VBO 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.
VBO Projects
Largest movements
- Receivables within one year +€52,435
up €52,435 (+96.7%), from €54,243 to €106,678
of which Trade receivables: +€63,642
- Tangible fixed assets -€35,543
down €35,543 (-7.4%), from €481,055 to €445,511
of which Land and buildings: -€35,242
- Other debts +€50,331
up €50,331 (+45.2%), from €111,471 to €161,802
- Debts after one year -€16,216
down €16,216 (-4.1%), from €391,555 to €375,339
- Profit (loss) carried forward -€11,514
down €11,514 (-83.9%), from -€13,724 to -€25,238
- Financial charges +€12,556
up €12,556 (+216.0%), from €5,813 to €18,369
- Gross operating margin -€10,050
down €10,050 (-17.5%), from €57,283 to €47,233
From the 2023 result to the 2024 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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €535,676 | €552,200 | +€16,524 | +3.1% |
| Fixed assets | 21/28 | €481,055 | €445,511 | -€35,543 | -7.4% |
| Tangible fixed assets | 22/27 | €481,055 | €445,511 | -€35,543 | -7.4% |
| Land and buildings | 22 | €479,243 | €444,002 | -€35,242 | -7.4% |
| Plant, machinery and equipment | 23 | €1,811 | €1,510 | -€302 | -16.7% |
| Current assets | 29/58 | €54,621 | €106,689 | +€52,068 | +95.3% |
| Amounts receivable within one year | 40/41 | €54,243 | €106,678 | +€52,435 | +96.7% |
| Trade receivables | 40 | €5,776 | €69,418 | +€63,642 | +1101.9% |
| Other amounts receivable | 41 | €48,467 | €37,260 | -€11,207 | -23.1% |
| Deferred charges and accrued income | 490/1 | €378 | €11 | -€367 | -97.2% |
| Total equity and liabilities | 10/49 | €535,676 | €552,200 | +€16,524 | +3.1% |
| Equity | 10/15 | -€1,324 | -€12,838 | -€11,514 | -869.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€13,724 | -€25,238 | -€11,514 | -83.9% |
| Amounts payable | 17/49 | €536,999 | €565,038 | +€28,038 | +5.2% |
| Amounts payable after more than one year | 17 | €391,555 | €375,339 | -€16,216 | -4.1% |
| Financial debts | 170/4 | €391,555 | €375,339 | -€16,216 | -4.1% |
| Amounts payable within one year | 42/48 | €145,444 | €189,699 | +€44,255 | +30.4% |
| Current portion of amounts payable after more than one year | 42 | €26,153 | €21,575 | -€4,578 | -17.5% |
| Trade debts | 44 | €5,305 | €2,952 | -€2,353 | -44.4% |
| Suppliers | 440/4 | €5,305 | €2,952 | -€2,353 | -44.4% |
| Taxes, remuneration and social security | 45 | €2,515 | €3,370 | +€855 | +34.0% |
| Taxes | 450/3 | €2,515 | €3,370 | +€855 | +34.0% |
| Other amounts payable | 47/48 | €111,471 | €161,802 | +€50,331 | +45.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,543 | €35,543 | = | 0.0% |
| Other operating charges | 640/8 | €4,002 | €3,980 | -€22 | -0.5% |
| Gross operating margin | 9900 | €57,283 | €47,233 | -€10,050 | -17.5% |
| Operating profit (loss) | 9901 | €17,738 | €7,709 | -€10,028 | -56.5% |
| Financial charges | 65/66B | €5,813 | €18,369 | +€12,556 | +216.0% |
| Recurring financial charges | 65 | €5,813 | €18,369 | +€12,556 | +216.0% |
| Profit (loss) for the period before taxes | 9903 | €11,925 | -€10,659 | -€22,585 | |
| Income taxes | 67/77 | €1,071 | €855 | -€216 | -20.2% |
| Profit (loss) for the period | 9904 | €10,854 | -€11,514 | -€22,368 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,854 | -€11,514 | -€22,368 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.