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 +€12,302
up €12,302 (+174.1%), from €7,066 to €19,368
of which Trade receivables: +€9,305
- Tangible fixed assets -€1,428
down €1,428 (-25.4%), from €5,628 to €4,200
- Deferred charges and accrued income -€688
down €688 (-39.5%), from €1,743 to €1,055
- Cash +€542
up €542 (+11.6%), from €4,654 to €5,196
mainly Depreciation (+€5,842) and Trade debts (+€4,637)
- Trade debts +€4,637
up €4,637 (+91.2%), from €5,082 to €9,719
- Reserves +€3,132
up €3,132 (+309.3%), from €1,013 to €4,144
- Advances received +€2,048
new in 2025: €2,048
- Current portion of long-term debt +€1,916
new in 2025: €1,916
- Tax, wage and social debts -€678
down €678 (-9.9%), from €6,818 to €6,140
of which Remuneration and social security: -€2,200
- Gross operating margin +€2,280
up €2,280 (+14.6%), from €15,569 to €17,850
- Financial charges +€2,230
up €2,230 (+1805.3%), from €124 to €2,353
- Other operating charges -€1,404
down €1,404 (-28.8%), from €4,872 to €3,468
- Taxes +€703
up €703 (+26.8%), from €2,624 to €3,327
- Depreciation +€589
up €589 (+11.2%), from €5,253 to €5,842
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 | €19,091 | €29,819 | +€10,728 | +56.2% |
| Fixed assets | 21/28 | €5,628 | €4,200 | -€1,428 | -25.4% |
| Tangible fixed assets | 22/27 | €5,628 | €4,200 | -€1,428 | -25.4% |
| Furniture and vehicles | 24 | €5,628 | €4,200 | -€1,428 | -25.4% |
| Current assets | 29/58 | €13,463 | €25,619 | +€12,156 | +90.3% |
| Amounts receivable within one year | 40/41 | €7,066 | €19,368 | +€12,302 | +174.1% |
| Trade receivables | 40 | €639 | €9,944 | +€9,305 | +1455.4% |
| Other amounts receivable | 41 | €6,427 | €9,424 | +€2,997 | +46.6% |
| Cash at bank and in hand | 54/58 | €4,654 | €5,196 | +€542 | +11.6% |
| Deferred charges and accrued income | 490/1 | €1,743 | €1,055 | -€688 | -39.5% |
| Total equity and liabilities | 10/49 | €19,091 | €29,819 | +€10,728 | +56.2% |
| Equity | 10/15 | €4,013 | €7,144 | +€3,132 | +78.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €1,013 | €4,144 | +€3,132 | +309.3% |
| Distributable reserves | 133 | €1,013 | €4,144 | +€3,132 | +309.3% |
| Amounts payable | 17/49 | €15,079 | €22,675 | +€7,596 | +50.4% |
| Amounts payable after more than one year | 17 | €3,178 | €2,853 | -€326 | -10.2% |
| Financial debts | 170/4 | €3,178 | €2,853 | -€326 | -10.2% |
| Amounts payable within one year | 42/48 | €11,901 | €19,823 | +€7,922 | +66.6% |
| Current portion of amounts payable after more than one year | 42 | - | €1,916 | +€1,916 | |
| Trade debts | 44 | €5,082 | €9,719 | +€4,637 | +91.2% |
| Suppliers | 440/4 | €5,082 | €9,719 | +€4,637 | +91.2% |
| Advances received on contracts in progress | 46 | - | €2,048 | +€2,048 | |
| Taxes, remuneration and social security | 45 | €6,818 | €6,140 | -€678 | -9.9% |
| Taxes | 450/3 | €4,618 | €6,140 | +€1,522 | +33.0% |
| Remuneration and social security | 454/9 | €2,200 | - | -€2,200 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,253 | €5,842 | +€589 | +11.2% |
| Other operating charges | 640/8 | €4,872 | €3,468 | -€1,404 | -28.8% |
| Gross operating margin | 9900 | €15,569 | €17,850 | +€2,280 | +14.6% |
| Operating profit (loss) | 9901 | €5,444 | €8,540 | +€3,096 | +56.9% |
| Financial income | 75/76B | €208 | €272 | +€65 | +31.2% |
| Recurring financial income | 75 | €208 | €272 | +€65 | +31.2% |
| Financial charges | 65/66B | €124 | €2,353 | +€2,230 | +1805.3% |
| Recurring financial charges | 65 | €124 | €2,353 | +€2,230 | +1805.3% |
| Profit (loss) for the period before taxes | 9903 | €5,528 | €6,459 | +€931 | +16.8% |
| Income taxes | 67/77 | €2,624 | €3,327 | +€703 | +26.8% |
| Profit (loss) for the period | 9904 | €2,904 | €3,132 | +€227 | +7.8% |
| Profit (loss) for the period to be appropriated | 9905 | €2,904 | €3,132 | +€227 | +7.8% |
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 12 October 2026 via checked.be.