VAJODI: 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.
VAJODI
Largest movements
- Tangible fixed assets -€22,019
down €22,019 (-3.1%), from €716,431 to €694,412
of which Leasing and similar rights: -€22,019
- Cash +€7,982
up €7,982 (+61.0%), from €13,095 to €21,077
mainly Net result for the year (+€28,514) and Depreciation (+€22,203)
- Debts after one year -€44,911
down €44,911 (-10.0%), from €450,524 to €405,612
of which Financial debts: -€44,911
- Reserves +€28,514
up €28,514 (+627.7%), from €4,543 to €33,057
- Trade debts -€11,053
down €11,053 (-22.8%), from €48,526 to €37,473
- Other debts +€9,137
up €9,137 (+5.5%), from €165,495 to €174,632
- Gross operating margin +€9,300
up €9,300 (+14.2%), from €65,717 to €75,017
- Financial charges -€7,414
down €7,414 (-32.8%), from €22,631 to €15,217
- Taxes +€6,037
up €6,037 (+354.4%), from €1,704 to €7,740
- Depreciation +€2,992
up €2,992 (+15.6%), from €19,211 to €22,203
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 | €729,527 | €715,526 | -€14,001 | -1.9% |
| Fixed assets | 21/28 | €716,431 | €694,412 | -€22,019 | -3.1% |
| Tangible fixed assets | 22/27 | €716,431 | €694,412 | -€22,019 | -3.1% |
| Leasing and similar rights | 25 | €716,431 | €694,412 | -€22,019 | -3.1% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €13,095 | €21,114 | +€8,018 | +61.2% |
| Amounts receivable within one year | 40/41 | €0 | €36 | +€36 | |
| Trade receivables | 40 | - | €36 | +€36 | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €13,095 | €21,077 | +€7,982 | +61.0% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €729,527 | €715,526 | -€14,001 | -1.9% |
| Equity | 10/15 | €16,643 | €45,157 | +€28,514 | +171.3% |
| Contributions | 10/11 | €12,100 | €12,100 | = | 0.0% |
| Reserves | 13 | €4,543 | €33,057 | +€28,514 | +627.7% |
| Distributable reserves | 133 | €4,543 | €33,057 | +€28,514 | +627.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €712,884 | €670,369 | -€42,515 | -6.0% |
| Amounts payable after more than one year | 17 | €450,524 | €405,612 | -€44,911 | -10.0% |
| Financial debts | 170/4 | €447,074 | €402,162 | -€44,911 | -10.0% |
| Other amounts payable | 178/9 | €3,450 | €3,450 | = | 0.0% |
| Amounts payable within one year | 42/48 | €262,360 | €264,757 | +€2,397 | +0.9% |
| Current portion of amounts payable after more than one year | 42 | €46,636 | €44,911 | -€1,724 | -3.7% |
| Trade debts | 44 | €48,526 | €37,473 | -€11,053 | -22.8% |
| Suppliers | 440/4 | €48,526 | €37,473 | -€11,053 | -22.8% |
| Taxes, remuneration and social security | 45 | €1,704 | €7,740 | +€6,037 | +354.4% |
| Taxes | 450/3 | €1,704 | €7,740 | +€6,037 | +354.4% |
| Other amounts payable | 47/48 | €165,495 | €174,632 | +€9,137 | +5.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €213 | +€213 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,211 | €22,203 | +€2,992 | +15.6% |
| Other operating charges | 640/8 | €608 | €144 | -€464 | -76.3% |
| Non-recurring operating charges | 66A | - | €1,199 | +€1,199 | |
| Gross operating margin | 9900 | €65,717 | €75,017 | +€9,300 | +14.2% |
| Operating profit (loss) | 9901 | €45,898 | €51,471 | +€5,573 | +12.1% |
| Financial income | 75/76B | €90 | €0 | -€90 | -100.0% |
| Recurring financial income | 75 | €90 | €0 | -€90 | -100.0% |
| Financial charges | 65/66B | €22,631 | €15,217 | -€7,414 | -32.8% |
| Recurring financial charges | 65 | €22,631 | €15,217 | -€7,414 | -32.8% |
| Profit (loss) for the period before taxes | 9903 | €23,357 | €36,254 | +€12,897 | +55.2% |
| Income taxes | 67/77 | €1,704 | €7,740 | +€6,037 | +354.4% |
| Profit (loss) for the period | 9904 | €21,654 | €28,514 | +€6,860 | +31.7% |
| Profit (loss) for the period to be appropriated | 9905 | €21,654 | €28,514 | +€6,860 | +31.7% |
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 12 October 2026 via checked.be.