VDS-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.
VDS-Projects
Largest movements
- Stocks and contracts -€203,442
down €203,442 (-9.0%), from €2.3m to €2.1m
- Cash +€36,595
up €36,595 (+68.8%), from €53,154 to €89,749
mainly Debts after one year (+€205,000) and Stocks and contracts (+€203,442)
- Short-term financial debts -€589,675
down €589,675 (-48.7%), from €1.2m to €619,915
- Debts after one year +€205,000
up €205,000 (+20.5%), from €1.0m to €1.2m
- Profit (loss) carried forward +€133,189
up €133,189, from -€23,297 to €109,892
- Other debts +€36,750
new in 2025: €36,750
- Trade debts +€35,574
up €35,574 (+74.8%), from €47,553 to €83,128
- Gross operating margin +€311,028
up €311,028 (+1720.8%), from €18,075 to €329,103
- Financial charges +€77,863
up €77,863 (+334.5%), from €23,279 to €101,142
- Taxes +€44,753
new in 2025: €44,753
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 | €2,337,302 | €2,177,316 | -€159,986 | -6.8% |
| Current assets | 29/58 | €2,337,302 | €2,177,316 | -€159,986 | -6.8% |
| Stocks and contracts in progress | 3 | €2,261,180 | €2,057,738 | -€203,442 | -9.0% |
| Stocks | 30/36 | €2,261,180 | €2,057,738 | -€203,442 | -9.0% |
| Amounts receivable within one year | 40/41 | €22,967 | €29,829 | +€6,861 | +29.9% |
| Trade receivables | 40 | €22,967 | €29,829 | +€6,861 | +29.9% |
| Cash at bank and in hand | 54/58 | €53,154 | €89,749 | +€36,595 | +68.8% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €2,337,302 | €2,177,316 | -€159,986 | -6.8% |
| Equity | 10/15 | €18,703 | €151,892 | +€133,189 | +712.1% |
| Contributions | 10/11 | €42,000 | €42,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,297 | €109,892 | +€133,189 | |
| Amounts payable | 17/49 | €2,318,599 | €2,025,424 | -€293,175 | -12.6% |
| Amounts payable after more than one year | 17 | €1,000,000 | €1,205,000 | +€205,000 | +20.5% |
| Financial debts | 170/4 | €1,000,000 | €1,205,000 | +€205,000 | +20.5% |
| Amounts payable within one year | 42/48 | €1,263,852 | €772,439 | -€491,412 | -38.9% |
| Financial debts | 43 | €1,209,590 | €619,915 | -€589,675 | -48.7% |
| Credit institutions | 430/8 | €1,209,590 | €619,915 | -€589,675 | -48.7% |
| Trade debts | 44 | €47,553 | €83,128 | +€35,574 | +74.8% |
| Suppliers | 440/4 | €47,553 | €83,128 | +€35,574 | +74.8% |
| Taxes, remuneration and social security | 45 | €6,708 | €32,647 | +€25,938 | +386.6% |
| Taxes | 450/3 | €6,708 | €32,647 | +€25,938 | +386.6% |
| Other amounts payable | 47/48 | - | €36,750 | +€36,750 | |
| Accrued charges and deferred income | 492/3 | €54,747 | €47,984 | -€6,762 | -12.4% |
| Other operating charges | 640/8 | €5,005 | €8,019 | +€3,014 | +60.2% |
| Gross operating margin | 9900 | €18,075 | €329,103 | +€311,028 | +1720.8% |
| Operating profit (loss) | 9901 | €13,070 | €321,084 | +€308,014 | +2356.7% |
| Financial income | 75/76B | €213 | €0 | -€213 | -100.0% |
| Recurring financial income | 75 | €213 | €0 | -€213 | -100.0% |
| Financial charges | 65/66B | €23,279 | €101,142 | +€77,863 | +334.5% |
| Recurring financial charges | 65 | €23,279 | €101,142 | +€77,863 | +334.5% |
| Profit (loss) for the period before taxes | 9903 | -€9,996 | €219,942 | +€229,938 | |
| Income taxes | 67/77 | - | €44,753 | +€44,753 | |
| Profit (loss) for the period | 9904 | -€9,996 | €175,189 | +€185,185 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,996 | €175,189 | +€185,185 |
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 10 October 2026 via checked.be.