V.L. PROJECTS: what changed
What changed
V.L. PROJECTS
NACE 43.320, Joinery installation
filed annual accounts (NBB)
Net result for the year
€387,546
2024 · €159,524+€228,022
Equity
€1.1m
2024 · €912,089+€222,066
Cash
€323,454
2024 · €194,630+€128,823
Balance sheet total
€2.9m
2024 · €1.9m+€932,334
Largest movements
Assets
- Receivables within one year +€507,291
up €507,291 (+37.1%), from €1.4m to €1.9m
of which Trade receivables: +€517,137
- Stocks and contracts +€312,960
up €312,960 (+111%), from €282,323 to €595,282
of which Contracts in progress: +€321,573
- Cash +€128,823
up €128,823 (+66.2%), from €194,630 to €323,454
mainly Trade debts (+€561,792) and Net result for the year (+€387,546)
Equity and liabilities
- Trade debts +€561,792
up €561,792 (+98.3%), from €571,616 to €1.1m
- Reserves +€222,066
up €222,066 (+24.5%), from €905,889 to €1.1m
of which Distributable reserves: +€223,926
- Tax, wage and social debts +€148,476
up €148,476 (+378%), from €39,269 to €187,744
of which Taxes: +€146,101
Income statement
- Gross operating margin +€345,289
up €345,289 (+61.4%), from €562,611 to €907,901
- Staff costs +€100,962
up €100,962 (+42.7%), from €236,573 to €337,535
- Taxes +€55,789
up €55,789 (+61.8%), from €90,312 to €146,101
- Write-downs -€32,770
down €32,770 (-100%), from €32,770 to €0
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€159,524
Gross operating margin
+€345,289
Staff costs
-€100,962
Depreciation
-€253
Write-downs
+€32,770
Other operating charges
+€4,836
Financial income
+€3,411
Financial charges
-€1,280
Taxes
-€55,789
Result 2025
€387,546
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€302,925
Investment
-€8,622
Financing
-€165,480
Cash 2024
€194,630
From operations (derived)
+€302,925
Net result for the year
+€387,546
Depreciation
+€25,310
Stocks and contracts
-€312,960
Receivables within one year
-€507,291
Deferred charges and accrued income
+€53
Trade debts
+€561,792
Tax, wage and social debts
+€148,476
Investment (derived)
-€8,622
Investment in fixed assets (net)
-€8,622
Financing
-€165,480
Contributions, distributions and other
-€165,480
Cash 2025
€323,454
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,938,454 | €2,870,787 | +€932,334 | +48.1% |
| Fixed assets | 21/28 | €84,590 | €67,903 | -€16,688 | -19.7% |
| Tangible fixed assets | 22/27 | €84,550 | €67,863 | -€16,688 | -19.7% |
| Land and buildings | 22 | €48,198 | €39,698 | -€8,500 | -17.6% |
| Plant, machinery and equipment | 23 | €6,961 | €5,498 | -€1,463 | -21.0% |
| Furniture and vehicles | 24 | €28,291 | €21,566 | -€6,724 | -23.8% |
| Other tangible fixed assets | 26 | €1,100 | €1,100 | = | 0.0% |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €1,853,863 | €2,802,885 | +€949,021 | +51.2% |
| Stocks and contracts in progress | 3 | €282,323 | €595,282 | +€312,960 | +111% |
| Stocks | 30/36 | €53,613 | €45,000 | -€8,613 | -16.1% |
| Contracts in progress | 37 | €228,709 | €550,282 | +€321,573 | +141% |
| Amounts receivable within one year | 40/41 | €1,366,030 | €1,873,321 | +€507,291 | +37.1% |
| Trade receivables | 40 | €1,224,343 | €1,741,480 | +€517,137 | +42.2% |
| Other amounts receivable | 41 | €141,687 | €131,841 | -€9,846 | -6.9% |
| Cash at bank and in hand | 54/58 | €194,630 | €323,454 | +€128,823 | +66.2% |
| Deferred charges and accrued income | 490/1 | €10,880 | €10,828 | -€53 | -0.5% |
| Total equity and liabilities | 10/49 | €1,938,454 | €2,870,787 | +€932,334 | +48.1% |
| Equity | 10/15 | €912,089 | €1,134,155 | +€222,066 | +24.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €905,889 | €1,127,955 | +€222,066 | +24.5% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Tax-exempt reserves | 132 | €163,300 | €163,300 | = | 0.0% |
| Distributable reserves | 133 | €740,729 | €964,655 | +€223,926 | +30.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,026,365 | €1,736,632 | +€710,268 | +69.2% |
| Amounts payable within one year | 42/48 | €1,026,365 | €1,736,632 | +€710,268 | +69.2% |
| Financial debts | 43 | €250,000 | €250,000 | = | 0.0% |
| Credit institutions | 430/8 | €250,000 | €250,000 | = | 0.0% |
| Trade debts | 44 | €571,616 | €1,133,408 | +€561,792 | +98.3% |
| Suppliers | 440/4 | €571,616 | €1,133,408 | +€561,792 | +98.3% |
| Taxes, remuneration and social security | 45 | €39,269 | €187,744 | +€148,476 | +378% |
| Taxes | 450/3 | €27,534 | €173,635 | +€146,101 | +531% |
| Remuneration and social security | 454/9 | €11,734 | €14,109 | +€2,375 | +20.2% |
| Other amounts payable | 47/48 | €165,480 | €165,480 | = | 0.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €236,573 | €337,535 | +€100,962 | +42.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,056 | €25,310 | +€253 | +1.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €32,770 | €0 | -€32,770 | -100% |
| Other operating charges | 640/8 | €7,102 | €2,266 | -€4,836 | -68.1% |
| Gross operating margin | 9900 | €562,611 | €907,901 | +€345,289 | +61.4% |
| Operating profit (loss) | 9901 | €261,110 | €542,790 | +€281,680 | +108% |
| Financial income | 75/76B | €7,025 | €10,436 | +€3,411 | +48.6% |
| Recurring financial income | 75 | €7,025 | €10,436 | +€3,411 | +48.6% |
| Financial charges | 65/66B | €18,300 | €19,579 | +€1,280 | +7.0% |
| Recurring financial charges | 65 | €18,300 | €19,579 | +€1,280 | +7.0% |
| Profit (loss) for the period before taxes | 9903 | €249,835 | €533,647 | +€283,811 | +114% |
| Income taxes | 67/77 | €90,312 | €146,101 | +€55,789 | +61.8% |
| Profit (loss) for the period | 9904 | €159,524 | €387,546 | +€228,022 | +143% |
| Transfer to tax-exempt reserves | 689 | €126,300 | €0 | -€126,300 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €33,224 | €387,546 | +€354,322 | +1,066% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.