VNDV 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.
VNDV Projects
Largest movements
- Receivables within one year +€63,908
up €63,908 (+76.9%), from €83,092 to €147,001
of which Other amounts receivable: +€56,282
- Cash +€20,474
up €20,474 (+315.8%), from €6,483 to €26,958
mainly Net result for the year (+€66,339) and Tax, wage and social debts (+€17,235)
- Reserves +€64,673
up €64,673 (+147.0%), from €43,997 to €108,670
- Tax, wage and social debts +€17,235
up €17,235 (+72.5%), from €23,758 to €40,992
- Gross operating margin +€34,380
up €34,380 (+67.5%), from €50,916 to €85,297
- Taxes +€7,124
up €7,124 (+61.0%), from €11,669 to €18,793
- Financial income +€1,600
up €1,600 (+47.4%), from €3,375 to €4,976
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 | €111,169 | €194,091 | +€82,922 | +74.6% |
| Fixed assets | 21/28 | €20,501 | €19,017 | -€1,485 | -7.2% |
| Tangible fixed assets | 22/27 | €8,487 | €7,002 | -€1,485 | -17.5% |
| Plant, machinery and equipment | 23 | €2,242 | €1,726 | -€516 | -23.0% |
| Furniture and vehicles | 24 | €2,378 | €1,815 | -€563 | -23.7% |
| Other tangible fixed assets | 26 | €3,867 | €3,461 | -€406 | -10.5% |
| Financial fixed assets | 28 | €12,014 | €12,014 | = | 0.0% |
| Current assets | 29/58 | €90,668 | €175,075 | +€84,407 | +93.1% |
| Amounts receivable within one year | 40/41 | €83,092 | €147,001 | +€63,908 | +76.9% |
| Trade receivables | 40 | €13,024 | €20,650 | +€7,626 | +58.6% |
| Other amounts receivable | 41 | €70,068 | €126,351 | +€56,282 | +80.3% |
| Cash at bank and in hand | 54/58 | €6,483 | €26,958 | +€20,474 | +315.8% |
| Deferred charges and accrued income | 490/1 | €1,092 | €1,116 | +€24 | +2.2% |
| Total equity and liabilities | 10/49 | €111,169 | €194,091 | +€82,922 | +74.6% |
| Equity | 10/15 | €53,997 | €118,670 | +€64,673 | +119.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €43,997 | €108,670 | +€64,673 | +147.0% |
| Distributable reserves | 133 | €43,997 | €108,670 | +€64,673 | +147.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €57,172 | €75,421 | +€18,248 | +31.9% |
| Amounts payable after more than one year | 17 | €30,000 | €30,000 | = | 0.0% |
| Financial debts | 170/4 | €30,000 | €30,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €25,758 | €44,006 | +€18,248 | +70.8% |
| Trade debts | 44 | €834 | €1,847 | +€1,013 | +121.5% |
| Suppliers | 440/4 | €834 | €1,847 | +€1,013 | +121.5% |
| Taxes, remuneration and social security | 45 | €23,758 | €40,992 | +€17,235 | +72.5% |
| Taxes | 450/3 | €23,758 | €40,992 | +€17,235 | +72.5% |
| Other amounts payable | 47/48 | €1,166 | €1,166 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,415 | €1,415 | +€1 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,708 | €2,148 | +€439 | +25.7% |
| Other operating charges | 640/8 | €874 | €1,093 | +€219 | +25.1% |
| Gross operating margin | 9900 | €50,916 | €85,297 | +€34,380 | +67.5% |
| Operating profit (loss) | 9901 | €48,334 | €82,056 | +€33,721 | +69.8% |
| Financial income | 75/76B | €3,375 | €4,976 | +€1,600 | +47.4% |
| Recurring financial income | 75 | €3,375 | €4,976 | +€1,600 | +47.4% |
| Financial charges | 65/66B | €1,495 | €1,899 | +€405 | +27.1% |
| Recurring financial charges | 65 | €1,495 | €1,899 | +€405 | +27.1% |
| Profit (loss) for the period before taxes | 9903 | €50,215 | €85,132 | +€34,917 | +69.5% |
| Income taxes | 67/77 | €11,669 | €18,793 | +€7,124 | +61.0% |
| Profit (loss) for the period | 9904 | €38,546 | €66,339 | +€27,793 | +72.1% |
| Profit (loss) for the period to be appropriated | 9905 | €38,546 | €66,339 | +€27,793 | +72.1% |
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 9 October 2026 via checked.be.