VAT-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.
VAT-Projects
Largest movements
- Cash +€6,355
up €6,355 (+263.0%), from €2,417 to €8,771
mainly Depreciation (+€27,282) and Other debts (+€20,179)
- Tangible fixed assets +€5,204
up €5,204 (+6.4%), from €81,875 to €87,080
of which Plant, machinery and equipment: +€3,928
- Receivables within one year +€4,503
up €4,503 (+4651.9%), from €97 to €4,600
of which Trade receivables: +€3,640
- Intangible fixed assets -€2,750
down €2,750 (-10.2%), from €27,025 to €24,275
- Other debts +€20,179
up €20,179 (+213.5%), from €9,451 to €29,630
- Trade debts -€19,704
down €19,704 (-52.4%), from €37,589 to €17,885
- Tax, wage and social debts +€8,581
up €8,581 (+184.5%), from €4,651 to €13,232
- Reserves +€3,560
up €3,560 (+36.5%), from €9,766 to €13,326
- Current portion of long-term debt +€3,282
up €3,282 (+19.3%), from €16,966 to €20,247
- Gross operating margin +€13,982
up €13,982 (+50.2%), from €27,847 to €41,828
- Depreciation +€12,524
up €12,524 (+84.9%), from €14,759 to €27,282
- Taxes +€2,893
up €2,893 (+122.6%), from €2,360 to €5,253
- Financial charges +€1,420
up €1,420 (+58.7%), from €2,420 to €3,839
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 | €111,414 | €125,236 | +€13,822 | +12.4% |
| Fixed assets | 21/28 | €108,901 | €111,355 | +€2,454 | +2.3% |
| Intangible fixed assets | 21 | €27,025 | €24,275 | -€2,750 | -10.2% |
| Tangible fixed assets | 22/27 | €81,875 | €87,080 | +€5,204 | +6.4% |
| Plant, machinery and equipment | 23 | €47,234 | €51,163 | +€3,928 | +8.3% |
| Furniture and vehicles | 24 | €34,641 | €35,917 | +€1,276 | +3.7% |
| Current assets | 29/58 | €2,513 | €13,881 | +€11,367 | +452.3% |
| Amounts receivable within one year | 40/41 | €97 | €4,600 | +€4,503 | +4651.9% |
| Trade receivables | 40 | €97 | €3,737 | +€3,640 | +3760.5% |
| Other amounts receivable | 41 | - | €863 | +€863 | |
| Cash at bank and in hand | 54/58 | €2,417 | €8,771 | +€6,355 | +263.0% |
| Deferred charges and accrued income | 490/1 | - | €509 | +€509 | |
| Total equity and liabilities | 10/49 | €111,414 | €125,236 | +€13,822 | +12.4% |
| Equity | 10/15 | €13,266 | €16,826 | +€3,560 | +26.8% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €9,766 | €13,326 | +€3,560 | +36.5% |
| Distributable reserves | 133 | €9,766 | €13,326 | +€3,560 | +36.5% |
| Amounts payable | 17/49 | €98,148 | €108,410 | +€10,262 | +10.5% |
| Amounts payable after more than one year | 17 | €29,479 | €27,414 | -€2,065 | -7.0% |
| Financial debts | 170/4 | €29,479 | €27,414 | -€2,065 | -7.0% |
| Amounts payable within one year | 42/48 | €68,669 | €80,995 | +€12,326 | +18.0% |
| Current portion of amounts payable after more than one year | 42 | €16,966 | €20,247 | +€3,282 | +19.3% |
| Financial debts | 43 | €12 | - | -€12 | |
| Credit institutions | 430/8 | €12 | - | -€12 | |
| Trade debts | 44 | €37,589 | €17,885 | -€19,704 | -52.4% |
| Suppliers | 440/4 | €37,589 | €17,885 | -€19,704 | -52.4% |
| Taxes, remuneration and social security | 45 | €4,651 | €13,232 | +€8,581 | +184.5% |
| Taxes | 450/3 | €4,651 | €13,232 | +€8,581 | +184.5% |
| Other amounts payable | 47/48 | €9,451 | €29,630 | +€20,179 | +213.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,759 | €27,282 | +€12,524 | +84.9% |
| Other operating charges | 640/8 | €387 | €312 | -€75 | -19.4% |
| Non-recurring operating charges | 66A | - | €1,582 | +€1,582 | |
| Gross operating margin | 9900 | €27,847 | €41,828 | +€13,982 | +50.2% |
| Operating profit (loss) | 9901 | €12,701 | €12,652 | -€49 | -0.4% |
| Financial income | 75/76B | €5 | €0 | -€5 | -97.6% |
| Recurring financial income | 75 | €5 | €0 | -€5 | -97.6% |
| Financial charges | 65/66B | €2,420 | €3,839 | +€1,420 | +58.7% |
| Recurring financial charges | 65 | €2,420 | €3,839 | +€1,420 | +58.7% |
| Profit (loss) for the period before taxes | 9903 | €10,286 | €8,812 | -€1,474 | -14.3% |
| Income taxes | 67/77 | €2,360 | €5,253 | +€2,893 | +122.6% |
| Profit (loss) for the period | 9904 | €7,927 | €3,560 | -€4,367 | -55.1% |
| Profit (loss) for the period to be appropriated | 9905 | €7,927 | €3,560 | -€4,367 | -55.1% |
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 30 September 2026 via checked.be.