VDA 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.
VDA Projects
Largest movements
- Tangible fixed assets +€191,688
up €191,688 (+19.2%), from €996,842 to €1.2m
of which Land and buildings: +€194,246
- Other debts +€185,678
up €185,678 (+21.9%), from €848,015 to €1.0m
- Depreciation +€22,788
up €22,788 (+72.4%), from €31,471 to €54,260
- Gross operating margin -€19,701
down €19,701 (-21.5%), from €91,704 to €72,003
- Taxes -€3,240
down €3,240 (-88.6%), from €3,659 to €419
- Other operating charges +€951
up €951 (+20.2%), from €4,717 to €5,669
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 | €1,060,475 | €1,257,455 | +€196,980 | +18.6% |
| Fixed assets | 21/28 | €996,842 | €1,188,530 | +€191,688 | +19.2% |
| Tangible fixed assets | 22/27 | €996,842 | €1,188,530 | +€191,688 | +19.2% |
| Land and buildings | 22 | €989,135 | €1,183,381 | +€194,246 | +19.6% |
| Plant, machinery and equipment | 23 | €3,588 | €3,090 | -€498 | -13.9% |
| Other tangible fixed assets | 26 | €4,119 | €2,060 | -€2,060 | -50.0% |
| Current assets | 29/58 | €63,633 | €68,925 | +€5,292 | +8.3% |
| Stocks and contracts in progress | 3 | €49,600 | €49,600 | = | 0.0% |
| Stocks | 30/36 | €49,600 | €49,600 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €2,068 | €14,204 | +€12,136 | +587% |
| Trade receivables | 40 | €44 | €9,282 | +€9,238 | +21,238% |
| Other amounts receivable | 41 | €2,024 | €4,922 | +€2,898 | +143% |
| Cash at bank and in hand | 54/58 | €10,162 | €3,233 | -€6,929 | -68.2% |
| Deferred charges and accrued income | 490/1 | €1,803 | €1,888 | +€84 | +4.7% |
| Total equity and liabilities | 10/49 | €1,060,475 | €1,257,455 | +€196,980 | +18.6% |
| Equity | 10/15 | €208,776 | €221,226 | +€12,450 | +6.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €108,700 | €108,700 | = | 0.0% |
| Distributable reserves | 133 | €108,700 | €108,700 | = | 0.0% |
| Profit (loss) carried forward | 14 | €76 | €12,526 | +€12,450 | +16,379% |
| Amounts payable | 17/49 | €851,699 | €1,036,229 | +€184,531 | +21.7% |
| Amounts payable within one year | 42/48 | €851,699 | €1,036,229 | +€184,531 | +21.7% |
| Trade debts | 44 | €2,452 | €1,079 | -€1,373 | -56.0% |
| Suppliers | 440/4 | €2,452 | €1,079 | -€1,373 | -56.0% |
| Taxes, remuneration and social security | 45 | €1,231 | €1,456 | +€225 | +18.3% |
| Taxes | 450/3 | €1,231 | €1,456 | +€225 | +18.3% |
| Other amounts payable | 47/48 | €848,015 | €1,033,694 | +€185,678 | +21.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,471 | €54,260 | +€22,788 | +72.4% |
| Other operating charges | 640/8 | €4,717 | €5,669 | +€951 | +20.2% |
| Gross operating margin | 9900 | €91,704 | €72,003 | -€19,701 | -21.5% |
| Operating profit (loss) | 9901 | €55,515 | €12,075 | -€43,440 | -78.2% |
| Financial income | 75/76B | €3 | €920 | +€917 | +29,757% |
| Recurring financial income | 75 | €3 | €12 | +€9 | +293% |
| Non-recurring financial income | 76B | - | €908 | +€908 | |
| Financial charges | 65/66B | €4 | €125 | +€121 | +2,972% |
| Recurring financial charges | 65 | €4 | €125 | +€121 | +2,972% |
| Profit (loss) for the period before taxes | 9903 | €55,514 | €12,869 | -€42,645 | -76.8% |
| Income taxes | 67/77 | €3,659 | €419 | -€3,240 | -88.6% |
| Profit (loss) for the period | 9904 | €51,855 | €12,450 | -€39,405 | -76.0% |
| Profit (loss) for the period to be appropriated | 9905 | €51,855 | €12,450 | -€39,405 | -76.0% |
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 15 October 2026 via checked.be.