VZ THEORIES: 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 THEORIES
Largest movements
- Receivables within one year +€18,964
up €18,964 (+4,130%), from €459 to €19,423
- Intangible fixed assets -€2,594
down €2,594 (-11.4%), from €22,664 to €20,070
- Cash -€2,247
down €2,247 (-54.4%), from €4,132 to €1,885
mainly Receivables within one year (-€18,964) and Net result for the year (-€12,230)
- Deferred charges and accrued income -€823
no longer reported in 2024 (was €823)
- Tangible fixed assets -€433
down €433 (-25.0%), from €1,732 to €1,299
- Other debts +€25,070
up €25,070 (+282%), from €8,887 to €33,957
- Profit (loss) carried forward -€12,230
down €12,230 (-32.1%), from -€38,153 to -€50,383
- Debts after one year -€9,984
down €9,984 (-32.3%), from €30,955 to €20,971
- Trade debts +€6,899
up €6,899 (+84.0%), from €8,213 to €15,111
- Tax, wage and social debts +€2,025
up €2,025 (+77.9%), from €2,599 to €4,624
of which Taxes: +€1,886
- Gross operating margin +€21,022
up €21,022 (+75.9%), from -€27,684 to -€6,662
- Staff costs -€10,650
down €10,650 (-89.2%), from €11,943 to €1,293
- Financial income +€1,932
up €1,932 (+2,226%), from €87 to €2,019
- Other operating charges +€799
new in 2024: €799
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €30,066 | €42,933 | +€12,867 | +42.8% |
| Fixed assets | 21/28 | €24,651 | €21,624 | -€3,027 | -12.3% |
| Intangible fixed assets | 21 | €22,664 | €20,070 | -€2,594 | -11.4% |
| Tangible fixed assets | 22/27 | €1,732 | €1,299 | -€433 | -25.0% |
| Plant, machinery and equipment | 23 | €1,732 | €1,299 | -€433 | -25.0% |
| Financial fixed assets | 28 | €255 | €255 | = | 0.0% |
| Current assets | 29/58 | €5,414 | €21,308 | +€15,894 | +294% |
| Amounts receivable within one year | 40/41 | €459 | €19,423 | +€18,964 | +4,130% |
| Trade receivables | 40 | €459 | €19,423 | +€18,964 | +4,130% |
| Cash at bank and in hand | 54/58 | €4,132 | €1,885 | -€2,247 | -54.4% |
| Deferred charges and accrued income | 490/1 | €823 | - | -€823 | |
| Total equity and liabilities | 10/49 | €30,066 | €42,933 | +€12,867 | +42.8% |
| Equity | 10/15 | -€31,953 | -€44,183 | -€12,230 | -38.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€38,153 | -€50,383 | -€12,230 | -32.1% |
| Amounts payable | 17/49 | €62,018 | €87,116 | +€25,097 | +40.5% |
| Amounts payable after more than one year | 17 | €30,955 | €20,971 | -€9,984 | -32.3% |
| Financial debts | 170/4 | €30,955 | €20,971 | -€9,984 | -32.3% |
| Amounts payable within one year | 42/48 | €31,063 | €66,144 | +€35,081 | +113% |
| Current portion of amounts payable after more than one year | 42 | €10,603 | €10,893 | +€290 | +2.7% |
| Financial debts | 43 | €35 | €49 | +€14 | +41.4% |
| Credit institutions | 430/8 | €35 | €49 | +€14 | +41.4% |
| Trade debts | 44 | €8,213 | €15,111 | +€6,899 | +84.0% |
| Suppliers | 440/4 | €8,213 | €15,111 | +€6,899 | +84.0% |
| Advances received on contracts in progress | 46 | €727 | €1,510 | +€783 | +108% |
| Taxes, remuneration and social security | 45 | €2,599 | €4,624 | +€2,025 | +77.9% |
| Taxes | 450/3 | €2,481 | €4,367 | +€1,886 | +76.0% |
| Remuneration and social security | 454/9 | €118 | €257 | +€138 | +117% |
| Other amounts payable | 47/48 | €8,887 | €33,957 | +€25,070 | +282% |
| Remuneration, social security and pensions | 62 | €11,943 | €1,293 | -€10,650 | -89.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,027 | €3,027 | = | 0.0% |
| Other operating charges | 640/8 | - | €799 | +€799 | |
| Gross operating margin | 9900 | -€27,684 | -€6,662 | +€21,022 | +75.9% |
| Operating profit (loss) | 9901 | -€42,654 | -€11,781 | +€30,873 | +72.4% |
| Financial income | 75/76B | €87 | €2,019 | +€1,932 | +2,226% |
| Recurring financial income | 75 | €87 | €2,019 | +€1,932 | +2,226% |
| Financial charges | 65/66B | €2,493 | €2,468 | -€24 | -1.0% |
| Recurring financial charges | 65 | €2,493 | €2,468 | -€24 | -1.0% |
| Profit (loss) for the period before taxes | 9903 | -€45,060 | -€12,230 | +€32,830 | +72.9% |
| Profit (loss) for the period | 9904 | -€45,060 | -€12,230 | +€32,830 | +72.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€45,060 | -€12,230 | +€32,830 | +72.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.