VDC 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.
VDC PROJECTS
Largest movements
- Tangible fixed assets -€98,460
down €98,460 (-4.5%), from €2.2m to €2.1m
of which Land and buildings: -€96,725
- Cash +€91,071
up €91,071 (+213.1%), from €42,745 to €133,815
mainly Net result for the year (+€571,230) and Depreciation (+€111,461)
- Receivables within one year -€24,773
down €24,773 (-37.2%), from €66,638 to €41,864
of which Trade receivables: -€27,813
- Debts after one year -€117,684
down €117,684 (-6.9%), from €1.7m to €1.6m
- Tax, wage and social debts +€73,010
up €73,010 (+1425.9%), from €5,120 to €78,130
of which Taxes: +€77,010
- Profit (loss) carried forward +€71,230
up €71,230, from -€37,732 to €33,498
- Other debts -€58,769
down €58,769 (-9.1%), from €649,109 to €590,340
- Financial income +€500,000
up €500,000 (+99999900.0%), from €1 to €500,000
- Gross operating margin +€27,494
up €27,494 (+13.8%), from €198,903 to €226,397
- Taxes +€6,000
new in 2025: €6,000
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 | €2,475,396 | €2,443,233 | -€32,163 | -1.3% |
| Fixed assets | 21/28 | €2,366,013 | €2,267,553 | -€98,460 | -4.2% |
| Tangible fixed assets | 22/27 | €2,206,013 | €2,107,553 | -€98,460 | -4.5% |
| Land and buildings | 22 | €2,197,041 | €2,100,317 | -€96,725 | -4.4% |
| Furniture and vehicles | 24 | €8,971 | €7,236 | -€1,736 | -19.3% |
| Financial fixed assets | 28 | €160,000 | €160,000 | = | 0.0% |
| Current assets | 29/58 | €109,383 | €175,680 | +€66,298 | +60.6% |
| Amounts receivable within one year | 40/41 | €66,638 | €41,864 | -€24,773 | -37.2% |
| Trade receivables | 40 | €37,813 | €10,000 | -€27,813 | -73.6% |
| Other amounts receivable | 41 | €28,825 | €31,864 | +€3,039 | +10.5% |
| Cash at bank and in hand | 54/58 | €42,745 | €133,815 | +€91,071 | +213.1% |
| Deferred charges and accrued income | 490/1 | - | €0 | +€0 | |
| Total equity and liabilities | 10/49 | €2,475,396 | €2,443,233 | -€32,163 | -1.3% |
| Equity | 10/15 | -€17,732 | €53,498 | +€71,230 | |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€37,732 | €33,498 | +€71,230 | |
| Amounts payable | 17/49 | €2,493,128 | €2,389,735 | -€103,393 | -4.1% |
| Amounts payable after more than one year | 17 | €1,713,264 | €1,595,580 | -€117,684 | -6.9% |
| Financial debts | 170/4 | €1,713,264 | €1,595,580 | -€117,684 | -6.9% |
| Amounts payable within one year | 42/48 | €779,863 | €794,155 | +€14,291 | +1.8% |
| Current portion of amounts payable after more than one year | 42 | €116,243 | €107,932 | -€8,311 | -7.1% |
| Trade debts | 44 | €9,391 | €17,752 | +€8,361 | +89.0% |
| Suppliers | 440/4 | €9,391 | €17,752 | +€8,361 | +89.0% |
| Taxes, remuneration and social security | 45 | €5,120 | €78,130 | +€73,010 | +1425.9% |
| Taxes | 450/3 | €1,120 | €78,130 | +€77,010 | +6874.8% |
| Remuneration and social security | 454/9 | €4,000 | - | -€4,000 | |
| Other amounts payable | 47/48 | €649,109 | €590,340 | -€58,769 | -9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €110,804 | €111,461 | +€657 | +0.6% |
| Other operating charges | 640/8 | €1,115 | €1,092 | -€23 | -2.0% |
| Gross operating margin | 9900 | €198,903 | €226,397 | +€27,494 | +13.8% |
| Operating profit (loss) | 9901 | €86,984 | €113,843 | +€26,860 | +30.9% |
| Financial income | 75/76B | €1 | €500,000 | +€500,000 | +99999900.0% |
| Recurring financial income | 75 | €1 | €500,000 | +€500,000 | +99999900.0% |
| Financial charges | 65/66B | €35,982 | €36,613 | +€631 | +1.8% |
| Recurring financial charges | 65 | €35,982 | €36,613 | +€631 | +1.8% |
| Profit (loss) for the period before taxes | 9903 | €51,002 | €577,230 | +€526,229 | +1031.8% |
| Income taxes | 67/77 | - | €6,000 | +€6,000 | |
| Profit (loss) for the period | 9904 | €51,002 | €571,230 | +€520,229 | +1020.0% |
| Profit (loss) for the period to be appropriated | 9905 | €51,002 | €571,230 | +€520,229 | +1020.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.