VBJ MANAGEMENT: 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.
VBJ MANAGEMENT
Largest movements
- Cash +€55,740
up €55,740 (+165.2%), from €33,736 to €89,476
mainly Net result for the year (+€90,247) and Receivables after one year (+€32,789)
- Receivables after one year -€32,789
down €32,789 (-4.7%), from €701,383 to €668,594
- Receivables within one year -€27,229
down €27,229 (-100.0%), from €27,229 to €0
of which Other amounts receivable: -€27,229
- Tangible fixed assets -€18,917
down €18,917 (-24.6%), from €76,875 to €57,958
of which Furniture and vehicles: -€21,510
- Short-term financial debts -€20,394
down €20,394 (-96.0%), from €21,244 to €850
- Tax, wage and social debts +€13,350
up €13,350 (+128.7%), from €10,371 to €23,720
of which Taxes: +€13,350
- Debts after one year -€12,212
down €12,212 (-37.3%), from €32,773 to €20,561
- Reserves -€8,931
down €8,931 (-1.2%), from €759,301 to €750,370
- Gross operating margin +€41,397
up €41,397 (+55.2%), from €75,013 to €116,411
- Taxes +€13,323
up €13,323 (+55.7%), from €23,899 to €37,223
- Depreciation +€1,456
up €1,456 (+7.1%), from €20,500 to €21,956
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 | €843,387 | €819,312 | -€24,075 | -2.9% |
| Fixed assets | 21/28 | €76,875 | €57,958 | -€18,917 | -24.6% |
| Tangible fixed assets | 22/27 | €76,875 | €57,958 | -€18,917 | -24.6% |
| Plant, machinery and equipment | 23 | - | €2,593 | +€2,593 | |
| Furniture and vehicles | 24 | €76,875 | €55,365 | -€21,510 | -28.0% |
| Current assets | 29/58 | €766,511 | €761,354 | -€5,157 | -0.7% |
| Amounts receivable after more than one year | 29 | €701,383 | €668,594 | -€32,789 | -4.7% |
| Other amounts receivable | 291 | €701,383 | €668,594 | -€32,789 | -4.7% |
| Amounts receivable within one year | 40/41 | €27,229 | €0 | -€27,229 | -100.0% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €27,229 | €0 | -€27,229 | -100.0% |
| Cash at bank and in hand | 54/58 | €33,736 | €89,476 | +€55,740 | +165.2% |
| Deferred charges and accrued income | 490/1 | €4,163 | €3,285 | -€878 | -21.1% |
| Total equity and liabilities | 10/49 | €843,387 | €819,312 | -€24,075 | -2.9% |
| Equity | 10/15 | €765,501 | €756,570 | -€8,931 | -1.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €759,301 | €750,370 | -€8,931 | -1.2% |
| Distributable reserves | 133 | €759,301 | €750,370 | -€8,931 | -1.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €77,886 | €62,742 | -€15,144 | -19.4% |
| Amounts payable after more than one year | 17 | €32,773 | €20,561 | -€12,212 | -37.3% |
| Financial debts | 170/4 | €32,773 | €20,561 | -€12,212 | -37.3% |
| Amounts payable within one year | 42/48 | €45,113 | €42,181 | -€2,932 | -6.5% |
| Current portion of amounts payable after more than one year | 42 | €11,646 | €12,212 | +€566 | +4.9% |
| Financial debts | 43 | €21,244 | €850 | -€20,394 | -96.0% |
| Credit institutions | 430/8 | €21,244 | €850 | -€20,394 | -96.0% |
| Trade debts | 44 | €1,852 | €1,570 | -€282 | -15.2% |
| Suppliers | 440/4 | €1,852 | €1,570 | -€282 | -15.2% |
| Taxes, remuneration and social security | 45 | €10,371 | €23,720 | +€13,350 | +128.7% |
| Taxes | 450/3 | €8,121 | €21,470 | +€13,350 | +164.4% |
| Remuneration and social security | 454/9 | €2,250 | €2,250 | = | 0.0% |
| Other amounts payable | 47/48 | €0 | €3,829 | +€3,829 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,500 | €21,956 | +€1,456 | +7.1% |
| Other operating charges | 640/8 | €1,987 | €1,547 | -€440 | -22.1% |
| Gross operating margin | 9900 | €75,013 | €116,411 | +€41,397 | +55.2% |
| Operating profit (loss) | 9901 | €52,526 | €92,907 | +€40,381 | +76.9% |
| Financial income | 75/76B | €36,423 | €37,240 | +€817 | +2.2% |
| Recurring financial income | 75 | €36,423 | €37,240 | +€817 | +2.2% |
| Financial charges | 65/66B | €3,761 | €2,677 | -€1,084 | -28.8% |
| Recurring financial charges | 65 | €3,761 | €2,677 | -€1,084 | -28.8% |
| Profit (loss) for the period before taxes | 9903 | €85,188 | €127,470 | +€42,282 | +49.6% |
| Income taxes | 67/77 | €23,899 | €37,223 | +€13,323 | +55.7% |
| Profit (loss) for the period | 9904 | €61,289 | €90,247 | +€28,959 | +47.2% |
| Profit (loss) for the period to be appropriated | 9905 | €61,289 | €90,247 | +€28,959 | +47.2% |
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 8 October 2026 via checked.be.