VDW 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.
VDW PROJECTS
Largest movements
- Stocks and contracts -€354,080
down €354,080 (-25.6%), from €1.4m to €1.0m
- Cash -€171,904
down €171,904 (-32.6%), from €528,071 to €356,168
mainly Tax, wage and social debts (-€221,364) and Short-term financial debts (-€122,851)
- Receivables within one year +€116,220
up €116,220 (+10.0%), from €1.2m to €1.3m
of which Trade receivables: +€407,199
- Tax, wage and social debts -€221,364
down €221,364 (-82.2%), from €269,439 to €48,075
of which Taxes: -€231,791
- Short-term financial debts -€122,851
down €122,851 (-10.1%), from €1.2m to €1.1m
of which Other loans: -€125,266
- Gross operating margin +€24,906
up €24,906 (+16.4%), from €151,814 to €176,720
- Financial charges -€11,999
down €11,999 (-12.5%), from €96,353 to €84,355
- Staff costs +€5,841
up €5,841 (+5.6%), from €103,791 to €109,631
- Financial income -€2,852
down €2,852 (-84.5%), from €3,376 to €524
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 | €3,727,582 | €3,326,291 | -€401,291 | -10.8% |
| Fixed assets | 21/28 | €611,366 | €610,872 | -€495 | -0.1% |
| Intangible fixed assets | 21 | - | €7,666 | +€7,666 | |
| Tangible fixed assets | 22/27 | €32,366 | €24,206 | -€8,160 | -25.2% |
| Plant, machinery and equipment | 23 | €24,621 | €20,098 | -€4,523 | -18.4% |
| Furniture and vehicles | 24 | €5,288 | €2,616 | -€2,673 | -50.5% |
| Other tangible fixed assets | 26 | €2,457 | €1,492 | -€965 | -39.3% |
| Financial fixed assets | 28 | €579,000 | €579,000 | = | 0.0% |
| Current assets | 29/58 | €3,116,216 | €2,715,419 | -€400,797 | -12.9% |
| Stocks and contracts in progress | 3 | €1,381,270 | €1,027,190 | -€354,080 | -25.6% |
| Contracts in progress | 37 | €1,381,270 | €1,027,190 | -€354,080 | -25.6% |
| Amounts receivable within one year | 40/41 | €1,163,050 | €1,279,270 | +€116,220 | +10.0% |
| Trade receivables | 40 | €555,993 | €963,192 | +€407,199 | +73.2% |
| Other amounts receivable | 41 | €607,057 | €316,077 | -€290,979 | -47.9% |
| Cash at bank and in hand | 54/58 | €528,071 | €356,168 | -€171,904 | -32.6% |
| Deferred charges and accrued income | 490/1 | €43,825 | €52,792 | +€8,967 | +20.5% |
| Total equity and liabilities | 10/49 | €3,727,582 | €3,326,291 | -€401,291 | -10.8% |
| Equity | 10/15 | €2,026,260 | €1,995,110 | -€31,150 | -1.5% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Capital | 10 | €1,000,000 | €1,000,000 | = | 0.0% |
| Issued capital | 100 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves | 13 | €1,026,260 | €995,110 | -€31,150 | -3.0% |
| Non-distributable reserves | 130/1 | €100,000 | €100,000 | = | 0.0% |
| Legal reserve | 130 | €100,000 | €100,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Distributable reserves | 133 | €870,010 | €838,860 | -€31,150 | -3.6% |
| Amounts payable | 17/49 | €1,701,323 | €1,331,181 | -€370,142 | -21.8% |
| Amounts payable within one year | 42/48 | €1,701,323 | €1,331,181 | -€370,142 | -21.8% |
| Financial debts | 43 | €1,210,780 | €1,087,929 | -€122,851 | -10.1% |
| Credit institutions | 430/8 | - | €2,415 | +€2,415 | |
| Other loans | 439 | €1,210,780 | €1,085,514 | -€125,266 | -10.3% |
| Trade debts | 44 | €139,594 | €147,449 | +€7,855 | +5.6% |
| Suppliers | 440/4 | €139,594 | €147,449 | +€7,855 | +5.6% |
| Taxes, remuneration and social security | 45 | €269,439 | €48,075 | -€221,364 | -82.2% |
| Taxes | 450/3 | €252,003 | €20,212 | -€231,791 | -92.0% |
| Remuneration and social security | 454/9 | €17,436 | €27,863 | +€10,427 | +59.8% |
| Other amounts payable | 47/48 | €81,509 | €47,728 | -€33,782 | -41.4% |
| Non-recurring operating income | 76A | €0 | €22,700 | +€22,700 | |
| Remuneration, social security and pensions | 62 | €103,791 | €109,631 | +€5,841 | +5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,554 | €11,203 | -€350 | -3.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €2,499 | €2,766 | +€267 | +10.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €151,814 | €176,720 | +€24,906 | +16.4% |
| Operating profit (loss) | 9901 | €33,970 | €53,119 | +€19,149 | +56.4% |
| Financial income | 75/76B | €3,376 | €524 | -€2,852 | -84.5% |
| Recurring financial income | 75 | €3,376 | €524 | -€2,852 | -84.5% |
| Financial charges | 65/66B | €96,353 | €84,355 | -€11,999 | -12.5% |
| Recurring financial charges | 65 | €96,353 | €84,355 | -€11,999 | -12.5% |
| Profit (loss) for the period before taxes | 9903 | -€59,007 | -€30,711 | +€28,296 | +48.0% |
| Income taxes | 67/77 | €414 | €438 | +€25 | +6.0% |
| Profit (loss) for the period | 9904 | -€59,421 | -€31,150 | +€28,271 | +47.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€59,421 | -€31,150 | +€28,271 | +47.6% |
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 11 October 2026 via checked.be.