VJ: 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.
VJ
Largest movements
- Cash -€52,288
down €52,288 (-57.8%), from €90,460 to €38,171
mainly Contributions, distributions and other (-€123,027) and Deferred charges and accrued income (-€14,492)
- Tangible fixed assets -€15,585
down €15,585 (-24.6%), from €63,256 to €47,670
of which Leasing and similar rights: -€10,992
- Deferred charges and accrued income +€14,492
up €14,492 (+106.6%), from €13,601 to €28,093
- Reserves -€81,514
down €81,514 (-72.4%), from €112,663 to €31,149
- Other debts +€41,793
up €41,793 (+1761.6%), from €2,373 to €44,166
- Debts after one year -€11,473
down €11,473 (-65.2%), from €17,604 to €6,131
- Gross operating margin -€10,333
down €10,333 (-12.3%), from €83,954 to €73,621
- Taxes -€2,398
down €2,398 (-18.1%), from €13,241 to €10,843
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 | €167,316 | €115,092 | -€52,225 | -31.2% |
| Fixed assets | 21/28 | €63,256 | €47,670 | -€15,585 | -24.6% |
| Tangible fixed assets | 22/27 | €63,256 | €47,670 | -€15,585 | -24.6% |
| Plant, machinery and equipment | 23 | €3,241 | €2,327 | -€914 | -28.2% |
| Furniture and vehicles | 24 | €9,098 | €7,293 | -€1,805 | -19.8% |
| Leasing and similar rights | 25 | €37,041 | €26,050 | -€10,992 | -29.7% |
| Other tangible fixed assets | 26 | €13,876 | €12,001 | -€1,874 | -13.5% |
| Current assets | 29/58 | €104,060 | €67,421 | -€36,639 | -35.2% |
| Amounts receivable within one year | 40/41 | - | €1,157 | +€1,157 | |
| Other amounts receivable | 41 | - | €1,157 | +€1,157 | |
| Cash at bank and in hand | 54/58 | €90,460 | €38,171 | -€52,288 | -57.8% |
| Deferred charges and accrued income | 490/1 | €13,601 | €28,093 | +€14,492 | +106.6% |
| Total equity and liabilities | 10/49 | €167,316 | €115,092 | -€52,225 | -31.2% |
| Equity | 10/15 | €117,663 | €36,149 | -€81,514 | -69.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €112,663 | €31,149 | -€81,514 | -72.4% |
| Distributable reserves | 133 | €112,663 | €31,149 | -€81,514 | -72.4% |
| Amounts payable | 17/49 | €49,653 | €78,943 | +€29,290 | +59.0% |
| Amounts payable after more than one year | 17 | €17,604 | €6,131 | -€11,473 | -65.2% |
| Financial debts | 170/4 | €17,604 | €6,131 | -€11,473 | -65.2% |
| Amounts payable within one year | 42/48 | €32,049 | €72,812 | +€40,763 | +127.2% |
| Current portion of amounts payable after more than one year | 42 | €11,004 | €11,473 | +€470 | +4.3% |
| Trade debts | 44 | €3,932 | €2,432 | -€1,500 | -38.2% |
| Suppliers | 440/4 | €3,932 | €2,432 | -€1,500 | -38.2% |
| Taxes, remuneration and social security | 45 | €14,741 | €14,741 | = | 0.0% |
| Taxes | 450/3 | €14,741 | €14,741 | = | 0.0% |
| Other amounts payable | 47/48 | €2,373 | €44,166 | +€41,793 | +1761.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,164 | €17,151 | -€13 | -0.1% |
| Other operating charges | 640/8 | €2,912 | €2,904 | -€8 | -0.3% |
| Gross operating margin | 9900 | €83,954 | €73,621 | -€10,333 | -12.3% |
| Operating profit (loss) | 9901 | €63,878 | €53,566 | -€10,312 | -16.1% |
| Financial charges | 65/66B | €1,746 | €1,210 | -€536 | -30.7% |
| Recurring financial charges | 65 | €1,746 | €1,210 | -€536 | -30.7% |
| Profit (loss) for the period before taxes | 9903 | €62,131 | €52,356 | -€9,776 | -15.7% |
| Income taxes | 67/77 | €13,241 | €10,843 | -€2,398 | -18.1% |
| Profit (loss) for the period | 9904 | €48,890 | €41,512 | -€7,378 | -15.1% |
| Profit (loss) for the period to be appropriated | 9905 | €48,890 | €41,512 | -€7,378 | -15.1% |
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 4 October 2026 via checked.be.