VAJA: what changed
Two fiscal 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.
VAJA
Largest movements
- Receivables within one year +€18,600
up €18,600 (+153.6%), from €12,108 to €30,708
of which Trade receivables: +€19,354
- Cash +€10,138
up €10,138 (+11.6%), from €87,635 to €97,773
mainly Net result for the year (+€27,912) and Advances received (+€12,161)
- Tangible fixed assets -€5,557
down €5,557 (-15.5%), from €35,839 to €30,282
of which Plant, machinery and equipment: -€4,471
- Profit (loss) carried forward +€27,912
up €27,912 (+8.6%), from -€323,144 to -€295,232
- Other debts -€21,372
down €21,372 (-6.0%), from €357,663 to €336,291
- Advances received +€12,161
up €12,161 (+190.0%), from €6,400 to €18,561
- Trade debts +€2,450
up €2,450 (+38.4%), from €6,371 to €8,821
- Tax, wage and social debts +€2,121
up €2,121 (+543.1%), from €391 to €2,512
- Gross operating margin +€21,635
up €21,635 (+151.5%), from €14,285 to €35,920
- Depreciation +€1,624
up €1,624 (+28.4%), from €5,715 to €7,339
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 | €138,273 | €161,544 | +€23,271 | +16.8% |
| Fixed assets | 21/28 | €35,889 | €30,332 | -€5,557 | -15.5% |
| Tangible fixed assets | 22/27 | €35,839 | €30,282 | -€5,557 | -15.5% |
| Land and buildings | 22 | €11,578 | €10,492 | -€1,086 | -9.4% |
| Plant, machinery and equipment | 23 | €24,261 | €19,790 | -€4,471 | -18.4% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €102,384 | €131,212 | +€28,828 | +28.2% |
| Stocks and contracts in progress | 3 | €2,263 | €2,097 | -€165 | -7.3% |
| Stocks | 30/36 | €2,263 | €2,097 | -€165 | -7.3% |
| Amounts receivable within one year | 40/41 | €12,108 | €30,708 | +€18,600 | +153.6% |
| Trade receivables | 40 | €11,201 | €30,555 | +€19,354 | +172.8% |
| Other amounts receivable | 41 | €907 | €154 | -€754 | -83.1% |
| Cash at bank and in hand | 54/58 | €87,635 | €97,773 | +€10,138 | +11.6% |
| Deferred charges and accrued income | 490/1 | €378 | €633 | +€255 | +67.5% |
| Total equity and liabilities | 10/49 | €138,273 | €161,544 | +€23,271 | +16.8% |
| Equity | 10/15 | -€232,552 | -€204,640 | +€27,912 | +12.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €72,000 | €72,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €72,000 | €72,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€323,144 | -€295,232 | +€27,912 | +8.6% |
| Amounts payable | 17/49 | €370,825 | €366,184 | -€4,640 | -1.3% |
| Amounts payable within one year | 42/48 | €370,825 | €366,184 | -€4,640 | -1.3% |
| Trade debts | 44 | €6,371 | €8,821 | +€2,450 | +38.4% |
| Suppliers | 440/4 | €6,371 | €8,821 | +€2,450 | +38.4% |
| Advances received on contracts in progress | 46 | €6,400 | €18,561 | +€12,161 | +190.0% |
| Taxes, remuneration and social security | 45 | €391 | €2,512 | +€2,121 | +543.1% |
| Taxes | 450/3 | €391 | €2,512 | +€2,121 | +543.1% |
| Other amounts payable | 47/48 | €357,663 | €336,291 | -€21,372 | -6.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,715 | €7,339 | +€1,624 | +28.4% |
| Other operating charges | 640/8 | €860 | €635 | -€226 | -26.2% |
| Gross operating margin | 9900 | €14,285 | €35,920 | +€21,635 | +151.5% |
| Operating profit (loss) | 9901 | €7,710 | €27,946 | +€20,237 | +262.5% |
| Financial income | 75/76B | €225 | €134 | -€92 | -40.8% |
| Recurring financial income | 75 | €225 | €134 | -€92 | -40.8% |
| Financial charges | 65/66B | €258 | €168 | -€90 | -34.9% |
| Recurring financial charges | 65 | €258 | €168 | -€90 | -34.9% |
| Profit (loss) for the period before taxes | 9903 | €7,677 | €27,912 | +€20,235 | +263.6% |
| Profit (loss) for the period | 9904 | €7,677 | €27,912 | +€20,235 | +263.6% |
| Transfer from tax-exempt reserves | 789 | €14,590 | €0 | -€14,590 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €22,267 | €27,912 | +€5,645 | +25.4% |
Source: filed annual accounts (NBB), fiscal 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 September 2026 via checked.be.