VESPER 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.
VESPER PROJECTS
Largest movements
- Receivables within one year +€74,835
up €74,835 (+21.3%), from €351,289 to €426,124
of which Trade receivables: +€74,835
- Tangible fixed assets -€58,330
down €58,330 (-8.0%), from €731,341 to €673,011
of which Land and buildings: -€30,770
- Cash -€48,562
down €48,562 (-81.2%), from €59,812 to €11,250
mainly Receivables within one year (-€74,835) and Trade debts (-€51,535)
- Stocks and contracts -€43,850
down €43,850 (-81.2%), from €54,000 to €10,150
of which Stocks: -€30,850
- Trade debts -€51,535
down €51,535 (-10.2%), from €507,520 to €455,984
- Debts after one year -€48,110
down €48,110 (-10.6%), from €453,089 to €404,979
of which Financial debts: -€48,610
- Reserves +€12,399
up €12,399 (+20.0%), from €62,117 to €74,516
- Gross operating margin +€45,918
up €45,918 (+26.2%), from €175,438 to €221,355
- Staff costs +€27,793
up €27,793 (+30.3%), from €91,841 to €119,633
- Financial income +€18,342
up €18,342 (+1786.0%), from €1,027 to €19,369
- Financial charges +€14,007
up €14,007 (+58.9%), from €23,768 to €37,775
- Taxes +€12,893
up €12,893 (+192.1%), from €6,712 to €19,605
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 | €1,205,969 | €1,134,611 | -€71,358 | -5.9% |
| Fixed assets | 21/28 | €732,316 | €673,986 | -€58,330 | -8.0% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €731,341 | €673,011 | -€58,330 | -8.0% |
| Land and buildings | 22 | €666,920 | €636,150 | -€30,770 | -4.6% |
| Plant, machinery and equipment | 23 | €16,763 | €14,443 | -€2,321 | -13.8% |
| Furniture and vehicles | 24 | €47,658 | €22,418 | -€25,239 | -53.0% |
| Financial fixed assets | 28 | €975 | €975 | = | 0.0% |
| Current assets | 29/58 | €473,653 | €460,625 | -€13,028 | -2.8% |
| Stocks and contracts in progress | 3 | €54,000 | €10,150 | -€43,850 | -81.2% |
| Stocks | 30/36 | €41,000 | €10,150 | -€30,850 | -75.2% |
| Contracts in progress | 37 | €13,000 | €0 | -€13,000 | -100.0% |
| Amounts receivable within one year | 40/41 | €351,289 | €426,124 | +€74,835 | +21.3% |
| Trade receivables | 40 | €351,188 | €426,023 | +€74,835 | +21.3% |
| Other amounts receivable | 41 | €101 | €101 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €59,812 | €11,250 | -€48,562 | -81.2% |
| Deferred charges and accrued income | 490/1 | €8,552 | €13,101 | +€4,549 | +53.2% |
| Total equity and liabilities | 10/49 | €1,205,969 | €1,134,611 | -€71,358 | -5.9% |
| Equity | 10/15 | €82,117 | €98,538 | +€16,421 | +20.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €62,117 | €74,516 | +€12,399 | +20.0% |
| Distributable reserves | 133 | €62,117 | €74,516 | +€12,399 | +20.0% |
| Profit (loss) carried forward | 14 | €0 | €4,022 | +€4,022 | |
| Amounts payable | 17/49 | €1,123,852 | €1,036,073 | -€87,779 | -7.8% |
| Amounts payable after more than one year | 17 | €453,089 | €404,979 | -€48,110 | -10.6% |
| Financial debts | 170/4 | €453,089 | €404,479 | -€48,610 | -10.7% |
| Other amounts payable | 178/9 | - | €500 | +€500 | |
| Amounts payable within one year | 42/48 | €670,763 | €630,494 | -€40,269 | -6.0% |
| Current portion of amounts payable after more than one year | 42 | €49,603 | €49,738 | +€135 | +0.3% |
| Trade debts | 44 | €507,520 | €455,984 | -€51,535 | -10.2% |
| Suppliers | 440/4 | €507,520 | €455,984 | -€51,535 | -10.2% |
| Taxes, remuneration and social security | 45 | €34,421 | €44,397 | +€9,976 | +29.0% |
| Taxes | 450/3 | €30,898 | €34,894 | +€3,996 | +12.9% |
| Remuneration and social security | 454/9 | €3,523 | €9,503 | +€5,980 | +169.8% |
| Other amounts payable | 47/48 | €79,219 | €80,374 | +€1,155 | +1.5% |
| Accrued charges and deferred income | 492/3 | €0 | €600 | +€600 | |
| Non-recurring operating income | 76A | €2,317 | €0 | -€2,317 | -100.0% |
| Remuneration, social security and pensions | 62 | €91,841 | €119,633 | +€27,793 | +30.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,532 | €39,292 | -€240 | -0.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €6,447 | €7,464 | +€1,017 | +15.8% |
| Non-recurring operating charges | 66A | - | €535 | +€535 | |
| Gross operating margin | 9900 | €175,438 | €221,355 | +€45,918 | +26.2% |
| Operating profit (loss) | 9901 | €37,618 | €54,431 | +€16,813 | +44.7% |
| Financial income | 75/76B | €1,027 | €19,369 | +€18,342 | +1786.0% |
| Recurring financial income | 75 | €1,027 | €19,369 | +€18,342 | +1786.0% |
| Financial charges | 65/66B | €23,768 | €37,775 | +€14,007 | +58.9% |
| Recurring financial charges | 65 | €23,768 | €37,775 | +€14,007 | +58.9% |
| Profit (loss) for the period before taxes | 9903 | €14,877 | €36,026 | +€21,148 | +142.1% |
| Income taxes | 67/77 | €6,712 | €19,605 | +€12,893 | +192.1% |
| Profit (loss) for the period | 9904 | €8,166 | €16,421 | +€8,255 | +101.1% |
| Profit (loss) for the period to be appropriated | 9905 | €8,166 | €16,421 | +€8,255 | +101.1% |
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 29 September 2026 via checked.be.