VAJAVIS: 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.
VAJAVIS
Largest movements
- Receivables within one year +€16,659
up €16,659 (+66.5%), from €25,056 to €41,715
of which Trade receivables: +€12,175
- Cash +€16,636
up €16,636 (+44.7%), from €37,178 to €53,815
mainly Depreciation (+€40,827) and Net result for the year (+€28,942)
- Reserves +€28,942
up €28,942 (+21.2%), from €136,763 to €165,705
of which Distributable reserves: +€28,942
- Other debts +€28,770
up €28,770 (+5.5%), from €526,480 to €555,250
- Trade debts -€19,789
down €19,789 (-81.9%), from €24,174 to €4,385
- Gross operating margin +€16,096
up €16,096 (+14.0%), from €115,042 to €131,139
- Depreciation +€9,710
up €9,710 (+31.2%), from €31,116 to €40,827
- Financial charges +€4,359
up €4,359 (+13.0%), from €33,495 to €37,853
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 | €1,285,023 | €1,313,648 | +€28,625 | +2.2% |
| Fixed assets | 21/28 | €1,221,202 | €1,215,543 | -€5,659 | -0.5% |
| Tangible fixed assets | 22/27 | €1,221,067 | €1,215,408 | -€5,659 | -0.5% |
| Land and buildings | 22 | €611,002 | €607,032 | -€3,969 | -0.6% |
| Plant, machinery and equipment | 23 | €1,184 | €641 | -€543 | -45.9% |
| Furniture and vehicles | 24 | €906 | €4,251 | +€3,344 | +369.1% |
| Other tangible fixed assets | 26 | €607,975 | €603,484 | -€4,491 | -0.7% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €63,821 | €98,105 | +€34,283 | +53.7% |
| Amounts receivable within one year | 40/41 | €25,056 | €41,715 | +€16,659 | +66.5% |
| Trade receivables | 40 | €19,160 | €31,335 | +€12,175 | +63.5% |
| Other amounts receivable | 41 | €5,896 | €10,380 | +€4,484 | +76.0% |
| Cash at bank and in hand | 54/58 | €37,178 | €53,815 | +€16,636 | +44.7% |
| Deferred charges and accrued income | 490/1 | €1,587 | €2,575 | +€988 | +62.3% |
| Total equity and liabilities | 10/49 | €1,285,023 | €1,313,648 | +€28,625 | +2.2% |
| Equity | 10/15 | €629,503 | €658,445 | +€28,942 | +4.6% |
| Contributions | 10/11 | €492,400 | €492,400 | = | 0.0% |
| Outside capital | 11 | €492,400 | €492,400 | = | 0.0% |
| Other | 1109/19 | €492,400 | €492,400 | = | 0.0% |
| Reserves | 13 | €136,763 | €165,705 | +€28,942 | +21.2% |
| Tax-exempt reserves | 132 | €11,140 | €11,140 | = | 0.0% |
| Distributable reserves | 133 | €125,623 | €154,565 | +€28,942 | +23.0% |
| Profit (loss) carried forward | 14 | €340 | €340 | = | 0.0% |
| Provisions and deferred taxes | 16 | €3,713 | €3,713 | = | 0.0% |
| Deferred taxes | 168 | €3,713 | €3,713 | = | 0.0% |
| Amounts payable | 17/49 | €651,807 | €651,489 | -€318 | 0.0% |
| Amounts payable after more than one year | 17 | €66,451 | €60,896 | -€5,555 | -8.4% |
| Financial debts | 170/4 | €66,451 | €60,896 | -€5,555 | -8.4% |
| Amounts payable within one year | 42/48 | €585,350 | €589,894 | +€4,544 | +0.8% |
| Current portion of amounts payable after more than one year | 42 | €5,464 | €5,555 | +€91 | +1.7% |
| Trade debts | 44 | €24,174 | €4,385 | -€19,789 | -81.9% |
| Suppliers | 440/4 | €24,174 | €4,385 | -€19,789 | -81.9% |
| Taxes, remuneration and social security | 45 | €29,232 | €24,704 | -€4,528 | -15.5% |
| Taxes | 450/3 | €28,962 | €21,954 | -€7,008 | -24.2% |
| Remuneration and social security | 454/9 | €270 | €2,750 | +€2,480 | +918.5% |
| Other amounts payable | 47/48 | €526,480 | €555,250 | +€28,770 | +5.5% |
| Accrued charges and deferred income | 492/3 | €6 | €700 | +€693 | +11021.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,116 | €40,827 | +€9,710 | +31.2% |
| Other operating charges | 640/8 | €8,242 | €8,679 | +€437 | +5.3% |
| Gross operating margin | 9900 | €115,042 | €131,139 | +€16,096 | +14.0% |
| Operating profit (loss) | 9901 | €75,684 | €81,633 | +€5,949 | +7.9% |
| Financial income | 75/76B | €790 | €70 | -€720 | -91.2% |
| Recurring financial income | 75 | €790 | €70 | -€720 | -91.2% |
| Financial charges | 65/66B | €33,495 | €37,853 | +€4,359 | +13.0% |
| Recurring financial charges | 65 | €33,495 | €37,853 | +€4,359 | +13.0% |
| Profit (loss) for the period before taxes | 9903 | €42,979 | €43,849 | +€870 | +2.0% |
| Transfer from deferred taxes | 780 | €219 | - | -€219 | |
| Income taxes | 67/77 | €14,835 | €14,907 | +€72 | +0.5% |
| Profit (loss) for the period | 9904 | €28,363 | €28,942 | +€580 | +2.0% |
| Transfer from tax-exempt reserves | 789 | €656 | - | -€656 | |
| Profit (loss) for the period to be appropriated | 9905 | €29,019 | €28,942 | -€77 | -0.3% |
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 3 October 2026 via checked.be.