V-Project: 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-Project
Largest movements
- Stocks and contracts +€275,600
up €275,600 (+82.8%), from €332,800 to €608,400
- Receivables within one year -€11,730
down €11,730 (-42.0%), from €27,898 to €16,168
of which Trade receivables: -€10,561
- Cash -€9,644
down €9,644 (-58.6%), from €16,462 to €6,818
mainly Stocks and contracts (-€275,600) and Net result for the year (-€12,808)
- Short-term financial debts +€150,000
new in 2025: €150,000
- Other debts +€100,000
up €100,000 (+26.1%), from €383,041 to €483,041
- Trade debts +€17,034
up €17,034 (+3351.0%), from €508 to €17,543
- Profit (loss) carried forward -€12,808
down €12,808 (-48.5%), from -€26,389 to -€39,197
- Gross operating margin -€5,661
down €5,661 (-632.5%), from -€895 to -€6,556
- Financial charges +€4,012
up €4,012 (+243.3%), from €1,649 to €5,661
- Other operating charges -€222
down €222 (-27.3%), from €814 to €592
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 | €377,160 | €631,386 | +€254,226 | +67.4% |
| Current assets | 29/58 | €377,160 | €631,386 | +€254,226 | +67.4% |
| Stocks and contracts in progress | 3 | €332,800 | €608,400 | +€275,600 | +82.8% |
| Stocks | 30/36 | €332,800 | €608,400 | +€275,600 | +82.8% |
| Amounts receivable within one year | 40/41 | €27,898 | €16,168 | -€11,730 | -42.0% |
| Trade receivables | 40 | €26,500 | €15,939 | -€10,561 | -39.9% |
| Other amounts receivable | 41 | €1,398 | €228 | -€1,170 | -83.7% |
| Cash at bank and in hand | 54/58 | €16,462 | €6,818 | -€9,644 | -58.6% |
| Total equity and liabilities | 10/49 | €377,160 | €631,386 | +€254,226 | +67.4% |
| Equity | 10/15 | -€6,389 | -€19,197 | -€12,808 | -200.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€26,389 | -€39,197 | -€12,808 | -48.5% |
| Amounts payable | 17/49 | €383,549 | €650,583 | +€267,034 | +69.6% |
| Amounts payable within one year | 42/48 | €383,549 | €650,583 | +€267,034 | +69.6% |
| Financial debts | 43 | - | €150,000 | +€150,000 | |
| Credit institutions | 430/8 | - | €150,000 | +€150,000 | |
| Trade debts | 44 | €508 | €17,543 | +€17,034 | +3351.0% |
| Suppliers | 440/4 | €508 | €17,543 | +€17,034 | +3351.0% |
| Other amounts payable | 47/48 | €383,041 | €483,041 | +€100,000 | +26.1% |
| Other operating charges | 640/8 | €814 | €592 | -€222 | -27.3% |
| Gross operating margin | 9900 | -€895 | -€6,556 | -€5,661 | -632.5% |
| Operating profit (loss) | 9901 | -€1,709 | -€7,148 | -€5,439 | -318.3% |
| Financial charges | 65/66B | €1,649 | €5,661 | +€4,012 | +243.3% |
| Recurring financial charges | 65 | €1,649 | €5,661 | +€4,012 | +243.3% |
| Profit (loss) for the period before taxes | 9903 | -€3,357 | -€12,808 | -€9,451 | -281.5% |
| Profit (loss) for the period | 9904 | -€3,357 | -€12,808 | -€9,451 | -281.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,357 | -€12,808 | -€9,451 | -281.5% |
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 4 October 2026 via checked.be.