VDE 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.
VDE PROJECTS
Largest movements
- Tangible fixed assets -€15,712
down €15,712 (-42.4%), from €37,057 to €21,345
of which Furniture and vehicles: -€14,102
- Cash +€15,254
up €15,254 (+203%), from €7,517 to €22,771
mainly Depreciation (+€14,391) and Receivables within one year (+€3,082)
- Receivables within one year -€3,082
down €3,082 (-25.9%), from €11,879 to €8,797
of which Other amounts receivable: -€2,183
- Other debts -€5,473
down €5,473 (-85.2%), from €6,426 to €953
- Trade debts +€2,546
up €2,546 (+165%), from €1,542 to €4,088
- Tax, wage and social debts -€1,544
down €1,544 (-30.8%), from €5,017 to €3,473
of which Remuneration and social security: -€1,200
- Gross operating margin -€3,096
down €3,096 (-14.4%), from €21,455 to €18,360
- Depreciation +€2,544
up €2,544 (+21.5%), from €11,847 to €14,391
- Other operating charges +€1,061
up €1,061 (+121%), from €875 to €1,936
- Taxes -€951
down €951 (-44.7%), from €2,129 to €1,178
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 | €107,503 | €103,708 | -€3,795 | -3.5% |
| Formation expenses | 20 | €264 | €43 | -€222 | -83.9% |
| Fixed assets | 21/28 | €40,356 | €24,475 | -€15,881 | -39.4% |
| Intangible fixed assets | 21 | €3,299 | €3,130 | -€169 | -5.1% |
| Tangible fixed assets | 22/27 | €37,057 | €21,345 | -€15,712 | -42.4% |
| Furniture and vehicles | 24 | €31,379 | €17,276 | -€14,102 | -44.9% |
| Other tangible fixed assets | 26 | €5,679 | €4,069 | -€1,610 | -28.3% |
| Current assets | 29/58 | €66,883 | €79,191 | +€12,308 | +18.4% |
| Stocks and contracts in progress | 3 | €46,122 | €46,122 | = | 0.0% |
| Stocks | 30/36 | €46,122 | €46,122 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €11,879 | €8,797 | -€3,082 | -25.9% |
| Trade receivables | 40 | €2,294 | €1,395 | -€899 | -39.2% |
| Other amounts receivable | 41 | €9,585 | €7,402 | -€2,183 | -22.8% |
| Current investments | 50/53 | €50 | €217 | +€167 | +334% |
| Cash at bank and in hand | 54/58 | €7,517 | €22,771 | +€15,254 | +203% |
| Deferred charges and accrued income | 490/1 | €1,314 | €1,283 | -€31 | -2.4% |
| Total equity and liabilities | 10/49 | €107,503 | €103,708 | -€3,795 | -3.5% |
| Equity | 10/15 | €94,519 | €95,195 | +€676 | +0.7% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €69,519 | €70,195 | +€676 | +1.0% |
| Amounts payable | 17/49 | €12,984 | €8,513 | -€4,471 | -34.4% |
| Amounts payable within one year | 42/48 | €12,984 | €8,513 | -€4,471 | -34.4% |
| Trade debts | 44 | €1,542 | €4,088 | +€2,546 | +165% |
| Suppliers | 440/4 | €1,542 | €4,088 | +€2,546 | +165% |
| Taxes, remuneration and social security | 45 | €5,017 | €3,473 | -€1,544 | -30.8% |
| Taxes | 450/3 | €3,817 | €3,473 | -€344 | -9.0% |
| Remuneration and social security | 454/9 | €1,200 | - | -€1,200 | |
| Other amounts payable | 47/48 | €6,426 | €953 | -€5,473 | -85.2% |
| Non-recurring operating income | 76A | €12,394 | €167 | -€12,227 | -98.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,847 | €14,391 | +€2,544 | +21.5% |
| Other operating charges | 640/8 | €875 | €1,936 | +€1,061 | +121% |
| Gross operating margin | 9900 | €21,455 | €18,360 | -€3,096 | -14.4% |
| Operating profit (loss) | 9901 | €8,733 | €2,033 | -€6,700 | -76.7% |
| Financial income | 75/76B | €28 | €12 | -€16 | -57.6% |
| Recurring financial income | 75 | €28 | €12 | -€16 | -57.6% |
| Financial charges | 65/66B | €176 | €191 | +€15 | +8.6% |
| Recurring financial charges | 65 | €176 | €191 | +€15 | +8.6% |
| Profit (loss) for the period before taxes | 9903 | €8,586 | €1,854 | -€6,732 | -78.4% |
| Income taxes | 67/77 | €2,129 | €1,178 | -€951 | -44.7% |
| Profit (loss) for the period | 9904 | €6,456 | €676 | -€5,780 | -89.5% |
| Profit (loss) for the period to be appropriated | 9905 | €6,456 | €676 | -€5,780 | -89.5% |
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 18 October 2026 via checked.be.