VLH-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.
VLH-PROJECTS
Largest movements
- Receivables within one year +€507,679
up €507,679 (+855.7%), from €59,326 to €567,005
of which Trade receivables: +€516,773
- Stocks and contracts +€239,615
up €239,615 (+288.5%), from €83,060 to €322,675
- Cash +€117,842
up €117,842 (+1730.2%), from €6,811 to €124,653
mainly Trade debts (+€455,710) and Debts after one year (+€437,000)
- Trade debts +€455,710
up €455,710 (+1001.5%), from €45,502 to €501,212
- Debts after one year +€437,000
up €437,000 (+385.0%), from €113,500 to €550,500
- Tax, wage and social debts +€85,929
new in 2025: €85,929
- Other debts -€72,000
down €72,000 (-100.0%), from €72,000 to €0
- Profit (loss) carried forward -€38,185
down €38,185 (-34.2%), from -€111,806 to -€149,990
- Financial charges +€28,260
up €28,260 (+47857.8%), from €59 to €28,319
- Other operating charges +€1,996
up €1,996 (+179.2%), from €1,114 to €3,110
- Gross operating margin +€1,128
up €1,128 (+14.3%), from -€7,884 to -€6,756
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 | €149,196 | €1,017,651 | +€868,455 | +582.1% |
| Current assets | 29/58 | €149,196 | €1,017,651 | +€868,455 | +582.1% |
| Stocks and contracts in progress | 3 | €83,060 | €322,675 | +€239,615 | +288.5% |
| Stocks | 30/36 | €83,060 | €322,675 | +€239,615 | +288.5% |
| Amounts receivable within one year | 40/41 | €59,326 | €567,005 | +€507,679 | +855.7% |
| Trade receivables | 40 | €50,228 | €567,001 | +€516,773 | +1028.9% |
| Other amounts receivable | 41 | €9,098 | €4 | -€9,094 | -100.0% |
| Cash at bank and in hand | 54/58 | €6,811 | €124,653 | +€117,842 | +1730.2% |
| Deferred charges and accrued income | 490/1 | - | €3,318 | +€3,318 | |
| Total equity and liabilities | 10/49 | €149,196 | €1,017,651 | +€868,455 | +582.1% |
| Equity | 10/15 | -€81,806 | -€119,990 | -€38,185 | -46.7% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€111,806 | -€149,990 | -€38,185 | -34.2% |
| Amounts payable | 17/49 | €231,002 | €1,137,641 | +€906,639 | +392.5% |
| Amounts payable after more than one year | 17 | €113,500 | €550,500 | +€437,000 | +385.0% |
| Financial debts | 170/4 | €113,500 | €550,500 | +€437,000 | +385.0% |
| Amounts payable within one year | 42/48 | €117,502 | €587,141 | +€469,639 | +399.7% |
| Trade debts | 44 | €45,502 | €501,212 | +€455,710 | +1001.5% |
| Suppliers | 440/4 | €45,502 | €501,212 | +€455,710 | +1001.5% |
| Taxes, remuneration and social security | 45 | - | €85,929 | +€85,929 | |
| Taxes | 450/3 | - | €85,929 | +€85,929 | |
| Other amounts payable | 47/48 | €72,000 | €0 | -€72,000 | -100.0% |
| Other operating charges | 640/8 | €1,114 | €3,110 | +€1,996 | +179.2% |
| Gross operating margin | 9900 | -€7,884 | -€6,756 | +€1,128 | +14.3% |
| Operating profit (loss) | 9901 | -€8,998 | -€9,866 | -€867 | -9.6% |
| Financial charges | 65/66B | €59 | €28,319 | +€28,260 | +47857.8% |
| Recurring financial charges | 65 | €59 | €28,319 | +€28,260 | +47857.8% |
| Profit (loss) for the period before taxes | 9903 | -€9,057 | -€38,185 | -€29,128 | -321.6% |
| Profit (loss) for the period | 9904 | -€9,057 | -€38,185 | -€29,128 | -321.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,057 | -€38,185 | -€29,128 | -321.6% |
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 8 October 2026 via checked.be.