VORFAJ: 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.
VORFAJ
Largest movements
- Receivables within one year +€5,608
up €5,608 (+33.6%), from €16,703 to €22,311
of which Trade receivables: +€3,192
- Cash -€1,080
down €1,080 (-30.9%), from €3,500 to €2,420
mainly Receivables within one year (-€5,608) and Investment in fixed assets (net) (-€1,286)
- Tangible fixed assets +€432
up €432 (+26.1%), from €1,655 to €2,087
of which Furniture and vehicles: +€519
- Deferred charges and accrued income -€393
down €393 (-73.4%), from €535 to €142
- Tax, wage and social debts +€2,583
up €2,583 (+66.9%), from €3,863 to €6,445
- Reserves +€1,171
up €1,171 (+7.3%), from €15,931 to €17,101
- Accrued charges and deferred income +€814
new in 2025: €814
- Gross operating margin -€9,214
down €9,214 (-66.0%), from €13,958 to €4,744
- Taxes -€1,273
down €1,273 (-33.0%), from €3,856 to €2,583
- Financial income +€418
up €418 (+94.6%), from €441 to €859
- Depreciation +€143
up €143 (+20.1%), from €711 to €854
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 | €22,394 | €26,961 | +€4,567 | +20.4% |
| Fixed assets | 21/28 | €1,655 | €2,087 | +€432 | +26.1% |
| Tangible fixed assets | 22/27 | €1,655 | €2,087 | +€432 | +26.1% |
| Plant, machinery and equipment | 23 | €233 | €146 | -€86 | -37.1% |
| Furniture and vehicles | 24 | €1,423 | €1,941 | +€519 | +36.5% |
| Current assets | 29/58 | €20,739 | €24,873 | +€4,135 | +19.9% |
| Amounts receivable within one year | 40/41 | €16,703 | €22,311 | +€5,608 | +33.6% |
| Trade receivables | 40 | €630 | €3,823 | +€3,192 | +506.5% |
| Other amounts receivable | 41 | €16,073 | €18,488 | +€2,415 | +15.0% |
| Cash at bank and in hand | 54/58 | €3,500 | €2,420 | -€1,080 | -30.9% |
| Deferred charges and accrued income | 490/1 | €535 | €142 | -€393 | -73.4% |
| Total equity and liabilities | 10/49 | €22,394 | €26,961 | +€4,567 | +20.4% |
| Equity | 10/15 | €18,531 | €19,701 | +€1,171 | +6.3% |
| Contributions | 10/11 | €2,600 | €2,600 | = | 0.0% |
| Reserves | 13 | €15,931 | €17,101 | +€1,171 | +7.3% |
| Distributable reserves | 133 | €15,931 | €17,101 | +€1,171 | +7.3% |
| Amounts payable | 17/49 | €3,863 | €7,259 | +€3,396 | +87.9% |
| Amounts payable within one year | 42/48 | €3,863 | €6,445 | +€2,583 | +66.9% |
| Trade debts | 44 | - | €0 | = | |
| Suppliers | 440/4 | - | €0 | = | |
| Taxes, remuneration and social security | 45 | €3,863 | €6,445 | +€2,583 | +66.9% |
| Taxes | 450/3 | €3,863 | €6,445 | +€2,583 | +66.9% |
| Accrued charges and deferred income | 492/3 | - | €814 | +€814 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €711 | €854 | +€143 | +20.1% |
| Other operating charges | 640/8 | €747 | €853 | +€106 | +14.2% |
| Gross operating margin | 9900 | €13,958 | €4,744 | -€9,214 | -66.0% |
| Operating profit (loss) | 9901 | €12,500 | €3,037 | -€9,463 | -75.7% |
| Financial income | 75/76B | €441 | €859 | +€418 | +94.6% |
| Recurring financial income | 75 | €441 | €859 | +€418 | +94.6% |
| Financial charges | 65/66B | €149 | €143 | -€6 | -4.2% |
| Recurring financial charges | 65 | €149 | €143 | -€6 | -4.2% |
| Profit (loss) for the period before taxes | 9903 | €12,792 | €3,753 | -€9,039 | -70.7% |
| Income taxes | 67/77 | €3,856 | €2,583 | -€1,273 | -33.0% |
| Profit (loss) for the period | 9904 | €8,936 | €1,171 | -€7,766 | -86.9% |
| Profit (loss) for the period to be appropriated | 9905 | €8,936 | €1,171 | -€7,766 | -86.9% |
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 10 October 2026 via checked.be.