VDP Projects: what changed
Two fiscal 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.
VDP Projects
Largest movements
- Stocks and contracts -€37,247
no longer reported in 2025 (was €37,247)
- Tangible fixed assets +€2,321
new in 2025: €2,321
- Receivables within one year +€548
up €548 (+332.5%), from €165 to €713
- Deferred charges and accrued income +€540
up €540 (+91.4%), from €591 to €1,131
- Other debts -€32,188
down €32,188 (-31.6%), from €101,881 to €69,693
- Trade debts -€544
down €544 (-47.5%), from €1,145 to €601
- Tax, wage and social debts -€471
down €471 (-19.6%), from €2,401 to €1,929
- Gross operating margin -€1,066
down €1,066 (-50.1%), from €2,129 to €1,063
- Depreciation +€337
new in 2025: €337
- Other operating charges -€283
down €283 (-32.7%), from €866 to €583
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 | €43,579 | €10,050 | -€33,529 | -76.9% |
| Fixed assets | 21/28 | - | €2,321 | +€2,321 | |
| Tangible fixed assets | 22/27 | - | €2,321 | +€2,321 | |
| Furniture and vehicles | 24 | - | €2,321 | +€2,321 | |
| Current assets | 29/58 | €43,579 | €7,730 | -€35,850 | -82.3% |
| Stocks and contracts in progress | 3 | €37,247 | - | -€37,247 | |
| Stocks | 30/36 | €37,247 | - | -€37,247 | |
| Amounts receivable within one year | 40/41 | €165 | €713 | +€548 | +332.5% |
| Trade receivables | 40 | €165 | €713 | +€548 | +332.5% |
| Current investments | 50/53 | €4,000 | €4,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,577 | €1,886 | +€309 | +19.6% |
| Deferred charges and accrued income | 490/1 | €591 | €1,131 | +€540 | +91.4% |
| Total equity and liabilities | 10/49 | €43,579 | €10,050 | -€33,529 | -76.9% |
| Equity | 10/15 | -€61,848 | -€62,173 | -€325 | -0.5% |
| Contributions | 10/11 | €198,315 | €198,315 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€260,163 | -€260,488 | -€325 | -0.1% |
| Amounts payable | 17/49 | €105,427 | €72,223 | -€33,204 | -31.5% |
| Amounts payable within one year | 42/48 | €105,427 | €72,223 | -€33,204 | -31.5% |
| Trade debts | 44 | €1,145 | €601 | -€544 | -47.5% |
| Suppliers | 440/4 | €1,145 | €601 | -€544 | -47.5% |
| Taxes, remuneration and social security | 45 | €2,401 | €1,929 | -€471 | -19.6% |
| Taxes | 450/3 | €2,401 | €1,929 | -€471 | -19.6% |
| Other amounts payable | 47/48 | €101,881 | €69,693 | -€32,188 | -31.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €337 | +€337 | |
| Other operating charges | 640/8 | €866 | €583 | -€283 | -32.7% |
| Gross operating margin | 9900 | €2,129 | €1,063 | -€1,066 | -50.1% |
| Operating profit (loss) | 9901 | €1,263 | €143 | -€1,121 | -88.7% |
| Financial income | 75/76B | €2 | €14 | +€12 | +748.2% |
| Recurring financial income | 75 | €2 | €14 | +€12 | +748.2% |
| Financial charges | 65/66B | €80 | €84 | +€4 | +4.6% |
| Recurring financial charges | 65 | €80 | €84 | +€4 | +4.6% |
| Profit (loss) for the period before taxes | 9903 | €1,185 | €73 | -€1,112 | -93.9% |
| Income taxes | 67/77 | €397 | €398 | +€1 | +0.2% |
| Profit (loss) for the period | 9904 | €787 | -€325 | -€1,113 | |
| Profit (loss) for the period to be appropriated | 9905 | €787 | -€325 | -€1,113 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.