VANDENBERGH PROJECT MANAGEMENT: 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.
VANDENBERGH PROJECT MANAGEMENT
Largest movements
- Tangible fixed assets -€62,509
down €62,509 (-5.4%), from €1.2m to €1.1m
of which Land and buildings: -€69,643
- Receivables within one year -€60,630
down €60,630 (-22.4%), from €271,069 to €210,439
of which Other amounts receivable: -€65,169
- Cash +€56,073
up €56,073 (+161%), from €34,722 to €90,795
mainly Net result for the year (+€86,706) and Depreciation (+€84,737)
- Stocks and contracts -€47,950
no longer reported in 2025 (was €47,950)
- Other debts -€140,145
down €140,145 (-60.9%), from €230,145 to €90,000
- Reserves +€86,706
up €86,706 (+14.4%), from €601,739 to €688,445
- Debts after one year -€80,239
down €80,239 (-19.7%), from €408,037 to €327,798
- Tax, wage and social debts +€19,095
up €19,095 (+161%), from €11,887 to €30,982
- Gross operating margin +€104,307
up €104,307 (+78.3%), from €133,198 to €237,505
- Taxes +€36,114
up €36,114 (+1,613%), from €2,238 to €38,352
- Depreciation -€8,211
down €8,211 (-8.8%), from €92,947 to €84,737
- Financial charges -€3,119
down €3,119 (-14.4%), from €21,713 to €18,594
- Financial income +€2,500
up €2,500 (+55.6%), from €4,500 to €7,000
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 | €1,514,123 | €1,398,374 | -€115,749 | -7.6% |
| Fixed assets | 21/28 | €1,150,871 | €1,088,362 | -€62,509 | -5.4% |
| Tangible fixed assets | 22/27 | €1,150,463 | €1,087,954 | -€62,509 | -5.4% |
| Land and buildings | 22 | €1,132,808 | €1,063,165 | -€69,643 | -6.1% |
| Plant, machinery and equipment | 23 | €7,605 | €24,789 | +€17,184 | +226% |
| Furniture and vehicles | 24 | €10,050 | - | -€10,050 | |
| Financial fixed assets | 28 | €409 | €409 | = | 0.0% |
| Current assets | 29/58 | €363,251 | €310,011 | -€53,240 | -14.7% |
| Stocks and contracts in progress | 3 | €47,950 | - | -€47,950 | |
| Stocks | 30/36 | €47,950 | - | -€47,950 | |
| Amounts receivable within one year | 40/41 | €271,069 | €210,439 | -€60,630 | -22.4% |
| Trade receivables | 40 | €3,910 | €8,449 | +€4,539 | +116% |
| Other amounts receivable | 41 | €267,159 | €201,990 | -€65,169 | -24.4% |
| Cash at bank and in hand | 54/58 | €34,722 | €90,795 | +€56,073 | +161% |
| Deferred charges and accrued income | 490/1 | €9,510 | €8,778 | -€732 | -7.7% |
| Total equity and liabilities | 10/49 | €1,514,123 | €1,398,374 | -€115,749 | -7.6% |
| Equity | 10/15 | €770,553 | €857,259 | +€86,706 | +11.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €601,739 | €688,445 | +€86,706 | +14.4% |
| Distributable reserves | 133 | €601,739 | €688,445 | +€86,706 | +14.4% |
| Profit (loss) carried forward | 14 | €150,214 | €150,214 | = | 0.0% |
| Amounts payable | 17/49 | €743,570 | €541,115 | -€202,455 | -27.2% |
| Amounts payable after more than one year | 17 | €408,037 | €327,798 | -€80,239 | -19.7% |
| Financial debts | 170/4 | €408,037 | €327,798 | -€80,239 | -19.7% |
| Amounts payable within one year | 42/48 | €335,533 | €213,317 | -€122,216 | -36.4% |
| Current portion of amounts payable after more than one year | 42 | €87,766 | €80,239 | -€7,527 | -8.6% |
| Trade debts | 44 | €5,734 | €12,095 | +€6,362 | +111% |
| Suppliers | 440/4 | €5,734 | €12,095 | +€6,362 | +111% |
| Taxes, remuneration and social security | 45 | €11,887 | €30,982 | +€19,095 | +161% |
| Taxes | 450/3 | €11,887 | €30,982 | +€19,095 | +161% |
| Other amounts payable | 47/48 | €230,145 | €90,000 | -€140,145 | -60.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,947 | €84,737 | -€8,211 | -8.8% |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Non-recurring operating charges | 66A | - | €15,996 | +€15,996 | |
| Gross operating margin | 9900 | €133,198 | €237,505 | +€104,307 | +78.3% |
| Operating profit (loss) | 9901 | €40,133 | €136,653 | +€96,520 | +240% |
| Financial income | 75/76B | €4,500 | €7,000 | +€2,500 | +55.6% |
| Recurring financial income | 75 | €4,500 | €7,000 | +€2,500 | +55.6% |
| Financial charges | 65/66B | €21,713 | €18,594 | -€3,119 | -14.4% |
| Recurring financial charges | 65 | €21,713 | €18,594 | -€3,119 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | €22,920 | €125,058 | +€102,138 | +446% |
| Income taxes | 67/77 | €2,238 | €38,352 | +€36,114 | +1,613% |
| Profit (loss) for the period | 9904 | €20,681 | €86,706 | +€66,025 | +319% |
| Profit (loss) for the period to be appropriated | 9905 | €20,681 | €86,706 | +€66,025 | +319% |
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 1 November 2026 via checked.be.