V.O.J. PROJECTS: 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.O.J. PROJECTS
Largest movements
- Receivables within one year -€70,648
down €70,648 (-99.6%), from €70,916 to €269
of which Other amounts receivable: -€53,975
- Cash +€23,858
up €23,858 (+41.8%), from €57,103 to €80,961
mainly Depreciation (+€130,952) and Net result for the year (+€95,696)
- Tangible fixed assets +€14,418
up €14,418 (+1.2%), from €1.2m to €1.3m
of which Plant, machinery and equipment: +€57,564
- Profit (loss) carried forward +€95,696
up €95,696 (+53.2%), from €179,925 to €275,620
- Debts after one year -€88,474
down €88,474 (-18.9%), from €468,232 to €379,758
- Trade debts -€35,026
down €35,026 (-69.6%), from €50,322 to €15,297
- Other debts -€18,159
down €18,159 (-7.1%), from €257,050 to €238,891
- Tax, wage and social debts +€14,510
up €14,510 (+22.8%), from €63,704 to €78,214
of which Taxes: +€14,775
- Gross operating margin +€61,103
up €61,103 (+21.4%), from €285,114 to €346,217
- Taxes +€11,757
up €11,757 (+64.5%), from €18,235 to €29,993
- Depreciation +€10,678
up €10,678 (+8.9%), from €120,274 to €130,952
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 | €1,363,999 | €1,334,735 | -€29,264 | -2.1% |
| Fixed assets | 21/28 | €1,235,947 | €1,250,364 | +€14,418 | +1.2% |
| Tangible fixed assets | 22/27 | €1,235,947 | €1,250,364 | +€14,418 | +1.2% |
| Land and buildings | 22 | €934,783 | €898,413 | -€36,370 | -3.9% |
| Plant, machinery and equipment | 23 | €284,565 | €342,130 | +€57,564 | +20.2% |
| Furniture and vehicles | 24 | €16,599 | €9,822 | -€6,777 | -40.8% |
| Current assets | 29/58 | €128,052 | €84,371 | -€43,682 | -34.1% |
| Amounts receivable within one year | 40/41 | €70,916 | €269 | -€70,648 | -99.6% |
| Trade receivables | 40 | €16,942 | €269 | -€16,673 | -98.4% |
| Other amounts receivable | 41 | €53,975 | - | -€53,975 | |
| Cash at bank and in hand | 54/58 | €57,103 | €80,961 | +€23,858 | +41.8% |
| Deferred charges and accrued income | 490/1 | €33 | €3,141 | +€3,108 | +9,477% |
| Total equity and liabilities | 10/49 | €1,363,999 | €1,334,735 | -€29,264 | -2.1% |
| Equity | 10/15 | €428,406 | €524,101 | +€95,696 | +22.3% |
| Contributions | 10/11 | €181,164 | €181,164 | = | 0.0% |
| Reserves | 13 | €67,317 | €67,317 | = | 0.0% |
| Distributable reserves | 133 | €67,317 | €67,317 | = | 0.0% |
| Profit (loss) carried forward | 14 | €179,925 | €275,620 | +€95,696 | +53.2% |
| Amounts payable | 17/49 | €935,593 | €810,634 | -€124,960 | -13.4% |
| Amounts payable after more than one year | 17 | €468,232 | €379,758 | -€88,474 | -18.9% |
| Financial debts | 170/4 | €468,232 | €379,758 | -€88,474 | -18.9% |
| Amounts payable within one year | 42/48 | €467,361 | €430,876 | -€36,486 | -7.8% |
| Current portion of amounts payable after more than one year | 42 | €86,285 | €88,474 | +€2,189 | +2.5% |
| Financial debts | 43 | €10,000 | €10,000 | = | 0.0% |
| Other loans | 439 | €10,000 | €10,000 | = | 0.0% |
| Trade debts | 44 | €50,322 | €15,297 | -€35,026 | -69.6% |
| Suppliers | 440/4 | €50,322 | €15,297 | -€35,026 | -69.6% |
| Taxes, remuneration and social security | 45 | €63,704 | €78,214 | +€14,510 | +22.8% |
| Taxes | 450/3 | €47,553 | €62,327 | +€14,775 | +31.1% |
| Remuneration and social security | 454/9 | €16,152 | €15,887 | -€265 | -1.6% |
| Other amounts payable | 47/48 | €257,050 | €238,891 | -€18,159 | -7.1% |
| Remuneration, social security and pensions | 62 | €71,597 | €71,557 | -€40 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €120,274 | €130,952 | +€10,678 | +8.9% |
| Other operating charges | 640/8 | €6,415 | €6,618 | +€202 | +3.2% |
| Gross operating margin | 9900 | €285,114 | €346,217 | +€61,103 | +21.4% |
| Operating profit (loss) | 9901 | €86,828 | €137,090 | +€50,263 | +57.9% |
| Financial income | 75/76B | €1,255 | - | -€1,255 | |
| Recurring financial income | 75 | €1,255 | - | -€1,255 | |
| Financial charges | 65/66B | €13,743 | €11,402 | -€2,341 | -17.0% |
| Recurring financial charges | 65 | €13,743 | €11,402 | -€2,341 | -17.0% |
| Profit (loss) for the period before taxes | 9903 | €74,340 | €125,688 | +€51,348 | +69.1% |
| Income taxes | 67/77 | €18,235 | €29,993 | +€11,757 | +64.5% |
| Profit (loss) for the period | 9904 | €56,105 | €95,696 | +€39,591 | +70.6% |
| Profit (loss) for the period to be appropriated | 9905 | €56,105 | €95,696 | +€39,591 | +70.6% |
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 13 October 2026 via checked.be.