VDS 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.
VDS PROJECTS
Largest movements
- Receivables within one year +€45,135
up €45,135 (+50.5%), from €89,448 to €134,584
of which Other amounts receivable: +€64,296
- Tangible fixed assets -€33,861
down €33,861 (-31.6%), from €107,046 to €73,185
of which Furniture and vehicles: -€38,291
- Cash +€5,575
up €5,575 (+59.8%), from €9,324 to €14,899
mainly Depreciation (+€39,941) and Trade debts (+€22,442)
- Deferred charges and accrued income -€4,876
down €4,876 (-34.3%), from €14,234 to €9,358
- Trade debts +€22,442
up €22,442 (+115.6%), from €19,411 to €41,852
- Debts after one year -€20,766
down €20,766 (-85.4%), from €24,321 to €3,554
- Reserves +€20,467
up €20,467 (+28.5%), from €71,878 to €92,345
- Tax, wage and social debts -€9,858
down €9,858 (-36.3%), from €27,165 to €17,307
- Gross operating margin +€25,165
up €25,165 (+46.3%), from €54,366 to €79,531
- Taxes +€6,611
up €6,611 (+73.1%), from €9,041 to €15,652
- Financial income +€3,911
up €3,911 (+271.6%), from €1,440 to €5,350
of which Financial income: +€2,877
- Depreciation +€2,309
up €2,309 (+6.1%), from €37,633 to €39,941
- Other operating charges +€1,425
up €1,425 (+64.8%), from €2,199 to €3,624
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 | €220,052 | €232,025 | +€11,973 | +5.4% |
| Fixed assets | 21/28 | €107,046 | €73,185 | -€33,861 | -31.6% |
| Tangible fixed assets | 22/27 | €107,046 | €73,185 | -€33,861 | -31.6% |
| Furniture and vehicles | 24 | €95,222 | €56,931 | -€38,291 | -40.2% |
| Other tangible fixed assets | 26 | €11,824 | €16,254 | +€4,429 | +37.5% |
| Current assets | 29/58 | €113,006 | €158,841 | +€45,834 | +40.6% |
| Amounts receivable within one year | 40/41 | €89,448 | €134,584 | +€45,135 | +50.5% |
| Trade receivables | 40 | €41,943 | €22,782 | -€19,161 | -45.7% |
| Other amounts receivable | 41 | €47,506 | €111,802 | +€64,296 | +135.3% |
| Cash at bank and in hand | 54/58 | €9,324 | €14,899 | +€5,575 | +59.8% |
| Deferred charges and accrued income | 490/1 | €14,234 | €9,358 | -€4,876 | -34.3% |
| Total equity and liabilities | 10/49 | €220,052 | €232,025 | +€11,973 | +5.4% |
| Equity | 10/15 | €78,078 | €98,545 | +€20,467 | +26.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €71,878 | €92,345 | +€20,467 | +28.5% |
| Distributable reserves | 133 | €71,878 | €92,345 | +€20,467 | +28.5% |
| Amounts payable | 17/49 | €141,974 | €133,480 | -€8,494 | -6.0% |
| Amounts payable after more than one year | 17 | €24,321 | €3,554 | -€20,766 | -85.4% |
| Financial debts | 170/4 | €24,321 | €3,554 | -€20,766 | -85.4% |
| Amounts payable within one year | 42/48 | €116,408 | €129,926 | +€13,518 | +11.6% |
| Current portion of amounts payable after more than one year | 42 | €19,833 | €20,766 | +€934 | +4.7% |
| Financial debts | 43 | €50,000 | €50,000 | = | 0.0% |
| Credit institutions | 430/8 | €50,000 | €50,000 | = | 0.0% |
| Trade debts | 44 | €19,411 | €41,852 | +€22,442 | +115.6% |
| Suppliers | 440/4 | €19,411 | €41,852 | +€22,442 | +115.6% |
| Taxes, remuneration and social security | 45 | €27,165 | €17,307 | -€9,858 | -36.3% |
| Taxes | 450/3 | €27,165 | €17,307 | -€9,858 | -36.3% |
| Accrued charges and deferred income | 492/3 | €1,245 | - | -€1,245 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,633 | €39,941 | +€2,309 | +6.1% |
| Other operating charges | 640/8 | €2,199 | €3,624 | +€1,425 | +64.8% |
| Gross operating margin | 9900 | €54,366 | €79,531 | +€25,165 | +46.3% |
| Operating profit (loss) | 9901 | €14,534 | €35,965 | +€21,432 | +147.5% |
| Financial income | 75/76B | €1,440 | €5,350 | +€3,911 | +271.6% |
| Recurring financial income | 75 | €1,440 | €4,317 | +€2,877 | +199.9% |
| Non-recurring financial income | 76B | - | €1,033 | +€1,033 | |
| Financial charges | 65/66B | €6,091 | €5,197 | -€894 | -14.7% |
| Recurring financial charges | 65 | €6,091 | €5,197 | -€894 | -14.7% |
| Profit (loss) for the period before taxes | 9903 | €9,882 | €36,118 | +€26,236 | +265.5% |
| Income taxes | 67/77 | €9,041 | €15,652 | +€6,611 | +73.1% |
| Profit (loss) for the period | 9904 | €841 | €20,467 | +€19,626 | +2334.0% |
| Profit (loss) for the period to be appropriated | 9905 | €841 | €20,467 | +€19,626 | +2334.0% |
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.