VJ&S: 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.
VJ&S
Largest movements
- Cash +€93,766
up €93,766 (+396%), from €23,653 to €117,419
mainly Depreciation (+€48,535) and Net result for the year (+€46,609)
- Tangible fixed assets -€48,535
down €48,535 (-4.7%), from €1.0m to €987,638
- Profit (loss) carried forward +€46,609
up €46,609 (+36.9%), from -€126,250 to -€79,641
- Debts after one year -€15,636
down €15,636 (-4.6%), from €339,932 to €324,296
of which Financial debts: -€20,872
- Tax, wage and social debts +€14,193
up €14,193 (+585%), from €2,426 to €16,619
- Gross operating margin +€84,655
up €84,655 (+276%), from €30,669 to €115,323
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.
Derived cash bridge
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 | €1,060,302 | €1,105,610 | +€45,308 | +4.3% |
| Fixed assets | 21/28 | €1,036,173 | €987,638 | -€48,535 | -4.7% |
| Tangible fixed assets | 22/27 | €1,036,173 | €987,638 | -€48,535 | -4.7% |
| Land and buildings | 22 | €1,036,173 | €987,638 | -€48,535 | -4.7% |
| Current assets | 29/58 | €24,129 | €117,972 | +€93,843 | +389% |
| Cash at bank and in hand | 54/58 | €23,653 | €117,419 | +€93,766 | +396% |
| Deferred charges and accrued income | 490/1 | €476 | €554 | +€77 | +16.2% |
| Total equity and liabilities | 10/49 | €1,060,302 | €1,105,610 | +€45,308 | +4.3% |
| Equity | 10/15 | €693,750 | €740,359 | +€46,609 | +6.7% |
| Contributions | 10/11 | €820,000 | €820,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€126,250 | -€79,641 | +€46,609 | +36.9% |
| Amounts payable | 17/49 | €366,552 | €365,251 | -€1,301 | -0.4% |
| Amounts payable after more than one year | 17 | €339,932 | €324,296 | -€15,636 | -4.6% |
| Financial debts | 170/4 | €232,762 | €211,890 | -€20,872 | -9.0% |
| Other amounts payable | 178/9 | €107,169 | €112,406 | +€5,236 | +4.9% |
| Amounts payable within one year | 42/48 | €23,720 | €38,055 | +€14,335 | +60.4% |
| Current portion of amounts payable after more than one year | 42 | €20,576 | €20,872 | +€296 | +1.4% |
| Trade debts | 44 | €718 | €564 | -€155 | -21.5% |
| Suppliers | 440/4 | €718 | €564 | -€155 | -21.5% |
| Taxes, remuneration and social security | 45 | €2,426 | €16,619 | +€14,193 | +585% |
| Taxes | 450/3 | €2,426 | €16,619 | +€14,193 | +585% |
| Accrued charges and deferred income | 492/3 | €2,900 | €2,900 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,535 | €48,535 | = | 0.0% |
| Other operating charges | 640/8 | €8,690 | €9,088 | +€398 | +4.6% |
| Gross operating margin | 9900 | €30,669 | €115,323 | +€84,655 | +276% |
| Operating profit (loss) | 9901 | -€26,557 | €57,700 | +€84,257 | |
| Financial charges | 65/66B | €11,948 | €11,091 | -€857 | -7.2% |
| Recurring financial charges | 65 | €11,948 | €11,091 | -€857 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | -€38,505 | €46,609 | +€85,114 | |
| Profit (loss) for the period | 9904 | -€38,505 | €46,609 | +€85,114 | |
| Profit (loss) for the period to be appropriated | 9905 | -€38,505 | €46,609 | +€85,114 |
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 16 October 2026 via checked.be.