VDK 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.
VDK PROJECTS
Largest movements
- Cash +€42,077
up €42,077 (+50.6%), from €83,201 to €125,278
mainly Trade debts (+€21,503) and Net result for the year (+€17,870)
- Receivables within one year -€7,744
down €7,744 (-18.5%), from €41,773 to €34,029
of which Trade receivables: -€28,503
- Tangible fixed assets -€2,177
down €2,177 (-49.0%), from €4,443 to €2,266
of which Plant, machinery and equipment: -€1,176
- Tax, wage and social debts -€24,970
down €24,970 (-92.5%), from €27,001 to €2,031
of which Taxes: -€22,991
- Trade debts +€21,503
up €21,503 (+498.7%), from €4,312 to €25,815
of which Suppliers: +€21,503
- Reserves +€17,870
up €17,870 (+21.0%), from €85,225 to €103,095
of which Distributable reserves: +€17,870
- Other debts +€13,552
up €13,552 (+152.8%), from €8,867 to €22,419
- Current portion of long-term debt +€5,065
up €5,065, from €0 to €5,065
- Gross operating margin -€57,669
down €57,669 (-62.6%), from €92,137 to €34,467
- Taxes -€14,658
down €14,658 (-64.8%), from €22,607 to €7,949
- Depreciation -€3,895
down €3,895 (-64.1%), from €6,071 to €2,177
- Financial charges +€1,745
up €1,745 (+56.8%), from €3,070 to €4,816
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 | €130,939 | €161,873 | +€30,934 | +23.6% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €4,743 | €2,566 | -€2,177 | -45.9% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €4,443 | €2,266 | -€2,177 | -49.0% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €2,784 | €1,608 | -€1,176 | -42.2% |
| Furniture and vehicles | 24 | €1,659 | €658 | -€1,001 | -60.3% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €126,196 | €159,307 | +€33,111 | +26.2% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Trade receivables | 290 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €41,773 | €34,029 | -€7,744 | -18.5% |
| Trade receivables | 40 | €40,253 | €11,750 | -€28,503 | -70.8% |
| Other amounts receivable | 41 | €1,519 | €22,279 | +€20,759 | +1366.4% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €83,201 | €125,278 | +€42,077 | +50.6% |
| Deferred charges and accrued income | 490/1 | €1,222 | €0 | -€1,222 | -100.0% |
| Total equity and liabilities | 10/49 | €130,939 | €161,873 | +€30,934 | +23.6% |
| Equity | 10/15 | €88,225 | €106,095 | +€17,870 | +20.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Revaluation surpluses | 12 | €0 | - | = | |
| Reserves | 13 | €85,225 | €103,095 | +€17,870 | +21.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Own shares acquired | 1312 | €0 | - | = | |
| Financial assistance | 1313 | €0 | - | = | |
| Other | 1319 | €0 | - | = | |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €85,225 | €103,095 | +€17,870 | +21.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Investment grants | 15 | €0 | - | = | |
| Advance to shareholders on the distribution of net assets | 19 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Pensions and similar obligations | 160 | €0 | - | = | |
| Taxes | 161 | €0 | - | = | |
| Major repairs and maintenance | 162 | €0 | - | = | |
| Environmental obligations | 163 | €0 | - | = | |
| Other liabilities and charges | 164/5 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €42,714 | €55,778 | +€13,064 | +30.6% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Trade debts | 175 | €0 | - | = | |
| Advances received on contracts in progress | 176 | €0 | - | = | |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €42,322 | €55,330 | +€13,008 | +30.7% |
| Current portion of amounts payable after more than one year | 42 | €0 | €5,065 | +€5,065 | |
| Financial debts | 43 | €2,142 | - | -€2,142 | |
| Credit institutions | 430/8 | €2,142 | - | -€2,142 | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €4,312 | €25,815 | +€21,503 | +498.7% |
| Suppliers | 440/4 | €4,312 | €25,815 | +€21,503 | +498.7% |
| Bills of exchange payable | 441 | €0 | - | = | |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €27,001 | €2,031 | -€24,970 | -92.5% |
| Taxes | 450/3 | €23,031 | €41 | -€22,991 | -99.8% |
| Remuneration and social security | 454/9 | €3,970 | €1,990 | -€1,980 | -49.9% |
| Other amounts payable | 47/48 | €8,867 | €22,419 | +€13,552 | +152.8% |
| Accrued charges and deferred income | 492/3 | €392 | €448 | +€56 | +14.3% |
| Non-recurring operating income | 76A | €8,636 | - | -€8,636 | |
| Remuneration, social security and pensions | 62 | - | €100 | +€100 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,071 | €2,177 | -€3,895 | -64.1% |
| Other operating charges | 640/8 | €1,964 | €1,556 | -€407 | -20.7% |
| Gross operating margin | 9900 | €92,137 | €34,467 | -€57,669 | -62.6% |
| Operating profit (loss) | 9901 | €84,102 | €30,634 | -€53,468 | -63.6% |
| Financial income | 75/76B | €7 | €0 | -€7 | -98.5% |
| Recurring financial income | 75 | €7 | €0 | -€7 | -98.5% |
| Financial charges | 65/66B | €3,070 | €4,816 | +€1,745 | +56.8% |
| Recurring financial charges | 65 | €3,070 | €4,816 | +€1,745 | +56.8% |
| Profit (loss) for the period before taxes | 9903 | €81,039 | €25,819 | -€55,220 | -68.1% |
| Income taxes | 67/77 | €22,607 | €7,949 | -€14,658 | -64.8% |
| Profit (loss) for the period | 9904 | €58,432 | €17,870 | -€40,562 | -69.4% |
| Profit (loss) for the period to be appropriated | 9905 | €58,432 | €17,870 | -€40,562 | -69.4% |
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 11 October 2026 via checked.be.