V&J GROUP: 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.
What changed
V&J GROUP
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.4m
2024 · €16,569+€1.3m
Equity
€2.0m
2024 · €662,846+€1.4m
Cash
€800,376
2024 · €238,150+€562,225
Balance sheet total
€4.9m
2024 · €2.7m+€2.3m
Largest movements
Assets
- Tangible fixed assets +€2.0m
up €2.0m (+102%), from €2.0m to €4.0m
of which Land and buildings: +€1.8m
- Cash +€562,225
up €562,225 (+236%), from €238,150 to €800,376
mainly Net result for the year (+€1.4m) and Provisions (+€480,362)
- Receivables within one year -€314,914
down €314,914 (-66.8%), from €471,264 to €156,349
of which Other amounts receivable: -€252,781
Equity and liabilities
- Reserves +€1.4m
up €1.4m (+216%), from €625,714 to €2.0m
of which Tax-exempt reserves: +€1.4m
- Provisions +€480,362
up €480,362 (+1,475%), from €32,575 to €512,937
- Debts after one year +€352,026
up €352,026 (+31.6%), from €1.1m to €1.5m
of which Financial debts: +€352,026
- Other debts +€80,638
up €80,638 (+11.2%), from €720,168 to €800,806
Income statement
- Gross operating margin +€2.0m
new in 2025: €2.0m
- Turnover -€476,983
no longer reported in 2025 (was €476,983)
- Services and other goods -€195,460
no longer reported in 2025 (was €195,460)
- Goods and materials -€115,764
no longer reported in 2025 (was €115,764)
- Financial charges +€26,045
up €26,045 (+78.4%), from €33,234 to €59,279
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.
Result 2024
€16,569
Turnover
-€476,983
Other operating income
-€18,513
Goods and materials
+€115,764
Services and other goods
+€195,460
Depreciation
-€12,225
Other operating charges
+€6,398
Other operating items
+€2.0m
Financial income
-€3,969
Financial charges
-€26,045
Taxes
+€20,858
Deferred taxes and other
-€482,172
Result 2025
€1.4m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€2.3m
Investment
-€2.1m
Financing
+€383,004
Cash 2024
€238,150
From operations (derived)
+€2.3m
Net result for the year
+€1.4m
Depreciation
+€111,088
Receivables within one year
+€314,914
Deferred charges and accrued income
-€18,637
Provisions
+€480,362
Trade debts
-€22,011
Tax, wage and social debts
-€5,716
Other debts
+€80,638
Accrued charges and deferred income
-€428
Investment (derived)
-€2.1m
Investment in fixed assets (net)
-€2.1m
Financing
+€383,004
Debts after one year
+€352,026
Current portion of long-term debt
+€30,977
Cash 2025
€800,376
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,676,126 | €4,943,227 | +€2.3m | +84.7% |
| Fixed assets | 21/28 | €1,964,295 | €3,965,449 | +€2.0m | +102% |
| Tangible fixed assets | 22/27 | €1,964,295 | €3,965,449 | +€2.0m | +102% |
| Land and buildings | 22 | €1,844,228 | €3,673,906 | +€1.8m | +99.2% |
| Plant, machinery and equipment | 23 | - | €98,722 | +€98,722 | |
| Furniture and vehicles | 24 | - | €110,995 | +€110,995 | |
| Leasing and similar rights | 25 | €120,067 | €81,826 | -€38,241 | -31.8% |
| Current assets | 29/58 | €711,830 | €977,778 | +€265,948 | +37.4% |
| Amounts receivable within one year | 40/41 | €471,264 | €156,349 | -€314,914 | -66.8% |
| Trade receivables | 40 | €62,133 | - | -€62,133 | |
| Other amounts receivable | 41 | €409,131 | €156,349 | -€252,781 | -61.8% |
| Cash at bank and in hand | 54/58 | €238,150 | €800,376 | +€562,225 | +236% |
| Deferred charges and accrued income | 490/1 | €2,416 | €21,053 | +€18,637 | +771% |
| Total equity and liabilities | 10/49 | €2,676,126 | €4,943,227 | +€2.3m | +84.7% |
| Equity | 10/15 | €662,846 | €2,014,100 | +€1.4m | +204% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | - | €18,600 | +€18,600 | |
