V & P PROJECTS: what changed
Two fiscal 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 & P PROJECTS
Largest movements
- Stocks and contracts -€576,122
down €576,122 (-48.9%), from €1.2m to €602,752
- Receivables within one year +€296,716
up €296,716 (+1186.0%), from €25,018 to €321,734
of which Trade receivables: +€321,716
- Cash +€110,079
up €110,079 (+55.4%), from €198,812 to €308,890
mainly Stocks and contracts (+€576,122) and Net result for the year (+€168,455)
- Current portion of long-term debt -€351,763
down €351,763 (-100.0%), from €351,900 to €137
- Reserves +€168,455
up €168,455 (+18.1%), from €932,749 to €1.1m
- Tax, wage and social debts +€16,990
new in 2025: €16,990
- Gross operating margin +€238,007
up €238,007 (+1566.0%), from €15,199 to €253,205
- Taxes +€74,990
new in 2025: €74,990
- Financial charges -€18,130
down €18,130 (-85.5%), from €21,210 to €3,080
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 | €1,515,305 | €1,341,396 | -€173,908 | -11.5% |
| Fixed assets | 21/28 | €107,614 | €102,716 | -€4,897 | -4.6% |
| Tangible fixed assets | 22/27 | €107,614 | €102,716 | -€4,897 | -4.6% |
| Land and buildings | 22 | €107,614 | €102,716 | -€4,897 | -4.6% |
| Current assets | 29/58 | €1,407,691 | €1,238,680 | -€169,011 | -12.0% |
| Stocks and contracts in progress | 3 | €1,178,874 | €602,752 | -€576,122 | -48.9% |
| Stocks | 30/36 | €1,178,874 | €602,752 | -€576,122 | -48.9% |
| Amounts receivable within one year | 40/41 | €25,018 | €321,734 | +€296,716 | +1186.0% |
| Trade receivables | 40 | €18 | €321,734 | +€321,716 | +1794291.1% |
| Other amounts receivable | 41 | €25,000 | - | -€25,000 | |
| Cash at bank and in hand | 54/58 | €198,812 | €308,890 | +€110,079 | +55.4% |
| Deferred charges and accrued income | 490/1 | €4,987 | €5,303 | +€316 | +6.3% |
| Total equity and liabilities | 10/49 | €1,515,305 | €1,341,396 | -€173,908 | -11.5% |
| Equity | 10/15 | €1,137,097 | €1,305,552 | +€168,455 | +14.8% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €932,749 | €1,101,204 | +€168,455 | +18.1% |
| Distributable reserves | 133 | €932,749 | €1,101,204 | +€168,455 | +18.1% |
| Profit (loss) carried forward | 14 | €129,348 | €129,348 | = | 0.0% |
| Amounts payable | 17/49 | €378,207 | €35,844 | -€342,363 | -90.5% |
| Amounts payable after more than one year | 17 | €2,790 | €2,790 | = | 0.0% |
| Other amounts payable | 178/9 | €2,790 | €2,790 | = | 0.0% |
| Amounts payable within one year | 42/48 | €373,168 | €32,051 | -€341,117 | -91.4% |
| Current portion of amounts payable after more than one year | 42 | €351,900 | €137 | -€351,763 | -100.0% |
| Financial debts | 43 | €6,344 | - | -€6,344 | |
| Other loans | 439 | €6,344 | - | -€6,344 | |
| Taxes, remuneration and social security | 45 | - | €16,990 | +€16,990 | |
| Taxes | 450/3 | - | €16,990 | +€16,990 | |
| Other amounts payable | 47/48 | €14,924 | €14,924 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €2,249 | €1,003 | -€1,246 | -55.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,897 | €4,897 | = | 0.0% |
| Other operating charges | 640/8 | €2,799 | €2,887 | +€88 | +3.1% |
| Gross operating margin | 9900 | €15,199 | €253,205 | +€238,007 | +1566.0% |
| Operating profit (loss) | 9901 | €7,502 | €245,421 | +€237,919 | +3171.4% |
| Financial income | 75/76B | €1,974 | €1,104 | -€870 | -44.1% |
| Recurring financial income | 75 | €1,974 | €1,104 | -€870 | -44.1% |
| Financial charges | 65/66B | €21,210 | €3,080 | -€18,130 | -85.5% |
| Recurring financial charges | 65 | €21,210 | €3,080 | -€18,130 | -85.5% |
| Profit (loss) for the period before taxes | 9903 | -€11,735 | €243,445 | +€255,179 | |
| Income taxes | 67/77 | - | €74,990 | +€74,990 | |
| Profit (loss) for the period | 9904 | -€11,735 | €168,455 | +€180,190 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,735 | €168,455 | +€180,190 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.