V&G 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&G Projects
Largest movements
- Receivables within one year +€44,854
up €44,854 (+549%), from €8,171 to €53,025
of which Trade receivables: +€44,785
- Tangible fixed assets -€20,414
down €20,414 (-59.8%), from €34,154 to €13,740
of which Plant, machinery and equipment: -€25,998
- Cash +€1,550
up €1,550 (+14.3%), from €10,870 to €12,420
mainly Trade debts (+€42,478) and Investment in fixed assets (net) (+€16,185)
- Trade debts +€42,478
up €42,478 (+1,766%), from €2,405 to €44,883
- Reserves -€12,126
down €12,126 (-97.5%), from €12,439 to €313
- Debts after one year -€3,518
down €3,518 (-15.0%), from €23,465 to €19,947
- Other debts -€3,021
down €3,021 (-43.7%), from €6,911 to €3,890
- Tax, wage and social debts +€2,084
new in 2025: €2,084
- Depreciation -€9,889
down €9,889 (-70.0%), from €14,119 to €4,229
- Gross operating margin -€9,835
down €9,835 (-169%), from -€5,835 to -€15,670
- Financial income +€6,001
up €6,001 (+76.0%), from €7,898 to €13,899
of which Non-recurring financial income: +€6,099
- Financial charges -€3,225
down €3,225 (-51.2%), from €6,297 to €3,072
of which Non-recurring financial charges: -€3,668
- Staff costs +€2,747
new in 2025: €2,747
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 | €53,577 | €79,373 | +€25,796 | +48.1% |
| Fixed assets | 21/28 | €34,154 | €13,740 | -€20,414 | -59.8% |
| Tangible fixed assets | 22/27 | €34,154 | €13,740 | -€20,414 | -59.8% |
| Plant, machinery and equipment | 23 | €29,115 | €3,117 | -€25,998 | -89.3% |
| Furniture and vehicles | 24 | €5,039 | €10,623 | +€5,584 | +111% |
| Current assets | 29/58 | €19,424 | €65,633 | +€46,210 | +238% |
| Stocks and contracts in progress | 3 | €189 | €189 | = | 0.0% |
| Stocks | 30/36 | €189 | €189 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €8,171 | €53,025 | +€44,854 | +549% |
| Trade receivables | 40 | €7,715 | €52,500 | +€44,785 | +581% |
| Other amounts receivable | 41 | €456 | €525 | +€69 | +15.2% |
| Cash at bank and in hand | 54/58 | €10,870 | €12,420 | +€1,550 | +14.3% |
| Deferred charges and accrued income | 490/1 | €195 | - | -€195 | |
| Total equity and liabilities | 10/49 | €53,577 | €79,373 | +€25,796 | +48.1% |
| Equity | 10/15 | €15,439 | €3,313 | -€12,126 | -78.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €12,439 | €313 | -€12,126 | -97.5% |
| Distributable reserves | 133 | €12,439 | €313 | -€12,126 | -97.5% |
| Amounts payable | 17/49 | €38,138 | €76,060 | +€37,922 | +99.4% |
| Amounts payable after more than one year | 17 | €23,465 | €19,947 | -€3,518 | -15.0% |
| Financial debts | 170/4 | €23,465 | €19,947 | -€3,518 | -15.0% |
| Amounts payable within one year | 42/48 | €14,673 | €56,113 | +€41,440 | +282% |
| Current portion of amounts payable after more than one year | 42 | €5,357 | €5,256 | -€101 | -1.9% |
| Trade debts | 44 | €2,405 | €44,883 | +€42,478 | +1,766% |
| Suppliers | 440/4 | €2,405 | €44,883 | +€42,478 | +1,766% |
| Taxes, remuneration and social security | 45 | - | €2,084 | +€2,084 | |
| Remuneration and social security | 454/9 | - | €2,084 | +€2,084 | |
| Other amounts payable | 47/48 | €6,911 | €3,890 | -€3,021 | -43.7% |
| Remuneration, social security and pensions | 62 | - | €2,747 | +€2,747 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,119 | €4,229 | -€9,889 | -70.0% |
| Other operating charges | 640/8 | €901 | €307 | -€594 | -65.9% |
| Gross operating margin | 9900 | -€5,835 | -€15,670 | -€9,835 | -169% |
| Operating profit (loss) | 9901 | -€20,855 | -€22,954 | -€2,099 | -10.1% |
| Financial income | 75/76B | €7,898 | €13,899 | +€6,001 | +76.0% |
| Recurring financial income | 75 | €209 | €110 | -€99 | -47.3% |
| Non-recurring financial income | 76B | €7,690 | €13,789 | +€6,099 | +79.3% |
| Financial charges | 65/66B | €6,297 | €3,072 | -€3,225 | -51.2% |
| Recurring financial charges | 65 | €2,629 | €3,072 | +€443 | +16.9% |
| Non-recurring financial charges | 66B | €3,668 | - | -€3,668 | |
| Profit (loss) for the period before taxes | 9903 | -€19,253 | -€12,126 | +€7,127 | +37.0% |
| Profit (loss) for the period | 9904 | -€19,253 | -€12,126 | +€7,127 | +37.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,253 | -€12,126 | +€7,127 | +37.0% |
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 25 October 2026 via checked.be.