V 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 PROJECTS
Largest movements
- Receivables within one year +€38,846
up €38,846 (+169%), from €22,923 to €61,769
of which Trade receivables: +€35,364
- Tangible fixed assets +€20,530
up €20,530 (+36.8%), from €55,833 to €76,363
of which Plant, machinery and equipment: +€31,716
- Cash +€10,268
up €10,268 (+42.4%), from €24,189 to €34,457
mainly Net result for the year (+€36,832) and Depreciation (+€17,680)
- Deferred charges and accrued income +€2,102
up €2,102 (+227%), from €926 to €3,028
- Debts after one year +€16,894
up €16,894 (+120%), from €14,034 to €30,928
- Reserves +€15,570
up €15,570 (+26.7%), from €58,211 to €73,781
- Other debts +€14,533
up €14,533 (+216%), from €6,729 to €21,262
- Current portion of long-term debt +€9,933
up €9,933 (+142%), from €7,017 to €16,950
- Trade debts +€7,491
up €7,491 (+135%), from €5,539 to €13,030
- Gross operating margin +€39,060
up €39,060 (+126%), from €31,075 to €70,135
- Taxes +€11,283
up €11,283 (+406%), from €2,780 to €14,063
- Depreciation -€2,578
down €2,578 (-12.7%), from €20,257 to €17,680
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 | €110,130 | €181,113 | +€70,983 | +64.5% |
| Fixed assets | 21/28 | €55,833 | €76,368 | +€20,535 | +36.8% |
| Tangible fixed assets | 22/27 | €55,833 | €76,363 | +€20,530 | +36.8% |
| Plant, machinery and equipment | 23 | €5,579 | €37,295 | +€31,716 | +569% |
| Furniture and vehicles | 24 | €34,232 | €24,859 | -€9,373 | -27.4% |
| Other tangible fixed assets | 26 | €16,022 | €14,210 | -€1,812 | -11.3% |
| Financial fixed assets | 28 | - | €5 | +€5 | |
| Current assets | 29/58 | €54,297 | €104,745 | +€50,448 | +92.9% |
| Stocks and contracts in progress | 3 | €6,259 | €5,490 | -€769 | -12.3% |
| Stocks | 30/36 | €6,259 | €5,490 | -€769 | -12.3% |
| Amounts receivable within one year | 40/41 | €22,923 | €61,769 | +€38,846 | +169% |
| Trade receivables | 40 | €17,899 | €53,264 | +€35,364 | +198% |
| Other amounts receivable | 41 | €5,024 | €8,506 | +€3,482 | +69.3% |
| Cash at bank and in hand | 54/58 | €24,189 | €34,457 | +€10,268 | +42.4% |
| Deferred charges and accrued income | 490/1 | €926 | €3,028 | +€2,102 | +227% |
| Total equity and liabilities | 10/49 | €110,130 | €181,113 | +€70,983 | +64.5% |
| Equity | 10/15 | €76,811 | €92,381 | +€15,570 | +20.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €58,211 | €73,781 | +€15,570 | +26.7% |
| Distributable reserves | 133 | €58,211 | €73,781 | +€15,570 | +26.7% |
| Amounts payable | 17/49 | €33,318 | €88,732 | +€55,413 | +166% |
| Amounts payable after more than one year | 17 | €14,034 | €30,928 | +€16,894 | +120% |
| Financial debts | 170/4 | €14,034 | €30,928 | +€16,894 | +120% |
| Amounts payable within one year | 42/48 | €19,285 | €57,804 | +€38,519 | +200% |
| Current portion of amounts payable after more than one year | 42 | €7,017 | €16,950 | +€9,933 | +142% |
| Trade debts | 44 | €5,539 | €13,030 | +€7,491 | +135% |
| Suppliers | 440/4 | €5,539 | €13,030 | +€7,491 | +135% |
| Taxes, remuneration and social security | 45 | - | €6,562 | +€6,562 | |
| Taxes | 450/3 | - | €6,562 | +€6,562 | |
| Other amounts payable | 47/48 | €6,729 | €21,262 | +€14,533 | +216% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,257 | €17,680 | -€2,578 | -12.7% |
| Other operating charges | 640/8 | €357 | €280 | -€77 | -21.6% |
| Gross operating margin | 9900 | €31,075 | €70,135 | +€39,060 | +126% |
| Operating profit (loss) | 9901 | €10,461 | €52,176 | +€41,715 | +399% |
| Financial income | 75/76B | €73 | €300 | +€227 | +310% |
| Recurring financial income | 75 | €73 | €300 | +€227 | +310% |
| Financial charges | 65/66B | €1,611 | €1,580 | -€31 | -1.9% |
| Recurring financial charges | 65 | €1,611 | €1,580 | -€31 | -1.9% |
| Profit (loss) for the period before taxes | 9903 | €8,923 | €50,895 | +€41,972 | +470% |
| Income taxes | 67/77 | €2,780 | €14,063 | +€11,283 | +406% |
| Profit (loss) for the period | 9904 | €6,143 | €36,832 | +€30,689 | +500% |
| Profit (loss) for the period to be appropriated | 9905 | €6,143 | €36,832 | +€30,689 | +500% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.