VCJ: 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.
VCJ
Largest movements
- Cash +€107,110
up €107,110 (+16.1%), from €665,824 to €772,934
mainly Net result for the year (+€404,105) and Tax, wage and social debts (+€31,947)
- Receivables after one year -€22,000
no longer reported in 2025 (was €22,000)
- Reserves +€101,500
up €101,500 (+8.7%), from €1.2m to €1.3m
of which Distributable reserves: +€101,500
- Debts after one year -€38,022
down €38,022 (-5.0%), from €764,959 to €726,937
- Tax, wage and social debts +€31,947
up €31,947 (+27.4%), from €116,596 to €148,543
- Gross operating margin +€62,551
up €62,551 (+10.8%), from €578,542 to €641,093
- Taxes +€27,401
up €27,401 (+16.8%), from €162,999 to €190,400
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 | €2,125,626 | €2,193,643 | +€68,017 | +3.2% |
| Fixed assets | 21/28 | €1,385,744 | €1,375,701 | -€10,043 | -0.7% |
| Tangible fixed assets | 22/27 | €1,385,504 | €1,375,461 | -€10,043 | -0.7% |
| Land and buildings | 22 | €1,357,279 | €1,357,279 | = | 0.0% |
| Furniture and vehicles | 24 | €28,225 | €18,182 | -€10,043 | -35.6% |
| Financial fixed assets | 28 | €240 | €240 | = | 0.0% |
| Current assets | 29/58 | €739,882 | €817,942 | +€78,061 | +10.6% |
| Amounts receivable after more than one year | 29 | €22,000 | - | -€22,000 | |
| Other amounts receivable | 291 | €22,000 | - | -€22,000 | |
| Amounts receivable within one year | 40/41 | €52,058 | €45,008 | -€7,049 | -13.5% |
| Trade receivables | 40 | €26,519 | €29,448 | +€2,929 | +11.0% |
| Other amounts receivable | 41 | €25,539 | €15,561 | -€9,978 | -39.1% |
| Cash at bank and in hand | 54/58 | €665,824 | €772,934 | +€107,110 | +16.1% |
| Total equity and liabilities | 10/49 | €2,125,626 | €2,193,643 | +€68,017 | +3.2% |
| Equity | 10/15 | €1,176,933 | €1,278,538 | +€101,605 | +8.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,164,360 | €1,265,860 | +€101,500 | +8.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,162,500 | €1,264,000 | +€101,500 | +8.7% |
| Profit (loss) carried forward | 14 | €173 | €278 | +€105 | +60.3% |
| Amounts payable | 17/49 | €948,692 | €915,105 | -€33,587 | -3.5% |
| Amounts payable after more than one year | 17 | €764,959 | €726,937 | -€38,022 | -5.0% |
| Financial debts | 170/4 | €764,959 | €726,937 | -€38,022 | -5.0% |
| Amounts payable within one year | 42/48 | €183,734 | €188,168 | +€4,435 | +2.4% |
| Current portion of amounts payable after more than one year | 42 | €45,710 | €38,022 | -€7,688 | -16.8% |
| Trade debts | 44 | €1,428 | €1,604 | +€176 | +12.3% |
| Suppliers | 440/4 | €1,428 | €1,604 | +€176 | +12.3% |
| Taxes, remuneration and social security | 45 | €116,596 | €148,543 | +€31,947 | +27.4% |
| Taxes | 450/3 | €116,596 | €148,543 | +€31,947 | +27.4% |
| Other amounts payable | 47/48 | €20,000 | - | -€20,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,963 | €19,795 | +€1,831 | +10.2% |
| Other operating charges | 640/8 | €4,664 | €3,373 | -€1,291 | -27.7% |
| Gross operating margin | 9900 | €578,542 | €641,093 | +€62,551 | +10.8% |
| Operating profit (loss) | 9901 | €555,914 | €617,925 | +€62,011 | +11.2% |
| Financial income | 75/76B | €1,791 | €2,737 | +€946 | +52.8% |
| Recurring financial income | 75 | €1,791 | €2,737 | +€946 | +52.8% |
| Financial charges | 65/66B | €27,521 | €26,157 | -€1,364 | -5.0% |
| Recurring financial charges | 65 | €27,521 | €26,157 | -€1,364 | -5.0% |
| Profit (loss) for the period before taxes | 9903 | €530,184 | €594,505 | +€64,321 | +12.1% |
| Income taxes | 67/77 | €162,999 | €190,400 | +€27,401 | +16.8% |
| Profit (loss) for the period | 9904 | €367,184 | €404,105 | +€36,920 | +10.1% |
| Profit (loss) for the period to be appropriated | 9905 | €367,184 | €404,105 | +€36,920 | +10.1% |
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.