V.B. Projects: 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.
V.B. Projects
Largest movements
- Cash +€135,619
up €135,619 (+152%), from €89,375 to €224,994
mainly Trade debts (+€91,691) and Net result for the year (+€54,535)
- Current investments +€38,000
new in 2025: €38,000
- Trade debts +€91,691
up €91,691 (+6,301%), from €1,455 to €93,146
- Reserves +€54,500
up €54,500 (+56.4%), from €96,600 to €151,100
- Tax, wage and social debts +€25,219
up €25,219 (+160%), from €15,749 to €40,969
- Gross operating margin +€27,006
up €27,006 (+42.1%), from €64,213 to €91,218
- Taxes +€9,470
up €9,470 (+60.1%), from €15,749 to €25,219
- Staff costs +€3,566
up €3,566 (+443%), from €805 to €4,370
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 | €117,712 | €289,158 | +€171,445 | +146% |
| Fixed assets | 21/28 | €16,276 | €13,999 | -€2,277 | -14.0% |
| Tangible fixed assets | 22/27 | €16,276 | €13,999 | -€2,277 | -14.0% |
| Land and buildings | 22 | €6,886 | €6,058 | -€829 | -12.0% |
| Plant, machinery and equipment | 23 | €2,846 | €2,034 | -€811 | -28.5% |
| Furniture and vehicles | 24 | €6,545 | €5,908 | -€637 | -9.7% |
| Current assets | 29/58 | €101,436 | €275,158 | +€173,722 | +171% |
| Amounts receivable within one year | 40/41 | €12,061 | €12,165 | +€104 | +0.9% |
| Other amounts receivable | 41 | €12,061 | €12,165 | +€104 | +0.9% |
| Current investments | 50/53 | - | €38,000 | +€38,000 | |
| Cash at bank and in hand | 54/58 | €89,375 | €224,994 | +€135,619 | +152% |
| Total equity and liabilities | 10/49 | €117,712 | €289,158 | +€171,445 | +146% |
| Equity | 10/15 | €100,508 | €155,043 | +€54,535 | +54.3% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €96,600 | €151,100 | +€54,500 | +56.4% |
| Distributable reserves | 133 | €96,600 | €151,100 | +€54,500 | +56.4% |
| Profit (loss) carried forward | 14 | €408 | €443 | +€35 | +8.6% |
| Amounts payable | 17/49 | €17,204 | €134,115 | +€116,910 | +680% |
| Amounts payable within one year | 42/48 | €17,204 | €134,115 | +€116,910 | +680% |
| Trade debts | 44 | €1,455 | €93,146 | +€91,691 | +6,301% |
| Suppliers | 440/4 | €1,455 | €93,146 | +€91,691 | +6,301% |
| Taxes, remuneration and social security | 45 | €15,749 | €40,969 | +€25,219 | +160% |
| Taxes | 450/3 | €15,749 | €40,969 | +€25,219 | +160% |
| Remuneration, social security and pensions | 62 | €805 | €4,370 | +€3,566 | +443% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,076 | €5,039 | -€37 | -0.7% |
| Other operating charges | 640/8 | €638 | €928 | +€290 | +45.5% |
| Gross operating margin | 9900 | €64,213 | €91,218 | +€27,006 | +42.1% |
| Operating profit (loss) | 9901 | €57,694 | €80,881 | +€23,187 | +40.2% |
| Financial income | 75/76B | €565 | €624 | +€59 | +10.5% |
| Recurring financial income | 75 | €565 | €624 | +€59 | +10.5% |
| Financial charges | 65/66B | €2,132 | €1,751 | -€381 | -17.9% |
| Recurring financial charges | 65 | €2,132 | €1,751 | -€381 | -17.9% |
| Profit (loss) for the period before taxes | 9903 | €56,127 | €79,755 | +€23,627 | +42.1% |
| Income taxes | 67/77 | €15,749 | €25,219 | +€9,470 | +60.1% |
| Profit (loss) for the period | 9904 | €40,378 | €54,535 | +€14,157 | +35.1% |
| Profit (loss) for the period to be appropriated | 9905 | €40,378 | €54,535 | +€14,157 | +35.1% |
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 16 October 2026 via checked.be.