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 +€98,200
up €98,200 (+645%), from €15,216 to €113,416
of which Other amounts receivable: +€80,612
- Receivables after one year +€25,000
new in 2025: €25,000
- Tangible fixed assets +€11,124
up €11,124 (+240%), from €4,629 to €15,753
- Cash +€6,770
up €6,770 (+233%), from €2,908 to €9,678
mainly Net result for the year (+€102,466) and Tax, wage and social debts (+€46,655)
- Deferred charges and accrued income +€2,895
new in 2025: €2,895
- Reserves +€102,466
up €102,466 (+1,090%), from €9,403 to €111,868
- Tax, wage and social debts +€46,655
up €46,655 (+888%), from €5,254 to €51,909
- Trade debts -€4,068
down €4,068 (-42.4%), from €9,597 to €5,529
- Gross operating margin +€135,575
up €135,575 (+959%), from €14,138 to €149,713
- Taxes +€35,877
up €35,877 (+998%), from €3,594 to €39,471
- Other operating charges +€5,335
up €5,335 (+10,669%), from €50 to €5,385
- Depreciation +€3,056
up €3,056 (+281%), from €1,088 to €4,144
- Financial income +€1,791
up €1,791 (+2,033%), from €88 to €1,880
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 | €25,753 | €171,692 | +€145,939 | +567% |
| Fixed assets | 21/28 | €7,629 | €20,703 | +€13,074 | +171% |
| Tangible fixed assets | 22/27 | €4,629 | €15,753 | +€11,124 | +240% |
| Furniture and vehicles | 24 | €4,629 | €15,753 | +€11,124 | +240% |
| Financial fixed assets | 28 | €3,000 | €4,950 | +€1,950 | +65.0% |
| Current assets | 29/58 | €18,124 | €150,989 | +€132,865 | +733% |
| Amounts receivable after more than one year | 29 | - | €25,000 | +€25,000 | |
| Other amounts receivable | 291 | - | €25,000 | +€25,000 | |
| Amounts receivable within one year | 40/41 | €15,216 | €113,416 | +€98,200 | +645% |
| Trade receivables | 40 | €13,304 | €30,892 | +€17,588 | +132% |
| Other amounts receivable | 41 | €1,912 | €82,524 | +€80,612 | +4,217% |
| Cash at bank and in hand | 54/58 | €2,908 | €9,678 | +€6,770 | +233% |
| Deferred charges and accrued income | 490/1 | - | €2,895 | +€2,895 | |
| Total equity and liabilities | 10/49 | €25,753 | €171,692 | +€145,939 | +567% |
| Equity | 10/15 | €10,903 | €113,368 | +€102,466 | +940% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €9,403 | €111,868 | +€102,466 | +1,090% |
| Distributable reserves | 133 | €9,403 | €111,868 | +€102,466 | +1,090% |
| Amounts payable | 17/49 | €14,850 | €58,324 | +€43,473 | +293% |
| Amounts payable within one year | 42/48 | €14,850 | €57,437 | +€42,587 | +287% |
| Trade debts | 44 | €9,597 | €5,529 | -€4,068 | -42.4% |
| Suppliers | 440/4 | €9,597 | €5,529 | -€4,068 | -42.4% |
| Taxes, remuneration and social security | 45 | €5,254 | €51,909 | +€46,655 | +888% |
| Taxes | 450/3 | €5,254 | €51,909 | +€46,655 | +888% |
| Accrued charges and deferred income | 492/3 | - | €886 | +€886 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,088 | €4,144 | +€3,056 | +281% |
| Other operating charges | 640/8 | €50 | €5,385 | +€5,335 | +10,669% |
| Gross operating margin | 9900 | €14,138 | €149,713 | +€135,575 | +959% |
| Operating profit (loss) | 9901 | €13,000 | €140,184 | +€127,184 | +978% |
| Financial income | 75/76B | €88 | €1,880 | +€1,791 | +2,033% |
| Recurring financial income | 75 | €88 | €1,880 | +€1,791 | +2,033% |
| Financial charges | 65/66B | €92 | €127 | +€35 | +38.2% |
| Recurring financial charges | 65 | €92 | €127 | +€35 | +38.2% |
| Profit (loss) for the period before taxes | 9903 | €12,996 | €141,936 | +€128,940 | +992% |
| Income taxes | 67/77 | €3,594 | €39,471 | +€35,877 | +998% |
| Profit (loss) for the period | 9904 | €9,403 | €102,466 | +€93,063 | +990% |
| Profit (loss) for the period to be appropriated | 9905 | €9,403 | €102,466 | +€93,063 | +990% |
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 15 October 2026 via checked.be.