VAJA: 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.
VAJA
Largest movements
- Receivables within one year -€510,704
down €510,704 (-84.0%), from €607,731 to €97,028
of which Trade receivables: -€260,782
- Current investments +€400,000
new in 2025: €400,000
- Cash +€112,261
up €112,261 (+90.2%), from €124,502 to €236,764
mainly Receivables within one year (+€510,704) and Depreciation (+€48,039)
- Tangible fixed assets -€48,039
down €48,039 (-4.6%), from €1.0m to €1.0m
of which Land and buildings: -€32,939
- Debts after one year -€34,815
down €34,815 (-16.8%), from €206,930 to €172,115
- Other debts -€26,838
down €26,838 (-6.8%), from €392,780 to €365,942
- Financial income -€35,856
down €35,856 (-86.9%), from €41,281 to €5,425
- Gross operating margin -€31,867
down €31,867 (-11.4%), from €279,885 to €248,018
- Taxes -€14,089
down €14,089 (-56.8%), from €24,798 to €10,709
- Staff costs +€7,805
up €7,805 (+8.1%), from €96,075 to €103,880
- Financial charges -€7,150
down €7,150 (-16.6%), from €43,166 to €36,016
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 | €2,106,627 | €2,060,828 | -€45,799 | -2.2% |
| Fixed assets | 21/28 | €1,358,617 | €1,310,578 | -€48,039 | -3.5% |
| Tangible fixed assets | 22/27 | €1,049,035 | €1,000,996 | -€48,039 | -4.6% |
| Land and buildings | 22 | €976,492 | €943,553 | -€32,939 | -3.4% |
| Plant, machinery and equipment | 23 | €70,906 | €56,479 | -€14,427 | -20.3% |
| Furniture and vehicles | 24 | €1,637 | €964 | -€673 | -41.1% |
| Financial fixed assets | 28 | €309,582 | €309,582 | = | 0.0% |
| Current assets | 29/58 | €748,010 | €750,250 | +€2,240 | +0.3% |
| Amounts receivable within one year | 40/41 | €607,731 | €97,028 | -€510,704 | -84.0% |
| Trade receivables | 40 | €355,810 | €95,028 | -€260,782 | -73.3% |
| Other amounts receivable | 41 | €251,921 | €2,000 | -€249,921 | -99.2% |
| Current investments | 50/53 | - | €400,000 | +€400,000 | |
| Cash at bank and in hand | 54/58 | €124,502 | €236,764 | +€112,261 | +90.2% |
| Deferred charges and accrued income | 490/1 | €15,776 | €16,459 | +€683 | +4.3% |
| Total equity and liabilities | 10/49 | €2,106,627 | €2,060,828 | -€45,799 | -2.2% |
| Equity | 10/15 | €1,415,753 | €1,433,805 | +€18,051 | +1.3% |
| Contributions | 10/11 | €441,548 | €441,548 | = | 0.0% |
| Capital | 10 | €441,548 | €441,548 | = | 0.0% |
| Issued capital | 100 | €441,548 | €441,548 | = | 0.0% |
| Reserves | 13 | €974,206 | €992,257 | +€18,051 | +1.9% |
| Non-distributable reserves | 130/1 | €44,155 | €44,155 | = | 0.0% |
| Legal reserve | 130 | €44,155 | €44,155 | = | 0.0% |
| Distributable reserves | 133 | €930,051 | €948,102 | +€18,051 | +1.9% |
| Amounts payable | 17/49 | €690,874 | €627,023 | -€63,850 | -9.2% |
| Amounts payable after more than one year | 17 | €206,930 | €172,115 | -€34,815 | -16.8% |
| Financial debts | 170/4 | €206,930 | €172,115 | -€34,815 | -16.8% |
| Amounts payable within one year | 42/48 | €477,786 | €448,619 | -€29,167 | -6.1% |
| Current portion of amounts payable after more than one year | 42 | €33,391 | €34,815 | +€1,424 | +4.3% |
| Trade debts | 44 | €9,322 | €20,833 | +€11,511 | +123.5% |
| Suppliers | 440/4 | €9,322 | €20,833 | +€11,511 | +123.5% |
| Taxes, remuneration and social security | 45 | €42,293 | €27,029 | -€15,265 | -36.1% |
| Taxes | 450/3 | €30,801 | €9,678 | -€21,123 | -68.6% |
| Remuneration and social security | 454/9 | €11,493 | €17,351 | +€5,858 | +51.0% |
| Other amounts payable | 47/48 | €392,780 | €365,942 | -€26,838 | -6.8% |
| Accrued charges and deferred income | 492/3 | €6,157 | €6,290 | +€133 | +2.2% |
| Non-recurring operating income | 76A | €4,479 | - | -€4,479 | |
| Remuneration, social security and pensions | 62 | €96,075 | €103,880 | +€7,805 | +8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,367 | €48,039 | +€672 | +1.4% |
| Other operating charges | 640/8 | €23,133 | €28,417 | +€5,284 | +22.8% |
| Gross operating margin | 9900 | €279,885 | €248,018 | -€31,867 | -11.4% |
| Operating profit (loss) | 9901 | €113,310 | €67,682 | -€45,628 | -40.3% |
| Financial income | 75/76B | €41,281 | €5,425 | -€35,856 | -86.9% |
| Recurring financial income | 75 | €41,281 | €5,425 | -€35,856 | -86.9% |
| Financial charges | 65/66B | €43,166 | €36,016 | -€7,150 | -16.6% |
| Recurring financial charges | 65 | €43,166 | €36,016 | -€7,150 | -16.6% |
| Profit (loss) for the period before taxes | 9903 | €111,425 | €37,090 | -€74,334 | -66.7% |
| Income taxes | 67/77 | €24,798 | €10,709 | -€14,089 | -56.8% |
| Profit (loss) for the period | 9904 | €86,627 | €26,381 | -€60,245 | -69.5% |
| Profit (loss) for the period to be appropriated | 9905 | €86,627 | €26,381 | -€60,245 | -69.5% |
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.