VDR 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.
VDR PROJECTS
Largest movements
- Tangible fixed assets +€71,160
up €71,160 (+11.4%), from €625,718 to €696,878
of which Land and buildings: +€85,335
- Reserves +€52,813
up €52,813 (+10.7%), from €495,304 to €548,117
- Trade debts +€44,502
up €44,502 (+32280.5%), from €138 to €44,640
- Other debts -€30,000
down €30,000 (-30.0%), from €100,000 to €70,000
- Tax, wage and social debts +€27,742
up €27,742 (+385.6%), from €7,195 to €34,937
- Debts after one year -€19,799
down €19,799 (-51.9%), from €38,152 to €18,353
- Depreciation -€13,857
down €13,857 (-22.2%), from €62,383 to €48,527
- Taxes +€5,422
up €5,422 (+34.9%), from €15,527 to €20,949
- Financial income -€4,148
down €4,148 (-94.3%), from €4,397 to €250
- Gross operating margin +€3,579
up €3,579 (+2.8%), from €127,643 to €131,222
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 | €680,061 | €755,093 | +€75,033 | +11.0% |
| Fixed assets | 21/28 | €625,718 | €696,878 | +€71,160 | +11.4% |
| Tangible fixed assets | 22/27 | €625,718 | €696,878 | +€71,160 | +11.4% |
| Land and buildings | 22 | €561,352 | €646,686 | +€85,335 | +15.2% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €64,366 | €50,192 | -€14,175 | -22.0% |
| Current assets | 29/58 | €54,343 | €58,215 | +€3,872 | +7.1% |
| Amounts receivable within one year | 40/41 | €28 | €0 | -€28 | -100.0% |
| Other amounts receivable | 41 | €28 | €0 | -€28 | -100.0% |
| Current investments | 50/53 | €26,049 | €26,224 | +€175 | +0.7% |
| Cash at bank and in hand | 54/58 | €27,398 | €29,214 | +€1,816 | +6.6% |
| Deferred charges and accrued income | 490/1 | €868 | €2,778 | +€1,910 | +220.1% |
| Total equity and liabilities | 10/49 | €680,061 | €755,093 | +€75,033 | +11.0% |
| Equity | 10/15 | €507,704 | €560,517 | +€52,813 | +10.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €495,304 | €548,117 | +€52,813 | +10.7% |
| Distributable reserves | 133 | €495,304 | €548,117 | +€52,813 | +10.7% |
| Amounts payable | 17/49 | €172,357 | €194,576 | +€22,220 | +12.9% |
| Amounts payable after more than one year | 17 | €38,152 | €18,353 | -€19,799 | -51.9% |
| Financial debts | 170/4 | €38,152 | €18,353 | -€19,799 | -51.9% |
| Amounts payable within one year | 42/48 | €126,903 | €169,376 | +€42,474 | +33.5% |
| Current portion of amounts payable after more than one year | 42 | €19,570 | €19,799 | +€229 | +1.2% |
| Trade debts | 44 | €138 | €44,640 | +€44,502 | +32280.5% |
| Suppliers | 440/4 | €138 | €44,640 | +€44,502 | +32280.5% |
| Taxes, remuneration and social security | 45 | €7,195 | €34,937 | +€27,742 | +385.6% |
| Taxes | 450/3 | €7,195 | €34,937 | +€27,742 | +385.6% |
| Other amounts payable | 47/48 | €100,000 | €70,000 | -€30,000 | -30.0% |
| Accrued charges and deferred income | 492/3 | €7,302 | €6,847 | -€455 | -6.2% |
| Non-recurring operating income | 76A | €15,289 | €0 | -€15,289 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,383 | €48,527 | -€13,857 | -22.2% |
| Other operating charges | 640/8 | €1,873 | €1,797 | -€76 | -4.1% |
| Gross operating margin | 9900 | €127,643 | €131,222 | +€3,579 | +2.8% |
| Operating profit (loss) | 9901 | €63,386 | €80,898 | +€17,512 | +27.6% |
| Financial income | 75/76B | €4,397 | €250 | -€4,148 | -94.3% |
| Recurring financial income | 75 | €4,397 | €250 | -€4,148 | -94.3% |
| Financial charges | 65/66B | €7,454 | €7,386 | -€68 | -0.9% |
| Recurring financial charges | 65 | €7,454 | €7,386 | -€68 | -0.9% |
| Profit (loss) for the period before taxes | 9903 | €60,329 | €73,761 | +€13,432 | +22.3% |
| Income taxes | 67/77 | €15,527 | €20,949 | +€5,422 | +34.9% |
| Profit (loss) for the period | 9904 | €44,803 | €52,813 | +€8,010 | +17.9% |
| Profit (loss) for the period to be appropriated | 9905 | €44,803 | €52,813 | +€8,010 | +17.9% |
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 12 October 2026 via checked.be.