VZ Law: 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.
VZ Law
Largest movements
- Intangible fixed assets -€12,000
down €12,000 (-34.3%), from €35,000 to €23,000
- Receivables within one year +€1,488
up €1,488 (+155%), from €960 to €2,448
of which Trade receivables: +€1,468
- Cash +€622
up €622 (+59.9%), from €1,039 to €1,661
mainly Depreciation (+€12,224) and Net result for the year (+€8,062)
- Debts after one year -€3,598
no longer reported in 2025 (was €3,598)
- Tax, wage and social debts -€3,561
down €3,561 (-36.2%), from €9,827 to €6,267
- Current portion of long-term debt -€2,327
down €2,327 (-86.9%), from €2,677 to €350
- Gross operating margin -€3,035
down €3,035 (-10.3%), from €29,456 to €26,421
- Financial charges -€546
down €546 (-47.1%), from €1,160 to €614
- Taxes -€356
down €356 (-7.5%), from €4,769 to €4,413
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 | €37,396 | €27,282 | -€10,114 | -27.0% |
| Fixed assets | 21/28 | €35,397 | €23,173 | -€12,224 | -34.5% |
| Intangible fixed assets | 21 | €35,000 | €23,000 | -€12,000 | -34.3% |
| Tangible fixed assets | 22/27 | €355 | €131 | -€224 | -63.1% |
| Furniture and vehicles | 24 | €355 | €131 | -€224 | -63.1% |
| Financial fixed assets | 28 | €41 | €41 | = | 0.0% |
| Current assets | 29/58 | €1,999 | €4,109 | +€2,110 | +106% |
| Amounts receivable within one year | 40/41 | €960 | €2,448 | +€1,488 | +155% |
| Trade receivables | 40 | €889 | €2,357 | +€1,468 | +165% |
| Other amounts receivable | 41 | €71 | €91 | +€20 | +28.1% |
| Cash at bank and in hand | 54/58 | €1,039 | €1,661 | +€622 | +59.9% |
| Total equity and liabilities | 10/49 | €37,396 | €27,282 | -€10,114 | -27.0% |
| Equity | 10/15 | €20,706 | €20,368 | -€338 | -1.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,106 | €1,768 | -€338 | -16.0% |
| Amounts payable | 17/49 | €16,690 | €6,914 | -€9,776 | -58.6% |
| Amounts payable after more than one year | 17 | €3,598 | - | -€3,598 | |
| Other amounts payable | 178/9 | €3,598 | - | -€3,598 | |
| Amounts payable within one year | 42/48 | €13,092 | €6,914 | -€6,178 | -47.2% |
| Current portion of amounts payable after more than one year | 42 | €2,677 | €350 | -€2,327 | -86.9% |
| Trade debts | 44 | €521 | €233 | -€288 | -55.3% |
| Suppliers | 440/4 | €521 | €233 | -€288 | -55.3% |
| Taxes, remuneration and social security | 45 | €9,827 | €6,267 | -€3,561 | -36.2% |
| Taxes | 450/3 | €9,827 | €6,267 | -€3,561 | -36.2% |
| Other amounts payable | 47/48 | €67 | €64 | -€2 | -3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,473 | €12,224 | -€249 | -2.0% |
| Other operating charges | 640/8 | €1,047 | €1,122 | +€75 | +7.2% |
| Gross operating margin | 9900 | €29,456 | €26,421 | -€3,035 | -10.3% |
| Operating profit (loss) | 9901 | €15,937 | €13,075 | -€2,862 | -18.0% |
| Financial income | 75/76B | - | €13 | +€13 | |
| Recurring financial income | 75 | - | €13 | +€13 | |
| Financial charges | 65/66B | €1,160 | €614 | -€546 | -47.1% |
| Recurring financial charges | 65 | €1,160 | €614 | -€546 | -47.1% |
| Profit (loss) for the period before taxes | 9903 | €14,777 | €12,475 | -€2,302 | -15.6% |
| Income taxes | 67/77 | €4,769 | €4,413 | -€356 | -7.5% |
| Profit (loss) for the period | 9904 | €10,008 | €8,062 | -€1,946 | -19.4% |
| Profit (loss) for the period to be appropriated | 9905 | €10,008 | €8,062 | -€1,946 | -19.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.