VDV 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.
VDV PROJECTS
Largest movements
- Tangible fixed assets +€182,858
up €182,858 (+30.2%), from €605,775 to €788,633
of which Land and buildings: +€203,792
- Debts after one year +€192,140
up €192,140 (+97.5%), from €196,996 to €389,136
- Trade debts -€80,512
down €80,512 (-36.9%), from €217,924 to €137,413
- Reserves +€47,735
up €47,735 (+88.8%), from €53,778 to €101,513
- Other debts +€18,677
up €18,677 (+13.0%), from €143,301 to €161,978
- Accrued charges and deferred income +€12,433
up €12,433 (+755.0%), from €1,647 to €14,080
- Gross operating margin +€38,350
up €38,350 (+31.9%), from €120,355 to €158,705
- Depreciation +€20,165
up €20,165 (+38.9%), from €51,896 to €72,060
- Financial charges +€9,891
up €9,891 (+125.1%), from €7,906 to €17,798
- Taxes +€3,884
up €3,884 (+22.7%), from €17,080 to €20,965
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €684,837 | €871,479 | +€186,642 | +27.3% |
| Fixed assets | 21/28 | €605,775 | €788,633 | +€182,858 | +30.2% |
| Tangible fixed assets | 22/27 | €605,775 | €788,633 | +€182,858 | +30.2% |
| Land and buildings | 22 | €518,349 | €722,141 | +€203,792 | +39.3% |
| Plant, machinery and equipment | 23 | €24,997 | €19,047 | -€5,950 | -23.8% |
| Furniture and vehicles | 24 | €1,089 | €572 | -€518 | -47.5% |
| Other tangible fixed assets | 26 | €61,340 | €46,874 | -€14,467 | -23.6% |
| Current assets | 29/58 | €79,062 | €82,846 | +€3,784 | +4.8% |
| Amounts receivable within one year | 40/41 | €48,979 | €52,308 | +€3,330 | +6.8% |
| Trade receivables | 40 | €35,686 | €39,575 | +€3,889 | +10.9% |
| Other amounts receivable | 41 | €13,292 | €12,733 | -€559 | -4.2% |
| Cash at bank and in hand | 54/58 | €28,736 | €29,506 | +€770 | +2.7% |
| Deferred charges and accrued income | 490/1 | €1,346 | €1,031 | -€316 | -23.4% |
| Total equity and liabilities | 10/49 | €684,837 | €871,479 | +€186,642 | +27.3% |
| Equity | 10/15 | €97,378 | €145,113 | +€47,735 | +49.0% |
| Contributions | 10/11 | €43,600 | €43,600 | = | 0.0% |
| Reserves | 13 | €53,778 | €101,513 | +€47,735 | +88.8% |
| Distributable reserves | 133 | €53,778 | €101,513 | +€47,735 | +88.8% |
| Amounts payable | 17/49 | €587,458 | €726,366 | +€138,907 | +23.6% |
| Amounts payable after more than one year | 17 | €196,996 | €389,136 | +€192,140 | +97.5% |
| Financial debts | 170/4 | €196,996 | €389,136 | +€192,140 | +97.5% |
| Amounts payable within one year | 42/48 | €388,815 | €323,149 | -€65,666 | -16.9% |
| Current portion of amounts payable after more than one year | 42 | €12,814 | €1,578 | -€11,235 | -87.7% |
| Trade debts | 44 | €217,924 | €137,413 | -€80,512 | -36.9% |
| Suppliers | 440/4 | €217,924 | €137,413 | -€80,512 | -36.9% |
| Taxes, remuneration and social security | 45 | €14,776 | €22,180 | +€7,404 | +50.1% |
| Taxes | 450/3 | €14,776 | €22,180 | +€7,404 | +50.1% |
| Other amounts payable | 47/48 | €143,301 | €161,978 | +€18,677 | +13.0% |
| Accrued charges and deferred income | 492/3 | €1,647 | €14,080 | +€12,433 | +755.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,896 | €72,060 | +€20,165 | +38.9% |
| Other operating charges | 640/8 | €199 | €148 | -€51 | -25.7% |
| Gross operating margin | 9900 | €120,355 | €158,705 | +€38,350 | +31.9% |
| Operating profit (loss) | 9901 | €68,260 | €86,497 | +€18,236 | +26.7% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €7,906 | €17,798 | +€9,891 | +125.1% |
| Recurring financial charges | 65 | €7,906 | €17,798 | +€9,891 | +125.1% |
| Profit (loss) for the period before taxes | 9903 | €60,354 | €68,699 | +€8,345 | +13.8% |
| Income taxes | 67/77 | €17,080 | €20,965 | +€3,884 | +22.7% |
| Profit (loss) for the period | 9904 | €43,274 | €47,735 | +€4,461 | +10.3% |
| Profit (loss) for the period to be appropriated | 9905 | €43,274 | €47,735 | +€4,461 | +10.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.