VIERBOETE 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.
VIERBOETE PROJECTS
Largest movements
- Tangible fixed assets +€1.4m
up €1.4m (+46.9%), from €2.9m to €4.3m
of which Land and buildings: +€1.4m
- Cash -€81,505
down €81,505 (-11.2%), from €730,333 to €648,829
mainly Investment in fixed assets (net) (-€1.8m) and Other debts (-€465,273)
- Debts after one year +€1.4m
up €1.4m (+225.3%), from €606,747 to €2.0m
- Other debts -€465,273
down €465,273 (-44.7%), from €1.0m to €576,023
- Reserves +€207,473
up €207,473 (+13.6%), from €1.5m to €1.7m
of which Distributable reserves: +€207,473
- Current portion of long-term debt +€200,000
up €200,000 (+94.0%), from €212,667 to €412,666
- Trade debts -€66,467
down €66,467 (-56.4%), from €117,848 to €51,381
- Depreciation +€159,656
up €159,656 (+71.0%), from €224,955 to €384,611
- Gross operating margin +€99,176
up €99,176 (+8.5%), from €1.2m to €1.3m
- Financial charges +€39,317
up €39,317 (+87.4%), from €45,005 to €84,321
- Taxes -€35,455
down €35,455 (-27.9%), from €126,884 to €91,429
- Staff costs +€18,098
up €18,098 (+3.9%), from €463,275 to €481,373
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 | €3,871,413 | €5,107,147 | +€1.2m | +31.9% |
| Fixed assets | 21/28 | €2,916,397 | €4,285,627 | +€1.4m | +46.9% |
| Tangible fixed assets | 22/27 | €2,916,397 | €4,285,627 | +€1.4m | +46.9% |
| Land and buildings | 22 | €2,865,616 | €4,253,928 | +€1.4m | +48.4% |
| Plant, machinery and equipment | 23 | €6,364 | €0 | -€6,364 | -100.0% |
| Furniture and vehicles | 24 | €10,564 | €5,501 | -€5,063 | -47.9% |
| Other tangible fixed assets | 26 | €33,853 | €26,198 | -€7,655 | -22.6% |
| Current assets | 29/58 | €955,016 | €821,520 | -€133,496 | -14.0% |
| Stocks and contracts in progress | 3 | €42,332 | €26,817 | -€15,515 | -36.7% |
| Stocks | 30/36 | €42,332 | €26,817 | -€15,515 | -36.7% |
| Amounts receivable within one year | 40/41 | €135,825 | €133,437 | -€2,388 | -1.8% |
| Trade receivables | 40 | €12,923 | €47,697 | +€34,773 | +269.1% |
| Other amounts receivable | 41 | €122,901 | €85,740 | -€37,161 | -30.2% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €730,333 | €648,829 | -€81,505 | -11.2% |
| Deferred charges and accrued income | 490/1 | €46,526 | €12,437 | -€34,089 | -73.3% |
| Total equity and liabilities | 10/49 | €3,871,413 | €5,107,147 | +€1.2m | +31.9% |
| Equity | 10/15 | €1,799,571 | €2,007,044 | +€207,473 | +11.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,521,665 | €1,729,138 | +€207,473 | +13.6% |
| Tax-exempt reserves | 132 | €5,089 | €5,089 | = | 0.0% |
| Distributable reserves | 133 | €1,516,576 | €1,724,049 | +€207,473 | +13.7% |
| Profit (loss) carried forward | 14 | €259,306 | €259,306 | = | 0.0% |
| Amounts payable | 17/49 | €2,071,842 | €3,100,102 | +€1.0m | +49.6% |
| Amounts payable after more than one year | 17 | €606,747 | €1,973,612 | +€1.4m | +225.3% |
| Financial debts | 170/4 | €606,747 | €1,973,612 | +€1.4m | +225.3% |
| Amounts payable within one year | 42/48 | €1,465,095 | €1,125,690 | -€339,404 | -23.2% |
| Current portion of amounts payable after more than one year | 42 | €212,667 | €412,666 | +€200,000 | +94.0% |
| Trade debts | 44 | €117,848 | €51,381 | -€66,467 | -56.4% |
| Suppliers | 440/4 | €117,848 | €51,381 | -€66,467 | -56.4% |
| Advances received on contracts in progress | 46 | €0 | €18,947 | +€18,947 | |
| Taxes, remuneration and social security | 45 | €93,285 | €66,673 | -€26,612 | -28.5% |
| Taxes | 450/3 | €37,031 | €25,821 | -€11,210 | -30.3% |
| Remuneration and social security | 454/9 | €56,253 | €40,852 | -€15,401 | -27.4% |
| Other amounts payable | 47/48 | €1,041,296 | €576,023 | -€465,273 | -44.7% |
| Accrued charges and deferred income | 492/3 | €0 | €800 | +€800 | |
| Non-recurring operating income | 76A | €5,000 | €0 | -€5,000 | -100.0% |
| Remuneration, social security and pensions | 62 | €463,275 | €481,373 | +€18,098 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €224,955 | €384,611 | +€159,656 | +71.0% |
| Other operating charges | 640/8 | €17,871 | €14,214 | -€3,657 | -20.5% |
| Gross operating margin | 9900 | €1,162,675 | €1,261,851 | +€99,176 | +8.5% |
| Operating profit (loss) | 9901 | €456,574 | €381,653 | -€74,921 | -16.4% |
| Financial income | 75/76B | €1,668 | €1,570 | -€98 | -5.9% |
| Recurring financial income | 75 | €1,668 | €1,570 | -€98 | -5.9% |
| Financial charges | 65/66B | €45,005 | €84,321 | +€39,317 | +87.4% |
| Recurring financial charges | 65 | €45,005 | €84,321 | +€39,317 | +87.4% |
| Profit (loss) for the period before taxes | 9903 | €413,237 | €298,902 | -€114,335 | -27.7% |
| Income taxes | 67/77 | €126,884 | €91,429 | -€35,455 | -27.9% |
| Profit (loss) for the period | 9904 | €286,353 | €207,473 | -€78,880 | -27.5% |
| Profit (loss) for the period to be appropriated | 9905 | €286,353 | €207,473 | -€78,880 | -27.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.