| Other | 1109/19 | - | €18,600 | +€18,600 | |
| Reserves | 13 | €625,714 | €1,976,967 | +€1.4m | +216% |
| Tax-exempt reserves | 132 | €97,726 | €1,538,812 | +€1.4m | +1,475% |
| Distributable reserves | 133 | €527,987 | €438,155 | -€89,833 | -17.0% |
| Profit (loss) carried forward | 14 | €18,533 | €18,533 | = | 0.0% |
| Provisions and deferred taxes | 16 | €32,575 | €512,937 | +€480,362 | +1,475% |
| Deferred taxes | 168 | €32,575 | €512,937 | +€480,362 | +1,475% |
| Amounts payable | 17/49 | €1,980,704 | €2,416,190 | +€435,487 | +22.0% |
| Amounts payable after more than one year | 17 | €1,113,282 | €1,465,308 | +€352,026 | +31.6% |
| Financial debts | 170/4 | €1,098,382 | €1,450,408 | +€352,026 | +32.0% |
| Leasing and similar obligations | 172 | €80,463 | - | -€80,463 | |
| Credit institutions | 173 | €1,017,919 | - | -€1.0m | |
| Other amounts payable | 178/9 | €14,900 | €14,900 | = | 0.0% |
| Amounts payable within one year | 42/48 | €866,972 | €950,860 | +€83,889 | +9.7% |
| Current portion of amounts payable after more than one year | 42 | €92,049 | €123,027 | +€30,977 | +33.7% |
| Trade debts | 44 | €26,070 | €4,058 | -€22,011 | -84.4% |
| Suppliers | 440/4 | €26,070 | €4,058 | -€22,011 | -84.4% |
| Taxes, remuneration and social security | 45 | €28,685 | €22,969 | -€5,716 | -19.9% |
| Taxes | 450/3 | €28,685 | €22,969 | -€5,716 | -19.9% |
| Other amounts payable | 47/48 | €720,168 | €800,806 | +€80,638 | +11.2% |
| Accrued charges and deferred income | 492/3 | €450 | €22 | -€428 | -95.2% |
| Operating income | 70/76A | €495,496 | - | -€495,496 | |
| Turnover | 70 | €476,983 | - | -€476,983 | |
| Other operating income | 74 | €18,513 | - | -€18,513 | |
| Non-recurring operating income | 76A | - | €2,093,601 | +€2.1m | |
| Operating charges | 60/66A | €436,290 | - | -€436,290 | |
| Goods for resale, raw materials and consumables | 60 | €115,764 | - | -€115,764 | |
| Purchases | 600/8 | €115,764 | - | -€115,764 | |
| Services and other goods | 61 | €195,460 | - | -€195,460 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,863 | €111,088 | +€12,225 | +12.4% |
| Other operating charges | 640/8 | €26,202 | €19,804 | -€6,398 | -24.4% |
| Non-recurring operating charges | 66A | - | €1,000 | +€1,000 | |
| Gross operating margin | 9900 | - | €2,017,110 | +€2.0m | |
| Operating profit (loss) | 9901 | €59,206 | €1,885,217 | +€1.8m | +3,084% |
| Financial income | 75/76B | €3,984 | €16 | -€3,969 | -99.6% |
| Recurring financial income | 75 | €3,984 | €16 | -€3,969 | -99.6% |
| Income from current assets | 751 | €3,848 | - | -€3,848 | |
| Other financial income | 752/9 | €136 | - | -€136 | |
| Financial charges | 65/66B | €33,234 | €59,279 | +€26,045 | +78.4% |
| Recurring financial charges | 65 | €33,234 | €59,279 | +€26,045 | +78.4% |
| Debt charges | 650 | €33,234 | - | -€33,234 | |
| Profit (loss) for the period before taxes | 9903 | €29,956 | €1,825,954 | +€1.8m | +5,995% |
| Transfer from deferred taxes | 780 | €1,810 | €27,187 | +€25,377 | +1,402% |
| Transfer to deferred taxes | 680 | - | €507,549 | +€507,549 | |
| Income taxes | 67/77 | €15,196 | -€5,662 | -€20,858 | |
| Taxes | 670/3 | €15,196 | - | -€15,196 | |
| Profit (loss) for the period | 9904 | €16,569 | €1,351,253 | +€1.3m | +8,055% |
| Transfer from tax-exempt reserves | 789 | €5,429 | €81,562 | +€76,132 | +1,402% |
| Transfer to tax-exempt reserves | 689 | - | €1,522,648 | +€1.5m | |
| Profit (loss) for the period to be appropriated | 9905 | €21,999 | -€89,833 | -€111,831 |
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 27 October 2026 via checked.be.