VF PROJECT: 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.
VF PROJECT
Largest movements
- Tangible fixed assets +€368,873
up €368,873 (+55.4%), from €665,835 to €1.0m
of which Land and buildings: +€300,539
- Receivables within one year -€125,390
down €125,390 (-93.3%), from €134,465 to €9,075
of which Other amounts receivable: -€122,365
- Stocks and contracts -€108,448
down €108,448 (-43.2%), from €251,203 to €142,755
- Cash -€33,695
down €33,695 (-32.5%), from €103,526 to €69,831
mainly Investment in fixed assets (net) (-€434,218) and Other debts (-€24,912)
- Reserves +€85,668
up €85,668 (+14.7%), from €582,459 to €668,127
- Other debts -€24,912
down €24,912 (-17.8%), from €140,049 to €115,137
- Current portion of long-term debt +€23,194
up €23,194 (+97.6%), from €23,772 to €46,965
- Debts after one year +€14,679
up €14,679 (+4.0%), from €371,245 to €385,924
- Depreciation +€51,591
up €51,591 (+375.1%), from €13,754 to €65,345
- Gross operating margin +€39,752
up €39,752 (+22.5%), from €176,877 to €216,629
- Financial charges -€3,012
down €3,012 (-11.9%), from €25,277 to €22,265
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 | €1,156,393 | €1,257,827 | +€101,434 | +8.8% |
| Fixed assets | 21/28 | €665,835 | €1,034,708 | +€368,873 | +55.4% |
| Tangible fixed assets | 22/27 | €665,835 | €1,034,708 | +€368,873 | +55.4% |
| Land and buildings | 22 | €665,835 | €966,374 | +€300,539 | +45.1% |
| Furniture and vehicles | 24 | - | €68,334 | +€68,334 | |
| Current assets | 29/58 | €490,558 | €223,119 | -€267,439 | -54.5% |
| Stocks and contracts in progress | 3 | €251,203 | €142,755 | -€108,448 | -43.2% |
| Stocks | 30/36 | €251,203 | €142,755 | -€108,448 | -43.2% |
| Amounts receivable within one year | 40/41 | €134,465 | €9,075 | -€125,390 | -93.3% |
| Trade receivables | 40 | €12,100 | €9,075 | -€3,025 | -25.0% |
| Other amounts receivable | 41 | €122,365 | - | -€122,365 | |
| Cash at bank and in hand | 54/58 | €103,526 | €69,831 | -€33,695 | -32.5% |
| Deferred charges and accrued income | 490/1 | €1,364 | €1,458 | +€94 | +6.9% |
| Total equity and liabilities | 10/49 | €1,156,393 | €1,257,827 | +€101,434 | +8.8% |
| Equity | 10/15 | €601,059 | €686,727 | +€85,668 | +14.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €582,459 | €668,127 | +€85,668 | +14.7% |
| Distributable reserves | 133 | €582,459 | €668,127 | +€85,668 | +14.7% |
| Amounts payable | 17/49 | €555,334 | €571,100 | +€15,767 | +2.8% |
| Amounts payable after more than one year | 17 | €371,245 | €385,924 | +€14,679 | +4.0% |
| Financial debts | 170/4 | €371,245 | €385,924 | +€14,679 | +4.0% |
| Amounts payable within one year | 42/48 | €170,136 | €175,076 | +€4,939 | +2.9% |
| Current portion of amounts payable after more than one year | 42 | €23,772 | €46,965 | +€23,194 | +97.6% |
| Trade debts | 44 | €372 | €766 | +€394 | +105.8% |
| Suppliers | 440/4 | €372 | €766 | +€394 | +105.8% |
| Taxes, remuneration and social security | 45 | €5,943 | €12,207 | +€6,264 | +105.4% |
| Taxes | 450/3 | €5,943 | €12,207 | +€6,264 | +105.4% |
| Other amounts payable | 47/48 | €140,049 | €115,137 | -€24,912 | -17.8% |
| Accrued charges and deferred income | 492/3 | €13,953 | €10,101 | -€3,852 | -27.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,754 | €65,345 | +€51,591 | +375.1% |
| Other operating charges | 640/8 | €2,518 | €3,200 | +€681 | +27.1% |
| Gross operating margin | 9900 | €176,877 | €216,629 | +€39,752 | +22.5% |
| Operating profit (loss) | 9901 | €160,605 | €148,085 | -€12,520 | -7.8% |
| Financial income | 75/76B | - | €264 | +€264 | |
| Recurring financial income | 75 | - | €264 | +€264 | |
| Financial charges | 65/66B | €25,277 | €22,265 | -€3,012 | -11.9% |
| Recurring financial charges | 65 | €25,277 | €22,265 | -€3,012 | -11.9% |
| Profit (loss) for the period before taxes | 9903 | €135,328 | €126,084 | -€9,244 | -6.8% |
| Income taxes | 67/77 | €38,529 | €40,417 | +€1,888 | +4.9% |
| Profit (loss) for the period | 9904 | €96,799 | €85,668 | -€11,131 | -11.5% |
| Profit (loss) for the period to be appropriated | 9905 | €96,799 | €85,668 | -€11,131 | -11.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.