V & M 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 & M PROJECTS
Largest movements
- Cash -€596,455
down €596,455 (-90.3%), from €660,656 to €64,201
mainly Trade debts (-€437,113) and Receivables within one year (-€189,783)
- Receivables within one year +€189,783
up €189,783 (+312.7%), from €60,696 to €250,479
of which Trade receivables: +€156,499
- Tangible fixed assets -€116,611
down €116,611 (-94.1%), from €123,930 to €7,319
of which Land and buildings: -€109,836
- Stocks and contracts -€59,666
down €59,666 (-100.0%), from €59,666 to €0
- Trade debts -€437,113
down €437,113 (-61.0%), from €716,589 to €279,476
- Profit (loss) carried forward -€137,194
down €137,194 (-626.0%), from -€21,917 to -€159,111
- Debts after one year -€75,822
down €75,822 (-100.0%), from €75,822 to €0
- Tax, wage and social debts +€46,458
up €46,458 (+409.5%), from €11,345 to €57,803
of which Taxes: +€46,458
- Other debts +€21,749
up €21,749 (+15.8%), from €137,875 to €159,624
- Gross operating margin -€311,423
down €311,423, from €214,427 to -€96,996
- Financial charges -€148,321
down €148,321 (-91.0%), from €162,932 to €14,611
- Taxes -€93,061
down €93,061 (-100.0%), from €93,061 to €0
- Depreciation -€43,467
down €43,467 (-93.5%), from €46,495 to €3,028
- Financial income -€15,986
down €15,986 (-98.6%), from €16,218 to €231
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 | €936,974 | €348,261 | -€588,714 | -62.8% |
| Fixed assets | 21/28 | €129,200 | €12,589 | -€116,611 | -90.3% |
| Tangible fixed assets | 22/27 | €123,930 | €7,319 | -€116,611 | -94.1% |
| Land and buildings | 22 | €109,836 | €0 | -€109,836 | -100.0% |
| Plant, machinery and equipment | 23 | €626 | €4,748 | +€4,122 | +658.9% |
| Furniture and vehicles | 24 | €13,468 | €2,571 | -€10,897 | -80.9% |
| Financial fixed assets | 28 | €5,270 | €5,270 | = | 0.0% |
| Current assets | 29/58 | €807,775 | €335,672 | -€472,102 | -58.4% |
| Stocks and contracts in progress | 3 | €59,666 | €0 | -€59,666 | -100.0% |
| Stocks | 30/36 | €59,666 | €0 | -€59,666 | -100.0% |
| Amounts receivable within one year | 40/41 | €60,696 | €250,479 | +€189,783 | +312.7% |
| Trade receivables | 40 | €40,169 | €196,668 | +€156,499 | +389.6% |
| Other amounts receivable | 41 | €20,527 | €53,811 | +€33,284 | +162.1% |
| Cash at bank and in hand | 54/58 | €660,656 | €64,201 | -€596,455 | -90.3% |
| Deferred charges and accrued income | 490/1 | €26,756 | €20,992 | -€5,764 | -21.5% |
| Total equity and liabilities | 10/49 | €936,974 | €348,261 | -€588,714 | -62.8% |
| Equity | 10/15 | -€15,717 | -€152,911 | -€137,194 | -872.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€21,917 | -€159,111 | -€137,194 | -626.0% |
| Amounts payable | 17/49 | €952,691 | €501,172 | -€451,519 | -47.4% |
| Amounts payable after more than one year | 17 | €75,822 | €0 | -€75,822 | -100.0% |
| Financial debts | 170/4 | €75,822 | €0 | -€75,822 | -100.0% |
| Amounts payable within one year | 42/48 | €876,869 | €501,172 | -€375,698 | -42.8% |
| Current portion of amounts payable after more than one year | 42 | €11,060 | €0 | -€11,060 | -100.0% |
| Trade debts | 44 | €716,589 | €279,476 | -€437,113 | -61.0% |
| Suppliers | 440/4 | €716,589 | €279,476 | -€437,113 | -61.0% |
| Advances received on contracts in progress | 46 | - | €4,269 | +€4,269 | |
| Taxes, remuneration and social security | 45 | €11,345 | €57,803 | +€46,458 | +409.5% |
| Taxes | 450/3 | €11,345 | €57,803 | +€46,458 | +409.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €137,875 | €159,624 | +€21,749 | +15.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,495 | €3,028 | -€43,467 | -93.5% |
| Other operating charges | 640/8 | €24,225 | €22,790 | -€1,434 | -5.9% |
| Non-recurring operating charges | 66A | €82,086 | €0 | -€82,086 | -100.0% |
| Gross operating margin | 9900 | €214,427 | -€96,996 | -€311,423 | |
| Operating profit (loss) | 9901 | €61,621 | -€122,815 | -€184,436 | |
| Financial income | 75/76B | €16,218 | €231 | -€15,986 | -98.6% |
| Recurring financial income | 75 | €16,218 | €231 | -€15,986 | -98.6% |
| Financial charges | 65/66B | €162,932 | €14,611 | -€148,321 | -91.0% |
| Recurring financial charges | 65 | €162,932 | €14,611 | -€148,321 | -91.0% |
| Profit (loss) for the period before taxes | 9903 | -€85,092 | -€137,194 | -€52,102 | -61.2% |
| Income taxes | 67/77 | €93,061 | €0 | -€93,061 | -100.0% |
| Profit (loss) for the period | 9904 | -€178,154 | -€137,194 | +€40,959 | +23.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€178,154 | -€137,194 | +€40,959 | +23.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.