VZ Concept: 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 Concept
Largest movements
- Stocks and contracts +€19,161
new in 2025: €19,161
- Tangible fixed assets -€4,841
down €4,841 (-37.9%), from €12,788 to €7,947
of which Furniture and vehicles: -€4,398
- Cash +€2,437
up €2,437 (+50.8%), from €4,798 to €7,235
mainly Net result for the year (+€22,584) and Depreciation (+€5,320)
- Receivables within one year -€1,103
down €1,103 (-15.3%), from €7,203 to €6,100
of which Trade receivables: -€1,226
- Profit (loss) carried forward +€22,584
up €22,584 (+79.8%), from -€28,302 to -€5,717
- Other debts -€6,947
down €6,947 (-23.8%), from €29,188 to €22,241
- Debts after one year -€3,840
no longer reported in 2025 (was €3,840)
- Tax, wage and social debts +€2,895
up €2,895 (+117.5%), from €2,463 to €5,357
- Advances received +€2,636
new in 2025: €2,636
- Gross operating margin +€23,391
up €23,391 (+279.7%), from €8,363 to €31,754
- Taxes +€2,675
up €2,675 (+1361.5%), from €197 to €2,872
- Write-downs +€583
new in 2025: €583
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 | €25,470 | €40,596 | +€15,126 | +59.4% |
| Formation expenses | 20 | €316 | €84 | -€232 | -73.5% |
| Fixed assets | 21/28 | €13,039 | €7,952 | -€5,087 | -39.0% |
| Intangible fixed assets | 21 | €251 | €5 | -€247 | -98.1% |
| Tangible fixed assets | 22/27 | €12,788 | €7,947 | -€4,841 | -37.9% |
| Plant, machinery and equipment | 23 | €991 | €549 | -€443 | -44.7% |
| Furniture and vehicles | 24 | €11,796 | €7,398 | -€4,398 | -37.3% |
| Current assets | 29/58 | €12,115 | €32,561 | +€20,446 | +168.8% |
| Stocks and contracts in progress | 3 | - | €19,161 | +€19,161 | |
| Stocks | 30/36 | - | €19,161 | +€19,161 | |
| Amounts receivable within one year | 40/41 | €7,203 | €6,100 | -€1,103 | -15.3% |
| Trade receivables | 40 | €6,538 | €5,312 | -€1,226 | -18.7% |
| Other amounts receivable | 41 | €665 | €788 | +€122 | +18.4% |
| Cash at bank and in hand | 54/58 | €4,798 | €7,235 | +€2,437 | +50.8% |
| Deferred charges and accrued income | 490/1 | €114 | €65 | -€49 | -42.9% |
| Total equity and liabilities | 10/49 | €25,470 | €40,596 | +€15,126 | +59.4% |
| Equity | 10/15 | -€18,302 | €4,283 | +€22,584 | |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€28,302 | -€5,717 | +€22,584 | +79.8% |
| Amounts payable | 17/49 | €43,772 | €36,313 | -€7,458 | -17.0% |
| Amounts payable after more than one year | 17 | €3,840 | - | -€3,840 | |
| Financial debts | 170/4 | €3,840 | - | -€3,840 | |
| Amounts payable within one year | 42/48 | €39,932 | €36,313 | -€3,618 | -9.1% |
| Current portion of amounts payable after more than one year | 42 | €5,055 | €3,840 | -€1,215 | -24.0% |
| Trade debts | 44 | €3,226 | €2,239 | -€987 | -30.6% |
| Suppliers | 440/4 | €3,226 | €2,239 | -€987 | -30.6% |
| Advances received on contracts in progress | 46 | - | €2,636 | +€2,636 | |
| Taxes, remuneration and social security | 45 | €2,463 | €5,357 | +€2,895 | +117.5% |
| Taxes | 450/3 | €2,463 | €5,357 | +€2,895 | +117.5% |
| Other amounts payable | 47/48 | €29,188 | €22,241 | -€6,947 | -23.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,165 | €5,320 | +€155 | +3.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €583 | +€583 | |
| Other operating charges | 640/8 | €384 | €352 | -€33 | -8.6% |
| Non-recurring operating charges | 66A | €153 | - | -€153 | |
| Gross operating margin | 9900 | €8,363 | €31,754 | +€23,391 | +279.7% |
| Operating profit (loss) | 9901 | €2,662 | €25,500 | +€22,838 | +858.1% |
| Financial income | 75/76B | €80 | €60 | -€20 | -25.6% |
| Recurring financial income | 75 | €80 | €60 | -€20 | -25.6% |
| Financial charges | 65/66B | €176 | €103 | -€73 | -41.5% |
| Recurring financial charges | 65 | €176 | €103 | -€73 | -41.5% |
| Profit (loss) for the period before taxes | 9903 | €2,566 | €25,456 | +€22,891 | +892.2% |
| Income taxes | 67/77 | €197 | €2,872 | +€2,675 | +1361.5% |
| Profit (loss) for the period | 9904 | €2,369 | €22,584 | +€20,215 | +853.3% |
| Profit (loss) for the period to be appropriated | 9905 | €2,369 | €22,584 | +€20,215 | +853.3% |
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 5 October 2026 via checked.be.