VAJ CONCEPT: 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.
VAJ CONCEPT
Largest movements
- Receivables within one year +€25,116
up €25,116 (+14.1%), from €178,707 to €203,823
of which Trade receivables: +€19,547
- Cash -€24,596
down €24,596 (-16.7%), from €147,398 to €122,802
mainly Debts after one year (-€84,247) and Receivables within one year (-€25,116)
- Tangible fixed assets -€13,764
down €13,764 (-3.4%), from €400,227 to €386,463
- Stocks and contracts -€8,860
down €8,860 (-15.4%), from €57,500 to €48,640
- Debts after one year -€84,247
down €84,247 (-13.8%), from €609,902 to €525,654
- Other debts +€28,885
new in 2025: €28,885
- Trade debts +€25,424
up €25,424 (+2780.1%), from €915 to €26,339
- Depreciation +€9,891
up €9,891 (+255.3%), from €3,873 to €13,764
- Financial charges +€9,497
up €9,497 (+295.1%), from €3,218 to €12,715
- Taxes -€5,207
down €5,207 (-76.2%), from €6,836 to €1,629
- Gross operating margin -€834
down €834 (-2.5%), from €33,447 to €32,613
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.
Cash bridge derived
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 | €784,831 | €762,727 | -€22,104 | -2.8% |
| Fixed assets | 21/28 | €401,227 | €387,463 | -€13,764 | -3.4% |
| Tangible fixed assets | 22/27 | €400,227 | €386,463 | -€13,764 | -3.4% |
| Land and buildings | 22 | €400,227 | €386,463 | -€13,764 | -3.4% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €383,605 | €375,265 | -€8,340 | -2.2% |
| Stocks and contracts in progress | 3 | €57,500 | €48,640 | -€8,860 | -15.4% |
| Stocks | 30/36 | €57,500 | €48,640 | -€8,860 | -15.4% |
| Amounts receivable within one year | 40/41 | €178,707 | €203,823 | +€25,116 | +14.1% |
| Trade receivables | 40 | €154,276 | €173,823 | +€19,547 | +12.7% |
| Other amounts receivable | 41 | €24,431 | €30,000 | +€5,569 | +22.8% |
| Cash at bank and in hand | 54/58 | €147,398 | €122,802 | -€24,596 | -16.7% |
| Total equity and liabilities | 10/49 | €784,831 | €762,727 | -€22,104 | -2.8% |
| Equity | 10/15 | €148,357 | €152,512 | +€4,155 | +2.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €33,460 | €33,460 | = | 0.0% |
| Distributable reserves | 133 | €33,460 | €33,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | €111,897 | €116,052 | +€4,155 | +3.7% |
| Amounts payable | 17/49 | €636,475 | €610,216 | -€26,259 | -4.1% |
| Amounts payable after more than one year | 17 | €609,902 | €525,654 | -€84,247 | -13.8% |
| Financial debts | 170/4 | €609,902 | €525,654 | -€84,247 | -13.8% |
| Amounts payable within one year | 42/48 | €26,573 | €84,561 | +€57,988 | +218.2% |
| Current portion of amounts payable after more than one year | 42 | €18,579 | €19,247 | +€668 | +3.6% |
| Trade debts | 44 | €915 | €26,339 | +€25,424 | +2780.1% |
| Suppliers | 440/4 | €915 | €26,339 | +€25,424 | +2780.1% |
| Taxes, remuneration and social security | 45 | €7,079 | €10,090 | +€3,011 | +42.5% |
| Taxes | 450/3 | €7,079 | €10,090 | +€3,011 | +42.5% |
| Other amounts payable | 47/48 | - | €28,885 | +€28,885 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,873 | €13,764 | +€9,891 | +255.3% |
| Other operating charges | 640/8 | €518 | €349 | -€169 | -32.6% |
| Gross operating margin | 9900 | €33,447 | €32,613 | -€834 | -2.5% |
| Operating profit (loss) | 9901 | €29,055 | €18,500 | -€10,556 | -36.3% |
| Financial charges | 65/66B | €3,218 | €12,715 | +€9,497 | +295.1% |
| Recurring financial charges | 65 | €3,218 | €12,715 | +€9,497 | +295.1% |
| Profit (loss) for the period before taxes | 9903 | €25,837 | €5,784 | -€20,053 | -77.6% |
| Income taxes | 67/77 | €6,836 | €1,629 | -€5,207 | -76.2% |
| Profit (loss) for the period | 9904 | €19,001 | €4,155 | -€14,846 | -78.1% |
| Profit (loss) for the period to be appropriated | 9905 | €19,001 | €4,155 | -€14,846 | -78.1% |
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 9 October 2026 via checked.be.