VAS 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.
VAS Projects
Largest movements
- Receivables within one year +€35,861
up €35,861 (+196.9%), from €18,210 to €54,071
of which Other amounts receivable: +€34,110
- Cash +€19,060
up €19,060 (+29.1%), from €65,451 to €84,510
mainly Net result for the year (+€54,774) and Tax, wage and social debts (+€1,907)
- Tangible fixed assets +€2,040
up €2,040 (+755.5%), from €270 to €2,310
- Reserves +€54,774
up €54,774 (+94.7%), from €57,823 to €112,597
- Tax, wage and social debts +€1,907
up €1,907 (+7.7%), from €24,767 to €26,675
- Gross operating margin -€5,110
down €5,110 (-6.5%), from €79,196 to €74,086
- Staff costs -€1,693
down €1,693 (-68.4%), from €2,474 to €781
- Financial income +€1,150
up €1,150 (+462.5%), from €249 to €1,399
- Depreciation +€965
up €965 (+1264.5%), from €76 to €1,041
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 | €84,956 | €141,056 | +€56,099 | +66.0% |
| Fixed assets | 21/28 | €270 | €2,310 | +€2,040 | +755.5% |
| Tangible fixed assets | 22/27 | €270 | €2,310 | +€2,040 | +755.5% |
| Furniture and vehicles | 24 | €270 | €2,310 | +€2,040 | +755.5% |
| Current assets | 29/58 | €84,686 | €138,746 | +€54,060 | +63.8% |
| Amounts receivable within one year | 40/41 | €18,210 | €54,071 | +€35,861 | +196.9% |
| Trade receivables | 40 | €10,191 | €11,943 | +€1,751 | +17.2% |
| Other amounts receivable | 41 | €8,018 | €42,128 | +€34,110 | +425.4% |
| Cash at bank and in hand | 54/58 | €65,451 | €84,510 | +€19,060 | +29.1% |
| Deferred charges and accrued income | 490/1 | €1,026 | €165 | -€861 | -83.9% |
| Total equity and liabilities | 10/49 | €84,956 | €141,056 | +€56,099 | +66.0% |
| Equity | 10/15 | €59,323 | €114,097 | +€54,774 | +92.3% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €57,823 | €112,597 | +€54,774 | +94.7% |
| Distributable reserves | 133 | €57,823 | €112,597 | +€54,774 | +94.7% |
| Amounts payable | 17/49 | €25,634 | €26,959 | +€1,326 | +5.2% |
| Amounts payable within one year | 42/48 | €25,634 | €26,959 | +€1,326 | +5.2% |
| Trade debts | 44 | €867 | €285 | -€582 | -67.1% |
| Suppliers | 440/4 | €867 | €285 | -€582 | -67.1% |
| Taxes, remuneration and social security | 45 | €24,767 | €26,675 | +€1,907 | +7.7% |
| Taxes | 450/3 | €24,767 | €26,675 | +€1,907 | +7.7% |
| Remuneration, social security and pensions | 62 | €2,474 | €781 | -€1,693 | -68.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76 | €1,041 | +€965 | +1264.5% |
| Other operating charges | 640/8 | €849 | €462 | -€388 | -45.6% |
| Non-recurring operating charges | 66A | - | €957 | +€957 | |
| Gross operating margin | 9900 | €79,196 | €74,086 | -€5,110 | -6.5% |
| Operating profit (loss) | 9901 | €75,797 | €70,845 | -€4,952 | -6.5% |
| Financial income | 75/76B | €249 | €1,399 | +€1,150 | +462.5% |
| Recurring financial income | 75 | €249 | €1,399 | +€1,150 | +462.5% |
| Financial charges | 65/66B | €2,997 | €2,724 | -€273 | -9.1% |
| Recurring financial charges | 65 | €2,997 | €2,724 | -€273 | -9.1% |
| Profit (loss) for the period before taxes | 9903 | €73,048 | €69,520 | -€3,528 | -4.8% |
| Income taxes | 67/77 | €15,225 | €14,746 | -€479 | -3.1% |
| Profit (loss) for the period | 9904 | €57,823 | €54,774 | -€3,049 | -5.3% |
| Profit (loss) for the period to be appropriated | 9905 | €57,823 | €54,774 | -€3,049 | -5.3% |
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 6 October 2026 via checked.be.