VJMD: 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.
VJMD
Largest movements
- Current investments +€77,283
new in 2025: €77,283
- Cash -€62,323
down €62,323 (-71.7%), from €86,973 to €24,650
mainly Current investments (-€77,283) and Debts after one year (-€14,428)
- Receivables within one year -€17,819
down €17,819 (-37.3%), from €47,819 to €30,000
- Tangible fixed assets -€10,088
down €10,088 (-2.5%), from €401,353 to €391,265
of which Land and buildings: -€9,233
- Debts after one year -€14,428
down €14,428 (-5.8%), from €246,679 to €232,251
- Gross operating margin +€5,435
up €5,435 (+16.8%), from €32,271 to €37,706
- Other operating charges +€1,590
up €1,590 (+82.9%), from €1,918 to €3,509
- Taxes +€1,315
up €1,315 (+30.6%), from €4,293 to €5,608
- Depreciation +€936
up €936 (+4.5%), from €21,023 to €21,958
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 | €536,144 | €523,198 | -€12,946 | -2.4% |
| Fixed assets | 21/28 | €401,353 | €391,265 | -€10,088 | -2.5% |
| Tangible fixed assets | 22/27 | €401,353 | €391,265 | -€10,088 | -2.5% |
| Land and buildings | 22 | €390,457 | €381,224 | -€9,233 | -2.4% |
| Plant, machinery and equipment | 23 | €299 | €1,575 | +€1,276 | +427.3% |
| Furniture and vehicles | 24 | €3,904 | €1,773 | -€2,131 | -54.6% |
| Other tangible fixed assets | 26 | €6,693 | €6,693 | = | 0.0% |
| Current assets | 29/58 | €134,791 | €131,933 | -€2,858 | -2.1% |
| Amounts receivable within one year | 40/41 | €47,819 | €30,000 | -€17,819 | -37.3% |
| Other amounts receivable | 41 | €47,819 | €30,000 | -€17,819 | -37.3% |
| Current investments | 50/53 | - | €77,283 | +€77,283 | |
| Cash at bank and in hand | 54/58 | €86,973 | €24,650 | -€62,323 | -71.7% |
| Total equity and liabilities | 10/49 | €536,144 | €523,198 | -€12,946 | -2.4% |
| Equity | 10/15 | €196,106 | €200,876 | +€4,770 | +2.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €177,506 | €182,276 | +€4,770 | +2.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €140,911 | €135,412 | -€5,499 | -3.9% |
| Distributable reserves | 133 | €34,735 | €45,004 | +€10,269 | +29.6% |
| Provisions and deferred taxes | 16 | €67,905 | €65,595 | -€2,310 | -3.4% |
| Provisions for liabilities and charges | 160/5 | €10,000 | €10,000 | = | 0.0% |
| Taxes | 161 | €10,000 | €10,000 | = | 0.0% |
| Deferred taxes | 168 | €57,905 | €55,595 | -€2,310 | -4.0% |
| Amounts payable | 17/49 | €272,134 | €256,727 | -€15,406 | -5.7% |
| Amounts payable after more than one year | 17 | €246,679 | €232,251 | -€14,428 | -5.8% |
| Financial debts | 170/4 | €246,679 | €232,251 | -€14,428 | -5.8% |
| Amounts payable within one year | 42/48 | €25,455 | €24,477 | -€978 | -3.8% |
| Current portion of amounts payable after more than one year | 42 | €20,835 | €21,118 | +€283 | +1.4% |
| Trade debts | 44 | €327 | €375 | +€48 | +14.8% |
| Suppliers | 440/4 | €327 | €375 | +€48 | +14.8% |
| Taxes, remuneration and social security | 45 | €4,293 | €1,819 | -€2,474 | -57.6% |
| Taxes | 450/3 | €4,293 | €1,819 | -€2,474 | -57.6% |
| Other amounts payable | 47/48 | - | €1,165 | +€1,165 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,023 | €21,958 | +€936 | +4.5% |
| Other operating charges | 640/8 | €1,918 | €3,509 | +€1,590 | +82.9% |
| Gross operating margin | 9900 | €32,271 | €37,706 | +€5,435 | +16.8% |
| Operating profit (loss) | 9901 | €9,330 | €12,239 | +€2,909 | +31.2% |
| Financial income | 75/76B | €330 | €644 | +€314 | +95.3% |
| Recurring financial income | 75 | €330 | €644 | +€314 | +95.3% |
| Financial charges | 65/66B | €4,597 | €4,814 | +€217 | +4.7% |
| Recurring financial charges | 65 | €4,597 | €4,814 | +€217 | +4.7% |
| Profit (loss) for the period before taxes | 9903 | €5,063 | €8,069 | +€3,006 | +59.4% |
| Transfer from deferred taxes | 780 | €2,310 | €2,310 | = | 0.0% |
| Income taxes | 67/77 | €4,293 | €5,608 | +€1,315 | +30.6% |
| Profit (loss) for the period | 9904 | €3,080 | €4,770 | +€1,691 | +54.9% |
| Transfer from tax-exempt reserves | 789 | €5,499 | €5,499 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €8,578 | €10,269 | +€1,691 | +19.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.