VJW: 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.
VJW
Largest movements
- Financial fixed assets +€18,750
new in 2025: €18,750
- Receivables after one year -€18,055
down €18,055 (-55.1%), from €32,752 to €14,697
- Receivables within one year -€7,447
down €7,447 (-24.5%), from €30,412 to €22,965
of which Other amounts receivable: -€4,236
- Cash +€6,012
up €6,012 (+16.2%), from €37,040 to €43,052
mainly Receivables after one year (+€18,055) and Net result for the year (+€11,981)
- Tangible fixed assets +€4,457
up €4,457 (+22.8%), from €19,565 to €24,022
of which Other tangible fixed assets: +€4,993
- Reserves +€6,775
up €6,775 (+7.9%), from €85,265 to €92,040
- Trade debts -€5,334
down €5,334 (-68.4%), from €7,795 to €2,461
- Tax, wage and social debts +€4,849
up €4,849 (+64.8%), from €7,485 to €12,334
- Debts after one year -€4,426
down €4,426 (-45.9%), from €9,650 to €5,225
- Other debts +€2,617
up €2,617 (+101%), from €2,589 to €5,206
- Gross operating margin +€2,508
up €2,508 (+10.0%), from €25,140 to €27,648
- Depreciation -€1,151
down €1,151 (-15.2%), from €7,549 to €6,398
- Taxes -€653
down €653 (-8.8%), from €7,389 to €6,736
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 | €122,098 | €124,730 | +€2,632 | +2.2% |
| Fixed assets | 21/28 | €19,565 | €42,772 | +€23,207 | +119% |
| Tangible fixed assets | 22/27 | €19,565 | €24,022 | +€4,457 | +22.8% |
| Plant, machinery and equipment | 23 | €5,982 | €4,557 | -€1,425 | -23.8% |
| Furniture and vehicles | 24 | €5,912 | €6,801 | +€889 | +15.0% |
| Other tangible fixed assets | 26 | €7,671 | €12,664 | +€4,993 | +65.1% |
| Financial fixed assets | 28 | - | €18,750 | +€18,750 | |
| Current assets | 29/58 | €102,533 | €81,959 | -€20,574 | -20.1% |
| Amounts receivable after more than one year | 29 | €32,752 | €14,697 | -€18,055 | -55.1% |
| Other amounts receivable | 291 | €32,752 | €14,697 | -€18,055 | -55.1% |
| Amounts receivable within one year | 40/41 | €30,412 | €22,965 | -€7,447 | -24.5% |
| Trade receivables | 40 | €23,211 | €20,000 | -€3,211 | -13.8% |
| Other amounts receivable | 41 | €7,201 | €2,965 | -€4,236 | -58.8% |
| Cash at bank and in hand | 54/58 | €37,040 | €43,052 | +€6,012 | +16.2% |
| Deferred charges and accrued income | 490/1 | €2,329 | €1,245 | -€1,084 | -46.6% |
| Total equity and liabilities | 10/49 | €122,098 | €124,730 | +€2,632 | +2.2% |
| Equity | 10/15 | €85,765 | €92,540 | +€6,775 | +7.9% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €85,265 | €92,040 | +€6,775 | +7.9% |
| Distributable reserves | 133 | €85,265 | €92,040 | +€6,775 | +7.9% |
| Amounts payable | 17/49 | €36,333 | €32,190 | -€4,143 | -11.4% |
| Amounts payable after more than one year | 17 | €9,650 | €5,225 | -€4,426 | -45.9% |
| Financial debts | 170/4 | €9,650 | €5,225 | -€4,426 | -45.9% |
| Amounts payable within one year | 42/48 | €26,682 | €26,965 | +€283 | +1.1% |
| Current portion of amounts payable after more than one year | 42 | €4,246 | €4,426 | +€179 | +4.2% |
| Financial debts | 43 | €4,567 | €2,538 | -€2,028 | -44.4% |
| Credit institutions | 430/8 | €4,567 | €2,538 | -€2,028 | -44.4% |
| Trade debts | 44 | €7,795 | €2,461 | -€5,334 | -68.4% |
| Suppliers | 440/4 | €7,795 | €2,461 | -€5,334 | -68.4% |
| Taxes, remuneration and social security | 45 | €7,485 | €12,334 | +€4,849 | +64.8% |
| Taxes | 450/3 | €7,485 | €12,334 | +€4,849 | +64.8% |
| Other amounts payable | 47/48 | €2,589 | €5,206 | +€2,617 | +101% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,549 | €6,398 | -€1,151 | -15.2% |
| Other operating charges | 640/8 | €1,283 | €1,216 | -€67 | -5.2% |
| Gross operating margin | 9900 | €25,140 | €27,648 | +€2,508 | +10.0% |
| Operating profit (loss) | 9901 | €16,309 | €20,034 | +€3,725 | +22.8% |
| Financial income | 75/76B | €1,475 | €1,286 | -€189 | -12.8% |
| Recurring financial income | 75 | €1,475 | €1,286 | -€189 | -12.8% |
| Financial charges | 65/66B | €2,690 | €2,603 | -€87 | -3.2% |
| Recurring financial charges | 65 | €2,690 | €2,603 | -€87 | -3.2% |
| Profit (loss) for the period before taxes | 9903 | €15,093 | €18,717 | +€3,624 | +24.0% |
| Income taxes | 67/77 | €7,389 | €6,736 | -€653 | -8.8% |
| Profit (loss) for the period | 9904 | €7,704 | €11,981 | +€4,277 | +55.5% |
| Profit (loss) for the period to be appropriated | 9905 | €7,704 | €11,981 | +€4,277 | +55.5% |
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 28 October 2026 via checked.be.