VKB 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.
VKB PROJECTS
Largest movements
- Current investments -€714,219
down €714,219 (-22.1%), from €3.2m to €2.5m
- Cash +€329,269
up €329,269 (+56.4%), from €583,443 to €912,713
mainly Current investments (+€714,219) and Depreciation (+€126,566)
- Tangible fixed assets -€124,820
down €124,820 (-2.8%), from €4.4m to €4.3m
of which Land and buildings: -€100,134
- Receivables within one year +€123,290
up €123,290 (+2735.4%), from €4,507 to €127,797
of which Other amounts receivable: +€105,296
- Other debts -€255,536
down €255,536 (-99.9%), from €255,685 to €149
- Reserves -€152,360
down €152,360 (-1.5%), from €10.2m to €10.0m
of which Distributable reserves: -€152,360
- Gross operating margin -€1.0m
down €1.0m, from €918,441 to -€95,680
- Taxes -€206,302
down €206,302 (-98.9%), from €208,555 to €2,253
- Financial charges +€105,596
up €105,596, from -€105,017 to €580
- Depreciation -€66,499
down €66,499 (-34.4%), from €193,065 to €126,566
- Other operating charges -€45,927
down €45,927 (-40.0%), from €114,902 to €68,974
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 | €10,689,313 | €10,300,531 | -€388,782 | -3.6% |
| Fixed assets | 21/28 | €4,434,553 | €4,309,733 | -€124,820 | -2.8% |
| Tangible fixed assets | 22/27 | €4,433,728 | €4,308,908 | -€124,820 | -2.8% |
| Land and buildings | 22 | €4,321,973 | €4,221,839 | -€100,134 | -2.3% |
| Plant, machinery and equipment | 23 | €2,084 | €1,342 | -€742 | -35.6% |
| Furniture and vehicles | 24 | €104,121 | €80,177 | -€23,944 | -23.0% |
| Other tangible fixed assets | 26 | €5,550 | €5,550 | = | 0.0% |
| Financial fixed assets | 28 | €825 | €825 | = | 0.0% |
| Current assets | 29/58 | €6,254,761 | €5,990,799 | -€263,962 | -4.2% |
| Amounts receivable after more than one year | 29 | €1,497,700 | €1,497,700 | = | 0.0% |
| Other amounts receivable | 291 | €1,497,700 | €1,497,700 | = | 0.0% |
| Stocks and contracts in progress | 3 | €937,859 | €937,859 | = | 0.0% |
| Stocks | 30/36 | €937,859 | €937,859 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €4,507 | €127,797 | +€123,290 | +2735.4% |
| Trade receivables | 40 | €4,507 | €22,502 | +€17,994 | +399.2% |
| Other amounts receivable | 41 | €0 | €105,296 | +€105,296 | |
| Current investments | 50/53 | €3,228,949 | €2,514,730 | -€714,219 | -22.1% |
| Cash at bank and in hand | 54/58 | €583,443 | €912,713 | +€329,269 | +56.4% |
| Deferred charges and accrued income | 490/1 | €2,302 | €0 | -€2,302 | -100.0% |
| Total equity and liabilities | 10/49 | €10,689,313 | €10,300,531 | -€388,782 | -3.6% |
| Equity | 10/15 | €10,415,518 | €10,263,158 | -€152,360 | -1.5% |
| Contributions | 10/11 | €225,000 | €225,000 | = | 0.0% |
| Capital | 10 | €225,000 | €225,000 | = | 0.0% |
| Issued capital | 100 | €225,000 | €225,000 | = | 0.0% |
| Reserves | 13 | €10,190,518 | €10,038,158 | -€152,360 | -1.5% |
| Non-distributable reserves | 130/1 | €22,500 | €22,500 | = | 0.0% |
| Legal reserve | 130 | €22,500 | €22,500 | = | 0.0% |
| Distributable reserves | 133 | €10,168,018 | €10,015,658 | -€152,360 | -1.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €273,796 | €37,373 | -€236,422 | -86.3% |
| Amounts payable within one year | 42/48 | €273,105 | €37,373 | -€235,732 | -86.3% |
| Trade debts | 44 | €946 | €29,586 | +€28,640 | +3027.9% |
| Suppliers | 440/4 | €946 | €29,586 | +€28,640 | +3027.9% |
| Taxes, remuneration and social security | 45 | €16,474 | €7,638 | -€8,836 | -53.6% |
| Taxes | 450/3 | €16,474 | €7,638 | -€8,836 | -53.6% |
| Other amounts payable | 47/48 | €255,685 | €149 | -€255,536 | -99.9% |
| Accrued charges and deferred income | 492/3 | €691 | €0 | -€691 | -100.0% |
| Remuneration, social security and pensions | 62 | - | €801 | +€801 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €193,065 | €126,566 | -€66,499 | -34.4% |
| Other operating charges | 640/8 | €114,902 | €68,974 | -€45,927 | -40.0% |
| Gross operating margin | 9900 | €918,441 | -€95,680 | -€1.0m | |
| Operating profit (loss) | 9901 | €610,475 | -€292,021 | -€902,496 | |
| Financial income | 75/76B | €119,989 | €142,495 | +€22,505 | +18.8% |
| Recurring financial income | 75 | €119,989 | €142,495 | +€22,505 | +18.8% |
| Financial charges | 65/66B | -€105,017 | €580 | +€105,596 | |
| Recurring financial charges | 65 | -€105,017 | €580 | +€105,596 | |
| Profit (loss) for the period before taxes | 9903 | €835,481 | -€150,106 | -€985,587 | |
| Income taxes | 67/77 | €208,555 | €2,253 | -€206,302 | -98.9% |
| Profit (loss) for the period | 9904 | €626,925 | -€152,360 | -€779,285 | |
| Profit (loss) for the period to be appropriated | 9905 | €626,925 | -€152,360 | -€779,285 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.