VDC 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.
VDC Project
Largest movements
- Cash +€36,486
up €36,486 (+34.9%), from €104,673 to €141,158
mainly Receivables within one year (+€32,628) and Net result for the year (+€18,651)
- Receivables within one year -€32,628
down €32,628 (-66.6%), from €48,959 to €16,331
of which Trade receivables: -€34,756
- Tangible fixed assets +€9,964
up €9,964 (+498%), from €2,000 to €11,964
- Reserves +€18,651
up €18,651 (+55.1%), from €33,833 to €52,483
- Tax, wage and social debts -€11,111
down €11,111 (-85.9%), from €12,935 to €1,824
- Trade debts +€3,733
up €3,733 (+5,131%), from €73 to €3,806
- Other debts +€2,549
up €2,549 (+5.2%), from €48,791 to €51,340
- Gross operating margin -€14,493
down €14,493 (-32.0%), from €45,327 to €30,835
- Financial charges +€3,408
up €3,408 (+3,920%), from €87 to €3,495
- Taxes -€2,053
down €2,053 (-20.7%), from €9,926 to €7,873
- Other operating charges -€702
down €702 (-47.3%), from €1,482 to €780
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 | €155,632 | €169,454 | +€13,822 | +8.9% |
| Fixed assets | 21/28 | €2,000 | €11,964 | +€9,964 | +498% |
| Tangible fixed assets | 22/27 | €2,000 | €11,964 | +€9,964 | +498% |
| Furniture and vehicles | 24 | €2,000 | €11,964 | +€9,964 | +498% |
| Current assets | 29/58 | €153,632 | €157,489 | +€3,857 | +2.5% |
| Amounts receivable within one year | 40/41 | €48,959 | €16,331 | -€32,628 | -66.6% |
| Trade receivables | 40 | €34,756 | €0 | -€34,756 | -100% |
| Other amounts receivable | 41 | €14,204 | €16,331 | +€2,127 | +15.0% |
| Cash at bank and in hand | 54/58 | €104,673 | €141,158 | +€36,486 | +34.9% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €155,632 | €169,454 | +€13,822 | +8.9% |
| Equity | 10/15 | €93,833 | €112,483 | +€18,651 | +19.9% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €33,833 | €52,483 | +€18,651 | +55.1% |
| Distributable reserves | 133 | €33,833 | €52,483 | +€18,651 | +55.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €61,799 | €56,970 | -€4,829 | -7.8% |
| Amounts payable within one year | 42/48 | €61,799 | €56,970 | -€4,829 | -7.8% |
| Trade debts | 44 | €73 | €3,806 | +€3,733 | +5,131% |
| Suppliers | 440/4 | €73 | €3,806 | +€3,733 | +5,131% |
| Taxes, remuneration and social security | 45 | €12,935 | €1,824 | -€11,111 | -85.9% |
| Taxes | 450/3 | €12,935 | €1,824 | -€11,111 | -85.9% |
| Other amounts payable | 47/48 | €48,791 | €51,340 | +€2,549 | +5.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | €36 | +€36 | |
| Other operating charges | 640/8 | €1,482 | €780 | -€702 | -47.3% |
| Gross operating margin | 9900 | €45,327 | €30,835 | -€14,493 | -32.0% |
| Operating profit (loss) | 9901 | €43,845 | €30,019 | -€13,827 | -31.5% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €87 | €3,495 | +€3,408 | +3,920% |
| Recurring financial charges | 65 | €87 | €3,495 | +€3,408 | +3,920% |
| Profit (loss) for the period before taxes | 9903 | €43,758 | €26,524 | -€17,235 | -39.4% |
| Income taxes | 67/77 | €9,926 | €7,873 | -€2,053 | -20.7% |
| Profit (loss) for the period | 9904 | €33,833 | €18,651 | -€15,182 | -44.9% |
| Profit (loss) for the period to be appropriated | 9905 | €33,833 | €18,651 | -€15,182 | -44.9% |
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 26 October 2026 via checked.be.