VDB PROJECT MANAGEMENT: 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 MANAGEMENT
Largest movements
- Current investments -€19,797
down €19,797 (-27.6%), from €71,750 to €51,953
- Cash +€13,533
up €13,533 (+3,876%), from €349 to €13,882
mainly Net result for the year (+€26,813) and Current investments (+€19,797)
- Receivables within one year -€12,453
down €12,453 (-47.0%), from €26,468 to €14,015
- Tangible fixed assets -€1,913
down €1,913 (-22.5%), from €8,510 to €6,596
of which Furniture and vehicles: -€1,286
- Profit (loss) carried forward -€27,345
down €27,345 (-30.8%), from €88,892 to €61,548
- Tax, wage and social debts +€14,323
up €14,323 (+190%), from €7,529 to €21,852
- Other debts -€5,333
no longer reported in 2025 (was €5,333)
- Short-term financial debts -€4,309
no longer reported in 2025 (was €4,309)
- Current portion of long-term debt +€3,375
new in 2025: €3,375
- Taxes -€12,818
down €12,818 (-56.2%), from €22,818 to €10,000
- Gross operating margin +€12,730
up €12,730 (+43.3%), from €29,416 to €42,146
- Other operating charges +€1,892
up €1,892 (+431%), from €439 to €2,331
- Staff costs -€1,667
no longer reported in 2025 (was €1,667)
- Financial income -€615
down €615 (-95.3%), from €646 to €30
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 | €107,122 | €86,776 | -€20,346 | -19.0% |
| Fixed assets | 21/28 | €8,510 | €6,596 | -€1,913 | -22.5% |
| Tangible fixed assets | 22/27 | €8,510 | €6,596 | -€1,913 | -22.5% |
| Land and buildings | 22 | €5,538 | €4,911 | -€627 | -11.3% |
| Furniture and vehicles | 24 | €2,972 | €1,686 | -€1,286 | -43.3% |
| Current assets | 29/58 | €98,612 | €80,179 | -€18,433 | -18.7% |
| Amounts receivable within one year | 40/41 | €26,468 | €14,015 | -€12,453 | -47.0% |
| Trade receivables | 40 | €26,468 | €14,015 | -€12,453 | -47.0% |
| Current investments | 50/53 | €71,750 | €51,953 | -€19,797 | -27.6% |
| Cash at bank and in hand | 54/58 | €349 | €13,882 | +€13,533 | +3,876% |
| Deferred charges and accrued income | 490/1 | €45 | €329 | +€284 | +634% |
| Total equity and liabilities | 10/49 | €107,122 | €86,776 | -€20,346 | -19.0% |
| Equity | 10/15 | €88,892 | €61,548 | -€27,345 | -30.8% |
| Profit (loss) carried forward | 14 | €88,892 | €61,548 | -€27,345 | -30.8% |
| Amounts payable | 17/49 | €18,229 | €25,228 | +€6,999 | +38.4% |
| Amounts payable within one year | 42/48 | €18,229 | €25,228 | +€6,999 | +38.4% |
| Current portion of amounts payable after more than one year | 42 | - | €3,375 | +€3,375 | |
| Financial debts | 43 | €4,309 | - | -€4,309 | |
| Credit institutions | 430/8 | €4,309 | - | -€4,309 | |
| Trade debts | 44 | €1,058 | €1 | -€1,058 | -99.9% |
| Suppliers | 440/4 | €1,058 | €1 | -€1,058 | -99.9% |
| Taxes, remuneration and social security | 45 | €7,529 | €21,852 | +€14,323 | +190% |
| Taxes | 450/3 | €7,529 | €21,852 | +€14,323 | +190% |
| Other amounts payable | 47/48 | €5,333 | - | -€5,333 | |
| Non-recurring operating income | 76A | - | €1,376 | +€1,376 | |
| Remuneration, social security and pensions | 62 | €1,667 | - | -€1,667 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,831 | €1,913 | +€82 | +4.5% |
| Other operating charges | 640/8 | €439 | €2,331 | +€1,892 | +431% |
| Gross operating margin | 9900 | €29,416 | €42,146 | +€12,730 | +43.3% |
| Operating profit (loss) | 9901 | €25,479 | €37,903 | +€12,424 | +48.8% |
| Financial income | 75/76B | €646 | €30 | -€615 | -95.3% |
| Recurring financial income | 75 | €646 | €30 | -€615 | -95.3% |
| Financial charges | 65/66B | €1,166 | €1,120 | -€46 | -3.9% |
| Recurring financial charges | 65 | €1,166 | €1,120 | -€46 | -3.9% |
| Profit (loss) for the period before taxes | 9903 | €24,959 | €36,813 | +€11,854 | +47.5% |
| Income taxes | 67/77 | €22,818 | €10,000 | -€12,818 | -56.2% |
| Profit (loss) for the period | 9904 | €2,140 | €26,813 | +€24,673 | +1,153% |
| Profit (loss) for the period to be appropriated | 9905 | €2,140 | €26,813 | +€24,673 | +1,153% |
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 17 October 2026 via checked.be.