VF 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.
VF PROJECTS
Largest movements
- Receivables within one year +€14,603
up €14,603 (+124%), from €11,802 to €26,404
of which Other amounts receivable: +€24,971
- Tangible fixed assets -€11,467
down €11,467 (-37.2%), from €30,799 to €19,332
of which Furniture and vehicles: -€10,612
- Cash -€4,363
down €4,363 (-99.9%), from €4,367 to €3
mainly Trade debts (-€25,909) and Receivables within one year (-€14,603)
- Deferred charges and accrued income -€2,805
down €2,805 (-18.9%), from €14,845 to €12,040
- Trade debts -€25,909
down €25,909 (-78.2%), from €33,137 to €7,228
- Reserves +€14,439
up €14,439 (+11.0%), from €131,862 to €146,301
of which Distributable reserves: +€14,439
- Short-term financial debts +€10,769
up €10,769 (+12,341%), from €87 to €10,856
of which Other loans: +€9,995
- Debts after one year -€9,863
down €9,863 (-66.4%), from €14,861 to €4,998
- Tax, wage and social debts +€7,386
up €7,386 (+22.9%), from €32,291 to €39,677
- Gross operating margin +€32,659
up €32,659 (+159%), from €20,586 to €53,246
- Taxes +€12,133
up €12,133 (+436%), from €2,781 to €14,914
- Financial income -€4,900
down €4,900 (-94.5%), from €5,185 to €285
- Financial charges +€3,706
up €3,706 (+88.6%), from €4,181 to €7,887
- Depreciation -€2,979
down €2,979 (-20.6%), from €14,445 to €11,467
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.
Derived cash bridge
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 | €241,813 | €237,780 | -€4,032 | -1.7% |
| Fixed assets | 21/28 | €30,799 | €19,332 | -€11,467 | -37.2% |
| Tangible fixed assets | 22/27 | €30,799 | €19,332 | -€11,467 | -37.2% |
| Furniture and vehicles | 24 | €25,732 | €15,120 | -€10,612 | -41.2% |
| Other tangible fixed assets | 26 | €5,067 | €4,212 | -€855 | -16.9% |
| Current assets | 29/58 | €211,014 | €218,448 | +€7,434 | +3.5% |
| Amounts receivable after more than one year | 29 | €180,000 | €180,000 | = | 0.0% |
| Other amounts receivable | 291 | €180,000 | €180,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €11,802 | €26,404 | +€14,603 | +124% |
| Trade receivables | 40 | €10,369 | €0 | -€10,369 | -100% |
| Other amounts receivable | 41 | €1,433 | €26,404 | +€24,971 | +1,742% |
| Cash at bank and in hand | 54/58 | €4,367 | €3 | -€4,363 | -99.9% |
| Deferred charges and accrued income | 490/1 | €14,845 | €12,040 | -€2,805 | -18.9% |
| Total equity and liabilities | 10/49 | €241,813 | €237,780 | -€4,032 | -1.7% |
| Equity | 10/15 | €150,462 | €164,901 | +€14,439 | +9.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €131,862 | €146,301 | +€14,439 | +11.0% |
| 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 | €130,002 | €144,441 | +€14,439 | +11.1% |
| Amounts payable | 17/49 | €91,351 | €72,879 | -€18,472 | -20.2% |
| Amounts payable after more than one year | 17 | €14,861 | €4,998 | -€9,863 | -66.4% |
| Financial debts | 170/4 | €14,861 | €4,998 | -€9,863 | -66.4% |
| Amounts payable within one year | 42/48 | €76,490 | €67,624 | -€8,866 | -11.6% |
| Current portion of amounts payable after more than one year | 42 | €9,687 | €9,863 | +€176 | +1.8% |
| Financial debts | 43 | €87 | €10,856 | +€10,769 | +12,341% |
| Credit institutions | 430/8 | €87 | €862 | +€775 | +888% |
| Other loans | 439 | €0 | €9,995 | +€9,995 | |
| Trade debts | 44 | €33,137 | €7,228 | -€25,909 | -78.2% |
| Suppliers | 440/4 | €33,137 | €7,228 | -€25,909 | -78.2% |
| Taxes, remuneration and social security | 45 | €32,291 | €39,677 | +€7,386 | +22.9% |
| Taxes | 450/3 | €32,291 | €39,677 | +€7,386 | +22.9% |
| Other amounts payable | 47/48 | €1,287 | €0 | -€1,287 | -100% |
| Accrued charges and deferred income | 492/3 | - | €257 | +€257 | |
| Non-recurring operating income | 76A | - | €6,400 | +€6,400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,445 | €11,467 | -€2,979 | -20.6% |
| Other operating charges | 640/8 | €4,040 | €4,824 | +€784 | +19.4% |
| Gross operating margin | 9900 | €20,586 | €53,246 | +€32,659 | +159% |
| Operating profit (loss) | 9901 | €2,101 | €36,955 | +€34,854 | +1,659% |
| Financial income | 75/76B | €5,185 | €285 | -€4,900 | -94.5% |
| Recurring financial income | 75 | €5,185 | €285 | -€4,900 | -94.5% |
| Financial charges | 65/66B | €4,181 | €7,887 | +€3,706 | +88.6% |
| Recurring financial charges | 65 | €4,181 | €7,887 | +€3,706 | +88.6% |
| Profit (loss) for the period before taxes | 9903 | €3,105 | €29,353 | +€26,248 | +845% |
| Income taxes | 67/77 | €2,781 | €14,914 | +€12,133 | +436% |
| Profit (loss) for the period | 9904 | €324 | €14,439 | +€14,115 | +4,353% |
| Profit (loss) for the period to be appropriated | 9905 | €324 | €14,439 | +€14,115 | +4,353% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.