VDW 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.
VDW PROJECTS
Largest movements
- Tangible fixed assets -€20,623
down €20,623 (-4.4%), from €468,029 to €447,407
- Cash +€17,339
up €17,339 (+1536.7%), from €1,128 to €18,468
mainly Depreciation (+€20,623) and Other debts (+€6,931)
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€182,963
down €182,963 (-93.1%), from €196,595 to €13,632
- Financial income -€148,699
down €148,699 (-98.0%), from €151,738 to €3,039
- Taxes -€36,297
down €36,297 (-100.0%), from €36,297 to €0
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 | €807,405 | €805,905 | -€1,500 | -0.2% |
| Fixed assets | 21/28 | €624,529 | €603,907 | -€20,623 | -3.3% |
| Tangible fixed assets | 22/27 | €468,029 | €447,407 | -€20,623 | -4.4% |
| Land and buildings | 22 | €468,029 | €447,407 | -€20,623 | -4.4% |
| Financial fixed assets | 28 | €156,500 | €156,500 | = | 0.0% |
| Current assets | 29/58 | €182,876 | €201,998 | +€19,122 | +10.5% |
| Amounts receivable within one year | 40/41 | €31,747 | €32,620 | +€873 | +2.7% |
| Other amounts receivable | 41 | €31,747 | €32,620 | +€873 | +2.7% |
| Current investments | 50/53 | €150,000 | €150,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,128 | €18,468 | +€17,339 | +1536.7% |
| Deferred charges and accrued income | 490/1 | - | €910 | +€910 | |
| Total equity and liabilities | 10/49 | €807,405 | €805,905 | -€1,500 | -0.2% |
| Equity | 10/15 | €797,611 | €789,811 | -€7,800 | -1.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €779,011 | €771,211 | -€7,800 | -1.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €777,151 | €769,351 | -€7,800 | -1.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €9,794 | €16,093 | +€6,299 | +64.3% |
| Amounts payable within one year | 42/48 | €9,794 | €15,524 | +€5,731 | +58.5% |
| Trade debts | 44 | €1,471 | €271 | -€1,200 | -81.6% |
| Suppliers | 440/4 | €1,471 | €271 | -€1,200 | -81.6% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €8,323 | €15,254 | +€6,931 | +83.3% |
| Accrued charges and deferred income | 492/3 | - | €569 | +€569 | |
| Non-recurring operating income | 76A | €33 | €0 | -€33 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,623 | €20,623 | = | 0.0% |
| Other operating charges | 640/8 | €2,109 | €2,014 | -€95 | -4.5% |
| Gross operating margin | 9900 | €196,595 | €13,632 | -€182,963 | -93.1% |
| Operating profit (loss) | 9901 | €173,863 | -€9,005 | -€182,868 | |
| Financial income | 75/76B | €151,738 | €3,039 | -€148,699 | -98.0% |
| Recurring financial income | 75 | €151,738 | €3,039 | -€148,699 | -98.0% |
| Financial charges | 65/66B | €141 | €1,001 | +€860 | +609.1% |
| Recurring financial charges | 65 | €141 | €1,001 | +€860 | +609.1% |
| Profit (loss) for the period before taxes | 9903 | €325,460 | -€6,967 | -€332,427 | |
| Income taxes | 67/77 | €36,297 | €0 | -€36,297 | -100.0% |
| Profit (loss) for the period | 9904 | €289,164 | -€6,967 | -€296,131 | |
| Profit (loss) for the period to be appropriated | 9905 | €289,164 | -€6,967 | -€296,131 |
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 8 October 2026 via checked.be.