VDB 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.
VDB PROJECTS
Largest movements
- Receivables within one year -€46,170
down €46,170 (-28.3%), from €162,910 to €116,740
of which Trade receivables: -€39,904
- Cash +€23,083
up €23,083 (+27.4%), from €84,365 to €107,448
mainly Net result for the year (+€60,951) and Other debts (+€46,264)
- Trade debts -€61,772
down €61,772 (-69.9%), from €88,326 to €26,555
- Other debts +€46,264
up €46,264 (+187%), from €24,685 to €70,950
- Reserves -€20,049
down €20,049 (-13.2%), from €151,953 to €131,904
of which Distributable reserves: -€20,049
- Tax, wage and social debts +€12,004
up €12,004 (+160%), from €7,512 to €19,516
of which Taxes: +€8,829
- Gross operating margin +€99,740
up €99,740 (+102%), from €98,060 to €197,799
- Write-downs +€32,012
new in 2025: €32,012
- Taxes +€16,973
up €16,973 (+241%), from €7,033 to €24,006
- Staff costs +€8,634
up €8,634 (+13.6%), from €63,593 to €72,227
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 | €282,477 | €258,925 | -€23,552 | -8.3% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €2,641 | €2,537 | -€104 | -3.9% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €1,141 | €1,037 | -€104 | -9.1% |
| Plant, machinery and equipment | 23 | €1,141 | €1,037 | -€104 | -9.1% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €279,836 | €256,388 | -€23,448 | -8.4% |
| Amounts receivable within one year | 40/41 | €162,910 | €116,740 | -€46,170 | -28.3% |
| Trade receivables | 40 | €148,782 | €108,878 | -€39,904 | -26.8% |
| Other amounts receivable | 41 | €14,128 | €7,862 | -€6,266 | -44.4% |
| Current investments | 50/53 | €29,090 | €29,090 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €84,365 | €107,448 | +€23,083 | +27.4% |
| Deferred charges and accrued income | 490/1 | €3,471 | €3,110 | -€361 | -10.4% |
| Total equity and liabilities | 10/49 | €282,477 | €258,925 | -€23,552 | -8.3% |
| Equity | 10/15 | €161,953 | €141,904 | -€20,049 | -12.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €151,953 | €131,904 | -€20,049 | -13.2% |
| Non-distributable reserves | 130/1 | €29,090 | €29,090 | = | 0.0% |
| Own shares acquired | 1312 | €29,090 | €29,090 | = | 0.0% |
| Distributable reserves | 133 | €122,863 | €102,814 | -€20,049 | -16.3% |
| Amounts payable | 17/49 | €120,524 | €117,021 | -€3,503 | -2.9% |
| Amounts payable within one year | 42/48 | €120,524 | €117,021 | -€3,503 | -2.9% |
| Trade debts | 44 | €88,326 | €26,555 | -€61,772 | -69.9% |
| Suppliers | 440/4 | €88,326 | €26,555 | -€61,772 | -69.9% |
| Taxes, remuneration and social security | 45 | €7,512 | €19,516 | +€12,004 | +160% |
| Taxes | 450/3 | €3,955 | €12,785 | +€8,829 | +223% |
| Remuneration and social security | 454/9 | €3,557 | €6,732 | +€3,175 | +89.3% |
| Other amounts payable | 47/48 | €24,685 | €70,950 | +€46,264 | +187% |
| Non-recurring operating income | 76A | €27,669 | - | -€27,669 | |
| Remuneration, social security and pensions | 62 | €63,593 | €72,227 | +€8,634 | +13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,284 | €972 | -€312 | -24.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €32,012 | +€32,012 | |
| Other operating charges | 640/8 | €3,644 | €3,846 | +€202 | +5.5% |
| Non-recurring operating charges | 66A | €92 | - | -€92 | |
| Gross operating margin | 9900 | €98,060 | €197,799 | +€99,740 | +102% |
| Operating profit (loss) | 9901 | €29,447 | €88,743 | +€59,296 | +201% |
| Financial income | 75/76B | €39 | €37 | -€2 | -5.0% |
| Recurring financial income | 75 | €39 | €37 | -€2 | -5.0% |
| Financial charges | 65/66B | €3,192 | €3,822 | +€630 | +19.7% |
| Recurring financial charges | 65 | €3,192 | €3,822 | +€630 | +19.7% |
| Profit (loss) for the period before taxes | 9903 | €26,293 | €84,957 | +€58,664 | +223% |
| Income taxes | 67/77 | €7,033 | €24,006 | +€16,973 | +241% |
| Profit (loss) for the period | 9904 | €19,260 | €60,951 | +€41,691 | +216% |
| Profit (loss) for the period to be appropriated | 9905 | €19,260 | €60,951 | +€41,691 | +216% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.