VA 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.
VA PROJECTS
Largest movements
- Tangible fixed assets +€294,115
up €294,115 (+587.2%), from €50,088 to €344,203
of which Land and buildings: +€299,462
- Cash -€41,963
down €41,963 (-29.2%), from €143,936 to €101,973
mainly Investment in fixed assets (net) (-€339,327) and Receivables within one year (-€39,635)
- Receivables within one year +€39,635
up €39,635 (+299.2%), from €13,249 to €52,884
of which Trade receivables: +€34,981
- Debts after one year +€260,607
new in 2025: €260,607
- Trade debts +€35,588
up €35,588 (+371.3%), from €9,585 to €45,173
- Reserves -€15,000
down €15,000 (-8.3%), from €179,860 to €164,860
of which Distributable reserves: -€15,000
- Current portion of long-term debt +€9,393
new in 2025: €9,393
- Depreciation +€36,587
up €36,587 (+424.2%), from €8,625 to €45,212
- Gross operating margin +€8,872
up €8,872 (+14.6%), from €60,632 to €69,505
- Taxes -€8,071
down €8,071 (-58.4%), from €13,810 to €5,739
- Other operating charges +€1,807
up €1,807 (+166.6%), from €1,085 to €2,892
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 | €214,896 | €504,641 | +€289,745 | +134.8% |
| Fixed assets | 21/28 | €50,088 | €344,203 | +€294,115 | +587.2% |
| Tangible fixed assets | 22/27 | €50,088 | €344,203 | +€294,115 | +587.2% |
| Land and buildings | 22 | - | €299,462 | +€299,462 | |
| Plant, machinery and equipment | 23 | €6,715 | €5,676 | -€1,040 | -15.5% |
| Furniture and vehicles | 24 | €907 | €0 | -€907 | -100.0% |
| Other tangible fixed assets | 26 | €42,465 | €39,065 | -€3,400 | -8.0% |
| Current assets | 29/58 | €164,808 | €160,438 | -€4,370 | -2.7% |
| Amounts receivable within one year | 40/41 | €13,249 | €52,884 | +€39,635 | +299.2% |
| Trade receivables | 40 | €13,249 | €48,230 | +€34,981 | +264.0% |
| Other amounts receivable | 41 | €0 | €4,654 | +€4,654 | |
| Cash at bank and in hand | 54/58 | €143,936 | €101,973 | -€41,963 | -29.2% |
| Deferred charges and accrued income | 490/1 | €7,622 | €5,580 | -€2,042 | -26.8% |
| Total equity and liabilities | 10/49 | €214,896 | €504,641 | +€289,745 | +134.8% |
| Equity | 10/15 | €199,126 | €185,638 | -€13,488 | -6.8% |
| Contributions | 10/11 | €6,201 | €6,201 | = | 0.0% |
| Reserves | 13 | €179,860 | €164,860 | -€15,000 | -8.3% |
| Tax-exempt reserves | 132 | €13,000 | €13,000 | = | 0.0% |
| Distributable reserves | 133 | €166,860 | €151,860 | -€15,000 | -9.0% |
| Profit (loss) carried forward | 14 | €13,065 | €14,577 | +€1,512 | +11.6% |
| Amounts payable | 17/49 | €15,770 | €319,003 | +€303,233 | +1922.8% |
| Amounts payable after more than one year | 17 | - | €260,607 | +€260,607 | |
| Financial debts | 170/4 | - | €260,607 | +€260,607 | |
| Amounts payable within one year | 42/48 | €15,770 | €58,396 | +€42,626 | +270.3% |
| Current portion of amounts payable after more than one year | 42 | - | €9,393 | +€9,393 | |
| Trade debts | 44 | €9,585 | €45,173 | +€35,588 | +371.3% |
| Suppliers | 440/4 | €9,585 | €45,173 | +€35,588 | +371.3% |
| Taxes, remuneration and social security | 45 | €5,140 | €2,091 | -€3,049 | -59.3% |
| Taxes | 450/3 | €5,140 | €2,091 | -€3,049 | -59.3% |
| Other amounts payable | 47/48 | €1,045 | €1,738 | +€693 | +66.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,625 | €45,212 | +€36,587 | +424.2% |
| Other operating charges | 640/8 | €1,085 | €2,892 | +€1,807 | +166.6% |
| Gross operating margin | 9900 | €60,632 | €69,505 | +€8,872 | +14.6% |
| Operating profit (loss) | 9901 | €50,922 | €21,400 | -€29,522 | -58.0% |
| Financial income | 75/76B | €17 | €97 | +€81 | +485.1% |
| Recurring financial income | 75 | €17 | €97 | +€81 | +485.1% |
| Financial charges | 65/66B | €2,411 | €2,246 | -€165 | -6.8% |
| Recurring financial charges | 65 | €2,411 | €2,246 | -€165 | -6.8% |
| Profit (loss) for the period before taxes | 9903 | €48,528 | €19,251 | -€29,276 | -60.3% |
| Income taxes | 67/77 | €13,810 | €5,739 | -€8,071 | -58.4% |
| Profit (loss) for the period | 9904 | €34,718 | €13,512 | -€21,205 | -61.1% |
| Profit (loss) for the period to be appropriated | 9905 | €34,718 | €13,512 | -€21,205 | -61.1% |
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 9 October 2026 via checked.be.