VDV - 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.
VDV - PROJECTS
Largest movements
- Cash -€8,834
down €8,834 (-9.2%), from €96,113 to €87,280
mainly Debts after one year (-€20,000) and Accrued charges and deferred income (-€4,060)
- Receivables within one year -€5,326
down €5,326 (-94.8%), from €5,615 to €289
of which Other amounts receivable: -€4,000
- Debts after one year -€20,000
down €20,000 (-14.3%), from €140,000 to €120,000
- Reserves +€9,204
up €9,204 (+31.0%), from €29,698 to €38,902
- Accrued charges and deferred income -€4,060
down €4,060 (-65.9%), from €6,160 to €2,100
- Trade debts +€3,277
up €3,277 (+152%), from €2,159 to €5,436
- Depreciation -€7,403
down €7,403 (-100%), from €7,403 to €0
- Gross operating margin -€4,301
down €4,301 (-31.8%), from €13,525 to €9,223
- Financial income -€729
down €729 (-23.6%), from €3,090 to €2,361
- Taxes +€220
up €220 (+31.4%), from €700 to €920
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 | €212,671 | €199,353 | -€13,318 | -6.3% |
| Fixed assets | 21/28 | €90 | €90 | = | 0.0% |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €90 | €90 | = | 0.0% |
| Current assets | 29/58 | €212,581 | €199,263 | -€13,318 | -6.3% |
| Stocks and contracts in progress | 3 | €110,852 | €111,694 | +€842 | +0.8% |
| Stocks | 30/36 | €110,852 | €111,694 | +€842 | +0.8% |
| Amounts receivable within one year | 40/41 | €5,615 | €289 | -€5,326 | -94.8% |
| Trade receivables | 40 | €1,615 | €289 | -€1,326 | -82.1% |
| Other amounts receivable | 41 | €4,000 | €0 | -€4,000 | -100% |
| Cash at bank and in hand | 54/58 | €96,113 | €87,280 | -€8,834 | -9.2% |
| Total equity and liabilities | 10/49 | €212,671 | €199,353 | -€13,318 | -6.3% |
| Equity | 10/15 | €54,698 | €63,902 | +€9,204 | +16.8% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €29,698 | €38,902 | +€9,204 | +31.0% |
| Distributable reserves | 133 | €29,698 | €38,902 | +€9,204 | +31.0% |
| Amounts payable | 17/49 | €157,973 | €135,451 | -€22,522 | -14.3% |
| Amounts payable after more than one year | 17 | €140,000 | €120,000 | -€20,000 | -14.3% |
| Financial debts | 170/4 | €140,000 | €120,000 | -€20,000 | -14.3% |
| Amounts payable within one year | 42/48 | €11,813 | €13,351 | +€1,538 | +13.0% |
| Trade debts | 44 | €2,159 | €5,436 | +€3,277 | +152% |
| Suppliers | 440/4 | €2,159 | €5,436 | +€3,277 | +152% |
| Taxes, remuneration and social security | 45 | €9,154 | €7,914 | -€1,240 | -13.5% |
| Taxes | 450/3 | €9,154 | €7,914 | -€1,240 | -13.5% |
| Other amounts payable | 47/48 | €500 | €0 | -€500 | -100% |
| Accrued charges and deferred income | 492/3 | €6,160 | €2,100 | -€4,060 | -65.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,403 | €0 | -€7,403 | -100% |
| Other operating charges | 640/8 | €598 | €677 | +€79 | +13.3% |
| Gross operating margin | 9900 | €13,525 | €9,223 | -€4,301 | -31.8% |
| Operating profit (loss) | 9901 | €5,524 | €8,546 | +€3,023 | +54.7% |
| Financial income | 75/76B | €3,090 | €2,361 | -€729 | -23.6% |
| Recurring financial income | 75 | €3,090 | €2,361 | -€729 | -23.6% |
| Financial charges | 65/66B | €897 | €783 | -€114 | -12.7% |
| Recurring financial charges | 65 | €897 | €783 | -€114 | -12.7% |
| Profit (loss) for the period before taxes | 9903 | €7,717 | €10,124 | +€2,407 | +31.2% |
| Income taxes | 67/77 | €700 | €920 | +€220 | +31.4% |
| Profit (loss) for the period | 9904 | €7,017 | €9,204 | +€2,187 | +31.2% |
| Profit (loss) for the period to be appropriated | 9905 | €7,017 | €9,204 | +€2,187 | +31.2% |
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 18 October 2026 via checked.be.