VZUS: 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.
VZUS
Largest movements
- Cash +€12,659
up €12,659 (+41.5%), from €30,482 to €43,141
mainly Net result for the year (+€7,381) and Depreciation (+€2,825)
- Receivables within one year -€2,147
down €2,147 (-10.7%), from €20,100 to €17,953
of which Trade receivables: -€1,909
- Reserves +€7,381
up €7,381 (+19.9%), from €37,137 to €44,517
- Tax, wage and social debts +€2,705
up €2,705 (+86.9%), from €3,113 to €5,818
- Trade debts +€733
up €733 (+34.3%), from €2,138 to €2,871
- Financial charges +€2,427
up €2,427 (+187.3%), from €1,296 to €3,723
- Depreciation +€979
up €979 (+53.1%), from €1,846 to €2,825
- Gross operating margin +€472
up €472 (+2.9%), from €16,316 to €16,788
- Taxes -€455
down €455 (-14.4%), from €3,160 to €2,705
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 | €56,379 | €67,158 | +€10,779 | +19.1% |
| Fixed assets | 21/28 | €5,213 | €5,272 | +€59 | +1.1% |
| Tangible fixed assets | 22/27 | €5,213 | €5,272 | +€59 | +1.1% |
| Plant, machinery and equipment | 23 | €3,275 | €2,565 | -€710 | -21.7% |
| Furniture and vehicles | 24 | €1,938 | €2,707 | +€769 | +39.7% |
| Current assets | 29/58 | €51,166 | €61,886 | +€10,720 | +21.0% |
| Amounts receivable within one year | 40/41 | €20,100 | €17,953 | -€2,147 | -10.7% |
| Trade receivables | 40 | €19,856 | €17,947 | -€1,909 | -9.6% |
| Other amounts receivable | 41 | €244 | €6 | -€238 | -97.7% |
| Cash at bank and in hand | 54/58 | €30,482 | €43,141 | +€12,659 | +41.5% |
| Deferred charges and accrued income | 490/1 | €584 | €792 | +€208 | +35.5% |
| Total equity and liabilities | 10/49 | €56,379 | €67,158 | +€10,779 | +19.1% |
| Equity | 10/15 | €38,137 | €45,517 | +€7,381 | +19.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €37,137 | €44,517 | +€7,381 | +19.9% |
| Distributable reserves | 133 | €37,137 | €44,517 | +€7,381 | +19.9% |
| Amounts payable | 17/49 | €18,242 | €21,640 | +€3,398 | +18.6% |
| Amounts payable within one year | 42/48 | €17,511 | €20,788 | +€3,278 | +18.7% |
| Trade debts | 44 | €2,138 | €2,871 | +€733 | +34.3% |
| Suppliers | 440/4 | €2,138 | €2,871 | +€733 | +34.3% |
| Taxes, remuneration and social security | 45 | €3,113 | €5,818 | +€2,705 | +86.9% |
| Taxes | 450/3 | €3,113 | €5,818 | +€2,705 | +86.9% |
| Other amounts payable | 47/48 | €12,260 | €12,099 | -€161 | -1.3% |
| Accrued charges and deferred income | 492/3 | €732 | €852 | +€120 | +16.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,846 | €2,825 | +€979 | +53.1% |
| Other operating charges | 640/8 | €118 | €154 | +€37 | +31.2% |
| Gross operating margin | 9900 | €16,316 | €16,788 | +€472 | +2.9% |
| Operating profit (loss) | 9901 | €14,353 | €13,809 | -€544 | -3.8% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €1,296 | €3,723 | +€2,427 | +187.3% |
| Recurring financial charges | 65 | €1,296 | €3,723 | +€2,427 | +187.3% |
| Profit (loss) for the period before taxes | 9903 | €13,057 | €10,086 | -€2,971 | -22.8% |
| Income taxes | 67/77 | €3,160 | €2,705 | -€455 | -14.4% |
| Profit (loss) for the period | 9904 | €9,897 | €7,381 | -€2,517 | -25.4% |
| Profit (loss) for the period to be appropriated | 9905 | €9,897 | €7,381 | -€2,517 | -25.4% |
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 29 September 2026 via checked.be.