V. R. 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. R. J.
Largest movements
- Tangible fixed assets -€34,055
down €34,055 (-4.6%), from €732,512 to €698,456
of which Plant, machinery and equipment: -€29,979
- Receivables within one year -€19,197
down €19,197 (-54.2%), from €35,429 to €16,232
of which Other amounts receivable: -€19,905
- Profit (loss) carried forward -€58,446
down €58,446 (-28.2%), from €207,243 to €148,797
- Other debts +€11,246
up €11,246 (+5.8%), from €192,707 to €203,953
- Financial charges +€13,546
up €13,546 (+1,989%), from €681 to €14,227
- Gross operating margin +€8,898
up €8,898 (+739%), from €1,204 to €10,102
- Taxes -€7,595
down €7,595 (-100.0%), from €7,595 to €0
- Depreciation +€1,716
up €1,716 (+3.6%), from €47,854 to €49,570
- Other operating charges +€1,473
up €1,473 (+44.9%), from €3,278 to €4,751
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 | €769,981 | €719,774 | -€50,208 | -6.5% |
| Fixed assets | 21/28 | €732,512 | €698,456 | -€34,055 | -4.6% |
| Tangible fixed assets | 22/27 | €732,512 | €698,456 | -€34,055 | -4.6% |
| Land and buildings | 22 | €579,499 | €576,637 | -€2,862 | -0.5% |
| Plant, machinery and equipment | 23 | €149,835 | €119,856 | -€29,979 | -20.0% |
| Furniture and vehicles | 24 | €3,177 | €1,964 | -€1,213 | -38.2% |
| Current assets | 29/58 | €37,470 | €21,317 | -€16,152 | -43.1% |
| Amounts receivable within one year | 40/41 | €35,429 | €16,232 | -€19,197 | -54.2% |
| Trade receivables | 40 | €3,120 | €3,827 | +€708 | +22.7% |
| Other amounts receivable | 41 | €32,310 | €12,405 | -€19,905 | -61.6% |
| Cash at bank and in hand | 54/58 | €2,040 | €4,867 | +€2,826 | +139% |
| Deferred charges and accrued income | 490/1 | €0 | €218 | +€218 | |
| Total equity and liabilities | 10/49 | €769,981 | €719,774 | -€50,208 | -6.5% |
| Equity | 10/15 | €569,153 | €510,707 | -€58,446 | -10.3% |
| Contributions | 10/11 | €94,282 | €94,282 | = | 0.0% |
| Capital | 10 | €94,282 | €94,282 | = | 0.0% |
| Issued capital | 100 | €94,282 | €94,282 | = | 0.0% |
| Reserves | 13 | €267,628 | €267,628 | = | 0.0% |
| Non-distributable reserves | 130/1 | €9,428 | €9,428 | = | 0.0% |
| Legal reserve | 130 | €9,428 | €9,428 | = | 0.0% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €258,200 | €258,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €207,243 | €148,797 | -€58,446 | -28.2% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €200,828 | €209,066 | +€8,238 | +4.1% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €200,828 | €209,066 | +€8,238 | +4.1% |
| Current portion of amounts payable after more than one year | 42 | €4,023 | €0 | -€4,023 | -100% |
| Trade debts | 44 | €2,972 | €969 | -€2,003 | -67.4% |
| Suppliers | 440/4 | €2,972 | €969 | -€2,003 | -67.4% |
| Taxes, remuneration and social security | 45 | €1,125 | €4,144 | +€3,018 | +268% |
| Taxes | 450/3 | €1,125 | €4,144 | +€3,018 | +268% |
| Other amounts payable | 47/48 | €192,707 | €203,953 | +€11,246 | +5.8% |
| Remuneration, social security and pensions | 62 | €412 | €0 | -€412 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,854 | €49,570 | +€1,716 | +3.6% |
| Other operating charges | 640/8 | €3,278 | €4,751 | +€1,473 | +44.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,204 | €10,102 | +€8,898 | +739% |
| Operating profit (loss) | 9901 | -€50,340 | -€44,219 | +€6,121 | +12.2% |
| Financial income | 75/76B | €8 | €0 | -€7 | -95.1% |
| Recurring financial income | 75 | €8 | €0 | -€7 | -95.1% |
| Financial charges | 65/66B | €681 | €14,227 | +€13,546 | +1,989% |
| Recurring financial charges | 65 | €681 | €14,227 | +€13,546 | +1,989% |
| Profit (loss) for the period before taxes | 9903 | -€51,013 | -€58,446 | -€7,433 | -14.6% |
| Transfer from deferred taxes | 780 | €21,172 | €0 | -€21,172 | -100% |
| Income taxes | 67/77 | €7,595 | €0 | -€7,595 | -100.0% |
| Profit (loss) for the period | 9904 | -€37,436 | -€58,446 | -€21,010 | -56.1% |
| Transfer from tax-exempt reserves | 789 | €63,515 | €0 | -€63,515 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €26,079 | -€58,446 | -€84,525 |
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 28 October 2026 via checked.be.