Jef V.R.: 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.
Jef V.R.
Largest movements
- Cash +€8.3m
up €8.3m (+609%), from €1.4m to €9.6m
mainly Net result for the year (+€8.4m) and Tax, wage and social debts (+€843,679)
- Receivables within one year +€1.0m
up €1.0m (+50.7%), from €2.0m to €3.0m
of which Other amounts receivable: +€901,340
- Tangible fixed assets -€193,777
no longer reported in 2025 (was €193,777)
- Financial fixed assets +€193,777
up €193,777 (+5.7%), from €3.4m to €3.6m
- Reserves +€8.4m
up €8.4m (+129%), from €6.6m to €15.0m
of which Distributable reserves: +€8.4m
- Tax, wage and social debts +€843,679
up €843,679 (+2,620%), from €32,196 to €875,875
- Financial income +€9.1m
up €9.1m (+15,543%), from €58,444 to €9.1m
- Taxes +€847,221
up €847,221 (+1,042%), from €81,314 to €928,535
- Depreciation -€6,598
no longer reported in 2025 (was €6,598)
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 | €6,966,434 | €16,242,687 | +€9.3m | +133% |
| Fixed assets | 21/28 | €3,593,777 | €3,593,777 | = | 0.0% |
| Tangible fixed assets | 22/27 | €193,777 | - | -€193,777 | |
| Land and buildings | 22 | €193,777 | - | -€193,777 | |
| Financial fixed assets | 28 | €3,400,000 | €3,593,777 | +€193,777 | +5.7% |
| Current assets | 29/58 | €3,372,657 | €12,648,910 | +€9.3m | +275% |
| Amounts receivable within one year | 40/41 | €2,018,056 | €3,040,396 | +€1.0m | +50.7% |
| Trade receivables | 40 | - | €121,000 | +€121,000 | |
| Other amounts receivable | 41 | €2,018,056 | €2,919,396 | +€901,340 | +44.7% |
| Cash at bank and in hand | 54/58 | €1,354,601 | €9,608,514 | +€8.3m | +609% |
| Total equity and liabilities | 10/49 | €6,966,434 | €16,242,687 | +€9.3m | +133% |
| Equity | 10/15 | €6,568,640 | €15,001,215 | +€8.4m | +128% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €6,550,040 | €14,982,615 | +€8.4m | +129% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €6,548,180 | €14,980,755 | +€8.4m | +129% |
| Amounts payable | 17/49 | €397,794 | €1,241,472 | +€843,679 | +212% |
| Amounts payable within one year | 42/48 | €397,794 | €1,241,472 | +€843,679 | +212% |
| Current portion of amounts payable after more than one year | 42 | €275,000 | €275,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €32,196 | €875,875 | +€843,679 | +2,620% |
| Taxes | 450/3 | €32,196 | €875,875 | +€843,679 | +2,620% |
| Other amounts payable | 47/48 | €90,598 | €90,598 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,598 | - | -€6,598 | |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Gross operating margin | 9900 | €220,379 | €220,465 | +€86 | 0.0% |
| Operating profit (loss) | 9901 | €213,663 | €220,345 | +€6,682 | +3.1% |
| Financial income | 75/76B | €58,444 | €9,142,522 | +€9.1m | +15,543% |
| Recurring financial income | 75 | €58,444 | €9,142,522 | +€9.1m | +15,543% |
| Financial charges | 65/66B | €2,264 | €1,759 | -€505 | -22.3% |
| Recurring financial charges | 65 | €2,264 | €1,759 | -€505 | -22.3% |
| Profit (loss) for the period before taxes | 9903 | €269,843 | €9,361,109 | +€9.1m | +3,369% |
| Income taxes | 67/77 | €81,314 | €928,535 | +€847,221 | +1,042% |
| Profit (loss) for the period | 9904 | €188,529 | €8,432,574 | +€8.2m | +4,373% |
| Profit (loss) for the period to be appropriated | 9905 | €188,529 | €8,432,574 | +€8.2m | +4,373% |
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 13 October 2026 via checked.be.