VZM MANAGEMENT: 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.
VZM MANAGEMENT
Largest movements
- Financial fixed assets -€153,139
no longer reported in 2025 (was €153,139)
- Tangible fixed assets -€141,703
down €141,703 (-95.5%), from €148,379 to €6,676
of which Land and buildings: -€138,299
- Receivables within one year +€3,884
up €3,884 (+255%), from €1,526 to €5,410
of which Other amounts receivable: +€5,410
- Debts after one year -€152,589
down €152,589 (-85.3%), from €178,974 to €26,385
of which Other amounts payable: -€135,253
- Profit (loss) carried forward -€92,100
down €92,100 (-204%), from -€45,188 to -€137,288
- Other debts -€56,892
no longer reported in 2025 (was €56,892)
- Current portion of long-term debt +€8,757
new in 2025: €8,757
- Tax, wage and social debts +€3,156
up €3,156 (+779%), from €405 to €3,561
- Financial charges +€123,163
up €123,163 (+19,435%), from €634 to €123,797
- Gross operating margin +€56,330
up €56,330, from -€14,219 to €42,110
- Depreciation -€6,445
down €6,445 (-88.4%), from €7,288 to €843
- Taxes +€5,099
new in 2025: €5,099
- Other operating charges -€503
down €503 (-10.1%), from €4,973 to €4,471
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 | €303,393 | €13,735 | -€289,659 | -95.5% |
| Fixed assets | 21/28 | €301,518 | €6,676 | -€294,842 | -97.8% |
| Tangible fixed assets | 22/27 | €148,379 | €6,676 | -€141,703 | -95.5% |
| Land and buildings | 22 | €138,299 | - | -€138,299 | |
| Furniture and vehicles | 24 | €3,966 | €563 | -€3,403 | -85.8% |
| Other tangible fixed assets | 26 | €6,113 | €6,113 | = | 0.0% |
| Financial fixed assets | 28 | €153,139 | - | -€153,139 | |
| Current assets | 29/58 | €1,876 | €7,059 | +€5,183 | +276% |
| Amounts receivable within one year | 40/41 | €1,526 | €5,410 | +€3,884 | +255% |
| Trade receivables | 40 | €1,526 | - | -€1,526 | |
| Other amounts receivable | 41 | - | €5,410 | +€5,410 | |
| Cash at bank and in hand | 54/58 | - | €1,649 | +€1,649 | |
| Deferred charges and accrued income | 490/1 | €350 | - | -€350 | |
| Total equity and liabilities | 10/49 | €303,393 | €13,735 | -€289,659 | -95.5% |
| Equity | 10/15 | €42,652 | -€49,448 | -€92,100 | |
| Contributions | 10/11 | €74,400 | €74,400 | = | 0.0% |
| Reserves | 13 | €13,440 | €13,440 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,440 | €7,440 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,440 | €7,440 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€45,188 | -€137,288 | -€92,100 | -204% |
| Amounts payable | 17/49 | €260,741 | €63,182 | -€197,559 | -75.8% |
| Amounts payable after more than one year | 17 | €178,974 | €26,385 | -€152,589 | -85.3% |
| Financial debts | 170/4 | €17,336 | - | -€17,336 | |
| Other amounts payable | 178/9 | €161,638 | €26,385 | -€135,253 | -83.7% |
| Amounts payable within one year | 42/48 | €58,288 | €13,318 | -€44,970 | -77.2% |
| Current portion of amounts payable after more than one year | 42 | - | €8,757 | +€8,757 | |
| Financial debts | 43 | €210 | - | -€210 | |
| Credit institutions | 430/8 | €210 | - | -€210 | |
| Trade debts | 44 | €781 | €1,000 | +€219 | +28.0% |
| Suppliers | 440/4 | €781 | €1,000 | +€219 | +28.0% |
| Taxes, remuneration and social security | 45 | €405 | €3,561 | +€3,156 | +779% |
| Taxes | 450/3 | €405 | €3,561 | +€3,156 | +779% |
| Other amounts payable | 47/48 | €56,892 | - | -€56,892 | |
| Accrued charges and deferred income | 492/3 | €23,479 | €23,479 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,288 | €843 | -€6,445 | -88.4% |
| Other operating charges | 640/8 | €4,973 | €4,471 | -€503 | -10.1% |
| Gross operating margin | 9900 | -€14,219 | €42,110 | +€56,330 | |
| Operating profit (loss) | 9901 | -€26,481 | €36,796 | +€63,277 | |
| Financial charges | 65/66B | €634 | €123,797 | +€123,163 | +19,435% |
| Recurring financial charges | 65 | €634 | €123,797 | +€123,163 | +19,435% |
| Profit (loss) for the period before taxes | 9903 | -€27,115 | -€87,000 | -€59,885 | -221% |
| Income taxes | 67/77 | - | €5,099 | +€5,099 | |
| Profit (loss) for the period | 9904 | -€27,115 | -€92,100 | -€64,985 | -240% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,115 | -€92,100 | -€64,985 | -240% |
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 14 October 2026 via checked.be.