VDD PROJECT DEVELOPMENT: 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.
What changed
VDD PROJECT DEVELOPMENT
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.5m
2024 · €144,658+€1.4m
Equity
€7.6m
2024 · €6.1m+€1.5m
Cash
€467,119
2024 · €1.8m-€1.3m
Balance sheet total
€76.8m
2024 · €69.5m+€7.3m
Largest movements
Assets
- Financial fixed assets +€11.0m
up €11.0m (+30.1%), from €36.4m to €47.4m
of which Affiliated companies: +€11.0m
- Stocks and contracts -€4.6m
down €4.6m (-28.9%), from €15.8m to €11.2m
of which Stocks: -€4.6m
- Receivables within one year +€2.3m
up €2.3m (+20.0%), from €11.7m to €14.1m
of which Trade receivables: +€1.3m
- Cash -€1.3m
down €1.3m (-74.0%), from €1.8m to €467,119
mainly Investment in fixed assets (net) (-€11.0m) and Short-term financial debts (-€4.7m)
Equity and liabilities
- Debts after one year +€10.3m
up €10.3m (+22.2%), from €46.3m to €56.6m
- Short-term financial debts -€4.7m
down €4.7m (-100%), from €4.7m to €0
- Profit (loss) carried forward +€1.5m
up €1.5m (+40.6%), from €3.8m to €5.3m
Income statement
- Goods and materials -€2.9m
down €2.9m (-80.7%), from €3.6m to €700,373
of which Purchases: -€3.1m
- Financial income +€700,107
up €700,107 (+28.8%), from €2.4m to €3.1m
- Turnover +€346,610
up €346,610 (+15.1%), from €2.3m to €2.6m
- Financial charges -€123,935
down €123,935 (-12.4%), from €995,816 to €871,881
- Other operating charges -€93,287
down €93,287 (-95.2%), from €97,960 to €4,674
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.
Result 2024
€144,658
Turnover
+€346,610
Other operating income
+€32,758
Goods and materials
+€2.9m
Services and other goods
+€47,780
Staff costs
-€2,824
Depreciation
+€2,822
Other operating charges
+€93,287
Other operating items
-€2.9m
Financial income
+€700,107
Financial charges
+€123,935
Result 2025
€1.5m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€4.1m
Investment
-€11.0m
Financing
+€5.6m
Cash 2024
€1.8m
From operations (derived)
+€4.1m
Net result for the year
+€1.5m
Depreciation
+€115,886
Stocks and contracts
+€4.6m
Receivables within one year
-€2.3m
Deferred charges and accrued income
-€2,371
Trade debts
+€103,928
Tax, wage and social debts
-€59,774
Other debts
-€167,007
Accrued charges and deferred income
+€326,012
Investment (derived)
-€11.0m
Investment in fixed assets (net)
-€11.0m
Financing
+€5.6m
Debts after one year
+€10.3m
Short-term financial debts
-€4.7m
Contributions, distributions and other
-€0
Cash 2025
€467,119
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €69,501,028 | €76,844,294 | +€7.3m | +10.6% |
| Fixed assets | 21/28 | €40,184,084 | €51,070,589 | +€10.9m | +27.1% |
| Intangible fixed assets | 21 | €2,797,778 | €2,826,336 | +€28,558 | +1.0% |
| Tangible fixed assets | 22/27 | €975,795 | €863,227 | -€112,568 | -11.5% |
| Furniture and vehicles | 24 | €26,465 | €18,273 | -€8,192 | -31.0% |
| Other tangible fixed assets | 26 | €949,330 | €844,954 | -€104,376 | -11.0% |
| Financial fixed assets | 28 | €36,410,511 | €47,381,025 | +€11.0m | +30.1% |
| Affiliated companies | 280/1 | €36,410,326 | €47,380,840 | +€11.0m | +30.1% |
| Participating interests | 280 | €23,821,057 | €31,821,057 | +€8.0m | +33.6% |
| Amounts receivable | 281 | €12,589,270 | €15,559,784 | +€3.0m | +23.6% |
| Other financial fixed assets | 284/8 | €185 | €185 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €185 | €185 | = | 0.0% |
| Current assets | 29/58 | €29,316,944 | €25,773,705 | -€3.5m | -12.1% |
| Stocks and contracts in progress | 3 | €15,783,060 | €11,226,452 | -€4.6m | -28.9% |
| Stocks | 30/36 | €13,643,120 | €8,994,405 | -€4.6m | -34.1% |
| Property held for sale | 35 | €13,643,120 | €8,994,405 | -€4.6m | -34.1% |
| Contracts in progress | 37 | €2,139,940 | €2,232,047 | +€92,108 | +4.3% |
| Amounts receivable within one year | 40/41 | €11,717,144 | €14,057,739 | +€2.3m | +20.0% |
| Trade receivables | 40 | €1,374,665 | €2,654,980 | +€1.3m | +93.1% |
| Other amounts receivable | 41 | €10,342,479 | €11,402,760 | +€1.1m | +10.3% |
| Cash at bank and in hand | 54/58 | €1,796,717 | €467,119 | -€1.3m | -74.0% |
