Projects @ VDV: 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.
Projects @ VDV
Largest movements
- Current investments -€200,000
down €200,000 (-100%), from €200,000 to €0
- Stocks and contracts +€156,853
up €156,853 (+348%), from €45,027 to €201,879
- Cash +€82,726
up €82,726 (+235%), from €35,246 to €117,972
mainly Current investments (+€200,000) and Depreciation (+€44,173)
- Tangible fixed assets -€44,173
down €44,173 (-5.1%), from €866,599 to €822,426
of which Land and buildings: -€29,791
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€2,055
up €2,055 (+5.4%), from €38,351 to €40,406
- Other operating charges +€850
up €850 (+40.7%), from €2,088 to €2,938
- Financial income -€489
down €489 (-9.0%), from €5,422 to €4,933
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 | €1,158,607 | €1,159,512 | +€906 | +0.1% |
| Fixed assets | 21/28 | €866,849 | €822,676 | -€44,173 | -5.1% |
| Tangible fixed assets | 22/27 | €866,599 | €822,426 | -€44,173 | -5.1% |
| Land and buildings | 22 | €844,690 | €814,898 | -€29,791 | -3.5% |
| Plant, machinery and equipment | 23 | €11,454 | €3,073 | -€8,381 | -73.2% |
| Furniture and vehicles | 24 | €10,455 | €4,455 | -€6,000 | -57.4% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €291,758 | €336,836 | +€45,078 | +15.5% |
| Stocks and contracts in progress | 3 | €45,027 | €201,879 | +€156,853 | +348% |
| Stocks | 30/36 | €45,027 | €201,879 | +€156,853 | +348% |
| Amounts receivable within one year | 40/41 | €9,878 | €15,337 | +€5,458 | +55.3% |
| Trade receivables | 40 | €6,767 | €9,876 | +€3,109 | +45.9% |
| Other amounts receivable | 41 | €3,111 | €5,460 | +€2,349 | +75.5% |
| Current investments | 50/53 | €200,000 | €0 | -€200,000 | -100% |
| Cash at bank and in hand | 54/58 | €35,246 | €117,972 | +€82,726 | +235% |
| Deferred charges and accrued income | 490/1 | €1,607 | €1,648 | +€41 | +2.6% |
| Total equity and liabilities | 10/49 | €1,158,607 | €1,159,512 | +€906 | +0.1% |
| Equity | 10/15 | €806,965 | €801,300 | -€5,665 | -0.7% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €15,000 | €15,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €641,965 | €636,300 | -€5,665 | -0.9% |
| Amounts payable | 17/49 | €351,642 | €358,212 | +€6,571 | +1.9% |
| Amounts payable after more than one year | 17 | €344,700 | €344,700 | = | 0.0% |
| Other amounts payable | 178/9 | €344,700 | €344,700 | = | 0.0% |
| Amounts payable within one year | 42/48 | €6,004 | €12,575 | +€6,571 | +109% |
| Trade debts | 44 | €1,828 | €7,633 | +€5,805 | +318% |
| Suppliers | 440/4 | €1,828 | €7,633 | +€5,805 | +318% |
| Advances received on contracts in progress | 46 | €545 | €865 | +€320 | +58.7% |
| Taxes, remuneration and social security | 45 | €347 | €828 | +€482 | +139% |
| Taxes | 450/3 | €347 | €828 | +€482 | +139% |
| Other amounts payable | 47/48 | €3,284 | €3,248 | -€36 | -1.1% |
| Accrued charges and deferred income | 492/3 | €938 | €938 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,173 | €44,173 | = | 0.0% |
| Other operating charges | 640/8 | €2,088 | €2,938 | +€850 | +40.7% |
| Gross operating margin | 9900 | €38,351 | €40,406 | +€2,055 | +5.4% |
| Operating profit (loss) | 9901 | -€7,909 | -€6,704 | +€1,205 | +15.2% |
| Financial income | 75/76B | €5,422 | €4,933 | -€489 | -9.0% |
| Recurring financial income | 75 | €5,422 | €4,933 | -€489 | -9.0% |
| Financial charges | 65/66B | €3,805 | €3,893 | +€89 | +2.3% |
| Recurring financial charges | 65 | €3,805 | €3,893 | +€89 | +2.3% |
| Profit (loss) for the period before taxes | 9903 | -€6,292 | -€5,665 | +€627 | +10.0% |
| Profit (loss) for the period | 9904 | -€6,292 | -€5,665 | +€627 | +10.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,292 | -€5,665 | +€627 | +10.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.