V.W. PROJECT: 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.W. PROJECT
Largest movements
- Cash -€30,638
down €30,638 (-85.9%), from €35,681 to €5,043
mainly Net result for the year (-€30,142) and Debts after one year (-€4,081)
- Receivables within one year +€1,562
up €1,562 (+5.5%), from €28,627 to €30,190
of which Other amounts receivable: +€12,872
- Tangible fixed assets -€1,150
down €1,150 (-7.2%), from €16,022 to €14,873
of which Furniture and vehicles: -€2,205
- Profit (loss) carried forward -€30,142
down €30,142, from €5,578 to -€24,564
- Debts after one year -€4,081
down €4,081 (-47.0%), from €8,688 to €4,608
- Tax, wage and social debts +€1,966
up €1,966 (+41.2%), from €4,767 to €6,733
- Trade debts +€1,872
up €1,872, from €0 to €1,872
- Gross operating margin -€29,111
down €29,111, from €2,625 to -€26,486
- Financial income -€18,138
down €18,138 (-96.7%), from €18,764 to €627
of which Non-recurring financial income: -€18,000
- Depreciation -€2,188
down €2,188 (-49.6%), from €4,411 to €2,223
- Taxes +€392
up €392 (+251%), from €156 to €548
- Other operating charges -€383
down €383 (-28.4%), from €1,351 to €967
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 | €80,381 | €50,155 | -€30,226 | -37.6% |
| Fixed assets | 21/28 | €16,072 | €14,923 | -€1,150 | -7.2% |
| Tangible fixed assets | 22/27 | €16,022 | €14,873 | -€1,150 | -7.2% |
| Plant, machinery and equipment | 23 | - | €1,056 | +€1,056 | |
| Furniture and vehicles | 24 | €16,022 | €13,817 | -€2,205 | -13.8% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €64,308 | €35,232 | -€29,076 | -45.2% |
| Amounts receivable within one year | 40/41 | €28,627 | €30,190 | +€1,562 | +5.5% |
| Trade receivables | 40 | €21,457 | €10,148 | -€11,309 | -52.7% |
| Other amounts receivable | 41 | €7,170 | €20,042 | +€12,872 | +180% |
| Cash at bank and in hand | 54/58 | €35,681 | €5,043 | -€30,638 | -85.9% |
| Total equity and liabilities | 10/49 | €80,381 | €50,155 | -€30,226 | -37.6% |
| Equity | 10/15 | €63,004 | €32,862 | -€30,142 | -47.8% |
| Contributions | 10/11 | €57,426 | €57,426 | = | 0.0% |
| Contributions outside capital | 11 | €57,426 | - | -€57,426 | |
| Other | 1109/19 | €57,426 | - | -€57,426 | |
| Profit (loss) carried forward | 14 | €5,578 | -€24,564 | -€30,142 | |
| Amounts payable | 17/49 | €17,377 | €17,293 | -€84 | -0.5% |
| Amounts payable after more than one year | 17 | €8,688 | €4,608 | -€4,081 | -47.0% |
| Financial debts | 170/4 | €8,688 | €4,608 | -€4,081 | -47.0% |
| Amounts payable within one year | 42/48 | €8,688 | €12,685 | +€3,997 | +46.0% |
| Current portion of amounts payable after more than one year | 42 | €3,921 | €4,081 | +€159 | +4.1% |
| Trade debts | 44 | €0 | €1,872 | +€1,872 | |
| Suppliers | 440/4 | €0 | €1,872 | +€1,872 | |
| Taxes, remuneration and social security | 45 | €4,767 | €6,733 | +€1,966 | +41.2% |
| Taxes | 450/3 | €4,767 | €6,733 | +€1,966 | +41.2% |
| Non-recurring operating income | 76A | €554 | - | -€554 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,411 | €2,223 | -€2,188 | -49.6% |
| Other operating charges | 640/8 | €1,351 | €967 | -€383 | -28.4% |
| Gross operating margin | 9900 | €2,625 | -€26,486 | -€29,111 | |
| Operating profit (loss) | 9901 | -€3,137 | -€29,677 | -€26,540 | -846% |
| Financial income | 75/76B | €18,764 | €627 | -€18,138 | -96.7% |
| Recurring financial income | 75 | €764 | €627 | -€138 | -18.0% |
| Non-recurring financial income | 76B | €18,000 | - | -€18,000 | |
| Financial charges | 65/66B | €779 | €543 | -€236 | -30.3% |
| Recurring financial charges | 65 | €779 | €543 | -€236 | -30.3% |
| Profit (loss) for the period before taxes | 9903 | €14,848 | -€29,594 | -€44,442 | |
| Income taxes | 67/77 | €156 | €548 | +€392 | +251% |
| Profit (loss) for the period | 9904 | €14,692 | -€30,142 | -€44,834 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,692 | -€30,142 | -€44,834 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.