V.N.J.: 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.N.J.
Largest movements
- Cash -€207,626
down €207,626 (-45.3%), from €458,259 to €250,632
mainly Contributions, distributions and other (-€85,416) and Debts after one year (-€65,073)
- Tangible fixed assets -€24,230
down €24,230 (-3.9%), from €627,609 to €603,378
of which Land and buildings: -€23,849
- Receivables within one year -€14,983
no longer reported in 2025 (was €14,983)
- Reserves -€85,416
down €85,416 (-18.8%), from €455,212 to €369,796
- Debts after one year -€65,073
no longer reported in 2025 (was €65,073)
- Profit (loss) carried forward -€43,156
down €43,156 (-8.4%), from €513,768 to €470,613
- Tax, wage and social debts -€26,634
down €26,634 (-99.8%), from €26,693 to €59
- Current portion of long-term debt -€15,104
no longer reported in 2025 (was €15,104)
- Gross operating margin -€95,540
down €95,540, from €85,862 to -€9,677
- Taxes -€18,112
down €18,112 (-95.4%), from €18,993 to €882
- Other operating charges +€2,934
up €2,934 (+27.7%), from €10,578 to €13,512
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 | €1,105,908 | €859,068 | -€246,840 | -22.3% |
| Fixed assets | 21/28 | €627,666 | €603,436 | -€24,230 | -3.9% |
| Tangible fixed assets | 22/27 | €627,609 | €603,378 | -€24,230 | -3.9% |
| Land and buildings | 22 | €625,521 | €601,673 | -€23,849 | -3.8% |
| Plant, machinery and equipment | 23 | €2,087 | €1,705 | -€382 | -18.3% |
| Financial fixed assets | 28 | €58 | €58 | = | 0.0% |
| Current assets | 29/58 | €478,242 | €255,632 | -€222,609 | -46.5% |
| Amounts receivable within one year | 40/41 | €14,983 | - | -€14,983 | |
| Other amounts receivable | 41 | €14,983 | - | -€14,983 | |
| Current investments | 50/53 | €5,000 | €5,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €458,259 | €250,632 | -€207,626 | -45.3% |
| Total equity and liabilities | 10/49 | €1,105,908 | €859,068 | -€246,840 | -22.3% |
| Equity | 10/15 | €987,581 | €859,009 | -€128,572 | -13.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €455,212 | €369,796 | -€85,416 | -18.8% |
| Distributable reserves | 133 | €455,212 | €369,796 | -€85,416 | -18.8% |
| Profit (loss) carried forward | 14 | €513,768 | €470,613 | -€43,156 | -8.4% |
| Amounts payable | 17/49 | €118,327 | €59 | -€118,268 | -100.0% |
| Amounts payable after more than one year | 17 | €65,073 | - | -€65,073 | |
| Financial debts | 170/4 | €65,073 | - | -€65,073 | |
| Amounts payable within one year | 42/48 | €53,254 | €59 | -€53,195 | -99.9% |
| Current portion of amounts payable after more than one year | 42 | €15,104 | - | -€15,104 | |
| Trade debts | 44 | €431 | - | -€431 | |
| Suppliers | 440/4 | €431 | - | -€431 | |
| Taxes, remuneration and social security | 45 | €26,693 | €59 | -€26,634 | -99.8% |
| Taxes | 450/3 | €26,693 | €59 | -€26,634 | -99.8% |
| Other amounts payable | 47/48 | €11,026 | - | -€11,026 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,230 | €24,230 | = | 0.0% |
| Other operating charges | 640/8 | €10,578 | €13,512 | +€2,934 | +27.7% |
| Gross operating margin | 9900 | €85,862 | -€9,677 | -€95,540 | |
| Operating profit (loss) | 9901 | €51,054 | -€47,419 | -€98,474 | |
| Financial income | 75/76B | €7,390 | €6,783 | -€607 | -8.2% |
| Recurring financial income | 75 | €7,390 | €1,726 | -€5,664 | -76.6% |
| Non-recurring financial income | 76B | - | €5,058 | +€5,058 | |
| Financial charges | 65/66B | €2,368 | €1,638 | -€729 | -30.8% |
| Recurring financial charges | 65 | €2,368 | €1,638 | -€729 | -30.8% |
| Profit (loss) for the period before taxes | 9903 | €56,077 | -€42,274 | -€98,351 | |
| Income taxes | 67/77 | €18,993 | €882 | -€18,112 | -95.4% |
| Profit (loss) for the period | 9904 | €37,084 | -€43,156 | -€80,239 | |
| Profit (loss) for the period to be appropriated | 9905 | €37,084 | -€43,156 | -€80,239 |
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 31 October 2026 via checked.be.