VdM 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.
VdM projects
Largest movements
- Receivables within one year -€9,668
down €9,668 (-78.9%), from €12,250 to €2,582
of which Trade receivables: -€10,250
- Cash -€988
down €988 (-26.5%), from €3,722 to €2,734
mainly Debts after one year (-€11,452) and Trade debts (-€1,020)
- Tangible fixed assets -€753
down €753 (-18.2%), from €4,133 to €3,380
of which Furniture and vehicles: -€493
- Deferred charges and accrued income -€714
no longer reported in 2025 (was €714)
- Debts after one year -€11,452
down €11,452 (-37.4%), from €30,631 to €19,179
- Trade debts -€1,020
down €1,020 (-83.2%), from €1,227 to €206
- Profit (loss) carried forward +€873
up €873 (+2.9%), from -€30,498 to -€29,625
- Tax, wage and social debts -€523
no longer reported in 2025 (was €523)
- Gross operating margin -€19,262
down €19,262 (-85.3%), from €22,583 to €3,321
- Depreciation -€1,037
down €1,037 (-46.2%), from €2,245 to €1,208
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 | €20,819 | €8,697 | -€12,123 | -58.2% |
| Fixed assets | 21/28 | €4,133 | €3,380 | -€753 | -18.2% |
| Tangible fixed assets | 22/27 | €4,133 | €3,380 | -€753 | -18.2% |
| Plant, machinery and equipment | 23 | €1,793 | €1,534 | -€260 | -14.5% |
| Furniture and vehicles | 24 | €2,340 | €1,847 | -€493 | -21.1% |
| Current assets | 29/58 | €16,686 | €5,316 | -€11,370 | -68.1% |
| Amounts receivable within one year | 40/41 | €12,250 | €2,582 | -€9,668 | -78.9% |
| Trade receivables | 40 | €12,250 | €2,000 | -€10,250 | -83.7% |
| Other amounts receivable | 41 | - | €582 | +€582 | |
| Cash at bank and in hand | 54/58 | €3,722 | €2,734 | -€988 | -26.5% |
| Deferred charges and accrued income | 490/1 | €714 | - | -€714 | |
| Total equity and liabilities | 10/49 | €20,819 | €8,697 | -€12,123 | -58.2% |
| Equity | 10/15 | -€11,562 | -€10,689 | +€873 | +7.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €336 | €336 | = | 0.0% |
| Non-distributable reserves | 130/1 | €15 | €15 | = | 0.0% |
| Reserves not available under the articles | 1311 | €15 | €15 | = | 0.0% |
| Tax-exempt reserves | 132 | €321 | €321 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€30,498 | -€29,625 | +€873 | +2.9% |
| Amounts payable | 17/49 | €32,381 | €19,386 | -€12,996 | -40.1% |
| Amounts payable after more than one year | 17 | €30,631 | €19,179 | -€11,452 | -37.4% |
| Other amounts payable | 178/9 | €30,631 | €19,179 | -€11,452 | -37.4% |
| Amounts payable within one year | 42/48 | €1,750 | €206 | -€1,543 | -88.2% |
| Trade debts | 44 | €1,227 | €206 | -€1,020 | -83.2% |
| Suppliers | 440/4 | €1,227 | €206 | -€1,020 | -83.2% |
| Taxes, remuneration and social security | 45 | €523 | - | -€523 | |
| Taxes | 450/3 | €523 | - | -€523 | |
| Non-recurring operating income | 76A | €620 | - | -€620 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,245 | €1,208 | -€1,037 | -46.2% |
| Other operating charges | 640/8 | €951 | €755 | -€196 | -20.6% |
| Non-recurring operating charges | 66A | - | €340 | +€340 | |
| Gross operating margin | 9900 | €22,583 | €3,321 | -€19,262 | -85.3% |
| Operating profit (loss) | 9901 | €19,387 | €1,019 | -€18,369 | -94.7% |
| Financial charges | 65/66B | €193 | €146 | -€48 | -24.6% |
| Recurring financial charges | 65 | €193 | €146 | -€48 | -24.6% |
| Profit (loss) for the period before taxes | 9903 | €19,194 | €873 | -€18,321 | -95.5% |
| Profit (loss) for the period | 9904 | €19,194 | €873 | -€18,321 | -95.5% |
| Profit (loss) for the period to be appropriated | 9905 | €19,194 | €873 | -€18,321 | -95.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.