Vivaldi 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.
Vivaldi Projects
Largest movements
- Stocks and contracts -€127,600
down €127,600 (-27.6%), from €462,086 to €334,486
of which Contracts in progress: -€112,500
- Receivables within one year +€87,110
up €87,110 (+157%), from €55,456 to €142,566
of which Trade receivables: +€57,828
- Tangible fixed assets -€81,206
down €81,206 (-25.0%), from €325,013 to €243,806
of which Other tangible fixed assets: -€66,336
- Cash +€25,321
up €25,321 (+98.1%), from €25,815 to €51,137
mainly Short-term financial debts (+€140,000) and Stocks and contracts (+€127,600)
- Debts after one year -€236,010
down €236,010 (-62.0%), from €380,823 to €144,813
- Short-term financial debts +€140,000
new in 2025: €140,000
- Advances received -€132,994
down €132,994 (-85.6%), from €155,326 to €22,331
- Reserves +€66,995
up €66,995 (+63.6%), from €105,315 to €172,310
- Tax, wage and social debts +€39,653
up €39,653 (+132%), from €30,008 to €69,661
of which Taxes: +€45,642
- Depreciation -€45,282
down €45,282 (-31.4%), from €144,339 to €99,056
- Gross operating margin +€24,121
up €24,121 (+9.1%), from €265,823 to €289,943
- Staff costs +€18,403
up €18,403 (+25.3%), from €72,615 to €91,018
- Financial charges -€15,876
down €15,876 (-45.1%), from €35,213 to €19,337
of which Non-recurring financial charges: -€14,362
- Taxes +€12,223
up €12,223 (+1,108%), from €1,103 to €13,327
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 | €887,164 | €789,920 | -€97,244 | -11.0% |
| Fixed assets | 21/28 | €334,458 | €251,010 | -€83,448 | -25.0% |
| Intangible fixed assets | 21 | €9,446 | €7,204 | -€2,242 | -23.7% |
| Tangible fixed assets | 22/27 | €325,013 | €243,806 | -€81,206 | -25.0% |
| Plant, machinery and equipment | 23 | €100,352 | €91,562 | -€8,790 | -8.8% |
| Furniture and vehicles | 24 | €4,505 | €1,021 | -€3,484 | -77.3% |
| Leasing and similar rights | 25 | €25,587 | €22,991 | -€2,596 | -10.1% |
| Other tangible fixed assets | 26 | €194,569 | €128,232 | -€66,336 | -34.1% |
| Current assets | 29/58 | €552,706 | €538,911 | -€13,796 | -2.5% |
| Stocks and contracts in progress | 3 | €462,086 | €334,486 | -€127,600 | -27.6% |
| Stocks | 30/36 | €215,286 | €200,186 | -€15,100 | -7.0% |
| Contracts in progress | 37 | €246,800 | €134,300 | -€112,500 | -45.6% |
| Amounts receivable within one year | 40/41 | €55,456 | €142,566 | +€87,110 | +157% |
| Trade receivables | 40 | €53,053 | €110,881 | +€57,828 | +109% |
| Other amounts receivable | 41 | €2,403 | €31,685 | +€29,282 | +1,219% |
| Cash at bank and in hand | 54/58 | €25,815 | €51,137 | +€25,321 | +98.1% |
| Deferred charges and accrued income | 490/1 | €9,349 | €10,721 | +€1,373 | +14.7% |
| Total equity and liabilities | 10/49 | €887,164 | €789,920 | -€97,244 | -11.0% |
| Equity | 10/15 | €111,515 | €178,510 | +€66,995 | +60.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €105,315 | €172,310 | +€66,995 | +63.6% |
| Distributable reserves | 133 | €105,315 | €172,310 | +€66,995 | +63.6% |
| Amounts payable | 17/49 | €775,649 | €611,411 | -€164,239 | -21.2% |
| Amounts payable after more than one year | 17 | €380,823 | €144,813 | -€236,010 | -62.0% |
| Financial debts | 170/4 | €380,823 | €144,813 | -€236,010 | -62.0% |
| Amounts payable within one year | 42/48 | €394,826 | €466,598 | +€71,772 | +18.2% |
| Current portion of amounts payable after more than one year | 42 | €114,993 | €102,160 | -€12,833 | -11.2% |
| Financial debts | 43 | - | €140,000 | +€140,000 | |
| Credit institutions | 430/8 | - | €140,000 | +€140,000 | |
| Trade debts | 44 | €89,999 | €128,468 | +€38,469 | +42.7% |
| Suppliers | 440/4 | €89,999 | €128,468 | +€38,469 | +42.7% |
| Advances received on contracts in progress | 46 | €155,326 | €22,331 | -€132,994 | -85.6% |
| Taxes, remuneration and social security | 45 | €30,008 | €69,661 | +€39,653 | +132% |
| Taxes | 450/3 | €14,291 | €59,933 | +€45,642 | +319% |
| Remuneration and social security | 454/9 | €15,717 | €9,728 | -€5,989 | -38.1% |
| Other amounts payable | 47/48 | €4,500 | €3,978 | -€522 | -11.6% |
| Non-recurring operating income | 76A | €1,240 | - | -€1,240 | |
| Remuneration, social security and pensions | 62 | €72,615 | €91,018 | +€18,403 | +25.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €144,339 | €99,056 | -€45,282 | -31.4% |
| Other operating charges | 640/8 | €3,537 | €3,807 | +€270 | +7.6% |
| Non-recurring operating charges | 66A | €1,254 | - | -€1,254 | |
| Gross operating margin | 9900 | €265,823 | €289,943 | +€24,121 | +9.1% |
| Operating profit (loss) | 9901 | €44,079 | €96,063 | +€51,984 | +118% |
| Financial income | 75/76B | €4 | €3,596 | +€3,592 | +86,129% |
| Recurring financial income | 75 | €4 | €349 | +€345 | +8,277% |
| Non-recurring financial income | 76B | - | €3,246 | +€3,246 | |
| Financial charges | 65/66B | €35,213 | €19,337 | -€15,876 | -45.1% |
| Recurring financial charges | 65 | €20,851 | €19,337 | -€1,514 | -7.3% |
| Non-recurring financial charges | 66B | €14,362 | - | -€14,362 | |
| Profit (loss) for the period before taxes | 9903 | €8,870 | €80,321 | +€71,451 | +806% |
| Income taxes | 67/77 | €1,103 | €13,327 | +€12,223 | +1,108% |
| Profit (loss) for the period | 9904 | €7,767 | €66,995 | +€59,228 | +763% |
| Profit (loss) for the period to be appropriated | 9905 | €7,767 | €66,995 | +€59,228 | +763% |
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 20 October 2026 via checked.be.