V.S. 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.S. PROJECTS
Largest movements
- Intangible fixed assets -€18,963
down €18,963 (-33.3%), from €56,889 to €37,926
- Receivables within one year +€6,000
up €6,000 (+89.3%), from €6,718 to €12,719
of which Other amounts receivable: +€4,668
- Tangible fixed assets -€3,982
down €3,982 (-1.8%), from €216,147 to €212,165
of which Land and buildings: -€7,364
- Reserves +€11,605
up €11,605 (+39.1%), from €29,666 to €41,271
of which Distributable reserves: +€11,605
- Debts after one year -€9,375
down €9,375 (-4.6%), from €204,344 to €194,969
- Trade debts -€8,972
down €8,972 (-46.7%), from €19,216 to €10,243
- Current portion of long-term debt -€6,147
down €6,147 (-10.6%), from €57,788 to €51,641
- Staff costs +€8,656
new in 2025: €8,656
- Gross operating margin +€6,420
up €6,420 (+22.9%), from €28,010 to €34,430
- Taxes -€3,314
down €3,314 (-99.8%), from €3,320 to €6
- Depreciation +€667
up €667 (+8.1%), from €8,230 to €8,896
- Financial charges -€570
down €570 (-13.7%), from €4,163 to €3,593
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 | €327,704 | €317,435 | -€10,269 | -3.1% |
| Fixed assets | 21/28 | €273,036 | €252,041 | -€20,995 | -7.7% |
| Intangible fixed assets | 21 | €56,889 | €37,926 | -€18,963 | -33.3% |
| Tangible fixed assets | 22/27 | €216,147 | €212,165 | -€3,982 | -1.8% |
| Land and buildings | 22 | €213,545 | €206,182 | -€7,364 | -3.4% |
| Plant, machinery and equipment | 23 | €1,516 | €5,361 | +€3,845 | +253.7% |
| Furniture and vehicles | 24 | €1,086 | €622 | -€464 | -42.7% |
| Financial fixed assets | 28 | - | €1,950 | +€1,950 | |
| Current assets | 29/58 | €54,669 | €65,395 | +€10,726 | +19.6% |
| Stocks and contracts in progress | 3 | - | €2,337 | +€2,337 | |
| Stocks | 30/36 | - | €2,337 | +€2,337 | |
| Amounts receivable within one year | 40/41 | €6,718 | €12,719 | +€6,000 | +89.3% |
| Trade receivables | 40 | - | €1,332 | +€1,332 | |
| Other amounts receivable | 41 | €6,718 | €11,387 | +€4,668 | +69.5% |
| Current investments | 50/53 | €10,027 | €10,027 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €36,309 | €37,194 | +€885 | +2.4% |
| Deferred charges and accrued income | 490/1 | €1,614 | €3,118 | +€1,504 | +93.2% |
| Total equity and liabilities | 10/49 | €327,704 | €317,435 | -€10,269 | -3.1% |
| Equity | 10/15 | €45,166 | €56,771 | +€11,605 | +25.7% |
| Contributions | 10/11 | €15,500 | €15,500 | = | 0.0% |
| Reserves | 13 | €29,666 | €41,271 | +€11,605 | +39.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €27,806 | €39,411 | +€11,605 | +41.7% |
| Amounts payable | 17/49 | €282,539 | €260,664 | -€21,875 | -7.7% |
| Amounts payable after more than one year | 17 | €204,344 | €194,969 | -€9,375 | -4.6% |
| Financial debts | 170/4 | €204,344 | €194,969 | -€9,375 | -4.6% |
| Amounts payable within one year | 42/48 | €78,194 | €65,695 | -€12,500 | -16.0% |
| Current portion of amounts payable after more than one year | 42 | €57,788 | €51,641 | -€6,147 | -10.6% |
| Financial debts | 43 | €679 | €2,675 | +€1,995 | +293.8% |
| Credit institutions | 430/8 | €679 | €2,675 | +€1,995 | +293.8% |
| Trade debts | 44 | €19,216 | €10,243 | -€8,972 | -46.7% |
| Suppliers | 440/4 | €19,216 | €10,243 | -€8,972 | -46.7% |
| Taxes, remuneration and social security | 45 | €511 | €1,135 | +€624 | +122.0% |
| Taxes | 450/3 | €511 | €511 | = | 0.0% |
| Remuneration and social security | 454/9 | - | €624 | +€624 | |
| Remuneration, social security and pensions | 62 | - | €8,656 | +€8,656 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,230 | €8,896 | +€667 | +8.1% |
| Other operating charges | 640/8 | €1,893 | €1,675 | -€218 | -11.5% |
| Gross operating margin | 9900 | €28,010 | €34,430 | +€6,420 | +22.9% |
| Operating profit (loss) | 9901 | €17,888 | €15,203 | -€2,685 | -15.0% |
| Financial income | 75/76B | €1 | €1 | +€0 | +3.6% |
| Recurring financial income | 75 | €1 | €1 | +€0 | +3.6% |
| Financial charges | 65/66B | €4,163 | €3,593 | -€570 | -13.7% |
| Recurring financial charges | 65 | €4,163 | €3,593 | -€570 | -13.7% |
| Profit (loss) for the period before taxes | 9903 | €13,727 | €11,612 | -€2,115 | -15.4% |
| Income taxes | 67/77 | €3,320 | €6 | -€3,314 | -99.8% |
| Profit (loss) for the period | 9904 | €10,407 | €11,605 | +€1,199 | +11.5% |
| Profit (loss) for the period to be appropriated | 9905 | €10,407 | €11,605 | +€1,199 | +11.5% |
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 8 October 2026 via checked.be.