PJ VDB: 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.
PJ VDB
Largest movements
- Receivables within one year +€21,315
new in 2025: €21,315
of which Trade receivables: +€20,133
- Tangible fixed assets +€18,786
up €18,786 (+1794.4%), from €1,047 to €19,833
of which Leasing and similar rights: +€19,085
- Cash +€4,528
up €4,528 (+12.1%), from €37,334 to €41,862
mainly Net result for the year (+€24,990) and Debts after one year (+€9,505)
- Reserves +€24,157
up €24,157 (+101.0%), from €23,923 to €48,080
- Debts after one year +€9,505
new in 2025: €9,505
- Current portion of long-term debt +€5,755
new in 2025: €5,755
- Trade debts +€3,807
up €3,807 (+321.1%), from €1,186 to €4,993
- Tax, wage and social debts +€1,497
up €1,497 (+15.9%), from €9,430 to €10,927
- Gross operating margin +€11,718
up €11,718 (+35.4%), from €33,058 to €44,776
- Depreciation +€3,228
up €3,228 (+4192.9%), from €77 to €3,305
- Taxes +€3,137
up €3,137 (+47.8%), from €6,557 to €9,694
- Other operating charges +€2,453
up €2,453 (+206.2%), from €1,190 to €3,643
- Financial charges +€1,848
up €1,848 (+141.0%), from €1,311 to €3,159
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 | €40,358 | €85,094 | +€44,736 | +110.8% |
| Fixed assets | 21/28 | €1,047 | €19,833 | +€18,786 | +1794.4% |
| Tangible fixed assets | 22/27 | €1,047 | €19,833 | +€18,786 | +1794.4% |
| Furniture and vehicles | 24 | €1,047 | €748 | -€299 | -28.5% |
| Leasing and similar rights | 25 | - | €19,085 | +€19,085 | |
| Current assets | 29/58 | €39,311 | €65,261 | +€25,950 | +66.0% |
| Amounts receivable within one year | 40/41 | - | €21,315 | +€21,315 | |
| Trade receivables | 40 | - | €20,133 | +€20,133 | |
| Other amounts receivable | 41 | - | €1,182 | +€1,182 | |
| Cash at bank and in hand | 54/58 | €37,334 | €41,862 | +€4,528 | +12.1% |
| Deferred charges and accrued income | 490/1 | €1,977 | €2,084 | +€107 | +5.4% |
| Total equity and liabilities | 10/49 | €40,358 | €85,094 | +€44,736 | +110.8% |
| Equity | 10/15 | €28,923 | €53,080 | +€24,157 | +83.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €23,923 | €48,080 | +€24,157 | +101.0% |
| Distributable reserves | 133 | €23,923 | €48,080 | +€24,157 | +101.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €11,435 | €32,014 | +€20,579 | +180.0% |
| Amounts payable after more than one year | 17 | - | €9,505 | +€9,505 | |
| Financial debts | 170/4 | - | €9,505 | +€9,505 | |
| Amounts payable within one year | 42/48 | €11,406 | €22,509 | +€11,103 | +97.3% |
| Current portion of amounts payable after more than one year | 42 | - | €5,755 | +€5,755 | |
| Trade debts | 44 | €1,186 | €4,993 | +€3,807 | +321.1% |
| Suppliers | 440/4 | €1,186 | €4,993 | +€3,807 | +321.1% |
| Taxes, remuneration and social security | 45 | €9,430 | €10,927 | +€1,497 | +15.9% |
| Taxes | 450/3 | €9,430 | €10,927 | +€1,497 | +15.9% |
| Other amounts payable | 47/48 | €790 | €833 | +€43 | +5.5% |
| Accrued charges and deferred income | 492/3 | €29 | €0 | -€29 | -100.0% |
| Remuneration, social security and pensions | 62 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77 | €3,305 | +€3,228 | +4192.9% |
| Other operating charges | 640/8 | €1,190 | €3,643 | +€2,453 | +206.2% |
| Gross operating margin | 9900 | €33,058 | €44,776 | +€11,718 | +35.4% |
| Operating profit (loss) | 9901 | €31,791 | €37,829 | +€6,037 | +19.0% |
| Financial income | 75/76B | - | €15 | +€15 | |
| Recurring financial income | 75 | - | €15 | +€15 | |
| Financial charges | 65/66B | €1,311 | €3,159 | +€1,848 | +141.0% |
| Recurring financial charges | 65 | €1,311 | €3,159 | +€1,848 | +141.0% |
| Profit (loss) for the period before taxes | 9903 | €30,480 | €34,685 | +€4,204 | +13.8% |
| Income taxes | 67/77 | €6,557 | €9,694 | +€3,137 | +47.8% |
| Profit (loss) for the period | 9904 | €23,923 | €24,990 | +€1,067 | +4.5% |
| Profit (loss) for the period to be appropriated | 9905 | €23,923 | €24,990 | +€1,067 | +4.5% |
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 10 October 2026 via checked.be.