VDB Projects: what changed
Two fiscal 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
- Tangible fixed assets +€30,128
up €30,128 (+938.3%), from €3,211 to €33,339
of which Plant, machinery and equipment: +€30,483
- Cash -€17,254
down €17,254 (-58.2%), from €29,633 to €12,379
mainly Investment in fixed assets (net) (-€31,775) and Trade debts (-€3,479)
- Receivables within one year -€9,895
down €9,895 (-24.3%), from €40,798 to €30,902
of which Other amounts receivable: -€28,029
- Deferred charges and accrued income +€1,146
up €1,146 (+38.4%), from €2,982 to €4,128
- Reserves +€8,900
up €8,900 (+38.7%), from €23,000 to €31,900
- Trade debts -€3,479
down €3,479 (-27.4%), from €12,682 to €9,203
- Tax, wage and social debts -€3,329
down €3,329 (-23.8%), from €13,962 to €10,633
- Current portion of long-term debt +€2,020
new in 2025: €2,020
- Gross operating margin -€3,766
down €3,766 (-15.3%), from €24,571 to €20,806
- Financial charges -€1,604
down €1,604 (-22.9%), from €6,999 to €5,395
- Taxes -€1,000
down €1,000 (-19.2%), from €5,219 to €4,219
- Depreciation +€801
up €801 (+94.6%), from €847 to €1,648
- Other operating charges -€365
down €365 (-19.8%), from €1,841 to €1,476
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 | €76,624 | €80,748 | +€4,124 | +5.4% |
| Fixed assets | 21/28 | €3,211 | €33,339 | +€30,128 | +938.3% |
| Tangible fixed assets | 22/27 | €3,211 | €33,339 | +€30,128 | +938.3% |
| Plant, machinery and equipment | 23 | €2,775 | €33,258 | +€30,483 | +1098.5% |
| Furniture and vehicles | 24 | €436 | €81 | -€355 | -81.5% |
| Current assets | 29/58 | €73,413 | €47,409 | -€26,004 | -35.4% |
| Amounts receivable within one year | 40/41 | €40,798 | €30,902 | -€9,895 | -24.3% |
| Trade receivables | 40 | €2,479 | €20,612 | +€18,133 | +731.6% |
| Other amounts receivable | 41 | €38,319 | €10,290 | -€28,029 | -73.1% |
| Cash at bank and in hand | 54/58 | €29,633 | €12,379 | -€17,254 | -58.2% |
| Deferred charges and accrued income | 490/1 | €2,982 | €4,128 | +€1,146 | +38.4% |
| Total equity and liabilities | 10/49 | €76,624 | €80,748 | +€4,124 | +5.4% |
| Equity | 10/15 | €49,980 | €58,891 | +€8,911 | +17.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €23,000 | €31,900 | +€8,900 | +38.7% |
| Distributable reserves | 133 | €23,000 | €31,900 | +€8,900 | +38.7% |
| Profit (loss) carried forward | 14 | €24,480 | €24,491 | +€11 | 0.0% |
| Amounts payable | 17/49 | €26,644 | €21,856 | -€4,788 | -18.0% |
| Amounts payable within one year | 42/48 | €26,644 | €21,856 | -€4,788 | -18.0% |
| Current portion of amounts payable after more than one year | 42 | - | €2,020 | +€2,020 | |
| Trade debts | 44 | €12,682 | €9,203 | -€3,479 | -27.4% |
| Suppliers | 440/4 | €12,682 | €9,203 | -€3,479 | -27.4% |
| Taxes, remuneration and social security | 45 | €13,962 | €10,633 | -€3,329 | -23.8% |
| Taxes | 450/3 | €13,962 | €10,633 | -€3,329 | -23.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €847 | €1,648 | +€801 | +94.6% |
| Other operating charges | 640/8 | €1,841 | €1,476 | -€365 | -19.8% |
| Gross operating margin | 9900 | €24,571 | €20,806 | -€3,766 | -15.3% |
| Operating profit (loss) | 9901 | €21,884 | €17,683 | -€4,201 | -19.2% |
| Financial income | 75/76B | €1,038 | €843 | -€195 | -18.8% |
| Recurring financial income | 75 | €1,038 | €843 | -€195 | -18.8% |
| Financial charges | 65/66B | €6,999 | €5,395 | -€1,604 | -22.9% |
| Recurring financial charges | 65 | €6,999 | €5,395 | -€1,604 | -22.9% |
| Profit (loss) for the period before taxes | 9903 | €15,923 | €13,131 | -€2,793 | -17.5% |
| Income taxes | 67/77 | €5,219 | €4,219 | -€1,000 | -19.2% |
| Profit (loss) for the period | 9904 | €10,705 | €8,911 | -€1,793 | -16.8% |
| Profit (loss) for the period to be appropriated | 9905 | €10,705 | €8,911 | -€1,793 | -16.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.