P.VDM PROJECTS: 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.
P.VDM PROJECTS
Largest movements
- Tangible fixed assets -€11,220
down €11,220 (-4.2%), from €270,160 to €258,940
- Receivables within one year +€4,215
up €4,215 (+23.9%), from €17,650 to €21,864
- Cash +€3,889
up €3,889 (+31.2%), from €12,468 to €16,358
mainly Depreciation (+€11,220) and Net result for the year (+€8,793)
- Debts after one year -€13,174
down €13,174 (-6.3%), from €209,883 to €196,709
- Profit (loss) carried forward +€8,793
up €8,793, from -€5,637 to €3,156
- Depreciation -€6,501
down €6,501 (-36.7%), from €17,721 to €11,220
- Gross operating margin +€2,661
up €2,661 (+10.3%), from €25,776 to €28,437
- Taxes +€1,149
new in 2025: €1,149
- Other operating charges -€377
down €377 (-8.6%), from €4,373 to €3,997
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 | €300,278 | €297,162 | -€3,116 | -1.0% |
| Fixed assets | 21/28 | €270,160 | €258,940 | -€11,220 | -4.2% |
| Tangible fixed assets | 22/27 | €270,160 | €258,940 | -€11,220 | -4.2% |
| Land and buildings | 22 | €270,160 | €258,940 | -€11,220 | -4.2% |
| Current assets | 29/58 | €30,118 | €38,222 | +€8,104 | +26.9% |
| Amounts receivable within one year | 40/41 | €17,650 | €21,864 | +€4,215 | +23.9% |
| Other amounts receivable | 41 | €17,650 | €21,864 | +€4,215 | +23.9% |
| Cash at bank and in hand | 54/58 | €12,468 | €16,358 | +€3,889 | +31.2% |
| Total equity and liabilities | 10/49 | €300,278 | €297,162 | -€3,116 | -1.0% |
| Equity | 10/15 | €54,363 | €63,156 | +€8,793 | +16.2% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,637 | €3,156 | +€8,793 | |
| Amounts payable | 17/49 | €245,914 | €234,006 | -€11,909 | -4.8% |
| Amounts payable after more than one year | 17 | €209,883 | €196,709 | -€13,174 | -6.3% |
| Financial debts | 170/4 | €209,883 | €196,709 | -€13,174 | -6.3% |
| Amounts payable within one year | 42/48 | €36,031 | €37,296 | +€1,265 | +3.5% |
| Current portion of amounts payable after more than one year | 42 | €12,983 | €13,174 | +€191 | +1.5% |
| Taxes, remuneration and social security | 45 | - | €1,149 | +€1,149 | |
| Taxes | 450/3 | - | €1,149 | +€1,149 | |
| Other amounts payable | 47/48 | €23,049 | €22,974 | -€75 | -0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,721 | €11,220 | -€6,501 | -36.7% |
| Other operating charges | 640/8 | €4,373 | €3,997 | -€377 | -8.6% |
| Gross operating margin | 9900 | €25,776 | €28,437 | +€2,661 | +10.3% |
| Operating profit (loss) | 9901 | €3,682 | €13,220 | +€9,539 | +259.1% |
| Financial charges | 65/66B | €3,467 | €3,279 | -€188 | -5.4% |
| Recurring financial charges | 65 | €3,467 | €3,279 | -€188 | -5.4% |
| Profit (loss) for the period before taxes | 9903 | €214 | €9,941 | +€9,727 | +4536.2% |
| Income taxes | 67/77 | - | €1,149 | +€1,149 | |
| Profit (loss) for the period | 9904 | €214 | €8,793 | +€8,578 | +4000.4% |
| Profit (loss) for the period to be appropriated | 9905 | €214 | €8,793 | +€8,578 | +4000.4% |
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 4 October 2026 via checked.be.