VZN: 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.
VZN
Largest movements
- Receivables within one year -€13,267
down €13,267 (-68.4%), from €19,405 to €6,138
of which Trade receivables: -€13,270
- Tangible fixed assets +€10,547
up €10,547 (+14.3%), from €73,918 to €84,465
of which Plant, machinery and equipment: +€7,257
- Cash -€2,387
down €2,387 (-33.8%), from €7,071 to €4,684
mainly Investment in fixed assets (net) (-€35,661) and Debts after one year (-€33,333)
- Debts after one year -€33,333
down €33,333 (-57.1%), from €58,333 to €25,000
- Profit (loss) carried forward +€14,031
up €14,031 (+5.3%), from -€264,135 to -€250,104
- Other debts +€12,968
up €12,968 (+6.2%), from €207,792 to €220,760
- Trade debts +€1,169
up €1,169 (+960.8%), from €122 to €1,291
- Gross operating margin -€6,084
down €6,084 (-11.3%), from €53,916 to €47,832
- Depreciation +€3,747
up €3,747 (+17.5%), from €21,367 to €25,114
- Financial charges -€1,568
down €1,568 (-25.8%), from €6,076 to €4,508
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 | €106,518 | €101,637 | -€4,881 | -4.6% |
| Fixed assets | 21/28 | €73,918 | €84,465 | +€10,547 | +14.3% |
| Tangible fixed assets | 22/27 | €73,918 | €84,465 | +€10,547 | +14.3% |
| Land and buildings | 22 | €73,918 | €75,019 | +€1,101 | +1.5% |
| Plant, machinery and equipment | 23 | - | €7,257 | +€7,257 | |
| Furniture and vehicles | 24 | - | €2,189 | +€2,189 | |
| Current assets | 29/58 | €32,600 | €17,172 | -€15,428 | -47.3% |
| Amounts receivable within one year | 40/41 | €19,405 | €6,138 | -€13,267 | -68.4% |
| Trade receivables | 40 | €19,405 | €6,135 | -€13,270 | -68.4% |
| Other amounts receivable | 41 | €0 | €3 | +€3 | |
| Cash at bank and in hand | 54/58 | €7,071 | €4,684 | -€2,387 | -33.8% |
| Deferred charges and accrued income | 490/1 | €6,124 | €6,350 | +€226 | +3.7% |
| Total equity and liabilities | 10/49 | €106,518 | €101,637 | -€4,881 | -4.6% |
| Equity | 10/15 | -€193,063 | -€179,032 | +€14,031 | +7.3% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €9,572 | €9,572 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €3,422 | €3,422 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€264,135 | -€250,104 | +€14,031 | +5.3% |
| Amounts payable | 17/49 | €299,580 | €280,668 | -€18,912 | -6.3% |
| Amounts payable after more than one year | 17 | €58,333 | €25,000 | -€33,333 | -57.1% |
| Financial debts | 170/4 | €58,333 | €25,000 | -€33,333 | -57.1% |
| Amounts payable within one year | 42/48 | €241,247 | €255,668 | +€14,421 | +6.0% |
| Current portion of amounts payable after more than one year | 42 | €33,333 | €33,333 | = | 0.0% |
| Trade debts | 44 | €122 | €1,291 | +€1,169 | +960.8% |
| Suppliers | 440/4 | €122 | €1,291 | +€1,169 | +960.8% |
| Taxes, remuneration and social security | 45 | - | €285 | +€285 | |
| Taxes | 450/3 | - | €285 | +€285 | |
| Other amounts payable | 47/48 | €207,792 | €220,760 | +€12,968 | +6.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,367 | €25,114 | +€3,747 | +17.5% |
| Other operating charges | 640/8 | €4,062 | €4,187 | +€126 | +3.1% |
| Gross operating margin | 9900 | €53,916 | €47,832 | -€6,084 | -11.3% |
| Operating profit (loss) | 9901 | €28,488 | €18,530 | -€9,957 | -35.0% |
| Financial income | 75/76B | €7 | €8 | +€1 | +15.5% |
| Recurring financial income | 75 | €7 | €8 | +€1 | +15.5% |
| Financial charges | 65/66B | €6,076 | €4,508 | -€1,568 | -25.8% |
| Recurring financial charges | 65 | €6,076 | €4,508 | -€1,568 | -25.8% |
| Profit (loss) for the period before taxes | 9903 | €22,419 | €14,031 | -€8,388 | -37.4% |
| Income taxes | 67/77 | €2 | €0 | -€2 | -100.0% |
| Profit (loss) for the period | 9904 | €22,417 | €14,031 | -€8,386 | -37.4% |
| Profit (loss) for the period to be appropriated | 9905 | €22,417 | €14,031 | -€8,386 | -37.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.