VN 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.
VN PROJECTS
Largest movements
- Tangible fixed assets -€7,522
down €7,522 (-46.6%), from €16,147 to €8,625
of which Furniture and vehicles: -€4,160
- Receivables within one year +€4,607
up €4,607 (+167%), from €2,760 to €7,368
- Deferred charges and accrued income +€387
up €387 (+1,328%), from €29 to €416
- Profit (loss) carried forward -€25,617
down €25,617 (-86.5%), from -€29,603 to -€55,220
- Debts after one year +€10,238
new in 2025: €10,238
- Trade debts +€7,902
up €7,902 (+79.1%), from €9,990 to €17,892
- Current portion of long-term debt +€2,751
new in 2025: €2,751
- Tax, wage and social debts +€2,503
up €2,503 (+69.3%), from €3,611 to €6,114
of which Taxes: +€1,253
- Gross operating margin -€12,574
down €12,574 (-444%), from -€2,830 to -€15,404
- Other operating charges -€1,316
down €1,316 (-58.7%), from €2,241 to €925
- Financial charges +€1,266
up €1,266 (+951%), from €133 to €1,400
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 | €19,093 | €16,414 | -€2,679 | -14.0% |
| Fixed assets | 21/28 | €16,147 | €8,625 | -€7,522 | -46.6% |
| Tangible fixed assets | 22/27 | €16,147 | €8,625 | -€7,522 | -46.6% |
| Plant, machinery and equipment | 23 | €6,670 | €3,308 | -€3,362 | -50.4% |
| Furniture and vehicles | 24 | €9,477 | €5,317 | -€4,160 | -43.9% |
| Current assets | 29/58 | €2,946 | €7,789 | +€4,843 | +164% |
| Amounts receivable within one year | 40/41 | €2,760 | €7,368 | +€4,607 | +167% |
| Trade receivables | 40 | €2,760 | €7,368 | +€4,607 | +167% |
| Cash at bank and in hand | 54/58 | €157 | €5 | -€151 | -96.6% |
| Deferred charges and accrued income | 490/1 | €29 | €416 | +€387 | +1,328% |
| Total equity and liabilities | 10/49 | €19,093 | €16,414 | -€2,679 | -14.0% |
| Equity | 10/15 | -€11,003 | -€36,620 | -€25,617 | -233% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€29,603 | -€55,220 | -€25,617 | -86.5% |
| Amounts payable | 17/49 | €30,096 | €53,035 | +€22,938 | +76.2% |
| Amounts payable after more than one year | 17 | - | €10,238 | +€10,238 | |
| Financial debts | 170/4 | - | €10,238 | +€10,238 | |
| Amounts payable within one year | 42/48 | €30,096 | €42,797 | +€12,701 | +42.2% |
| Current portion of amounts payable after more than one year | 42 | - | €2,751 | +€2,751 | |
| Financial debts | 43 | €16 | €0 | -€16 | -100% |
| Credit institutions | 430/8 | €16 | €0 | -€16 | -100% |
| Trade debts | 44 | €9,990 | €17,892 | +€7,902 | +79.1% |
| Suppliers | 440/4 | €9,990 | €17,892 | +€7,902 | +79.1% |
| Taxes, remuneration and social security | 45 | €3,611 | €6,114 | +€2,503 | +69.3% |
| Taxes | 450/3 | €1,111 | €2,364 | +€1,253 | +113% |
| Remuneration and social security | 454/9 | €2,500 | €3,750 | +€1,250 | +50.0% |
| Other amounts payable | 47/48 | €16,479 | €16,040 | -€439 | -2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,865 | €7,891 | +€26 | +0.3% |
| Other operating charges | 640/8 | €2,241 | €925 | -€1,316 | -58.7% |
| Gross operating margin | 9900 | -€2,830 | -€15,404 | -€12,574 | -444% |
| Operating profit (loss) | 9901 | -€12,936 | -€24,220 | -€11,284 | -87.2% |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €133 | €1,400 | +€1,266 | +951% |
| Recurring financial charges | 65 | €133 | €1,400 | +€1,266 | +951% |
| Profit (loss) for the period before taxes | 9903 | -€13,069 | -€25,617 | -€12,548 | -96.0% |
| Profit (loss) for the period | 9904 | -€13,069 | -€25,617 | -€12,548 | -96.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,069 | -€25,617 | -€12,548 | -96.0% |
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 15 October 2026 via checked.be.