V.J.T.: 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.T.
Largest movements
- Tangible fixed assets +€437,844
up €437,844 (+297%), from €147,316 to €585,160
of which Land and buildings: +€411,689
- Receivables within one year -€57,739
down €57,739 (-65.5%), from €88,175 to €30,436
of which Other amounts receivable: -€48,346
- Cash -€30,608
down €30,608 (-87.7%), from €34,905 to €4,297
mainly Investment in fixed assets (net) (-€459,861) and Tax, wage and social debts (-€15,223)
- Stocks and contracts +€12,301
up €12,301 (+48.9%), from €25,166 to €37,467
of which Contracts in progress: +€7,831
- Reserves +€209,680
up €209,680 (+41.4%), from €506,731 to €716,411
of which Distributable reserves: +€200,413
- Debts after one year +€122,612
up €122,612 (+87.1%), from €140,757 to €263,369
- Provisions +€24,293
new in 2025: €24,293
- Tax, wage and social debts -€15,223
down €15,223 (-27.3%), from €55,756 to €40,533
of which Taxes: -€15,598
- Current portion of long-term debt +€12,896
up €12,896 (+21.9%), from €58,756 to €71,651
- Financial income -€44,995
down €44,995 (-100.0%), from €45,000 to €5
- Gross operating margin -€37,171
down €37,171 (-22.3%), from €166,506 to €129,334
- Other operating charges +€26,035
up €26,035 (+841%), from €3,095 to €29,130
- Taxes -€23,624
down €23,624 (-80.9%), from €29,185 to €5,562
- Financial charges +€3,082
up €3,082 (+47.2%), from €6,526 to €9,607
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 | €797,479 | €1,159,405 | +€361,926 | +45.4% |
| Fixed assets | 21/28 | €647,316 | €1,085,160 | +€437,844 | +67.6% |
| Tangible fixed assets | 22/27 | €147,316 | €585,160 | +€437,844 | +297% |
| Land and buildings | 22 | €87,747 | €499,436 | +€411,689 | +469% |
| Plant, machinery and equipment | 23 | €2,829 | €2,115 | -€714 | -25.2% |
| Furniture and vehicles | 24 | €56,740 | €83,608 | +€26,868 | +47.4% |
| Financial fixed assets | 28 | €500,000 | €500,000 | = | 0.0% |
| Current assets | 29/58 | €150,162 | €74,245 | -€75,917 | -50.6% |
| Stocks and contracts in progress | 3 | €25,166 | €37,467 | +€12,301 | +48.9% |
| Stocks | 30/36 | - | €4,469 | +€4,469 | |
| Contracts in progress | 37 | €25,166 | €32,998 | +€7,831 | +31.1% |
| Amounts receivable within one year | 40/41 | €88,175 | €30,436 | -€57,739 | -65.5% |
| Trade receivables | 40 | €33,697 | €24,303 | -€9,393 | -27.9% |
| Other amounts receivable | 41 | €54,478 | €6,133 | -€48,346 | -88.7% |
| Cash at bank and in hand | 54/58 | €34,905 | €4,297 | -€30,608 | -87.7% |
| Deferred charges and accrued income | 490/1 | €1,916 | €2,045 | +€129 | +6.7% |
| Total equity and liabilities | 10/49 | €797,479 | €1,159,405 | +€361,926 | +45.4% |
| Equity | 10/15 | €512,931 | €724,751 | +€211,820 | +41.3% |
| Contributions | 10/11 | €6,200 | €8,340 | +€2,140 | +34.5% |
| Reserves | 13 | €506,731 | €716,411 | +€209,680 | +41.4% |
| Tax-exempt reserves | 132 | - | €9,267 | +€9,267 | |
| Distributable reserves | 133 | €506,731 | €707,144 | +€200,413 | +39.6% |
| Provisions and deferred taxes | 16 | - | €24,293 | +€24,293 | |
| Deferred taxes | 168 | - | €24,293 | +€24,293 | |
| Amounts payable | 17/49 | €284,547 | €410,361 | +€125,813 | +44.2% |
| Amounts payable after more than one year | 17 | €140,757 | €263,369 | +€122,612 | +87.1% |
| Financial debts | 170/4 | €140,757 | €263,369 | +€122,612 | +87.1% |
| Amounts payable within one year | 42/48 | €142,989 | €144,962 | +€1,973 | +1.4% |
| Current portion of amounts payable after more than one year | 42 | €58,756 | €71,651 | +€12,896 | +21.9% |
| Trade debts | 44 | €4,819 | €12,410 | +€7,590 | +157% |
| Suppliers | 440/4 | €4,819 | €12,410 | +€7,590 | +157% |
| Taxes, remuneration and social security | 45 | €55,756 | €40,533 | -€15,223 | -27.3% |
| Taxes | 450/3 | €44,926 | €29,329 | -€15,598 | -34.7% |
| Remuneration and social security | 454/9 | €10,830 | €11,205 | +€375 | +3.5% |
| Other amounts payable | 47/48 | €23,658 | €20,367 | -€3,290 | -13.9% |
| Accrued charges and deferred income | 492/3 | €802 | €2,030 | +€1,228 | +153% |
| Remuneration, social security and pensions | 62 | €49,311 | €50,752 | +€1,441 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,520 | €22,017 | +€2,498 | +12.8% |
| Other operating charges | 640/8 | €3,095 | €29,130 | +€26,035 | +841% |
| Gross operating margin | 9900 | €166,506 | €129,334 | -€37,171 | -22.3% |
| Operating profit (loss) | 9901 | €94,579 | €27,435 | -€67,145 | -71.0% |
| Financial income | 75/76B | €45,000 | €5 | -€44,995 | -100.0% |
| Recurring financial income | 75 | €45,000 | €5 | -€44,995 | -100.0% |
| Financial charges | 65/66B | €6,526 | €9,607 | +€3,082 | +47.2% |
| Recurring financial charges | 65 | €6,526 | €9,607 | +€3,082 | +47.2% |
| Profit (loss) for the period before taxes | 9903 | €133,054 | €17,832 | -€115,222 | -86.6% |
| Transfer from deferred taxes | 780 | - | €582 | +€582 | |
| Income taxes | 67/77 | €29,185 | €5,562 | -€23,624 | -80.9% |
| Profit (loss) for the period | 9904 | €103,868 | €12,852 | -€91,016 | -87.6% |
| Transfer from tax-exempt reserves | 789 | - | €222 | +€222 | |
| Profit (loss) for the period to be appropriated | 9905 | €103,868 | €13,074 | -€90,794 | -87.4% |
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 25 October 2026 via checked.be.