VJ2: 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.
VJ2
Largest movements
- Receivables within one year +€98,219
up €98,219 (+38.1%), from €257,669 to €355,888
of which Trade receivables: +€98,119
- Tangible fixed assets -€68,136
down €68,136 (-3.2%), from €2.1m to €2.1m
of which Land and buildings: -€46,425
- Reserves +€403,494
up €403,494 (+21693.2%), from €1,860 to €405,354
of which Distributable reserves: +€403,494
- Profit (loss) carried forward -€312,726
no longer reported in 2025 (was €312,726)
- Debts after one year -€171,023
down €171,023 (-10.7%), from €1.6m to €1.4m
- Current portion of long-term debt +€29,753
up €29,753 (+16.1%), from €184,837 to €214,590
- Gross operating margin +€223,629
up €223,629 (+66.2%), from €337,601 to €561,230
- Staff costs +€58,468
up €58,468 (+46.3%), from €126,305 to €184,773
- Financial charges +€25,979
up €25,979 (+46.6%), from €55,720 to €81,699
of which Non-recurring financial charges: +€28,130
- Taxes +€23,437
up €23,437 (+833.5%), from €2,812 to €26,249
- Write-downs +€23,250
new in 2025: €23,250
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 | €2,603,635 | €2,606,740 | +€3,105 | +0.1% |
| Fixed assets | 21/28 | €2,126,041 | €2,057,905 | -€68,136 | -3.2% |
| Tangible fixed assets | 22/27 | €2,126,041 | €2,057,905 | -€68,136 | -3.2% |
| Land and buildings | 22 | €1,662,934 | €1,616,509 | -€46,425 | -2.8% |
| Plant, machinery and equipment | 23 | €461,009 | €440,046 | -€20,963 | -4.5% |
| Furniture and vehicles | 24 | €2,098 | €1,350 | -€748 | -35.7% |
| Current assets | 29/58 | €477,594 | €548,835 | +€71,241 | +14.9% |
| Stocks and contracts in progress | 3 | €67,192 | €60,254 | -€6,938 | -10.3% |
| Stocks | 30/36 | €67,192 | €60,254 | -€6,938 | -10.3% |
| Amounts receivable within one year | 40/41 | €257,669 | €355,888 | +€98,219 | +38.1% |
| Trade receivables | 40 | €257,669 | €355,788 | +€98,119 | +38.1% |
| Other amounts receivable | 41 | - | €100 | +€100 | |
| Cash at bank and in hand | 54/58 | €143,474 | €128,032 | -€15,442 | -10.8% |
| Deferred charges and accrued income | 490/1 | €9,259 | €4,661 | -€4,598 | -49.7% |
| Total equity and liabilities | 10/49 | €2,603,635 | €2,606,740 | +€3,105 | +0.1% |
| Equity | 10/15 | €342,761 | €431,432 | +€88,671 | +25.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €405,354 | +€403,494 | +21693.2% |
| 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 | - | €403,494 | +€403,494 | |
| Profit (loss) carried forward | 14 | €312,726 | - | -€312,726 | |
| Investment grants | 15 | €21,975 | €19,878 | -€2,097 | -9.5% |
| Amounts payable | 17/49 | €2,260,874 | €2,175,308 | -€85,566 | -3.8% |
| Amounts payable after more than one year | 17 | €1,600,396 | €1,429,373 | -€171,023 | -10.7% |
| Financial debts | 170/4 | €1,600,396 | €1,429,373 | -€171,023 | -10.7% |
| Amounts payable within one year | 42/48 | €660,478 | €745,935 | +€85,457 | +12.9% |
| Current portion of amounts payable after more than one year | 42 | €184,837 | €214,590 | +€29,753 | +16.1% |
| Financial debts | 43 | €140,000 | €140,000 | = | 0.0% |
| Other loans | 439 | €140,000 | €140,000 | = | 0.0% |
| Trade debts | 44 | €292,968 | €314,253 | +€21,285 | +7.3% |
| Suppliers | 440/4 | €292,968 | €314,253 | +€21,285 | +7.3% |
| Taxes, remuneration and social security | 45 | €42,490 | €59,522 | +€17,032 | +40.1% |
| Taxes | 450/3 | €27,829 | €45,878 | +€18,049 | +64.9% |
| Remuneration and social security | 454/9 | €14,661 | €13,644 | -€1,017 | -6.9% |
| Other amounts payable | 47/48 | €183 | €17,570 | +€17,387 | +9501.1% |
| Non-recurring operating income | 76A | - | €330 | +€330 | |
| Remuneration, social security and pensions | 62 | €126,305 | €184,773 | +€58,468 | +46.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125,900 | €137,298 | +€11,398 | +9.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €23,250 | +€23,250 | |
| Other operating charges | 640/8 | €17,964 | €19,376 | +€1,412 | +7.9% |
| Non-recurring operating charges | 66A | €5,520 | €422 | -€5,098 | -92.4% |
| Gross operating margin | 9900 | €337,601 | €561,230 | +€223,629 | +66.2% |
| Operating profit (loss) | 9901 | €61,912 | €196,111 | +€134,199 | +216.8% |
| Financial income | 75/76B | €2,100 | €2,605 | +€505 | +24.0% |
| Recurring financial income | 75 | €2,100 | €2,605 | +€505 | +24.0% |
| Financial charges | 65/66B | €55,720 | €81,699 | +€25,979 | +46.6% |
| Recurring financial charges | 65 | €55,720 | €53,569 | -€2,151 | -3.9% |
| Non-recurring financial charges | 66B | - | €28,130 | +€28,130 | |
| Profit (loss) for the period before taxes | 9903 | €8,292 | €117,017 | +€108,725 | +1311.2% |
| Income taxes | 67/77 | €2,812 | €26,249 | +€23,437 | +833.5% |
| Profit (loss) for the period | 9904 | €5,480 | €90,768 | +€85,288 | +1556.4% |
| Profit (loss) for the period to be appropriated | 9905 | €5,480 | €90,768 | +€85,288 | +1556.4% |
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 9 October 2026 via checked.be.