.4% |
| Plant, machinery and equipment | 23 | €1,020 | €1,698 | +€678 | +66.5% |
| Furniture and vehicles | 24 | €11,482 | €37,635 | +€26,153 | +227.8% |
| Financial fixed assets | 28 | €2,226 | €2,226 | = | 0.0% |
| Current assets | 29/58 | €390,172 | €347,011 | -€43,161 | -11.1% |
| Amounts receivable within one year | 40/41 | €11,549 | €64,559 | +€53,010 | +459.0% |
| Trade receivables | 40 | €10,859 | €51,665 | +€40,806 | +375.8% |
| Other amounts receivable | 41 | €690 | €12,894 | +€12,204 | +1768.7% |
| Cash at bank and in hand | 54/58 | €364,661 | €267,980 | -€96,681 | -26.5% |
| Deferred charges and accrued income | 490/1 | €13,962 | €14,472 | +€510 | +3.7% |
| Total equity and liabilities | 10/49 | €472,634 | €436,364 | -€36,270 | -7.7% |
| Equity | 10/15 | €319,243 | €334,651 | +€15,408 | +4.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €105,772 | €121,180 | +€15,408 | +14.6% |
| Non-distributable reserves | 130/1 | €41,860 | €57,268 | +€15,408 | +36.8% |
| Reserves not available under the articles | 1311 | €41,860 | €57,268 | +€15,408 | +36.8% |
| Tax-exempt reserves | 132 | €8,600 | €8,600 | = | 0.0% |
| Distributable reserves | 133 | €55,312 | €55,312 | = | 0.0% |
| Profit (loss) carried forward | 14 | €194,871 | €194,871 | = | 0.0% |
| Provisions and deferred taxes | 16 | €32,900 | €32,900 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €32,900 | €32,900 | = | 0.0% |
| Other liabilities and charges | 164/5 | €32,900 | €32,900 | = | 0.0% |
| Amounts payable | 17/49 | €120,491 | €68,813 | -€51,678 | -42.9% |
| Amounts payable after more than one year | 17 | €14,181 | €5,116 | -€9,065 | -63.9% |
| Financial debts | 170/4 | €14,181 | €5,116 | -€9,065 | -63.9% |
| Amounts payable within one year | 42/48 | €106,310 | €63,697 | -€42,613 | -40.1% |
| Current portion of amounts payable after more than one year | 42 | €13,387 | €21,635 | +€8,248 | +61.6% |
| Trade debts | 44 | €4,797 | €1,682 | -€3,115 | -64.9% |
| Suppliers | 440/4 | €4,797 | €1,682 | -€3,115 | -64.9% |
| Taxes, remuneration and social security | 45 | €37,355 | €7,689 | -€29,666 | -79.4% |
| Taxes | 450/3 | €31,857 | €6,133 | -€25,724 | -80.7% |
| Remuneration and social security | 454/9 | €5,498 | €1,556 | -€3,942 | -71.7% |
| Other amounts payable | 47/48 | €50,771 | €32,691 | -€18,080 | -35.6% |
| Remuneration, social security and pensions | 62 | €55,648 | €58,767 | +€3,119 | +5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,042 | €29,776 | +€2,734 | +10.1% |
| Other operating charges | 640/8 | €5,427 | €3,569 | -€1,858 | -34.2% |
| Non-recurring operating charges | 66A | €58 | - | -€58 | |
| Gross operating margin | 9900 | €201,994 | €115,896 | -€86,098 | -42.6% |
| Operating profit (loss) | 9901 | €113,819 | €23,784 | -€90,035 | -79.1% |
| Financial income | 75/76B | €103 | €1 | -€102 | -99.0% |
| Recurring financial income | 75 | €103 | €1 | -€102 | -99.0% |
| Financial charges | 65/66B | €3,079 | €2,912 | -€167 | -5.4% |
| Recurring financial charges | 65 | €3,079 | €2,912 | -€167 | -5.4% |
| Profit (loss) for the period before taxes | 9903 | €110,843 | €20,873 | -€89,970 | -81.2% |
| Income taxes | 67/77 | €27,850 | €5,465 | -€22,385 | -80.4% |
| Profit (loss) for the period | 9904 | €82,993 | €15,408 | -€67,585 | -81.4% |
| Profit (loss) for the period to be appropriated | 9905 | €82,993 | €15,408 | -€67,585 | -81.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.