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
- Receivables within one year +€227,485
up €227,485 (+27.3%), from €832,867 to €1.1m
of which Other amounts receivable: +€250,325
- Tangible fixed assets +€95,924
up €95,924 (+61.6%), from €155,772 to €251,695
of which Other tangible fixed assets: +€108,000
- Cash +€24,449
up €24,449 (+133.9%), from €18,265 to €42,715
mainly Net result for the year (+€311,549) and Tax, wage and social debts (+€31,045)
- Reserves +€311,000
up €311,000 (+19.5%), from €1.6m to €1.9m
- Tax, wage and social debts +€31,045
up €31,045 (+199.3%), from €15,575 to €46,620
of which Taxes: +€31,935
- Financial income -€144,778
down €144,778 (-32.7%), from €442,277 to €297,498
- Gross operating margin +€71,902
up €71,902 (+108.6%), from €66,236 to €138,139
- Taxes +€35,880
up €35,880 (+4466.5%), from €803 to €36,683
- Staff costs +€9,768
up €9,768 (+18.9%), from €51,770 to €61,538
- Financial charges +€3,108
up €3,108 (+61.1%), from €5,090 to €8,198
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 | €1,912,336 | €2,242,540 | +€330,204 | +17.3% |
| Fixed assets | 21/28 | €1,037,772 | €1,133,695 | +€95,924 | +9.2% |
| Tangible fixed assets | 22/27 | €155,772 | €251,695 | +€95,924 | +61.6% |
| Plant, machinery and equipment | 23 | €2,270 | €2,154 | -€115 | -5.1% |
| Furniture and vehicles | 24 | €47,238 | €35,277 | -€11,961 | -25.3% |
| Other tangible fixed assets | 26 | €106,264 | €214,264 | +€108,000 | +101.6% |
| Financial fixed assets | 28 | €882,000 | €882,000 | = | 0.0% |
| Current assets | 29/58 | €874,564 | €1,108,845 | +€234,280 | +26.8% |
| Stocks and contracts in progress | 3 | €19,759 | - | -€19,759 | |
| Stocks | 30/36 | €19,759 | - | -€19,759 | |
| Amounts receivable within one year | 40/41 | €832,867 | €1,060,352 | +€227,485 | +27.3% |
| Trade receivables | 40 | €23,595 | €756 | -€22,840 | -96.8% |
| Other amounts receivable | 41 | €809,272 | €1,059,597 | +€250,325 | +30.9% |
| Cash at bank and in hand | 54/58 | €18,265 | €42,715 | +€24,449 | +133.9% |
| Deferred charges and accrued income | 490/1 | €3,673 | €5,778 | +€2,104 | +57.3% |
| Total equity and liabilities | 10/49 | €1,912,336 | €2,242,540 | +€330,204 | +17.3% |
| Equity | 10/15 | €1,845,317 | €2,156,866 | +€311,549 | +16.9% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €1,595,000 | €1,906,000 | +€311,000 | +19.5% |
| Distributable reserves | 133 | €1,595,000 | €1,906,000 | +€311,000 | +19.5% |
| Profit (loss) carried forward | 14 | €317 | €866 | +€549 | +172.8% |
| Amounts payable | 17/49 | €67,018 | €85,674 | +€18,655 | +27.8% |
| Amounts payable within one year | 42/48 | €64,387 | €81,086 | +€16,699 | +25.9% |
| Trade debts | 44 | €25,481 | €22,619 | -€2,861 | -11.2% |
| Suppliers | 440/4 | €25,481 | €22,619 | -€2,861 | -11.2% |
| Taxes, remuneration and social security | 45 | €15,575 | €46,620 | +€31,045 | +199.3% |
| Taxes | 450/3 | €8,220 | €40,155 | +€31,935 | +388.5% |
| Remuneration and social security | 454/9 | €7,355 | €6,465 | -€890 | -12.1% |
| Other amounts payable | 47/48 | €23,331 | €11,846 | -€11,485 | -49.2% |
| Accrued charges and deferred income | 492/3 | €2,631 | €4,588 | +€1,957 | +74.4% |
| Non-recurring operating income | 76A | €32,494 | €108,000 | +€75,506 | +232.4% |
| Remuneration, social security and pensions | 62 | €51,770 | €61,538 | +€9,768 | +18.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,595 | €12,921 | +€1,326 | +11.4% |
| Other operating charges | 640/8 | €5,398 | €4,749 | -€649 | -12.0% |
| Non-recurring operating charges | 66A | €33,884 | - | -€33,884 | |
| Gross operating margin | 9900 | €66,236 | €138,139 | +€71,902 | +108.6% |
| Operating profit (loss) | 9901 | -€36,410 | €58,931 | +€95,342 | |
| Financial income | 75/76B | €442,277 | €297,498 | -€144,778 | -32.7% |
| Recurring financial income | 75 | €442,277 | €297,498 | -€144,778 | -32.7% |
| Financial charges | 65/66B | €5,090 | €8,198 | +€3,108 | +61.1% |
| Recurring financial charges | 65 | €5,090 | €8,198 | +€3,108 | +61.1% |
| Profit (loss) for the period before taxes | 9903 | €400,776 | €348,232 | -€52,545 | -13.1% |
| Income taxes | 67/77 | €803 | €36,683 | +€35,880 | +4466.5% |
| Profit (loss) for the period | 9904 | €399,973 | €311,549 | -€88,424 | -22.1% |
| Profit (loss) for the period to be appropriated | 9905 | €399,973 | €311,549 | -€88,424 | -22.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.