V.J.B. Concept: 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.
V.J.B. Concept
Largest movements
- Tangible fixed assets +€451,757
up €451,757 (+72.7%), from €621,166 to €1.1m
of which Assets under construction and advance payments: +€477,666
- Receivables within one year +€34,670
up €34,670 (+27.4%), from €126,475 to €161,145
of which Trade receivables: +€39,862
- Cash -€19,939
down €19,939 (-64.7%), from €30,794 to €10,855
mainly Investment in fixed assets (net) (-€484,782) and Receivables within one year (-€34,670)
- Debts after one year +€274,856
up €274,856 (+66.2%), from €414,910 to €689,766
- Reserves +€131,893
up €131,893 (+54.3%), from €242,873 to €374,766
- Other debts +€36,215
up €36,215 (+148%), from €24,549 to €60,764
- Current portion of long-term debt +€15,608
up €15,608 (+21.2%), from €73,788 to €89,396
- Gross operating margin +€62,880
up €62,880 (+33.9%), from €185,238 to €248,118
- Taxes +€17,622
up €17,622 (+59.2%), from €29,762 to €47,384
- Financial charges +€3,542
up €3,542 (+13.0%), from €27,271 to €30,812
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 | €823,794 | €1,279,183 | +€455,390 | +55.3% |
| Fixed assets | 21/28 | €621,166 | €1,072,922 | +€451,757 | +72.7% |
| Tangible fixed assets | 22/27 | €621,166 | €1,072,922 | +€451,757 | +72.7% |
| Land and buildings | 22 | €256,666 | €255,947 | -€719 | -0.3% |
| Plant, machinery and equipment | 23 | €12,006 | €2,705 | -€9,300 | -77.5% |
| Furniture and vehicles | 24 | €22,782 | €8,565 | -€14,218 | -62.4% |
| Other tangible fixed assets | 26 | €6,186 | €4,513 | -€1,672 | -27.0% |
| Assets under construction and advance payments | 27 | €323,526 | €801,192 | +€477,666 | +148% |
| Current assets | 29/58 | €202,628 | €206,261 | +€3,633 | +1.8% |
| Amounts receivable within one year | 40/41 | €126,475 | €161,145 | +€34,670 | +27.4% |
| Trade receivables | 40 | €121,227 | €161,088 | +€39,862 | +32.9% |
| Other amounts receivable | 41 | €5,248 | €57 | -€5,191 | -98.9% |
| Cash at bank and in hand | 54/58 | €30,794 | €10,855 | -€19,939 | -64.7% |
| Deferred charges and accrued income | 490/1 | €45,359 | €34,261 | -€11,098 | -24.5% |
| Total equity and liabilities | 10/49 | €823,794 | €1,279,183 | +€455,390 | +55.3% |
| Equity | 10/15 | €261,423 | €393,316 | +€131,893 | +50.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €242,873 | €374,766 | +€131,893 | +54.3% |
| Distributable reserves | 133 | €242,873 | €374,766 | +€131,893 | +54.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €562,371 | €885,868 | +€323,497 | +57.5% |
| Amounts payable after more than one year | 17 | €414,910 | €689,766 | +€274,856 | +66.2% |
| Financial debts | 170/4 | €414,910 | €689,766 | +€274,856 | +66.2% |
| Amounts payable within one year | 42/48 | €145,745 | €193,643 | +€47,898 | +32.9% |
| Current portion of amounts payable after more than one year | 42 | €73,788 | €89,396 | +€15,608 | +21.2% |
| Trade debts | 44 | €22,415 | €21,518 | -€897 | -4.0% |
| Suppliers | 440/4 | €22,415 | €21,518 | -€897 | -4.0% |
| Taxes, remuneration and social security | 45 | €24,994 | €21,965 | -€3,029 | -12.1% |
| Taxes | 450/3 | €18,182 | €14,623 | -€3,559 | -19.6% |
| Remuneration and social security | 454/9 | €6,812 | €7,342 | +€530 | +7.8% |
| Other amounts payable | 47/48 | €24,549 | €60,764 | +€36,215 | +148% |
| Accrued charges and deferred income | 492/3 | €1,716 | €2,459 | +€744 | +43.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,368 | €33,026 | -€1,343 | -3.9% |
| Other operating charges | 640/8 | €5,181 | €5,004 | -€178 | -3.4% |
| Gross operating margin | 9900 | €185,238 | €248,118 | +€62,880 | +33.9% |
| Operating profit (loss) | 9901 | €145,688 | €210,089 | +€64,400 | +44.2% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €27,271 | €30,812 | +€3,542 | +13.0% |
| Recurring financial charges | 65 | €27,271 | €30,812 | +€3,542 | +13.0% |
| Profit (loss) for the period before taxes | 9903 | €118,418 | €179,277 | +€60,859 | +51.4% |
| Income taxes | 67/77 | €29,762 | €47,384 | +€17,622 | +59.2% |
| Profit (loss) for the period | 9904 | €88,656 | €131,893 | +€43,237 | +48.8% |
| Profit (loss) for the period to be appropriated | 9905 | €88,656 | €131,893 | +€43,237 | +48.8% |
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 24 October 2026 via checked.be.