VH-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.
VH-PROJECTS
Largest movements
- Receivables within one year +€57,365
up €57,365 (+120.9%), from €47,443 to €104,808
of which Other amounts receivable: +€34,464
- Receivables after one year +€25,405
up €25,405 (+32.9%), from €77,253 to €102,659
- Deferred charges and accrued income -€13,227
down €13,227 (-57.1%), from €23,178 to €9,951
- Tangible fixed assets -€4,300
down €4,300 (-23.2%), from €18,551 to €14,251
- Reserves +€53,931
up €53,931 (+282.2%), from €19,108 to €73,039
- Trade debts +€51,178
up €51,178 (+187.0%), from €27,371 to €78,549
- Other debts -€22,878
down €22,878 (-100.0%), from €22,878 to €0
- Accrued charges and deferred income -€22,878
down €22,878 (-100.0%), from €22,878 to €0
- Tax, wage and social debts +€14,214
up €14,214 (+117.6%), from €12,091 to €26,305
- Gross operating margin +€56,512
up €56,512 (+156.3%), from €36,147 to €92,658
- Taxes +€17,741
up €17,741 (+284.4%), from €6,238 to €23,980
- Financial charges +€3,778
up €3,778 (+47.0%), from €8,044 to €11,821
- Financial income +€2,457
up €2,457 (+144.9%), from €1,695 to €4,152
- Depreciation +€1,351
up €1,351 (+45.8%), from €2,949 to €4,300
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 | €168,940 | €234,645 | +€65,705 | +38.9% |
| Fixed assets | 21/28 | €21,065 | €16,765 | -€4,300 | -20.4% |
| Tangible fixed assets | 22/27 | €18,551 | €14,251 | -€4,300 | -23.2% |
| Furniture and vehicles | 24 | €18,551 | €14,251 | -€4,300 | -23.2% |
| Financial fixed assets | 28 | €2,514 | €2,514 | = | 0.0% |
| Current assets | 29/58 | €147,875 | €217,880 | +€70,005 | +47.3% |
| Amounts receivable after more than one year | 29 | €77,253 | €102,659 | +€25,405 | +32.9% |
| Other amounts receivable | 291 | €77,253 | €102,659 | +€25,405 | +32.9% |
| Amounts receivable within one year | 40/41 | €47,443 | €104,808 | +€57,365 | +120.9% |
| Trade receivables | 40 | €19,648 | €42,548 | +€22,901 | +116.6% |
| Other amounts receivable | 41 | €27,795 | €62,260 | +€34,464 | +124.0% |
| Cash at bank and in hand | 54/58 | €0 | €462 | +€462 | |
| Deferred charges and accrued income | 490/1 | €23,178 | €9,951 | -€13,227 | -57.1% |
| Total equity and liabilities | 10/49 | €168,940 | €234,645 | +€65,705 | +38.9% |
| Equity | 10/15 | €42,204 | €96,135 | +€53,931 | +127.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €19,108 | €73,039 | +€53,931 | +282.2% |
| Distributable reserves | 133 | €19,108 | €73,039 | +€53,931 | +282.2% |
| Profit (loss) carried forward | 14 | €4,496 | €4,496 | = | 0.0% |
| Amounts payable | 17/49 | €126,736 | €138,510 | +€11,775 | +9.3% |
| Amounts payable after more than one year | 17 | €10,208 | €2,620 | -€7,589 | -74.3% |
| Financial debts | 170/4 | €10,208 | €2,620 | -€7,589 | -74.3% |
| Amounts payable within one year | 42/48 | €93,649 | €135,891 | +€42,241 | +45.1% |
| Current portion of amounts payable after more than one year | 42 | €7,199 | €9,526 | +€2,327 | +32.3% |
| Financial debts | 43 | €24,110 | €21,510 | -€2,600 | -10.8% |
| Credit institutions | 430/8 | €24,110 | €21,510 | -€2,600 | -10.8% |
| Trade debts | 44 | €27,371 | €78,549 | +€51,178 | +187.0% |
| Suppliers | 440/4 | €27,371 | €78,549 | +€51,178 | +187.0% |
| Taxes, remuneration and social security | 45 | €12,091 | €26,305 | +€14,214 | +117.6% |
| Taxes | 450/3 | €12,091 | €26,305 | +€14,214 | +117.6% |
| Other amounts payable | 47/48 | €22,878 | €0 | -€22,878 | -100.0% |
| Accrued charges and deferred income | 492/3 | €22,878 | €0 | -€22,878 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,949 | €4,300 | +€1,351 | +45.8% |
| Other operating charges | 640/8 | €1,504 | €2,779 | +€1,275 | +84.8% |
| Gross operating margin | 9900 | €36,147 | €92,658 | +€56,512 | +156.3% |
| Operating profit (loss) | 9901 | €31,694 | €85,579 | +€53,885 | +170.0% |
| Financial income | 75/76B | €1,695 | €4,152 | +€2,457 | +144.9% |
| Recurring financial income | 75 | €1,695 | €4,152 | +€2,457 | +144.9% |
| Financial charges | 65/66B | €8,044 | €11,821 | +€3,778 | +47.0% |
| Recurring financial charges | 65 | €8,044 | €11,821 | +€3,778 | +47.0% |
| Profit (loss) for the period before taxes | 9903 | €25,346 | €77,910 | +€52,564 | +207.4% |
| Income taxes | 67/77 | €6,238 | €23,980 | +€17,741 | +284.4% |
| Profit (loss) for the period | 9904 | €19,108 | €53,931 | +€34,823 | +182.2% |
| Profit (loss) for the period to be appropriated | 9905 | €19,108 | €53,931 | +€34,823 | +182.2% |
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 10 October 2026 via checked.be.