Vdb-project: 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.
Vdb-project
Largest movements
- Tangible fixed assets +€40,351
up €40,351 (+425.0%), from €9,495 to €49,846
of which Furniture and vehicles: +€41,652
- Receivables within one year +€13,820
up €13,820 (+38.5%), from €35,923 to €49,742
of which Other amounts receivable: +€7,316
- Cash +€12,063
up €12,063 (+38.9%), from €30,989 to €43,052
mainly Debts after one year (+€40,266) and Trade debts (+€17,477)
- Debts after one year +€40,266
new in 2025: €40,266
- Trade debts +€17,477
up €17,477 (+317.0%), from €5,512 to €22,989
- Profit (loss) carried forward +€8,451
up €8,451 (+26.9%), from €31,385 to €39,836
- Tax, wage and social debts -€6,417
down €6,417 (-46.2%), from €13,898 to €7,480
of which Taxes: -€5,093
- Current portion of long-term debt +€4,342
up €4,342 (+87.2%), from €4,980 to €9,321
- Gross operating margin -€8,305
down €8,305 (-13.8%), from €60,038 to €51,734
- Depreciation -€7,863
down €7,863 (-81.1%), from €9,699 to €1,836
- Other operating charges +€6,717
up €6,717 (+650.0%), from €1,033 to €7,751
- Taxes -€3,790
down €3,790 (-61.5%), from €6,164 to €2,374
- Staff costs +€1,930
up €1,930 (+6.6%), from €29,292 to €31,221
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 | €85,689 | €151,879 | +€66,190 | +77.2% |
| Fixed assets | 21/28 | €9,495 | €49,846 | +€40,351 | +425.0% |
| Tangible fixed assets | 22/27 | €9,495 | €49,846 | +€40,351 | +425.0% |
| Plant, machinery and equipment | 23 | €1,302 | - | -€1,302 | |
| Furniture and vehicles | 24 | €8,193 | €49,846 | +€41,652 | +508.4% |
| Current assets | 29/58 | €76,194 | €102,034 | +€25,839 | +33.9% |
| Stocks and contracts in progress | 3 | €6,772 | €6,772 | = | 0.0% |
| Stocks | 30/36 | €6,772 | €6,772 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €35,923 | €49,742 | +€13,820 | +38.5% |
| Trade receivables | 40 | €33,155 | €39,659 | +€6,503 | +19.6% |
| Other amounts receivable | 41 | €2,767 | €10,084 | +€7,316 | +264.4% |
| Cash at bank and in hand | 54/58 | €30,989 | €43,052 | +€12,063 | +38.9% |
| Deferred charges and accrued income | 490/1 | €2,511 | €2,468 | -€43 | -1.7% |
| Total equity and liabilities | 10/49 | €85,689 | €151,879 | +€66,190 | +77.2% |
| Equity | 10/15 | €42,585 | €51,036 | +€8,451 | +19.8% |
| Contributions | 10/11 | €11,200 | €11,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €31,385 | €39,836 | +€8,451 | +26.9% |
| Amounts payable | 17/49 | €43,104 | €100,843 | +€57,739 | +134.0% |
| Amounts payable after more than one year | 17 | - | €40,266 | +€40,266 | |
| Financial debts | 170/4 | - | €40,266 | +€40,266 | |
| Amounts payable within one year | 42/48 | €43,104 | €60,578 | +€17,473 | +40.5% |
| Current portion of amounts payable after more than one year | 42 | €4,980 | €9,321 | +€4,342 | +87.2% |
| Trade debts | 44 | €5,512 | €22,989 | +€17,477 | +317.0% |
| Suppliers | 440/4 | €5,512 | €22,989 | +€17,477 | +317.0% |
| Taxes, remuneration and social security | 45 | €13,898 | €7,480 | -€6,417 | -46.2% |
| Taxes | 450/3 | €5,258 | €165 | -€5,093 | -96.9% |
| Remuneration and social security | 454/9 | €8,640 | €7,315 | -€1,325 | -15.3% |
| Other amounts payable | 47/48 | €18,714 | €20,787 | +€2,073 | +11.1% |
| Non-recurring operating income | 76A | - | €9,902 | +€9,902 | |
| Remuneration, social security and pensions | 62 | €29,292 | €31,221 | +€1,930 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,699 | €1,836 | -€7,863 | -81.1% |
| Other operating charges | 640/8 | €1,033 | €7,751 | +€6,717 | +650.0% |
| Gross operating margin | 9900 | €60,038 | €51,734 | -€8,305 | -13.8% |
| Operating profit (loss) | 9901 | €20,014 | €10,925 | -€9,089 | -45.4% |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €305 | €102 | -€203 | -66.6% |
| Recurring financial charges | 65 | €305 | €102 | -€203 | -66.6% |
| Profit (loss) for the period before taxes | 9903 | €19,709 | €10,825 | -€8,884 | -45.1% |
| Income taxes | 67/77 | €6,164 | €2,374 | -€3,790 | -61.5% |
| Profit (loss) for the period | 9904 | €13,545 | €8,451 | -€5,094 | -37.6% |
| Profit (loss) for the period to be appropriated | 9905 | €13,545 | €8,451 | -€5,094 | -37.6% |
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 9 October 2026 via checked.be.