| Deferred charges and accrued income | 490/1 | €20,024 | €22,395 | +€2,371 | +11.8% |
| Total equity and liabilities | 10/49 | €69,501,028 | €76,844,294 | +€7.3m | +10.6% |
| Equity | 10/15 | €6,069,671 | €7,609,651 | +€1.5m | +25.4% |
| Contributions | 10/11 | €1,018,600 | €1,018,600 | = | 0.0% |
| Reserves | 13 | €88,024 | €88,024 | = | 0.0% |
| Distributable reserves | 133 | €88,024 | €88,024 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,788,404 | €5,328,385 | +€1.5m | +40.6% |
| Investment grants | 15 | €1,174,643 | €1,174,643 | -€0 | 0.0% |
| Amounts payable | 17/49 | €63,431,357 | €69,234,643 | +€5.8m | +9.1% |
| Amounts payable after more than one year | 17 | €46,345,659 | €56,620,786 | +€10.3m | +22.2% |
| Financial debts | 170/4 | €46,345,659 | €56,620,786 | +€10.3m | +22.2% |
| Unsubordinated bonds | 171 | €10,000,000 | €10,000,000 | = | 0.0% |
| Credit institutions | 173 | €425,595 | €332,738 | -€92,857 | -21.8% |
| Other loans | 174 | €35,920,064 | €46,288,048 | +€10.4m | +28.9% |
| Amounts payable within one year | 42/48 | €16,551,649 | €11,753,796 | -€4.8m | -29.0% |
| Current portion of amounts payable after more than one year | 42 | €92,857 | €92,857 | = | 0.0% |
| Financial debts | 43 | €4,675,000 | €0 | -€4.7m | -100% |
| Credit institutions | 430/8 | €4,675,000 | €0 | -€4.7m | -100% |
| Trade debts | 44 | €4,839,560 | €4,943,488 | +€103,928 | +2.1% |
| Suppliers | 440/4 | €4,839,560 | €4,943,488 | +€103,928 | +2.1% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €115,136 | €55,362 | -€59,774 | -51.9% |
| Taxes | 450/3 | €85,537 | €11,036 | -€74,502 | -87.1% |
| Remuneration and social security | 454/9 | €29,599 | €44,327 | +€14,728 | +49.8% |
| Other amounts payable | 47/48 | €6,829,096 | €6,662,089 | -€167,007 | -2.4% |
| Accrued charges and deferred income | 492/3 | €534,049 | €860,061 | +€326,012 | +61.0% |
| Operating income | 70/76A | €5,524,747 | €3,024,485 | -€2.5m | -45.3% |
| Turnover | 70 | €2,294,920 | €2,641,529 | +€346,610 | +15.1% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €2,969,683 | €90,053 | -€2.9m | -97.0% |
| Other operating income | 74 | €260,145 | €292,903 | +€32,758 | +12.6% |
| Operating charges | 60/66A | €6,816,278 | €3,744,736 | -€3.1m | -45.1% |
| Goods for resale, raw materials and consumables | 60 | €3,630,850 | €700,373 | -€2.9m | -80.7% |
| Purchases | 600/8 | €3,504,158 | €443,338 | -€3.1m | -87.3% |
| Change in stocks: decrease (increase) | 609 | €126,691 | €257,035 | +€130,344 | +103% |
| Services and other goods | 61 | €2,731,030 | €2,683,250 | -€47,780 | -1.7% |
| Remuneration, social security and pensions | 62 | €237,730 | €240,554 | +€2,824 | +1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €118,708 | €115,886 | -€2,822 | -2.4% |
| Other operating charges | 640/8 | €97,960 | €4,674 | -€93,287 | -95.2% |
| Operating profit (loss) | 9901 | -€1,291,531 | -€720,251 | +€571,280 | +44.2% |
| Financial income | 75/76B | €2,432,005 | €3,132,112 | +€700,107 | +28.8% |
| Recurring financial income | 75 | €2,432,005 | €3,132,112 | +€700,107 | +28.8% |
| Income from financial fixed assets | 750 | €1,210,000 | €1,628,000 | +€418,000 | +34.5% |
| Income from current assets | 751 | €1,221,842 | €1,294,421 | +€72,579 | +5.9% |
| Other financial income | 752/9 | €163 | €209,691 | +€209,528 | +128,450% |
| Financial charges | 65/66B | €995,816 | €871,881 | -€123,935 | -12.4% |
| Recurring financial charges | 65 | €995,816 | €871,881 | -€123,935 | -12.4% |
| Debt charges | 650 | €990,273 | €869,281 | -€120,992 | -12.2% |
| Other financial charges | 652/9 | €5,543 | €2,600 | -€2,943 | -53.1% |
| Profit (loss) for the period before taxes | 9903 | €144,658 | €1,539,980 | +€1.4m | +965% |
| Income taxes | 67/77 | €0 | - | = | |
| Taxes | 670/3 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €144,658 | €1,539,980 | +€1.4m | +965% |
| Profit (loss) for the period to be appropriated | 9905 | €144,658 | €1,539,980 | +€1.4m | +965% |
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 15 October 2026 via checked.be.