VdM 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.
VdM Project
Largest movements
- Receivables within one year +€17,799
up €17,799 (+95.1%), from €18,714 to €36,513
of which Trade receivables: +€16,376
- Cash -€16,648
down €16,648 (-24.3%), from €68,623 to €51,976
mainly Contributions, distributions and other (-€77,911) and Receivables within one year (-€17,799)
- Tangible fixed assets -€9,911
down €9,911 (-19.9%), from €49,778 to €39,866
of which Other tangible fixed assets: -€4,996
- Stocks and contracts +€3,431
up €3,431 (+916%), from €375 to €3,806
- Other debts +€66,575
up €66,575 (+1,013%), from €6,572 to €73,147
- Reserves -€62,010
down €62,010 (-79.6%), from €77,911 to €15,901
- Debts after one year -€7,271
down €7,271 (-29.4%), from €24,715 to €17,444
- Tax, wage and social debts +€2,642
up €2,642 (+799%), from €331 to €2,973
- Current portion of long-term debt -€2,462
down €2,462 (-25.3%), from €9,733 to €7,271
- Gross operating margin +€13,443
up €13,443 (+47.9%), from €28,078 to €41,521
- Taxes +€2,963
up €2,963 (+241%), from €1,230 to €4,194
- Depreciation -€1,240
down €1,240 (-6.1%), from €20,321 to €19,081
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 | €141,036 | €136,402 | -€4,634 | -3.3% |
| Fixed assets | 21/28 | €49,874 | €39,962 | -€9,911 | -19.9% |
| Tangible fixed assets | 22/27 | €49,778 | €39,866 | -€9,911 | -19.9% |
| Plant, machinery and equipment | 23 | €1,599 | €875 | -€724 | -45.3% |
| Furniture and vehicles | 24 | €40,384 | €36,193 | -€4,191 | -10.4% |
| Other tangible fixed assets | 26 | €7,795 | €2,799 | -€4,996 | -64.1% |
| Financial fixed assets | 28 | €96 | €96 | = | 0.0% |
| Current assets | 29/58 | €91,162 | €96,439 | +€5,277 | +5.8% |
| Stocks and contracts in progress | 3 | €375 | €3,806 | +€3,431 | +916% |
| Stocks | 30/36 | €375 | €3,806 | +€3,431 | +916% |
| Amounts receivable within one year | 40/41 | €18,714 | €36,513 | +€17,799 | +95.1% |
| Trade receivables | 40 | €11,538 | €27,914 | +€16,376 | +142% |
| Other amounts receivable | 41 | €7,176 | €8,599 | +€1,423 | +19.8% |
| Cash at bank and in hand | 54/58 | €68,623 | €51,976 | -€16,648 | -24.3% |
| Deferred charges and accrued income | 490/1 | €3,450 | €4,145 | +€695 | +20.1% |
| Total equity and liabilities | 10/49 | €141,036 | €136,402 | -€4,634 | -3.3% |
| Equity | 10/15 | €96,511 | €34,501 | -€62,010 | -64.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €77,911 | €15,901 | -€62,010 | -79.6% |
| Distributable reserves | 133 | €77,911 | €15,901 | -€62,010 | -79.6% |
| Amounts payable | 17/49 | €44,525 | €101,900 | +€57,375 | +129% |
| Amounts payable after more than one year | 17 | €24,715 | €17,444 | -€7,271 | -29.4% |
| Financial debts | 170/4 | €24,715 | €17,444 | -€7,271 | -29.4% |
| Amounts payable within one year | 42/48 | €19,810 | €84,457 | +€64,647 | +326% |
| Current portion of amounts payable after more than one year | 42 | €9,733 | €7,271 | -€2,462 | -25.3% |
| Trade debts | 44 | €3,174 | €1,066 | -€2,108 | -66.4% |
| Suppliers | 440/4 | €3,174 | €1,066 | -€2,108 | -66.4% |
| Taxes, remuneration and social security | 45 | €331 | €2,973 | +€2,642 | +799% |
| Taxes | 450/3 | €331 | €2,973 | +€2,642 | +799% |
| Other amounts payable | 47/48 | €6,572 | €73,147 | +€66,575 | +1,013% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,321 | €19,081 | -€1,240 | -6.1% |
| Other operating charges | 640/8 | €986 | €1,039 | +€53 | +5.3% |
| Gross operating margin | 9900 | €28,078 | €41,521 | +€13,443 | +47.9% |
| Operating profit (loss) | 9901 | €6,771 | €21,401 | +€14,630 | +216% |
| Financial income | 75/76B | €0 | €27 | +€27 | +38,071% |
| Recurring financial income | 75 | €0 | €27 | +€27 | +38,071% |
| Financial charges | 65/66B | €1,432 | €1,332 | -€99 | -6.9% |
| Recurring financial charges | 65 | €1,432 | €1,332 | -€99 | -6.9% |
| Profit (loss) for the period before taxes | 9903 | €5,339 | €20,095 | +€14,756 | +276% |
| Income taxes | 67/77 | €1,230 | €4,194 | +€2,963 | +241% |
| Profit (loss) for the period | 9904 | €4,109 | €15,901 | +€11,793 | +287% |
| Profit (loss) for the period to be appropriated | 9905 | €4,109 | €15,901 | +€11,793 | +287% |
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 13 October 2026 via checked.be.